Weltrade Broker Review

“They provide instruments such as forex, metals and commodities. Along with that they have 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 from since 2006 and they have been growing continuously. Weltrade has established themselves in various countries quite well and also rank in 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 type.

Which account type you recommend and why?

I recommend to go with micro account as it has the 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 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, 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 analyses using any indicators as per your suitability and trade.

4.Interference is minimum, you can observe movement at 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 flexible trading system, technical and fundamental analysis, multi-currency tester, professional MQL5 development environment and alerts. The platform can be translated to 31 different language 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 the better experience of the analysis and results.

Web Trader

This is a trading platform which operates online, one can organize and trade online without need of downloading any other software. The platform provided can be used to open orders, close orders and market watch. You can trade on 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 million 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 their own features, so in the above table it is shown what difference exist in the accounts which Weltrade broker provides.

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

Account TypeDefinitionMicroPremiumProZulu TradingDigital
Minimum depositAs the name suggest this is the minimum amount required to deposit in order to start tradingUSD 25USD 200USD 500USD 200USD 50
Account CurrencyThe currencies in which account funds can be deposited inCents USD

Cents EUR
USD

EUR
USDUSDUSD
SpreadThis is the difference between bid and ask priceDiffer per currencyDiffer per currencyDiffer per currencyDiffer per currencyStarts from 0 pips
Minimum LotThe minimum size of the lot required to open trade with0.010.010.010.010.01
Maximum number of lotsThe maximum number of lots which can be opened1000100100100100
Leverage
This is the ratio of the amount which can be borrowed from the broker to trader larger lot
1:33- 1:10001:33-1:10001:1-1:10001:33-1:5001:3-1:20
Trading commissionThe fees charged by broker to open trade with brokerNONoNoUSD 3 per lotNo
Trading PlatformThe platform on which you can trade with this brokerMT4, MT5MT4, MT5MT4, MT5MT4MT4, 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 any account there are few steps which are needed to follow. So, here the steps to open account with 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 on 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 Netellar. Funding and withdrawing are easy with this broker along with that they also provide option of internal transfer of funds to different account so what I did was I deposited USD 25 in 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 premium account.

Deposit and withdrawal Rate?

As per the image of withdrawing funds 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 Netellar but not 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 main earning point is spread itself. Spread is must every broker should charge. Now, let’s look for the average spread values which we have collected by analysing the data of 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 tells us the cost of the broker. Weltrade don’t charge commission on any of the account type. Means automatically the cost is reduced.

Swap:

Swap is another factor which 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 same for all types of account, so it doesn’t matter which account you choose on the basis of swap.

Though, in my opinion I will suggest you to go with premium account on the basis of minimum deposit and overall cost it seems to be fit. Yes, it is clearly seen that pro has the lowest spread value but there a issue arise 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 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 like as follows.

While using this broker, I haven’t faced any issue and thus I only contacted them once for asking basic queries and to check how I get 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 which Weltrade offers to their clients to learn from which includes 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 micro account for learning purpose and it has minimum deposit of only USD 25 dollars and 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, who provide services of trading through their platform. They launched in 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 account with no commission at all. You can trade into any type of account but I found premium account to be more convenient as the minimum deposit is USD 100. Account opening procedure is really easy and I was not charged a single penny on deposit and withdrawal. Over the years, weltrade has established themselves in best brokers 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, their website, account opening procedure even chat support system is smooth. The best thing about the broker is that they provide commission free accounts along with that the minimum deposit amount for every account differ.

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

As per their website they do charge on withdrawal which increase 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 Netellar. Overall functions run smoothly no delays in order executions. Well maintained broker.