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Weltrade Review

Overall, Weltrade is very competitive regarding its trading fees and spreads. Weltrade is a multi-regulated forex broker headquartered in South Africa. SVG FSA and the FSCA regulate Weltrade. Weltrade has a Trust Score of 89% out of 100.

Updated : November 4, 2022

Jump to:

005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Summary

👉 Overall, Weltrade is considered low risk, with an overall Trust Score of 89 out of 100. Weltrade is licensed by zero Tier-1 Regulator (high trust), one Tier-2 Regulator (average trust), and one Tier-3 Regulator (low trust). Weltrade offers six retail trading accounts: a Micro Account, Universe Account, Premium Account, Pro Account, Digital Account, and ZuluTrade Account.

👉 Investor Warning: Foreign currency trading on margin is associated with an elevated risk and may not be appropriate for all Nigerian investors. Before engaging in foreign currency or Contract for Difference (CFD) trading, you must evaluate your investing goals, expertise, appetite for risk, and willingness to be exposed to risk. In addition, you should not start investing capital that you cannot afford to lose because you could incur a loss of part or your entire original investment.

Overall

👉 Weltrade accepts Nigerian clients and has an average spread from 0.0 pips with commissions of 1.5 points on the ZuluTrade CopyTrading Account. In addition, Weltrade has a maximum leverage ratio of up to 1:1000, and a demo and Islamic account are available.

👉 Weltrade Terminal, MetaTrader 4, and MetaTrader 5 platforms are supported. Weltrade is headquartered in Saint Vincent and the Grenadines and regulated by SVG FSA and FSCA.

Analysis of Weltrade’s Main Features

➡️ Order Execution4/5
➡️ Commissions and Fees4/5
➡️ Range of Markets4/5
➡️ Variety of Markets3/5
➡️ Withdrawal Speed4/5
➡️ Customer Support5/5
➡️ Trading Platform4/5
➡️ Education1/5
➡️ Research2/5
➡️ Regulation3/5
➡️ Mobile Trading4/5
➡️ Trust Score89%

Top 3 Weltrade User Reviews

➡️ On Forex Peace Army, Weltrade has 11 reviews with an overall rating of 1.5/5.

➡️ On Myfxbook, Weltrade has 70 votes and an overall rating of 3.7/5.

➡️ On Trustpilot, Weltrade has 21 reviews and an overall rating of 3.8/5.

👉 “Trading with Weltrade since 2008. This is the only broker that fully satisfy all my needs in trading. Funds withdrawal within 30 minutes 7 days a week; Regular promotions and competitions (and not just for demonstration, but with real opportunities to win prizes and get tangible rewards); One of the most serious support services that will help to solve any problem in a short time (it’s worth adding that during the last years I don’t remember any serious problems with Weltrade); Convenient and comprehensive analysis tools and trading accounts management. And probably the most important thing is the reliability of investments: there have never been problems with the funds withdrawal, and stable interest is accrued on available funds in the safe. This is an absolutely honest and sincere review of Weltrade. Recommend for everyone.” Vitaliy Maznev (quoted verbatim – Myfxbook)

👉 “I have been using Weltrade for a few months now and have been doing well with this broker. I made some deposits and withdrawals in XRP for cryptocurrency exchanges, and I had no problems. I think that to get better, it would be interesting to have stocks and indexes. Support responds fast. It’s good for now” Durval – Alagoas Brazil (quoted verbatim – Forex Peace Army)

👉 “Weltrade is a partner with HitBTC so I open an Crypto account with them. So far, I like how their Price Quote feeds. It seems it’s an ECN or bots quotes and re quoting which is great for advance market players!” – risingzombi – Orjansted, Aruba (quoted verbatim – Forex Peace Army)

Latest Existing/Previous Customer Comments on Weltrade for 2023

👉 Sophie – “I used to use Weltrade for my trading activity. It is a nice platform and the support team help to solve my problems in time. Nothing much to say but it’s worth using.” – September 2023 (quoted verbatim – Trust Pilot)

👉 Trader_winner – “I love this broker! Great offers, perfect support team. I am happy that 1 year ago I choose Weltrade broker. And I am still with it.” – October 2021 (quoted verbatim – Trust Pilot)

👉 Prashnt rd – “Best ECN broker with pro account 30 minutes withdrawal I have been client from 2014 worthy for beginners as well as pro traders 13 years industry experienced broker with lot of offers” – March 2023 (quoted verbatim – Trust Pilot)

👉 Sharre O – “1:1000 leverage no commission deposit 30 minutes withdrawal what more required to join I have been their client from 2018 always best 24/7 support immediately solution for issues” – March 2023 (quoted verbatim – Trust Pilot)

👉 Michel – “Best execution for BTCUSD only 15$-25$ spreads no commission high leverage quick gains. Weekly 2 lot trading trade2win competition cash prize” – March 2023 (quoted verbatim – Trust Pilot)

Detailed Summary of Weltrade

👉 Weltrade was established in 2006 and has offices in 15 different countries, all coordinated from its headquarters in Saint Vincent and the Grenadines.

 

👉 In addition to 5 different account types, high leverage, a virtual private server (VPS), trading signals, and bonuses, this broker employs an STP and ECN approach.

 

👉 Spreads for EUR/USD begin at around 1.5 pips for the Micro account and go as low as 0.5 pips for the Pro account. Weltrade does not charge commissions for trading unless you choose the ZuluTrade account, which adds 1.5 points for every contract.

 

👉 In addition, Weltrade gives its users a wide variety of quick financing alternatives, including bank transfers, card payments, and e-wallets like Skrill and Neteller.

 

👉 Cryptocurrency deposits are also an option. Except for some cryptocurrencies and bank transfers, all methods are free of charge.

 

👉 Each user can open a practice account with $100,000 in virtual currency to practice making deals and honing their strategy in a risk-free environment. In addition, there is no time limit on Weltrade’s demo accounts and no financial risk while testing the platforms.

 

👉 Weltrade offers a wide variety of ongoing contests, from spinner and puzzle games to the chance to win an iPhone 11 Pro Max. Welcome no deposit bonuses (NDB) and cash rebates have also been made available by the broker in the past.

 

👉 Weltrade offers a digital safe where you may earn up to 12% per year, the ZuluTrade signals service, VPS virtual hosting for copy trade capabilities, and a variety of other handy features.

 

👉 An economic calendar and a trading calculator to determine margin needs and the value of a pip are also provided.

 

Advantages that Weltrade has over competitors

➡️ Weltrade has been in operation for more than 16 years.

➡️ The broker serves more than 600,000 customers in 180 countries worldwide.

➡️ Weltrade offers 24/7 customer support across several communication channels.

➡️ Withdrawals take as little as 30 minutes.

➡️ Weltrade offers negative balance protection.

➡️ Weltrade has introduced a proprietary trading terminal.

➡️ Commissions are only charged on one of the six account types.

➡️ Traders can participate in forex competitions such as Cash Puzzle, Spinner, and more.

 

Who will Benefit from Trading with Weltrade?

👉 Weltrade is a broker that provides working circumstances suited for beginner and experienced traders. The broker focuses on providing services for active trading. In addition, Weltrade provides passive income-generating copying and algorithmic trading services.

 

Trading with Weltrade Pros and Cons

✔️ Pros❌ Cons
Weltrade has fast withdrawal methods.There is a lack of Tier-1 regulation.
Several bonuses are available.There is a limited choice between financial markets that can be traded.
The minimum deposit to register an account is affordable, even for beginners.Withdrawal fees are charged.
The trading costs are low, and most accounts are commission-free.

Weltrade Geographic Reach and Limitations

👉 Weltrade currently has the largest market share in these countries:

➡️ Thailand – 37.8%

➡️ United Arab Emirates – 21.4%

➡️ Russian Federation – 7.1%

➡️ Ukraine – 5.5%

➡️ Malaysia – 4.2%

 

Weltrade Current Expansion Focus

➡️ Europe

➡️ Asia

 

Countries not accepted by Weltrade

➡️ United States

➡️ Canada

➡️ Belarus

➡️ Russia

 

Popularity among Nigerian traders who choose Weltrade

👉 Weltrade is not currently focused on providing services to large parts of Africa, apart from South Africa. However, Weltrade is regulated by the FSCA in South Africa, which means that the broker falls within the Top 150 brokers for Nigeria overall.

Weltrade At a Glance

🏛️ HeadquarteredSaint Vincent and the Grenadines
🏙 Global OfficesSaint Vincent and the Grenadines
👍 Local Market Regulator in NigeriaCentral Bank of Nigeria (CBN)
💰 Foreign Direct Investment in Nigeria39.16 billion USD (as of June 30)
💵 Foreign Exchange Reserves in Nigeria41.96 million USD (March 31)
🏢 Local office in LagosNo
🗣 Governor of SEC in NigeriaOlufemi Lijadu (Chairperson)
✔️ Accepts Nigerian Traders?Yes
🗓 Year Founded2006
📞 Nigerian Office Contact NumberNone
📱 Social Media Platforms• Facebook
⚖️ RegulationSVG FSA, FSCA
1️⃣ Tier-1 LicensesNone
2️⃣ Tier-2 Licenses• Financial Sector Conduct Authority (FSCA)
3️⃣ Tier-3 Licenses• Saint Vincent and the Grenadines Financial Services Authority (SVG FSA)
🪪 License Number• Saint Vincent – 24513
• South Africa – 50691
⚖️ CBN RegulationNone
💵 Regional RestrictionsUnited States, Canada, Russia, Belarus
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts6
💻 PAMM AccountsYes
💧 Liquidity ProvidersMarket
✔️ Affiliate ProgramYes
📈 Order ExecutionMarket
📊 Starting spread0.0 pips
💰 Minimum Commission per Trade1.5 points
💵 Decimal Pricing5th decimal pricing
📞 Margin Call20% – 40%
🛑 Stop-Out10% – 20%
📊 Minimum Trade Size0.01 lots
📈 Maximum Trade Size150 lots
Crypto trading offered?Yes
✔️ Offers an NGN Account?No
🤝 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:1000
📊 Leverage Restrictions for Nigeria?No
💵 Minimum Deposit (NGN)1 USD / 430 NGN
✔️ Nigerian Naira Deposits Allowed?No
💰 Active Nigerian Trader Stats200,000+
👤 Active Nigerian-based Weltrade customersUnknown
🔄 Nigeria Daily Forex Turnover2.13 billion USD (March 31)
💰 Deposit and Withdrawal Options• Credit/Debit Card
• Skrill
• Neteller
• Crypto
• Perfect Money
• Indonesian Local Bank
• Fasapay
👤 Minimum Withdrawal Time30 minutes
⏰ Maximum Estimated Withdrawal TimeSeveral days
💵 Instant Deposits and Instant Withdrawals?Yes, Deposits
✔️ Segregated Accounts with Nigerian Banks?No
💻 Trading Platforms• Weltrade terminal
• MetaTrader 4
• MetaTrader 5
📊 Tradable Assets• Forex
• Share CFDs
• Indices
• Cryptocurrency
• Metals
• Energies
💰 Offers USD/NGN currency pair?No
💵 USD/NGN Average SpreadNo
✔️ Offers Nigerian Stocks and CFDsNo
🗣 Languages supported on the WebsiteMultilingual
✅ Customer Support LanguagesMultilingual
👥 Copy Trading SupportYes
🗣 Customer Service Hours24/7
📞 Nigerian-based customer support?No
💵 Bonuses and Promotions for NigeriansYes
📚 Education for Nigerian beginnersYes
💻 Proprietary trading softwareYes
👤 Most Successful Nigerian TraderUche Paragon ($16 million+ Net Worth)
💵 Is Weltrade a safe broker for Nigerians?Yes
✅ Rating for Weltrade Nigeria8/10
✔️ Trust score for Weltrade Nigeria89%
👉 Open Account👉 Open Account

Weltrade Regulation and Safety of Funds

Weltrade Regulation in Nigeria

👉 The local market regulators in Nigeria are as follows:

➡️ Central Bank of Nigeria (CBN)

 

👉 While Weltrade is regulated globally, the broker does not yet have local regulations or licenses in Nigeria. However, Weltrade is a popular and trustworthy broker that accommodates Nigerian traders.

 

Weltrade Global Regulations

👉 Weltrade is well-regulated and is a company registered in Saint Vincent and the Grenadines and is a part of Systemgates Ltd. Weltrade, under Systemgates and its own name, is regulated as follows:

➡️ Systemgates Ltd is registered in Saint Vincent and the Grenadines, regulated by the SVG FSA under number 24513.

➡️ In South Africa, Weltrade SA (PTY) Ltd is registered under 2019/33494/07 and regulated by the FSCA as a Financial Service Provider under license number 50691.

 

How Weltrade Protects Traders and Client Funds

👉 Client money’ security has been a top priority for Weltrade ever since the company was established. With Weltrade’s multi-factor authentication (2FA) and other security measures, clients can rest easy knowing that their money is safe.

 

Security while Trading

➡️ Weltrade uses encryption software and 2FA to protect client data.

➡️ Client fund segregation is guaranteed.

➡️ Negative balance protection is offered on retail accounts.

➡️ Margin Call and Stop-out is enforced when the client account balance falls below a certain level.

Weltrade Awards and Recognition

👉 Weltrade was recognized as one of Asia’s best dependable Forex brokers in 2021. In addition, the Competition Committee has praised Weltrade for providing unrivalled service in the Asian area.

 

👉 Weltrade’s success in Asia can be attributed to the team’s proficiency in international communication and cultural awareness while dealing with customers from Asian nations. In addition to this award, Weltrade has also secured the following honours:

➡️ Best Foreign Broker in 2019.

➡️ Best Customer Service in 2017.

➡️ Best Affiliate program in 2015.

➡️ Best Trade Execution in 2015.

Weltrade Account Types and Features

👉 Weltrade offers six retail trading accounts to Nigerian traders, significantly more than typical brokers often offer. This gives Nigerians an option that aligns with their unique trading objectives and needs.

 

👉 Nigerians can choose from these options:

➡️ Micro Account

➡️ Universe Account

➡️ Premium Account

➡️ Pro Account

➡️ Digital Account

➡️ ZuluTrade Account

 

💻 Live Account📉 Minimum Dep.📊 Average Spread💸 Commissions💰 Average Trading Cost
Micro430 NGN / 1 USD1.5 pipsNone15 USD
Universe430 NGN / 1 USD0.5 pipsNone5 USD
Premium10,800 NGN / 25 USD1.5 pipsNone15 USD
Pro43,500 NGN / 100 USD0.5 pipsNone5 USD
Digital21,700 NGN / 50 USD2 pipsNone0.2 USD
ZuluTrade87,000 NGN / 200 USD2.9 pips1.5 pips44 USD

 

Weltrade Live Trading Account Details

Micro Account

👉 Micro accounts are low-risk practice accounts for new traders, with a minimum investment of only USD 25 (or the equivalent in Euro cents).

 

👉 As a Nigerian trader, you should know that a Micro account is meant just for learning the ropes and getting a feel for the market and how orders are executed. The features that traders can expect from this account include the following:

Account FeatureInformation
💰 Account CurrencyUSD or EUR cents
📊 Average trade execution 0.9 seconds
💵 Minimum Deposit430 NGN ($1)
📈 Average SpreadVariable, from 1.5 pips
📉 Trade Execution TypeMarket Execution
💸 Commissions chargedNo, only the spread
📊 Quote5th decimal pricing
📈 Maximum lots per order1,000 cent lots
📉 Maximum open orders100 lots
💵 Maximum pending orders100 lots
📈 Maximum Leverage Ratio1:33 to 1:1000
💰 Margin Call Percentage20%
🛑 Stop-Out Level10%
💻 Trading Platform AvailableMetaTrader 4 and MetaTrader 5
✔️ Access to Auto Trading?Yes
☪️ Swap-Free Available?Yes
🔧 Instruments Available on this Account• Forex
• Metals

 

Universe Account

👉 The Universe Account, as the name suggests, is a well-rounded and flexible account that provides casual traders with competitive trading conditions, access to more markets, and some of the best trading tools via the Weltrade terminal.

 

👉 Nigerians can expect the following unique features on this account:

Account FeatureInformation
💰 Account CurrencyUSD
📊 Average trade execution 0.4 seconds
💵 Minimum Deposit430 NGN ($1)
📈 Average SpreadVariable, from 0.0 pips
📉 Trade Execution TypeMarket Execution
💸 Commissions chargedNo, only the spread
📊 Quote5th decimal pricing
📈 Maximum lots per order100 lots
📉 Maximum open orders100 lots
💵 Maximum pending orders100 lots
📈 Maximum Leverage Ratio1:1 to 1:1000
💰 Margin Call Percentage20%
🛑 Stop-Out Level10%
💻 Trading Platform AvailableWeltrade Terminal
✔️ Access to Auto Trading?No
☪️ Swap-Free Available?Yes
🔧 Instruments Available on this Account• Forex
• Metals

 

Premium Account

👉 The Weltrade Premium Account is suited to more advanced traders who need tighter spreads and faster trade execution. In addition, Nigerian traders who use this account can expect these features:

Account FeatureInformation
💰 Account CurrencyUSD
📊 Average trade execution From 0.8 seconds
💵 Minimum Deposit10,800 NGN ($25)
📈 Average SpreadVariable, from 1.5 pips
📉 Trade Execution TypeMarket Execution
💸 Commissions chargedNo, only the spread
📊 Quote5th decimal pricing
📈 Maximum lots per order100 lots
📉 Maximum open orders150 lots
💵 Maximum pending orders100 lots
📈 Maximum Leverage Ratio1:33 to 1:1000
💰 Margin Call Percentage20%
🛑 Stop-Out Level10%
💻 Trading Platform AvailableMetaTrader 4 and MetaTrader 5
✔️ Access to Auto Trading?Yes
☪️ Swap-Free Available?Yes
🔧 Instruments Available on this Account• Forex
• Metals

 

Pro Account

👉 The Pro Account is ideal for professional traders who know what they need and want from their broker. This account offers the best trade execution speeds and tight spreads with zero commission fees. This account is designed for traders who prefer MT4 and MT5.

Account FeatureInformation
💰 Account CurrencyUSD
📊 Average trade execution From 0.5 seconds
💵 Minimum Deposit43,000 NGN ($100)
📈 Average SpreadVariable, from 0.5 pips
📉 Trade Execution TypeMarket Execution
💸 Commissions chargedNo, only the spread
📊 Quote5th decimal pricing
📈 Maximum lots per order100 lots
📉 Maximum open orders150 lots
💵 Maximum pending orders100 lots
📈 Maximum Leverage Ratio1:1to 1:1000
💰 Margin Call Percentage20%
🛑 Stop-Out Level10%
💻 Trading Platform AvailableMetaTrader 4 and MetaTrader 5
✔️ Access to Auto Trading?Yes
☪️ Swap-Free Available?Yes
🔧 Instruments Available on this Account• Forex
• Metals

 

Digital Account

👉 The Digital Account is Weltrade’s designated account for cryptocurrency trading. Nigerian traders can expect competitive conditions and these unique features of this account type:

Account FeatureInformation
💰 Account CurrencyUSD
📊 Average trade execution From 0.7 seconds
💵 Minimum Deposit21,700 ($50)
📈 Average SpreadVariable, from 0.5 pips
📉 Trade Execution TypeMarket Execution
💸 Commissions chargedNo, only the spread
📊 Quote5th decimal pricing
📈 Maximum lots per order100 lots
📉 Maximum open orders100 lots
💵 Maximum pending orders100 lots
📈 Maximum Leverage Ratio1:3 – 1:100
💰 Margin Call Percentage40%
🛑 Stop-Out Level20%
💻 Trading Platform AvailableMetaTrader 4 and MetaTrader 5
✔️ Access to Auto Trading?Yes
☪️ Swap-Free Available?Yes
🔧 Instruments Available on this Account39 Cryptocurrencies

 

ZuluTrade Account

👉 The ZuluTrade Account is Weltrade’s social and copy trading account. With this account, Nigerians can participate in several markets where they can copy the trades of successful traders to their portfolios.

Account FeatureInformation
💰 Account CurrencyUSD
📊 Average trade execution From 0.7 seconds
💵 Minimum Deposit87,000 NGN ($200)
📈 Average SpreadVariable, from 2.9 pips
📉 Trade Execution TypeMarket Execution
💸 Commissions chargedNo, only the spread
📊 Quote5th decimal pricing
📈 Maximum lots per order100 lots
📉 Maximum open orders100 lots
💵 Maximum pending orders100 lots
📈 Maximum Leverage Ratio1:33 to 1:1000
💰 Margin Call Percentage20%
🛑 Stop-Out Level10%
💻 Trading Platform AvailableMetaTrader 4
✔️ Access to Auto Trading?Yes
☪️ Swap-Free Available?Yes
🔧 Instruments Available on this Account• Forex
• Metals
• Commodities

 

Weltrade Demo Account

👉 To practice real-time transactions and fine-tune a strategy, users may establish a training account funded with 100,000 USD in virtual currency.

 

👉 Because there is no time limit on demo accounts at Weltrade and no financial risk associated with them, customers may confidently explore the services without worry. The broker also often holds competitions for demo account users, such as the Hot 100 and Hot 200.

 

Weltrade Islamic Account

👉 Islamic Accounts are important to Muslim Nigerian traders who follow the Sharia Law as it exempts them from overnight fees, which is prohibited.

 

👉 In addition, Weltrade offers a Swap-Free Account conversion option on all trading accounts provided. No additional costs or admin fees are indicated when Muslim traders convert a live trading account into an Islamic Account.

 

Weltrade Professional Account

👉 Weltrade offers Premium and Pro Accounts to more advanced traders in Nigeria. With these accounts, Nigerians can expect some of the following:

➡️ Fast trade execution speeds between 0.5 and 0.8 seconds.

➡️ Spreads from 0.5 pips on major instruments.

➡️ Commission-free trading.

➡️ Market execution on trades.

➡️ Leverage up to 1:1000 on major forex pairs.

➡️ Unlimited maximum account equity.

➡️ Margin call of 20% and Stop-out of 10%.

 

Weltrade Spread Betting Account

👉 Weltrade does not provide a spread betting account to EU/UK traders.

 

Weltrade Base Account Currencies

👉 Weltrade provides just two base currencies, EUR, and USD, unlike competing brokers. Trading accounts, however, use different base currencies. For instance, the Pro, Zulutrade, and Digital accounts accept only US dollars as currency.

 

👉 Additionally, Nigerian traders with bank accounts denominated in NGN will be disadvantaged since they would have to pay currency conversion costs on deposits and withdrawals if they use Weltrade.

 

Weltrade Basic Order Types

👉 Weltrade uses market execution on all orders regardless of the account type Nigerian traders choose. The average trade execution speeds that Nigerians can expect are as follows:

➡️ Micro Account – from 0.9 seconds

➡️ Universe Account – from 0.4 seconds

➡️ Premium Account – from 0.8 seconds

➡️ Pro Account – from 0.5 seconds

➡️ Digital Account – from 0.7 seconds

➡️ ZuluTrade Account – from 0.7 seconds

How to open an Account with Weltrade in Nigeria

👉 The account creation procedure is simple, takes place entirely online, and often instantly results in an active account. To register, Nigerians can follow these steps:

➡️ Clicking the “Registration” tab at the top of the page will take first-time buyers to a form where they may provide their personal information, such as name, email address, and phone number. Your email address is where Weltrade can confirm that your PIN has been delivered.

➡️ Traders will then be prompted to provide their name, last name, and birth date.

➡️ The next step for traders is to customize their trading accounts by selecting their platform, account type, and leverage.

➡️ The following papers are required to be uploaded by traders:

➡️ Weltrade recognizes all forms of government-issued identification as proof of identity, including passports, national ID cards, driver’s licenses, and other similar papers.

➡️ An address verification document produced within the past three months in the account holder’s name must include the trader’s complete name, current home address, issuance date, and issuing authority.

➡️ After this, investors can transfer funds into their accounts and start trading.

Weltrade MAM / PAMM Features

👉 Percentage Allocation Money Management is the abbreviation for this service. With this novel trading configuration, investors may pool their resources and manage them by a professional trader or money manager across many trading accounts.

 

👉 In contrast, a MAM account is a one-of-a-kind master trading account with flexible sub-allocation options. MAM is an abbreviation for “Multi-Account Manager,” allowing investors more freedom to distribute transactions across many accounts.

 

👉 In addition, fixed-lot allocations are now possible for money managers, thanks to MAM. Weltrade does not currently offer either MAM or PAMM Account options.

 

Social Trading with Weltrade

👉 Weltrade is categorized as a broker for social trading platforms. Weltrade collaborates with leading copy trading service providers, including ZuluTrade and MQL5.

 

👉 Five simple actions are required to begin using the social trading platform ZuluTrade through the Weltrade broker:

➡️ Nigerian traders can register for an account on the Weltrade website.

➡️ Traders can select the Weltrade ZuluTrade Account and deposit $200 / 87,000 NGN.

➡️ Once registration is complete and the funds reflect, traders will receive an email confirmation with their credentials to sign in via the online portal.

➡️ To connect, traders can provide their account number and password in the ZuluTrade Personal Area under “Settings.”

➡️ From here, Nigerians can easily connect to various providers and expect orders to be executed automatically once they start following a provider.

Broker Comparison 

🥇 Weltrade🥈 FBS🥉 OctaFX
⚖️ RegulationSVG FSA, FSCAIFSC, CySEC, FSCA, ASICCySEC, SVG FSA
💻 Trading Platform• Weltrade Terminal
• MetaTrader 4
• MetaTrader 5
• MetaTrader 4
• MetaTrader 5
• FBS Trader
• CopyTrade
• MetaTrader 4
• MetaTrader 5
• OctaFX App
• CopyTrade App
💰 Withdrawal FeeYesYesNo
📱 Demo AccountYesYesYes
💵 Min Deposit430 NGN / 1 USD430 NGN / 1 USD43,000 NGN ($100)
📊 Leverage1:1000Up to 1:30001:500
📈 SpreadFrom 0.0 pipsFrom 0.0 pips0.6 pips
💸 Commissions1.5 pipsFrom $6None
📞 Margin Call/Stop-Out• 20% – 40%
• 10% – 20%
40%/ 20%25%/15%
➡️ Order ExecutionMarketMarketMarket
✔️ No-Deposit BonusNoYesYes
Cent AccountsYesYesNo
💻 Account Types• Micro Account
• Universe Account
• Premium Account
• Pro Account
• Digital Account
• ZuluTrade Account
• Cent Account
• Micro Account
• Standard Account
• Zero Account
• ECN Account
• Crypto Account
• MT4 Habitual Trader
• MT5 Smart Trader
⚖️ CBN RegulationNoNoNo
✔️ NGN DepositsNoYesNo
✅ NGN AccountNoNoNo
👥 Customer Service Hours24/724/724/7
🛍 Retail Investor Accounts662
☪️ Islamic AccountYesYesYes

Weltrade Trading Platforms

👉 Weltrade offers Nigerian Traders a choice between these trading platforms:

➡️ Weltrade Terminal

➡️ MetaTrader 4

➡️ MetaTrader 5

 

Desktop Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

 

MetaTrader 4

👉 MT4 is an excellent trading platform with powerful and automated analysing capabilities. Price monitoring is made simple and precise with over 38 technical indicators and several chart types and periods.

 

👉 Traders can also make orders via the Market Watch window and analyze historical market moves through the History Centre. In addition, MT4 for Windows may be obtained on the broker’s website.

 

MetaTrader 5

👉 Professional or seasoned traders would choose the MT5 terminal, constructed with even more capability than MT4 and includes sophisticated capabilities for in-depth technical analysis.

 

👉 Over 80 pre-loaded indicators, sketching tools, and 21 timeframes are available to traders. Users also access an economic calendar, Depth of Market view, and trading robots. In addition, MT5 can easily be downloaded from the broker’s website onto Windows systems.

 

WebTrader Platforms

➡️ Weltrade Terminal

➡️ MetaTrader 4

➡️ MetaTrader 5

 

Weltrade Terminal

👉 New to the market, the Weltrade Terminal offers a sleek, intuitive interface with access to the industry’s innovative functionalities. In addition, traders will have access to advanced charting tools and a user-friendly interface with the Weltrade Terminal.

 

👉 The Terminal is designed for professional traders. It has more than 50 sketching tools and 100 indicators to help them do just that. As a result, trading on the Terminal is a breeze for Nigerians.

 

👉 Intuitive improvements to the user interface make using the terminal easier without sacrificing any of the core features or advantages. When it comes to trading online, Weltrade Terminal is your best bet for over a hundred of the most liquid assets.

 

MetaTrader 4 and 5

👉 MetaTrader 4 and MetaTrader 5 are accessible through the web terminal for different internet browser users or those who do not want to download additional software.

 

👉 The online platform provides the same level of dependability and speed as the desktop versions and all the additional capabilities required by casual and professional traders.

 

Trading App

➡️ MetaTrader 4

➡️ MetaTrader 5

 

MetaTrader 4 and 5

👉 Nigerians can opt to use MetaTrader4 (MT4) and MetaTrader5 (MT5) on their iPhone, iPad, or Android or Windows mobile device.

 

👉 Connecting the app to the same account as the desktop software will provide for a seamless synchronized trading experience on the go.

 

👉 However, while traders can still cancel and alter orders, compute profit and loss, and trade on the charts, they should be aware that certain functionality is lost compared to the desktop trading platforms, such as lower time frames and fewer charting choices.

Weltrade Investment Programs

👉 Weltrade does not offer any investment programs in terms of PAMM or MAM solutions. However, Weltrade offers an affiliate program in addition to social/copy trading opportunities via ZuluTrade.

 

👉 You do not need any previous expertise or training to use a ZuluTrade MQL5 platform. You will not even need to download any extra software to duplicate trades automatically.

 

👉 The basic premise of copying services is that prospective investors choose a trader whose trades are copied automatically.

 

👉 If the deal ends in the investor’s favour, the latter will hand over a percentage of the gain to the broker in the form of a commission. When you use Weltrade’s automated trading features, you can:

➡️ Access an unlimited number of signal providers.

➡️ Set a position or transaction size with which they are comfortable.

➡️ Forego keeping a constant eye on the market since signals from their preferred trading methods will be executed automatically.

➡️ Control risks using the Margin “Call-O-Metre,” where they can configure stops and limits.

 

Which Markets can You Trade with WELTRADE?

👉 Nigerian Traders can expect the following range of markets from Weltrade:

➡️ Forex

➡️ Share CFDs

➡️ Indices

➡️ Cryptocurrency

➡️ Metals

➡️ Energies

 

Financial Instruments and Leverage offered by Weltrade

🔧 Instrument1️⃣ Number of Assets Offered📈 Max Leverage Offered
Forex371:1000
Stock CFDs2141:33
Commodity CFDs141:100
Precious Metals391:2
Index CFDs41:100
Cryptocurrency CFDs21:100

Broker Comparison for a Range of Markets

WeltradeFBSOctaFX
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoNoNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesNo
➡️️​ CryptocurrencyYesYesYes
➡️️​ OptionsNoNoNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoNoNo

Weltrade Trading and Non-Trading Fees

Spreads

👉 Weltrade’s spreads are variable, meaning they will change according to the trading account, financial instrument, and overall market conditions when Nigerians trade. The typical spreads according to the account type are as follows:

➡️ Micro Account – from 1.5 pips

➡️ Universe Account – from 0.0 pips

➡️ Premium Account – from 1.5 pips

➡️ Pro Account – from 0.5 pips

➡️ Digital Account – from 0.0 pips

➡️ ZuluTrade Account – from 2.9 pips

 

👉 Nigerians can also expect the following typical spreads per the account type and the financial instrument they trade.

💻 Micro💰 Universe📱 Premium💵 Pro📊 Digital💸 ZuluTrade
EUR/USD1.5 pips0.5 pips1.5 pips0.5 pips2.9 pips
XAG/USD3 pips1.4 pips3 pips1.4 pips4 pips
XAU/USD41 pips9 pips41 pips9 pips50 pips
NDXUSD2 pips2 pips2 pips8 pips
XBR/USD6.7 pips10.7 pips6.7 pips
Apple, Inc.11 pips11 pips
BTC/USD150 pips150 pips

 

Commissions

👉 Weltrade offers 5 commission-free accounts where only the spread is charged. However, Nigerians can expect commission charges from 1.5 pips on the ZuluTrade account.

 

Overnight Fees, Rollovers, or Swaps

👉 Weltrade charges overnight fees when Nigerian traders hold positions longer than 24 hours. Weltrade offers Muslim traders the option to convert their live trading account into a Swap-Free option where they are exempted from such interest.

 

👉 Weltrade is transparent about their overnight fees; Nigerians can access these in the “Trading Instruments” section. Some of the typical overnight fees that traders can expect on EUR/USD and BTC/USD are as follows:

💻 Account Type🔧 Instrument📈 Swap Long (Buy)📉 Swap Short (Sell)
Micro AccountEUR/USD-0.75 pips0.10 pips
Universe AccountEUR/USD-0.006%0.00084%
Premium AccountEUR/USD-0.75 pips0.10 pips
Pro AccountEUR/USD-0.75 pips0.10 pips
ZuluTrade AccountEUR/USD-0.75 pips0.10 pips
Digital AccountBTC/USD-20%-20%

 

Deposit and Withdrawal Fees

👉 Weltrade does not charge any fees when Nigerians deposit funds into a trading account. However, the following withdrawal fees are charged:

➡️ Debit/Credit Card

➡️ 2% plus 3 USD

➡️ 2% plus 3 EUR

➡️ 9% and a minimum of 50 RUB

➡️ Skrill – 1%

➡️ Neteller – 2% with a minimum of 1 USD

➡️ Crypto

➡️ BTC – 1%, minimum 0.0003 BTC

➡️ ETH – 1%, minimum 0.01 ETH

➡️ LTC – 1%, minimum 0.01 LTC

➡️ USDT (TRC-20) – 1%, minimum 0.01 USDT

➡️ Perfect Money – 0.5%

➡️ Fasapay – 0.5%, minimum 0.01 USD and maximum 5 USD

 

Inactivity Fees

👉 When traders allow their trading account to become dormant, they are charged a 15 USD inactivity fee after three months.

 

Currency Conversion Fees

👉 Currency conversion fees will apply when Nigerians deposit or withdraw funds in any currency other than USD (or EUR on the Micro Account).

Weltrade Deposits and Withdrawals

👉 Weltrade offers the following deposit and withdrawal methods:

➡️ Credit/Debit Card

➡️ Skrill

➡️ Neteller

➡️ Crypto

➡️ Perfect Money

➡️ Indonesian Local Bank

➡️ Fasapay

 

Broker Comparison: Deposit and Withdrawals

🥇 Weltrade🥈 FBS🥉 OctaFX
Minimum Withdrawal Time30 Minutes15 to 20 minutes (maximum 48 hours)30 Minutes
Maximum Estimated Withdrawal TimeSeveral DaysUp to 7 days3 hours
Instant Deposits and Instant Withdrawals?Yes, DepositsInstant DepositsNo

 

Weltrade Deposit Currencies, Deposit and Withdrawal Processing Times

💰 Payment Method💸 Supported Currencies💳 Deposit Processing💲 Withdrawal Processing
Credit/Debit CardUSD, RUB, EURInstant30 minutes
SkrillUSDInstant30 minutes
NetellerUSD, EUR, RUBInstant30 minutes
CryptoBTC, ETH, LTC, USDT TRC-20Instant30 minutes
Perfect MoneyUSD, EURInstant30 minutes
Indonesian Local BankIDR24 hours30 minutes
FasapayUSD, IDRInstant30 minutes

How to Deposit Funds with Weltrade

👉 To deposit funds to an account with Weltrade, Nigerian Traders can follow these steps:

➡️ Traders can log into the client portal and access “Deposit” from the options.

➡️ Traders can choose a preferred deposit method and an account they wish to fund.

➡️ Next, Nigerian traders can enter the minimum amount they wish to deposit, select a currency, and proceed.

➡️ Traders can follow any additional steps to verify and finalize their deposit.

Weltrade Fund Withdrawal Process

👉 To withdraw funds from an account with Weltrade, Nigerian Traders can follow these steps:

➡️ Traders can log into their Client Portal on the Weltrade website.

➡️ Traders can select the option to “Withdraw” and choose the method they used with their previous deposit.

➡️ Traders can enter their withdrawal amount and follow any additional instructions to verify and finalize the withdrawal request.

Weltrade Education and Research

Education

👉 Weltrade offers the following Educational Materials:

➡️ Training

➡️ Seminars

 

Research and Trading Tool Comparison

🥇 Weltrade🥈 FBS🥉 OctaFX
Economic CalendarYesYesYes
VPSNoYesNo
AutoChartist NoNoYes
Trading ViewNoNoNo
Trading CentralNoNoNo
Market AnalysisYesYesYes
News FeedYesYesYes
BlogYesYesYes

 

👉 Weltrade also offers Nigerian traders the following additional Research and Trading Tools:

➡️ Economic Calendar

➡️ Trading Calculator

LegacyFX Customer Support

👉 LegacyFX offers 24/5 customer service by phone, live chat, and email. The broker cherishes clients and will gladly answer any general, technical, and account-related inquiries.

Customer SupportLegacyFX Customer Support
⏰ Operating Hours24/5
🗣 Support LanguagesMultilingual
💬 Live ChatYes
📧 Email AddressYes
📞 Telephonic SupportYes
✔️ Local Support in Nigeria?No
🥇 The overall quality of LegacyFX’ Support3/5

Weltrade Bonuses and Promotions

👉 Weltrade offers a range of bonuses and promotions, including:

➡️ Terminal Demo Contest – Weltrade offers demo account holders a contest where they could win 20,000 USD in real cash and prizes via the Weltrade Terminal.

➡️ World Partner Contest 2023 offers Introducing Brokers up to 25,000 USD that can be won when they introduce new clients to the Weltrade platform.

➡️ iPhone 13 Pro Max – Traders who successfully trade 300 lots can win an iPhone 13 Pro Max.

➡️ Astro Cards – When traders deposit funds into an MT5 account from 50 USD, they can earn a round in Astro Cards.

➡️ Spinner – When traders fund their MT5 account, they receive a proportional amount of free spins that could earn them bonuses and cash prizes.

➡️ Credit Bonus 100% – MT5 accounts are eligible for a free margin increase, allowing Nigerians to open larger positions.

➡️ No-Commission Deposit – Weltrade eliminates all deposit fees when traders fund their trading accounts.

How to open an Affiliate Account with Weltrade

👉 To register an Affiliate Account, Nigerian Traders can follow these steps:

➡️ Navigate to the Weltrade website and select “Partners” from the homepage.

➡️ Register an IB account with Weltrade and activate the affiliate program.

➡️ Share the unique affiliate link with family, friends, and others.

➡️ Use the materials and advanced analytical tools of Weltrade to monitor affiliate progress.

➡️ Receive pay-outs accordingly.

 

Weltrade Affiliate Program Features

👉 Because they participate in the affiliate program, traders can generate additional revenue. The volume of business determines a partner’s income they bring in each month. The system evaluates monthly sales data and updates the partner’s status accordingly.

 

👉 Weltrade offers three levels on its affiliate program that will allow Nigerian affiliates to earn back:

➡️ Standard – up to 65% of earnings per client.

➡️ Professional – up to 75% earnings per client.

➡️ Expert – 85% earnings per client.

Weltrade Customer Support

👉 Weltrade’s multilingual customer service team is always ready to answer your questions by phone, email, or live chat. In addition, they can assist you in ten different languages.

 

👉 Weltrade has customer support offices in Latvia, Saint Vincent, Indonesia, Thailand, Vietnam, Cambodia, Columbia, Laos, Peru, Chile, Argentina, Mexico, Malaysia, China, Philippines, India, and Kazakhstan.

Customer SupportWeltrade Customer Support
⏰ Operating Hours24/7
🗣 Support LanguagesMultilingual
💬 Live ChatYes
📧 Email AddressYes
📞 Telephonic SupportYes
✔️ Local Support in Nigeria?No
🥇 The overall quality of Weltrade Support3/5

Weltrade Corporate Social Responsibility

👉 Weltrade does not currently address its CSR on the official website.

Additional Features of Weltrade

 👉 Weltrade does not offer any additional features that have not been covered in this comprehensive broker review.

 

Financial Reports

 👉 Financial Reports for Weltrade are not publically available on the official website.

 

Weltrade Future Vision

 👉 As per the Weltrade CEO Igor Galkin, Weltrade aims to provide forex trading opportunities to traders worldwide, and the broker strives for transparency and security.

 

Weltrade Risk Warning and Disclaimer for Nigerians

 👉 Traders must understand that the risk of loss can be significant, and all traders must examine their financial capabilities before they engage in trading activities.

 

 👉 Weltrade will not be liable for any losses suffered by the trader in terms of investment and trading decisions. Forex trading and margin trading involve inherent risks, including political conditions, economic factors, acts of nature, and more.

 

 👉 In addition, traders must understand that speculative trading is challenging regardless of the trader’s knowledge and experience.

Our Final Verdict on Weltrade

👉 Weltrade is a licensed broker by FSCA and SVG FSA, with no Tier-1 regulation, which may deter some traders.

 

👉 In addition, while trading and non-trading fees are transparent, spreads on entry-level accounts are 1.50 pips, which is high compared to other brokers, even though trades are commission-free.

 

👉 Spreads on the Pro account are better at 0.5 pips (EUR/USD), but the account requires a minimum deposit of $100. In addition, although MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are supported, the accessible financial instruments are quite restricted compared to other brokers.

 

👉 In addition, Weltrade lacks comprehensive educational materials and trading tools to satisfy the needs and objectives of both beginner and advanced traders. The brokers at Weltrade are all industry leaders with years of expertise in Finance and Online Trading.

 

👉 Weltrade’s primary focus is on providing its traders with first-rate support. As a result, customers can be certain that their opinions and requests will be heard and considered at Weltrade.

 

👉 Weltrade is a trustworthy broker that offers optimal circumstances when it comes to trading. In addition, Weltrade provides multiple account tiers that suit different traders.

 

👉 Beginners may open a micro account for only a few cents, intermediate users can choose between the premium and ZuluTrade tiers, and seasoned traders can sign up for the Pro plan. If you are interested in trading cryptocurrencies, you can easily get started with the dedicated Digital Account.

Weltrade Alternatives

➡️ RoboForex – minimum deposits from 4,300 NGN ($10), a choice between retail accounts, leverage up to 1:2000, educational materials, and trading tools, and over 12,000 financial instruments across markets.

➡️ Exness – offers a choice between accounts and has a Micro Account with deposits from 4,300 NGN ($10). Nigerians can trade 278 instruments via MT4 and MT5, and spreads start from 0.0 pips.

➡️ FBS – FBS offers a Cent Account and more professional accounts for Nigerians who want to add a competitive edge to their trading. Spreads start from -0.1 pips, and traders can expect a well-regulated trading environment. FBS’ minimum deposit is 430 NGN ($1), and traders can get three no-deposit bonus incentives when they register.

FAQ

Where is Weltrade based?

Weltrade is headquartered in Saint Vincent and The Grenadines with customer support offices worldwide.

 

Is Weltrade regulated?

The SVG FSA regulates Weltrade in Saint Vincent and the FSCA in South Africa.

 

How long will my withdrawal from Weltrade take?

Your withdrawal will be processed within 30 minutes, regardless of when you submit a request. However, depending on your chosen payment method, it could take a few minutes or several days for the funds to reflect in your bank account.

 

Does Weltrade have Nasdaq?

Weltrade has Nasdaq under “NDXUSD,” with spreads from 2 pips on most trading accounts.

 

Does Weltrade have Volatility 75?

Weltrade does not currently have Volatility 75 as part of its indices CFDs portfolio.

 

Is Weltrade Safe or a Scam?

Weltrade is a safe broker according to its regulatory status and user reviews.

 

What type of broker is Weltrade?

Weltrade is a multi-asset STP broker that uses liquidity providers through which it aggregates prices and fills traders’ orders.

10/10 - (1 vote)

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