Brokersview Broker Assessment Series | Is WeTrade Legit?

WeTrade is legite based on the findings. But it is not a completely reliable broker, because it is not regulated by a large institution, but by the offshore regulatory, which leads to insufficient supervision. From the user's comments on it, we found that it has problems such as the inability to withdraw funds and the inability to log in to the webpage, but some people think it is easy to use and has low transaction costs. Therefore, please be vigilant when trading with WeTrade.

General Information

WeTrade is an online trading platform that allows users to buy and sell various financial instruments, including Trade Forex, Metals, Energies, Indices, Stocks and Cryptocurrencies.

WeTrade not only provides a variety of trading markets, but also provides a variety of competitive tools and services.

Trade with ECN Raw Spread

Their spreads from 0.0 pips, no requotes, no price manipulation, and no restrictions. This fast and convenient transaction mode makes it well received by many users. On the one hand, low spreads help reduce trading costs and increase profitability; on the other hand, there is less intervention in transactions, and high transparency helps users take advantage of fast-moving forex markets and avoid slippage and make more informed trading decisions.

Trading Platforms

WeTrade uses the flexible Metatrader 4 for trading, which provides users with a convenient trading experience, and the flexibility of trading allows users to trade anytime, anywhere.

Learning and Educational Resources

Social trading can make investors' strategies widely used, which is beneficial to help

help start forex trading and master trading methods, and can share their own experience and exchange learning with different investors.In addition, WEREADE also provides a Demo Account for transaction simulation and use.

Regulation

WeTrade currently hold regulatory licenses from LFSA(Labuan Financial Services Authority)and FSA.

WeTrade is not based in the UK, but rather in Malaysia. Therefore, it falls under the jurisdiction of the Labuan Financial Services Authority (Labuan FSA), which is the regulatory body that oversees financial services in the Labuan International Business and Financial Centre (Labuan IBFC).The License Type is Straight Through Processing(STP)

FSA is an offshore regulation.Offshore jurisdictions may have less stringent regulatory requirements, it would comes with significant risks and drawbacks.WeTrade's license number is 25198 IBC 2018.

In addition, WeTrade claims to have the authorization of FCA (Financial Conduct Authority), License Type: Appointed Representative (AR)

License No:780894. After verification, it has been Revoked now.

All in all, WeTrade is not a very reliable company, it has not been regulated by major regulatory authority. There are some risk need to be considered.

Account Types

WeTrade offers different account types to suit different trading needs. These include STP Account,ECN Account,VIP Account, Affiliate Account. Each account type comes with its own set of features and benefits.

STP Account: This is a Straight-Through Processing account that offers variable spreads starting from 1.0 pip.It is designed for traders who want to execute trades quickly and benefit from low trading costs.

ECN Account: This is an Electronic Communication Network account that offers spreads starting from 0.0 pips. It is designed for traders who want to trade on institutional-grade liquidity and benefit from fast execution speeds.

VIP Account: This is a premium account that offers personalized services, including a dedicated account manager, lower trading costs, and exclusive trading tools.

Affiliate Account: This is an account designed for partners who want to earn commissions by referring new clients to WeTrade.As an affiliate, you can earn up to 50% of the net revenue generated by your referrals.

For more detailed information about the account in our WeTrade review

Commissions and Fees

Different Account have different commissions and fees. The amount charged depends on the type of account held by the user and the type of instrument being traded. Except for ECN accounts, commissions for other accounts are 0 USD. There is no deposit and withdrawal Fee. Generally, WeTrade's commissions and fees are competitive compared to other online trading platforms.

Deposit and Withdrawl

WeTrade allows users to deposit and withdraw funds using various payment methods, deposit methods including bank transfer and local transfer,Tether (USDT), Withdrawal methods inclusing credit/debit cards and bank transfer.

Risk Warning

WeTrade is a legit brokers but not a very reliable forex brokers because it has not been regulated by major regulatory authority like FCA, just hold regulatory licenses from LFSA.So There are risks when choosing WeTrade for trading.

First, there is no large regulatory agency authorization, and the FSA authorization is an offshore regulation, which means that it is not subject to sufficient supervision, which may make it easier for companies to engage in unethical and illegal activities such as money laundering and tax evasion.

Second, the lack of transparency and accountability can also make it difficult for investors to assess the risks associated with investing in offshore companies.

Third, offshore regulation may not provide the same level of protection for investors as domestic regulation, which can make it harder for investors to recover their investments in the event of fraud or other wrongdoing.

In addition, trading is inherently a risky thing. When we invest, we must pay attention to market volatility, liquidity risks, and the potential loss of capital. And use trading strategies appropriately, and timely avoid risks according to trading goals and plans