Weltrade Broker Review

“They provide instruments such as forex, metals, and commodities. Along with that, they have an account with no commission at all”

Is Weltrade good and reliable?

Well, the country from there they belong doesn’t require any license for providing services for forex trading. But if we talk about them, they have been in this market since 2006 and they have been growing continuously. Weltrade has established itself in various countries quite well and also ranks among the top brokers in the world. Therefore, you are not needed to worry about the security of your funds.

Pros

Cons

What is the best thing about Weltrade broker?

The best part of this broker is that they charge no commission at all on any of their account types.

Which account type you recommend and why?

I recommend going with a micro account as it has a minimum deposit of USD 25 along with that spread is also less and there is no commission at all with that account.

What can be traded with Weltrade?

With Weltrade you can trade is forex currency pairs, commodities, and metals.

“Money is important only in the case if you don’t die tomorrow. Therefore, always be in your senses over your profit and losses. Have enjoyment in whatever you do.”

Web and desktop platform offered by Weltrade

Weltrade offers the platform of MT4, MT5, and Webtrader. Let’s look for the platform description below.

MT4

If you are new then this is the go-to platform for you. However, that doesn’t mean that professionals couldn’t use it. This platform is used by various people around the world.

It has all the features and analysis tools to learn and trade. Attend Webinars, read articles, and see videos provide to learn about trading and the platform is very easy to use and understand.

Features of MT4

1. Interface is reliable and user-friendly. Above all can be used by both beginners and professionals.

2. Access to various currency pairs, CFDs, and cryptocurrencies.

3. Customizable as per your requirement. Meaning you can select currencies in which you want to trade and analyze using any indicators as per your suitability and trade.

4. Interference is minimum, you can observe movement every second without being interrupted

5. Compatible with windows, Linux, mac.

6. Allows to trade 24*5 days

MT5

This platform provides everything needed for flexible trading operations. The platform offers powerful tools such as a flexible trading system, technical and fundamental analysis, multi-currency tester, professional MQL5 development environment, and alerts. The platform can be translated into 31 different languages for the convenience of the people who only know one language. You can subscribe to signals, use technical indicators, run trading robots and rent a virtual server. Professional people prefer to use this platform for a better experience of the analysis and results.

Web Trader

This is a trading platform that operates online, one can organize and trade online without the need of downloading any other software. The platform provided can be used to open orders, close orders, and market watch. You can trade on a web platform from any browser.

Mobile platforms to trade with Weltrade

Metatrader 4 application

The application allows us to trade on mobile and you can access any broker account on this application. This application is being used by millions of people around the globe. The application looks like the below image:

Weltrade Application

They also have their application or it is possible they recently have launched their application as there is no feedback and review of their application so it is difficult to say how much good their application is. Here is the image of their application.

Account type comparison

Well, every account type has its own features, so the above table it is shown what differences exist in the accounts that Weltrade broker provides.

Though they provide 5 trading accounts, I hereby found the premium account best suited for the ones who know how to trade, but if you are a beginner you can go with a micro account where the trading will be done in cents which will make you lose less money as compared to other accounts.

Account Type	Definition	Micro	Premium	Pro	Zulu Trading	Digital
Minimum deposit	As the name suggest this is the minimum amount required to deposit in order to start trading	USD 25	USD 200	USD 500	USD 200	USD 50
Account Currency	The currencies in which account funds can be deposited in	Cents USD Cents EUR	USD EUR	USD	USD	USD
Spread	This is the difference between bid and ask price	Differ per currency	Differ per currency	Differ per currency	Differ per currency	Starts from 0 pips
Minimum Lot	The minimum size of the lot required to open trade with	0.01	0.01	0.01	0.01	0.01
Maximum number of lots	The maximum number of lots which can be opened	1000	100	100	100	100
Leverage	This is the ratio of the amount which can be borrowed from the broker to trader larger lot	1:33- 1:1000	1:33-1:1000	1:1-1:1000	1:33-1:500	1:3-1:20
Trading commission	The fees charged by broker to open trade with broker	NO	No	No	USD 3 per lot	No
Trading Platform	The platform on which you can trade with this broker	MT4, MT5	MT4, MT5	MT4, MT5	MT4	MT4, MT5

For your better knowledge let me explain the other two accounts to you. One is Zulu Trading Account, this account has a minimum deposit of USD 200, and basically, this account is for copy trading. You will receive signals from other people of their trades which can be executed automatically as well.

Another type of account is Digital, in this account type the spread starts from 0 Pips, and with the deposit of USD 50 dollars you can start trading in this account. This account is strictly for crypto trading only.

Opening account procedure

Well, when we think about opening an account there are a few steps that are needed to follow. So, here the steps to open account with a Weltrade broker is as follows:

1. Visit their website weltrade.com and the page shown would be as below.

2. Click on the registration option provided, which is located at the top right corner of the page.

3. Fill up the required details as per below.

4. You can sign up using Google or Facebook also.

5. Fill up the required details, verify yourself by uploading documents and open the type of account you want and then you are good to go.

What are Deposit and Withdrawal Channel?

For deposit, Weltrade broker provide the below channels.

As it can be seen from the above images that there is no charge for deposit of the funds. Withdrawal options available with Weltrade broker are as follows.

As per the image above, there is shown that there are charges on withdrawal with mostly every channel, but when I had withdrawn my funds, I wasn’t charged a single penny. For deposit and withdrawal, I used the platform Neteller. Funding and withdrawing are easy with this broker along with that they also provide the option of internal transfer of funds to a different account so what I did was I deposited USD 25 in a micro account and then I internally transfer the amount to my other account so you can say it is a trick if you don’t have USD 100 dollars at once to deposit then create micro account fund it and then internally transfer it to a premium account.

Deposit and withdrawal Rate?

As per the image of the withdrawing fund’s channel it is clearly mentioned that there are charges if you withdraw your funds. But I wasn’t charged a single penny when I withdraw my funds. The platform I used was Neteller but no extra charge was deducted.

Comparison on the basis of spread, comparison and swap

Spread:

Spread is considered to be the most important factor when choosing a broker, the broker should be able to provide the spread as much minimum as possible, but yes one thing to remember is that broker’s main earning point is the spread itself. Spread is a must every broker should charge. Now, let’s look for the average spread values which we have collected by analyzing the data for a week.

Currency	Micro	Premium	Pro
XAUUSD	495	501	165
EURUSD	19.2	17.3	6
GBPUSD	21.7	24.7	8.9
AUDUSD	27.9	27.7	7.6
USDCAD	27.3	27.4	7.6
USDCHF	26	26.4	9.6
USDJPY	16.8	17.4	5.6
GBPJPY	44.5	45.3	12.3
EURJPY	25.2	25.3	7.5
NZDUSD	36.2	36.5	10.6

Commission:

Another important factor to keep in mind is commission, spread and commission together tell us the cost of the broker. Weltrade doesn’t charge commission on any of the account types. This means automatically the cost is reduced.

Swap:

Swap is another factor that is used to describe the cost of the broker. There are two types of swap, swap long and swap short. It is charged on the basis of the days for which the trade remains open.

Swap long values are as below:

Currencies	Micro	Premium	Pro
XAUUSD	(-43)	(-43)	(-43)
EURUSD	(-7.5)	(-7.5)	(-7.5)
GBPUSD	(-8)	(-8)	(-8)
AUDUSD	(-1)	(-1)	(-1)
USDCAD	(-1)	(-1)	(-1)
USDCHF	1	1	1
USDJPY	1	1	1
EUJPY	(-4.2)	(-4.2)	(-4.2)
NZDUSD	(-0.5)	(-0.5)	(-0.5)
GBPJPY	0.1	0.1	0.1

Swap Short Values are as below:

Currencies	Micro	Premium	Pro
XAUUSD	(-8.5)	(-8.5)	(-8.5)
EURUSD	1	1	1
GBPUSD	0.5	0.5	0.5
AUDUSD	(-5)	(-5)	(-5)
USDCAD	(-7)	(-7)	(-7)
USDCHF	(-8)	(-8)	(-8)
USDJPY	(-8)	(-8)	(-8)
EURJPY	(-2.2)	(-2.2)	(-2.2)
NZDUSD	(-5.5)	(-5.5)	(-5.5)
GBPJPY	(-9.5)	(-9.5)	(-9.5)

As the table clearly shows that the swap is the same for all types of accounts, it doesn’t matter which account you choose on the basis of the swap.

Though, in my opinion, I will suggest you go with a premium account on the basis of minimum deposit and overall cost it seems to be a fit. Yes, it is clearly seen that pro has the lowest spread value but there an issue arises which is that the account has a minimum deposit of USD 500. As per me, not everyone can start trading with this much amount. Well, if you can start trading with USD 500 then you can go with a Pro account.

Chat Support

Chat support can be connected by clicking on the bottom right option, when clicked on the option it will ask for your name and mail id after that you will be connected to the support agent. The window will look as follows.

While using this broker, I haven’t faced any issues and thus I only contacted them once for asking basic queries and to check how I get a reply. The support service is good, you don’t have to wait in long queues to get in touch with them and their reply resolves the query as well.

Research and Education

Weltrade also offers education material and tools to learn about forex as shown in the below image:

In the above picture, the highlighted box is the thing that Weltrade offers to their clients to learn from which includes a trading calculator, economic calculator, demo accounts, Trading and seminar, Metatrader guide, etc. Whatever you want to learn from here you just have to click on the desired option.

Trading Experience

Here, with Weltrade you can trade without experience also I prefer to go with a micro account for learning purposes it has a minimum deposit of only USD 25 dollars, and the spread is also cheap and it is easy to do so even newbies can handle the platform pretty well but there are more chances to lose as you don’t have any knowledge about the market, therefore, it is suggested to learn concepts before investing real fund in this market because the market is the most volatile one.

Conclusion

Weltrade is a forex broker, that provides services of trading through their platform. It launched in the market in 2006. Weltrade headquarters is located in Suite 305, Griffith Corporate Centre, PO BOX 1510, Beachmont, Kingstown, Saint Vincent.

They provide instruments such as forex, metals, and commodities. Along with that, they have accounts with no commission at all. You can trade into any type of account but I found a premium account to be more convenient as the minimum deposit is USD 100. The account opening procedure is really easy and I was not charged a single penny on deposit and withdrawal. Over the years, weltrade has established itself as the best broker in the world.

My overall experience with this broker has been quite good, I haven’t faced any type of issue with this broker. The broker itself is very user-friendly, and their website, account opening procedure even chat support system are commission-free smooth. The best thing about the broker is that they provide commission free accounts along with that the minimum deposit amount for every account differs.

Therefore, after considering all the options I found the premium account to be most relevant because the micro account works in cents so it is basically for beginners to learn trading and the pro account has a minimum deposit of USD 500 which is not everyone can afford. Though the spread is lowest in the pro account due to the high deposit amount I would suggest you go with the Premium account.

As per their website, they do charge on withdrawal which increases the cost of the broker, but at the time I withdraw the funds I was not charged a single penny and the platform I used was Neteller. Overall functions run smoothly no delays in order executions. Well maintained broker.