Weltrade has been around since 2006 and continues to attract attention from traders worldwide. However, the big question many traders ask is the subject of this review: Is Weltrade a legitimate trading platform or just another risky broker?
In this review, we provide a closer examination of Weltrade’s services, including its regulatory status, fees, and user experience. Moreover, the review will also cover its performance in key areas, including account types, deposits, and withdrawals.
Regulation and Licensure
The first things that most traders look for when evaluating online broker platforms are regulation and licensure. According to the information available on its website, Weltrade Ltd. is registered as an international business company (IBC) in Saint Lucia.
This means that while Weltrade is legally registered, it is not subject to the supervision or regulation of top-tier financial regulators, such as FCA (UK), ASIC (Australia), or CySEC (EU). For some traders, the lack of oversight from a renowned regulator can be a concern.
Account Types and Minimum Deposit Requirements
Weltrade offers several account types designed to accommodate different types of traders. Each account type comes with its own trading conditions, pricing structure, and minimum deposit requirements.
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Micro Account
Source: Flickr via Openverse (BY-SA) / Alan Stanton
This account is designed for individuals who want to start trading with a small amount of capital while learning how the market works in real conditions. The starting deposit is $1, with spreads floating from 1.5 pips.
However, we think the lack of a demo account option is a major letdown, considering this is an account built with beginners in mind.
Weltrade describes the pro account as the best choice for both entry-level and experienced traders. For this account, you only need a $10 deposit to get the account up and running. The spreads are also narrower, starting at 0.5 pips, which lowers the overall trading costs.
Pro account users also get access to free demo accounts, which is a nice plus. Something else worth noting is the availability of swap-free accounts for Muslim traders.
This account is focused on synthetic instruments rather than traditional forex markets. The minimum deposit for a SyntX account is $1, with leverage of up to 1:10000. This is a major plus for Weltrade, considering very few online brokers offer synthetic indices trading.
Under this account, you can also practice copy trading and use Expert Advisors. However, this account doesn’t have a swap-free option.
The raw spread account is designed for traders who want raw spreads and are comfortable paying commission per trade. The minimum deposit is $100, with spreads floating from 0 pips. This account is suitable for professional traders, scalpers, and algorithmic traders.
Unlike other Weltrade accounts, traders using the raw spread account are charged a commission per trade. A couple major drawbacks of the raw spread account are the lack of swap-free accounts and copy trading.
Bonuses, Promotions, and Loyalty Programs
Oftentimes, traders associate brokers offering bonuses with scams and fraud. However, compared to other alternatives, Weltrade has one of the best bonuses and loyalty programs. The one thing we like about their welcome bonus program is that traders can withdraw profits earned using the bonus.
Weltrade also runs a loyalty program backed by its own digital currency known as Welcoin. Registered traders earn free Welcoins based on their trading activity. You can later exchange the coins for cash deposited straight into your account.
Deposit and Withdrawal Methods
Weltrade offers several deposit and withdrawal methods with the goal of accommodating traders from different regions. The broker supports popular payment systems, such as Visa, Mastercard, Skrill, Neteller, and local transfer solutions in some countries, making transactions convenient for many traders.
Many Weltrade alternatives don’t offer support for Visa and Mastercard, forcing traders to use expensive third-party payment platforms.
One of Weltrade’s notable features is its fast processing time for deposits, with many payment methods credited almost instantly. Withdrawals are also generally processed quickly, although the exact waiting period depends on the chosen payment provider and your region.
Trading Instruments Available
Weltrade provides traders with access to a diverse range of financial instruments, making the platform suitable for investors who want to diversify their portfolios.
Besides offering forex trading services, Weltrade also supports trading in commodities, stocks, and indices. Moreover, traders can also capitalize on price movements in the crypto market through CFD trading.
One trading instrument that sets Weltrade apart from its competitors is the availability of synthetic indices.
Weltrade’s Areas of Concern
Overall, Weltrade has some great features that make it stand out in the market. However, there are some areas that traders should consider before opening an account.
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Limited Regulatory Coverage
Traders who are strong on regulation will find it hard to trust Weltrade, considering it does not hold licenses from top-tier financial regulators, such as the FCA (UK), ASIC (Australia), or CySEC (Europe).
Some legit brokers are regulated and licensed by renowned financial regulators, which plays a significant role in earning trust from investors.
Weltrade is also not available in some countries, including the US, European Union member states, and the UK. As a trader, the onus is on you to verify availability in your region before registering.
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Room for Improvement in Educational Resources
The lack of a demo account option on the micro account is disappointing given that it is an account designed for beginner traders. In this case, most beginner traders using the micro account lack the one tool needed to practice and learn risk-free.
Final Verdict: Scam or Legit?
The Weltrade broker is a legit trading platform licensed and registered in Saint Lucia. Although the lack of regulatory oversight from a tier-one financial body raises eyebrows, traders can rest assured that their money is safe with Weltrade.
A couple of Weltrade’s strengths are its relatively low minimum deposit requirement and flexible leverage options, which are an advantage for new traders looking to enter the market more easily. These, plus the variety of payment methods and fast deposit and withdrawal processing, give Weltrade a competitive edge in the market.
