Weltrade
Chris Cammack April 20, 2020 10:30 AM
For beginner traders who want low minimum deposits and prefer to trade in smaller trade sizes, Weltrade may be a tempting option. However, ongoing trading costs are higher than most other brokers, and Weltrade is not regulated, so trading security and safety cannot be verified. An STP broker, Weltrade offers trading on a small range of tradable instruments, including 37 forex pairs, 2 commodities, 4 metals, and 15 cryptocurrencies, which is severely limited compared to other brokers. Weltrade offers five live accounts and an unlimited demo account. Although the minimum deposit on its entry-level account is low at [fxs-broker-property identifier="deposit"] [fxs-broker-property identifier="currency"], trading costs are high, with spreads averaging at 1.5 pips on the EUR/USD. Spreads tighten to 0.5 pips on the Pro Account, but this is in exchange for a minimum deposit requirement of 500 [fxs-broker-property identifier="currency"]. Additionally, the trading costs on its Zulutrade Account are exorbitantly high. Weltrade offers full support for MetaTrader4 and its successor, MetaTrader 5, but offers virtually no trading tools. It also lacks educational and market analysis materials, forcing traders to self-educate elsewhere.