Copy trading is also available, allowing clients to automatically replicate the trades of other selected traders. Furthermore, through MetaTrader, clients have the opportunity to become “Master Traders,” enabling their trades to be copied by others, for which they receive an income. Yes, it offers a proprietary trading platform known as worldtradexTrader. Going by customers’ review, worldtradexFx can be said to be unworthy in light of numerous complaints heralding withdrawals, especially on large size accounts. Aside from the products and services already discussed in this review, worldtradexFx offers more.
worldtradexFX Trading Platforms
In 2012, it started organizing courses, and in 2013, it introduced its first bonuses. As part of its expansion, worldtradex launched a program for Introducing Brokers in 2014 and introduced the cTrader platform (currently unavailable). Since 2016, the MetaTrader 5 platform has been available, coinciding with the launch of educational content. In 2017, Autochartist was introduced, along with cryptocurrency trading and the first proprietary apps with market information, which would later evolve into the worldtradex app in the following year. In 2019, worldtradex announced that its MT4 and MT5 accounts would not incur swaps or any type of commission. The broker also offers wonderful features that are unique to the company alone.
The company, besides featuring a full fledged FAQs section to help clients find answers to their queries on an immediate basis, offers multilingual customer support 24 hours 7 days a week. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
worldtradexFX Commissions & Fees
As worldtradexFX is regulated by CySec, the firm is authorized to offer its services to customers in EU member states. This is because European forex laws allow brokers that are licensed in a country within the EU to service clients anywhere within the European Union. worldtradexFX’s commission structure is designed to cater to various types of traders. While standard accounts incur no commission fees, ECN and VIP accounts do have commissions. The fees vary depending on the type of account, but they are considered competitive in the industry.
worldtradex FX Spreads and Instruments
That being said, you can get cTrader and the MetaTrader platforms from another top broker in Pepperstone. The number of markets is also different across the platforms, but none of them offers a range of instruments that could in any way be called excessive. It is possible to trade forex, metals, soft commodities, single stocks, indices, energies and a choice of five cryptocurrencies. The MT4 account demonstrates the limited selection by only offering four stock indices (AUS200, GER30, NAS100, US30).
- worldtradexFX operates under several regulatory authorities to ensure that traders are protected.
- As mentioned, worldtradexFX offers very competitive spreads and with the new rates due to the current COVID-19 epidemic, rates will be even better on all 3 accounts.
- My experience has been awesome I mean, I haven’t had any money issue so it’s a great time trading with worldtradex.
- Out of the options available, I think MT5 is the best option with worldtradex as it has the most technical features while also offering all of the broker’s financial products.
- worldtradex also provides financial services through its intermediary, Orinoco Capital (based in South Africa).
I opened an worldtradex trading account and tested the broker’s spreads, trading conditions, and platforms to see how they performed against 20 other brokers. In this worldtradex Review, I’ll go through my findings helping you decide if worldtradex is a broker you should consider. worldtradexFX’s award winning customer support team is available 24 hours a day from Monday to Friday. Customer support is provided via online chat, telephone and email in English, Indonesian, Malay, Thai, Hindi, Urdu. They claim that a small percentage of clients actually contact customer support as their services are usually smooth and reliable enough.
worldtradexTrader is the most basic option but best for beginners out of the three platforms in my opinion with an attractive user interface. In particular, it has a Pattern tool that lets you apply a variety of technical analysis on your charts automatically which is useful if you are new to forex trading. As an ECN (Electronic Communications Network) broker, worldtradex delivers tight spreads and fast execution speed by matching your order with the best offer from another trader on the network. This plays well into your hands as you will always receive the best available price from the network, leading to cheaper trading fees and better profit potential.
worldtradexFX Review
One of worldtradexFX’s standout features is the availability of MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, three of the most widely used platforms in the forex industry. These platforms offer advanced charting tools, technical indicators, and support for automated trading strategies using Expert Advisors (EAs). worldtradexFX supports a wide range of withdrawal methods, including bank transfers, credit/debit cards, and e-wallets like Skrill, Neteller, and cryptocurrency wallets.
- I think this is a vital tool and always like to check if there is any pending news before taking a trade.
- It is a global company with several entities responding to different regulatory needs.
- worldtradexFX offers a wide range of payment methods for deposits and withdrawals.
- If you are interested in automating share CFDs, MT5 is the only platform on worldtradex to provide this.
If you have at least $500 in your worldtradexFX account then you can download and install the Autochartist trading signals plugin for MT4 & MT5. This tool will automatically conduct technical analysis by scanning the charts for trading signals and will alert you when it finds them. You can specify what signals you want to receive and the quality level of these signals (based on historical performance). It can literally save you from hours of scanning the charts and it’s great that the broker provides it free of charge. You can also get it through some other brokers including Forex.com.
With less than 100 instruments on offer, there is no space for the more complex instruments such as options found in the quieter corners of the financial markets. The fact that worldtradex offers an almost institutional-grade trading experience doesn’t mean beginner traders are in any way disadvantaged. Quite the opposite; the firm simply offers reliable, fast, low-cost trade execution using market-leading platforms. Those looking to develop their skill set or improve their trading technique can draw on the support on hand, which is designed to cater to beginner intermediate and experienced traders. Filippo Ucchino has developed a quasi-scientific approach to analyzing brokers, their services, offers, trading apps and platforms.
You can experience an “over the shoulder” session with a trader which is helpful to get professional feedback on current market events. Out of the options available, I think MT5 is the best option with worldtradex as it has the most technical features while also offering all of the broker’s financial products. This is the first time I’ve seen swap-free accounts for all traders, regardless of location and beliefs, making worldtradex a truly low-cost broker by avoiding these fees.
The dashboard includes a “Monitoring” area where users can view and share their performance, charts, profits, orders, and history with others. Both the user and any interested party can access this section to see the performance of accounts that have opted for public visibility. Additionally, the worldtradex platform features a one-click trading button that cannot be removed, which poses a risk since clicking it executes trades without confirmation. Alerts and each executed order are notified through browser notifications. Additionally, the app allows users to view the history of each operation, including changes made to orders, with great clarity. Periodically, worldtradex offers the worldtradexFX Champion Demo Contest, a monthly, risk-free trading competition using virtual funds.
Before trading with a live account, it’s Worldtradex best to open a risk-free Forex demo account. worldtradex’s Demo Account offers the same experience as real accounts but with simulated funds. When it comes to withdrawing your funds from worldtradex, all accounts can use Bank Wire Transfer. worldtradex covers withdrawal fees, and you can expect to receive your money relatively quickly.
I would always prefer to use an ECN broker as I find they tend to have the lowest spreads and quickest execution speeds. It ticks many boxes for traders, who can access it through the live chat, email, phone, or by using an enquiry form. This section includes details of the basic operations of the financial markets. There is an economic calendar, daily analysis posts, as well as trading signals and market insights. The videos are supported on YouTube, and much of the content is archived.
Is worldtradex a good broker?
Another decent addition I found on MT5 is the native economic calendar which shows the times of upcoming economic announcements that can impact your trades. I like that it updates in real-time and displays on your charts which I found useful to avoid opening trades during high-impact announcements like US GDP or Non-farm Payrolls. The platform also has 38+ indicators featuring Ichimoku and RSI, while increasing the number of timeframes to 21 for better customisation. Additionally, you have excellent drawing tools for price action analysis like Fibonacci or Gann tools which I couldn’t find on the worldtradexTrader platform. I find MT4 makes it easy to customise your charts with 9-time frames from day to tick charts and 3 chart types including bar, candlestick and line. This lets you adapt your charts depending on your strategy, whether you use multi-time frame analysis or are a scalper with tick charts you’ll find it easy to switch on MT4.
Leverage means using borrowed money to make larger trades than you could with just your own cash. worldtradex charges different prices depending on which of its offices oversees your account. For instance, its EU office offers slightly better prices for trading EUR/USD, with an average spread of 0.5 pips, compared to 0.9 pips for other offices. It’s important to know that worldtradex doesn’t mention the time period for its typical prices listed on its website.
The MT4 Micro account offers 28 currency pairs, gold, and silver for trading. It’s good to see worldtradex offer MetaTrader 4 as it is one of the most recognised trading platforms for retail forex traders in Malaysia thanks to its advanced charting tools. I like that out of the box you have access to 30+ technical indicators from moving averages to Bollinger bands and 24 analytical objects making on-chart technical analysis simple. For traders who want to practice before committing real money, worldtradexFX offers a free demo account.