Weltrade is an unregulated forex broker that provides traders across the globe with a limited choice of trading instruments. However, the most trusted trading brokers’ review teams did not find them to have good spreads and execution.
Read the entire review to get informed on all the details regarding this financial services provider.
Table of contents
Operating since 2006, Weltrade (formerly, SystemForex) is an offshore broker offering trading in currency pairs, various CFDs, as well as precious metals through the popular MetaTrader 4. Currently, the broker provides its services to customers from 18 countries, operating offices in Russia, Ukraine, Belarus, and Thailand.
Systemgates Capital Ltd., which owns the brand Weltrade is registered on the St. Vincent and the Grenadines, but does not hold any license and don’t have to comply with any requirements as regards minimum capital or segregation of client’s’ funds, for instance.
Stop-loss hunting and slippage are part of the Weltrade broker situation as well. While Weltrade support can not be tested anyhow, many traders have complained about execution inefficiency.
As mentioned, the corporate background of the operation is extensive and intricate.
This guide will shed light on Weltrade: Scam or Legit? Can you withdraw profits?
Many traders shop for a broker to work with and find endless reviews on the web, and not all are genuine. There are lots of websites that specialize in broker reviews and lots of talk about brokers in various forums, social media channels, and groups. While some information comes from a real trading experience of people that have used brokers’ services, some have a hidden agenda of promoting the broker(s). Promoting a forex broker is a legitimate and normal practice, as long as it’s done in a transparent way.
As of today, there are very few websites with trusted brokers’ reviews. One of the most trusted is forexpiecearmy.com, due to its security level which filters fake reviews. Anyway, use your intuition when you read Weltrade broker reviews.
Their overall rating on the largest portal for broker reviews is average to good. Most of the review alert Weltrade spreads go wild during volatility times, and even during the normal market conditions.
Here are just 3 examples:
SCANDAL RUBBISH: THE ONE STAR IS A NEGATIVE ONE – 1Terrible they say they have lowered there spread…..
what they don’t tell you is 30-60 mins before session closes they will increase over 5x more than their average (which is already bad btw)
you might think i’m just crying because i lost money…that’s not the case
I will give you example :
GBPUSD average spread through day is about 50
as market approach close time this increased to a massive 250 ??
and i’m not talking just a spike either it was around 200 for about 30-60 mins.
they also like to turn their server of 2 mins before market is supposed to close…so if you are insane and do use this broker just make sure you close trades a good 1-2 hours before 2 market closes
If you ask them they will give you the usual “market conditions caused it” nonsense
Put their tick charts next to any other brokers and see for yourself not going to name other brokers but average spread among 4-5 other brokers was about 40 – 60 at the same time theirs was 250 ….Scam scandal rubbish
– scottbarton, United Kingdom
THIS BROKER WANTS YOU BROKEspreads are pretty terrible, some being 4-5 times more than other brokers.
also if you did decide to use them, be very careful of their so called “bonus” schemes,
my account got emptied by one when I closed a trade because the “bonus” does not count towards your actual balance (total joke) its just like changing your leverage without you knowing.
– 9hobi4, United Kingdom
WELTRADE MANIPULATES THE SPREADWeltrade manipulates the spread so as accounts could not withstand. In my case it was 1600 percent increase equaling to 2.42 USD spread. Insane
Weltrade (Systemgates Ltd) registered in St Vincent and the Grenadines, have no licence to trade and have stolen USD 56000 from my accounts. Total scam.
– armanavatar, Almaty, Kazakhstan
Some of their clients complained about a poor experience with this broker and the main problem issued was the execution (slippage, wide spreads, margin calls…).
Is Weltrade Good?
Weltrade is known only in 2 regions: Thailand and Indonesia. Weltrade does not have a license to properly operate in Indonesia and is under the Bappebti radar every year. The Indonesian watchdogs blocked tens of domains of entity sites in the online trading sector this year that do not have permission from Bappebti. Weltrade is among them, operating now through different undercovered websites. Till the next radar…
Weltrade Trading Conditions Review
Minimum Initial Deposit
The minimal sum required to open an account with Weltrade is $25, a low initial amount, which is reasonable, considering the liberal regulation. In comparison, the global leading broker Admiral Markets requires $100 from its customers as a start.
Average Spreads & Commissions
This broker offers both fixed and variable forex spreads and all account types, except the ZuluTrade one, are commission-free. Fixed spreads amount to 2 pips on EUR/USD, which is average, and floating ones are tight, start from 0.5 pips on EUR/USD. Such fixed bid-ask spreads are considered average for the forex market. A fixed spread is a characteristic of Dealing-Desk and is not recommended. Most of the providers are not using this old quoting module which is 100% controlled by the broker by adding a mark-up to the market price. Requotes happen very often, especially during volatility times.
The maximum leverage rates at Weltrade are high, reaching 1:1000. This can cause a lot of negative balance situations, meaning traders can lose more than their deposits. Leverage in forex is a double sward tool, so we recommend beginner traders to read our most popular guide on what is forex and how does it work.
However, many jurisdictions set limitations on leverage, which are considerably lower, for instance, 1:50 in the USA, 1:30 in the EU, and 1:25 in Japan. The reason for this is that trading on margin involves a risk of heavy losses, exceeding the initial investments and that is why traders should exercise caution when operating with high leverage levels.
Weltrade Trading Platforms
Weltrade offers both MetaQuotes’ platforms – MetaTrader 4 and MetaTrader 5.
MetaTrader 4 (MT4) is still used by a lot of traders. The platform offers all a trader needs: a number of built-in technical indicators, an advanced charting package, a wide range of Expert Advisors (EAs), and extensive EA back-testing options. Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work. VPS service is also available, allowing clients to trade 24 hours a day 5 days a week even if their computers are off.
MetaTrader 5 also offers innovative functionality: multicurrency strategy tester, “market depth” function, built-in MQL5 store, new types of pending orders, and also higher execution speed. It is highly recommended for traders that enjoy automated strategies via Forex EAs or Trading Robots.
Clients of Weltrade who would like to make use of auto trading, but shun ZuluTrade, can check out Metatrader trading signals – another possibility to copy the signals of successful traders.
Weltrade Methods of Payment
Clients of Weltrade are offered a variety of payment modes: Credit/debit cards (Visa, MasterCard), bank wire transfer, and the following e-wallets: Skrill, Neteller, QIWI, Yandex, CashU, FasaPay, Perfect Money, Деньги, OKPAY, EasyPay, liqpay.com, QIWI, monetaRU.
All deposit methods are free of charge with this broker.
In sum, is Weltrade Scam or Legit?
Weltrade is an unregulated, offshore broker and that significantly lowers its credibility. But most importantly, there is no online visibility and credibility, plus a lot of negative reviews, actually, more than 80% of them complained about poor services.
The broker is a legitimate company, but traders should be wary of online scam warnings before opening a forex account.
GET A FOREX PRO ON YOUR SIDETo trade forex and CFDs, you need a well-regulated broker, where your money is safe, one that features a user-friendly trading platform with ultra-light execution, tight spreads, and fees. Trading with a trusted forex broker is crucial for success in international currency markets.
Here’s the Overall rankings for the best copy trading platform who participated in our Broker Review, sorted by Overall ranking.
NO, Weltrade is not regulated, only registered in an off-shore environment that does not mean license.
We can not say if Weltrade is a scam or not. Trading is a complex world. Weltrade is another offshore broker that gained some popularity through misleading marketing campaigns in Thailand and Indonesia. Read more…
Weltrade is considered low-trust or high-risk. Weltrade is not publicly traded and does not operate a bank. Weltrade is authorized by zero tier-1 regulators (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). Read more…
There have been countless incidents of people not being able to withdraw their winnings with Weltrade. So even if you are lucky enough to win some money, it isn’t guaranteed that you will be able to withdraw that money.