Abstract：Weltrade, a Saint Lucia-based brokerage firm, is facing serious trading-related complaints from users worldwide. The report of heavy slippage, coupled with chart errors and sudden fund losses have appeared on several broker evaluation platforms such as WikiFX. This Weltrade review examines several user-reported trading allegations while explaining its regulatory framework.
Weltrade, a Saint Lucia-based brokerage firm, is facing serious trading-related complaints from users worldwide. The report of heavy slippage, coupled with chart errors and sudden fund losses have appeared on several broker evaluation platforms such as WikiFX. This Weltrade review examines several user-reported trading allegations while explaining its regulatory framework.
ContentsWeltrade, a more than two-decade-old broker, has substantial expertise in several trading markets, including forex, metals, commodities, stocks and indices.
Some forex pairs available on the platform include AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, etc.
Among a large number of stocks listed on the platform, popular ones include Apple, Adobe, Alibaba, Alphabet, Amazon, American Express, etc.
Indices available on the Weltrade platform comprise the Netherlands 25, Australia 200, Dow Jones Industrial Average Index, France 40, UK Financial Times Stock Exchange 100, Germany 40, etc.
Spot trading is available for gold, silver, platinum and palladium investors. You can also trade spot Brent crude and natural gas.
Weltrade offers a wide range of trading accounts - Micro, Cent, Pro, Syntx and Raw Spread. These accounts suit traders with different styles. Want to know the deposit you need to make for each of these accounts? What is the extent of leverage across accounts? Check out this table for these details.
| Account Type | Minimum Deposit | Minimum Spread | Maximum Leverage | Commission Applicable |
| Micro | USD 1 | 2.3 Pips (Floating) | 1:2000 | NO |
| Cent | USD 1 | 1.5 Pips (Floating) | 1:2000 | NO |
| Pro | USD 10 | 0.5 Pips (Floating) | 1:2000 | NO |
| Syntx | USD 1 | Floating | 1:10000 | NO |
| Raw Spread | USD 100 | 0 Pips (Floating) | 1:2000 | YES |
While the Micro account is designed for beginners, Cent is for those who want to take their trading to the next level after starting. Pro is marked as 'BEST' by the broker on its official website. Syntx is rated as suitable for anyone, while the Raw Spread account is meant for precision trading.
The minimum deposit is low across accounts, with the highest being USD 100. While Pro and Raw Spread accounts have a reasonably low spread, the leverage is substantially high across accounts, with 1:10000 being the highest. Barring the Raw Spread account, others do not have any commission charges.
A Saudi Arabian trader reported on WikiFX, a popular forex broker regulation inquiry tool, that due to a slippage of 6-7 points, he allegedly lost USD 200 on the Weltrade platform. Elaborating on the complaint, the trader sent both the sell and buy orders at the screen price of 4170. However, the buy order was executed at 4176, whereas the sell order happened at 4163, leading to a capital loss for the user. The trader made his disappointment obvious with this negative Weltrade review.
A user from South Africa claimed that while Weltrade had numerous fees, its appealing trading conditions made him test the platform. The trader, after placing a long buy bet on XAUUSD, was earning profits. But as the order closed, his balance was allegedly subtracted. According to the user, his trading account balance and equity were USD 2,900 and USD 6,800, respectively. However, after the trades closed, his balance reportedly reduced to USD 900. The trader further alleged manipulation in entry and closing prices as he attempted to test the platform again. Here is what the trader said while sharing the Weltrade review.
A Thailand-based user alleged that the stuck chart did not allow him to open or close orders. Further, the copy trading tool failed to work properly, leading to 17 damaged, negative portfolios. Reportedly, there has been no compensation. Check this complaint to know more about the alleged trading incident.
A trader from Zambia reportedly claimed that the broker failed to pay him his profits and accused him of something that he did not do. However, the trader did not clarify the broker's claim. Read this Weltrade review to know more.
A Turkish trader claimed to be facing delays in address verification for over a month. According to the trader, the broker allegedly gave numerous excuses for the delayed verification. Despite waiting for two days of withdrawals, the fund reportedly did not come to his account. Doubting the broker's intent to release funds, the user shared this review.
If you are asking: Is Weltrade regulated? The answer is YES! It is licensed by the Financial Sector Conduct Authority (FSCA) in South Africa. Its other two licenses from the National Bank of the Republic of Belarus (NBRB) and the Financial Services Commission (FSC) have reportedly been revoked. The broker received a score of 3.44 out of 10 from the WikiFX team.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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