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Weltrade Review

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

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Weltrade Review

Regulation and Safety of Funds

Weltrade Review

Account Types and Features

Weltrade Review

Account Registration

Weltrade Review

Range of Markets

Weltrade Review

Fees

Weltrade Review

Deposits and Withdrawals

Weltrade Review

Education and Research

Weltrade Review

Affiliate Program

Weltrade Review

Final Verdict

Weltrade Review

Pros and Cons

Weltrade Review

FAQ

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Total Pairs

Islamic Account

Trading Fees

Account Activation Time

24 Hours

Weltrade Overview

👉 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 Kenyan 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 Kenyan 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.

1️⃣ “Best ecn broker with 1:1000 leverage and almost 0 spreads on pro account 30 minutes withdrawal I have with them from 2014 I suggest all beginners to use micro account and pro account” – Manjunath joshi – March 2022 (quoted verbatim from Reviews-broker.com)

2️⃣ “Best broker with dma/stp model no commission for deposit and 30 minutes withdrawal . 1:1000 leverage. Recently they added USA stocks with no commission” – Satish – March 2022 (quoted verbatim from Reviews-broker.com)

3️⃣ “I participated in the trading competition and i won one of the positions, and I found that they excluded me for no reason, and when I found out with technical support, they finished the conversation and sent them a lot of messages, but they never answered me.” – Ahmed1119 – February 2021 (quoted verbatim from Forex Peace Army)

Latest Existing/Previous Customer Comments on Weltrade for 2022

1️⃣ 9hobi4 –” spreads are pretty terrible, some being 4-5 times more than other brokers. also if you did decide to use them, be very careful of their so called “bonus” schemes, my account got emptied by one when I closed a trade because the “bonus” does not count towards your actual balance (total joke) its just like changing your leverage without you knowing.” (Quoted verbatim from Forex Peace Army)

2️⃣ Sindhu – “Hi sindhu here from Sri Lanka I joined weltrade in 2017 everything was good slowly I came to profits from losses no issue like other brokers best one.” (Quoted verbatim from Reviews-broker.com)

3️⃣ Benlamin Rakov – “Bonuses are written off when you make an internal transfer.” (Quoted verbatim from Trustpilot)

4️⃣ Armanavatar – “Weltrade manipulates the spread so as accounts could not withstand. In my case it was 1600 percent increase equaling to 2.42 USD spread. Insane” (Quoted verbatim from Forex Peace Army)

5️⃣ Durval – “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” (Quoted verbatim from Forex Peace Army)

Detailed Summary of Weltrade

👉 Weltrade is a Forex and CFD online broker that has been operating for over 16 years and is a registered brand of Systemgates Capital Ltd. Even though there are so many rivals in the industry, the firm has survived long enough to demonstrate that they are moving in the correct route.

 

👉 This broker operates offices in several locations, with its main headquarters in Saint Vincent and the Grenadines. Six alternatives are available if you want to create an account with them.

 

👉 Trading expenses are one of the key factors to consider when comparing the various account kinds since some accounts are commission-free with bigger spreads, and others incur fees with smaller spreads.

 

👉 All account types provide extremely high-leverage choices. However, Crypto accounts offer predictably lower leverage options. Also, the instruments that could be traded might vary by account type, so be careful to examine the available instruments.

 

👉 Weltrade comprises 65 experts with strong worldwide expertise in Internet and banking technology. Weltrade provides traders with 24-hour service of the highest quality and an individualized approach to each customer. In addition, they place a premium on direct communication.

Advantages that Weltrade has over competitors

➡️ Weltrade offers a plethora of tradable instruments across markets.

➡️ The variable spread starts at zero pips.

➡️ Access powerful trading software via mobile, internet browsers, and desktop computers.

➡️ Kenyans can engage in algorithmic trading using robots and indexes.

➡️ The site features free statistics and the most recent market and currency news.

➡️ Traders can receive interest rates on certain accounts.

➡️ Kenyan clients are often rewarded with competitions and promotions.

 

Who will Benefit from Trading with Weltrade?

👉 While Weltrade offers beginner-friendly solutions, the lack of educational materials might deter many beginners. Therefore, Weltrade is more suited to traders who use fast-paced trading strategies, especially considering that the broker charges tight and competitive spreads.

 

Trading with Weltrade Pros and Cons

✔️ Pros❌ Cons
Withdrawals are processed in about 30 minutes, and cryptocurrencies are supported.Limited educational material.
Rewards for active traders with generous bonusesIndividual shares and indices are not offered.
With a Micro Account, new traders may get started with low initial deposits and high leverage.There is no KES-denominated account.
Free of commissions and offering low trading expensesInactivity, currency conversion, and withdrawal fees are charged.

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 traders who choose Weltrade

👉 Weltrade does not have a large market share in Kenya currently. However, because the FSCA regulates the broker, Kenyans could trade CFDs on several instruments with Weltrade. Subsequently, this places Weltrade within the top 100 brokers for Kenya.

Weltrade At a Glance

🏛 HeadquarteredSaint Vincent and the Grenadines
🌇 Global OfficesSaint Vincent and the Grenadines
⚖️ Local Market Regulator in KenyaCapital Markets Authority (CMA)
💰 Foreign Direct Investment in Kenya1.3% of the overall GDP
💶 Foreign Exchange Reserves in Kenya8.2 billion USD
✔️ Local office in Nairobi?No
👥 Governor of SEC in KenyaNone
✔️ Accepts Kenyan Traders?Yes
🗓 Year Founded2006
📞 Kenyan 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
⚖️ CMA RegulationNone
🌇 Regional RestrictionsUnited States, Canada, Russia, Belarus
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts6
✔️ PAMM AccountsNone
💧 Liquidity ProvidersUnknown
✔️ 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 a KES Account?No
✔️ Dedicated Kenyan Account Manager?No
📈 Maximum Leverage1:1000
📊 Leverage Restrictions for Kenya?No
💵 Minimum Deposit (KES)1 USD / 120 KES
✔️ Kenyan shilling Deposits Allowed?No
💻 Active Kenyan Trader Stats90,000+
👥 Active Kenyan-based Weltrade customersUnknown
🔄 Kenya Daily Forex Turnover$100 million+
💳 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 Kenyan Banks?No
💻 Trading Platforms• Weltrade terminal
• MetaTrader 4
• MetaTrader 5
📊 Tradable Assets• Forex
• Share CFDs
• Indices
• Cryptocurrency
• Metals
• Energies
✔️ Offers USD/KES currency pair?No
📊 USD/KES Average SpreadNo
✔️ Offers Kenyan Stocks and CFDsNone
🗣 Languages supported on the WebsiteMultilingual
💬 Customer Support LanguagesMultilingual
✔️ Copy Trading SupportYes
⏰ Customer Service Hours24/7
🗣 Kenyan-based customer support?No
✅ Bonuses and Promotions for KenyansYes
📚 Education for Kenyan beginnersYes
📱 Proprietary trading softwareYes
✔️ Most Successful Kenyan TraderPatrick Mahinge (Net Worth – Private)
✅ Is Weltrade a safe broker for Kenyans?Yes
💰 Rating for Weltrade Kenya8/10
✔️ Trust score for Weltrade Kenya89%
👉 Open Account👉 Open Account

Weltrade Regulation and Safety of Funds

Weltrade Regulation in Kenya

 👉 The local market regulators in Kenya are as follows:

➡️ Capital Markets Authority (CMA)

 

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

 

Weltrade Global Regulations

 👉 Weltrade is the trading arm of Systemgates Ltd. in Saint Vincent and the Grenadines, regulated as follows:

➡️ Systemgates Ltd. is a company licensed by Saint Vincent and the Grenadines Financial Services Authority (SVG FSA), and its registration number is 24513.

➡️ Weltrade SA (PTY) Ltd. is regulated as a Financial Service Provider in South Africa by the Financial Sector Conduct Authority (FSCA) under license number 50691. This registration was done under the number 2019/33494/07.

 

How Weltrade Protects Traders and Client Funds

 👉 Weltrade is a trustworthy and dependable broker. Both MT4 and MT5 use SSL technology to encrypt user data completely. Additionally, users can verify their identities through email or phone during the login process.

 

 👉 This provides an additional layer of protection. Additionally, transactions may be completed in the Cashier section of the personal area.

 

Security while Trading

➡️ Weltrade ensures the segregation of client funds and protects client information by encrypting it with software and requiring a second authentication factor.

➡️ Retail accounts come with negative balance protection as a standard feature.

➡️ The Margin Call and Stop-out policy are implemented when the client’s account balance drops below a certain threshold.

 

Pros and Cons Regulation and Safety of Funds

✔️ PROS❌ CONS
Weltrade is regulated by SVG FSA (Tier-3) and the FSCA (Tier-2)Weltrade is not regulated by FCA, ASIC, or other Tier-1 market regulators
All client funds are kept separate from the company fundsThere is no record of audits on Weltrade’s finances or activities
Client funds are not used to ensure that Weltrade fulfils its financial obligationsThere is no compensation for eligible traders if Weltrade goes bankrupt
There are positive user reviews on Weltrade across platforms
There is a high trust score, which makes Weltrade a trusted broker

Weltrade Awards and Recognition

👉 Weltrade’s official website indicates that the broker has won these awards in recent years:

➡️ Most Dependable Forex Broker in Asia (2021)

➡️ Best Foreign Broker (2019)

➡️ Best Customer Service (2017)

➡️ Best Affiliate Program (2015)

➡️ Best Trade Execution (2015)

Weltrade Account Types and Features

👉 Weltrade offers its traders a total of 6 account types, namely:

➡️ Micro Account

➡️ Universe Account

➡️ Premium Account

➡️ Pro Account

➡️ Digital Account

➡️ ZuluTrade Account

 

👉 The ideal option for most investors is the Pro account, which offers the greatest trading conditions and can be opened with a deposit of only $100.

💻 Live Account💰 Minimum Dep.📊 Average Spread💵 Commissions💸 Average Trading Cost
Micro120 KES / 1 USD1.5 pipsNone15 USD
Universe120 KES / 1 USD0.5 pipsNone5 USD
Premium3,000 KES / 25 USD1.5 pipsNone15 USD
Pro12,000 KES / 100 USD0.5 pipsNone5 USD
Digital6,000 KES / 50 USD2 pipsNone0.2 USD
ZuluTrade24,200 KES / 200 USD2.9 pips1.5 pips44 USD

 

Weltrade Live Trading Account Details

Micro Account

👉 The initial account type provided by Weltrade is the Micro account type, with micro lot position sizes. For example, clients may open a Micro account for 120 KES and trade commission-free with variable spreads beginning at 1.5 pips.

 

👉 The Micro account provides access to the currency and metals markets and the MetaTrader 4 and 5 platforms. The features of this account can be summarized as follows:

Account FeatureInformation
💵 Account CurrencyUSD or EUR cents
📊 Average trade execution 0.9 seconds
💰 Minimum Deposit120 KES ($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 provides consumers access to the FX, commodities, energy, and cryptocurrency markets through the Weltrade terminal. A minimum deposit of 120 KES is required to open this account.

 

👉 Floating spreads begin at 0 pip for crypto assets and 0.5 pip for currency pairings, and leverage ranges from 1:1 to 1:1000. The features on this account can be summarized as follows:

Account FeatureInformation
💵 Account CurrencyUSD
📊 Average trade execution 0.4 seconds
💰 Minimum Deposit120 KES ($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
• Commodities
• Cryptocurrencies

 

Premium Account

👉 A slightly higher minimum deposit of 3,000 KES is required for customers to register a Premium account for usage with MT4 and MT5.

 

👉 All markets except cryptocurrency CFDs are supported, and floating spreads begin at 1.5 pips. As with the Micro account, minimum leverage of 1:33 and a maximum margin of 1:1,000 are needed. The features of this account can be summarized as follows:

Account FeatureInformation
💵 Account CurrencyUSD
📊 Average trade execution From 0.8 seconds
💰 Minimum Deposit3,000 KES ($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 offers the most competitive trading conditions on Weltrade. Floating spreads begin at 0.5 pips on this MetaTrader-centric variation, which supports all assets outside cryptocurrencies.

 

👉 This account can only be opened with a USD base currency and has a minimum opening deposit of 12,000 KES. The features of this account can be summarized as follows:

Account FeatureInformation
💵 Account CurrencyUSD
📊 Average trade execution From 0.5 seconds
💰 Minimum Deposit12,000 KES ($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 Ratio1:33 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

 

Digital Account

👉 The broker’s last account type is the Digital version, which is crypto-exclusive and has floating spreads beginning at 0 pips.

 

👉 The margin call and stop-out limits are double those of other accounts, at 40% and 20%, respectively. In addition, a 6,000 KES minimum deposit is required to create the account.

 

👉 Through the MT4, and MT4 terminals, leverage ranging from 1:3 to 1:100 is permitted, and speculating is authorized. The features of this account can be summarized as follows:

Account FeatureInformation
💵 Account CurrencyUSD
📊 Average trade execution From 0.7 seconds
💰 Minimum Deposit6,000 KES ($50)
💸 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 Ratio1:3 – 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 last account type is the ZuluTrade account, which enables users to imitate the positions of successful traders. This is the only option with a commission price of 1.5 pips in addition to market values.

 

👉 This account requires a minimum deposit of 24,200 KES, and leverage between 1:33 and 1:500 is offered. The features of this account can be summarized as follows:

Account FeatureInformation
💵 Account CurrencyUSD
📊 Average trade execution From 0.7 seconds
💰 Minimum Deposit24,200 KES ($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 Percentage40%
🛑 Stop-Out Level20%
💻 Trading Platform AvailableMetaTrader 4
✔️ Access to Auto Trading?Yes
🔁 Swap-Free Available?Yes
🔧 Instruments Available on this Account• Forex
• Metals
• Commodities

 

Weltrade Demo Account

👉 Weltrade provides demo accounts, and there is presently no time limit indicated, indicating that they are available indefinitely, making them excellent for algorithmic traders to debug solutions and assess new methods.

 

👉 In addition, beginners can easily get familiar with the trading platform using this account. The MT4/MT5 trading platforms include a demo register.

 

👉 Kenyan traders are encouraged to utilize comparable deposit amounts and leverage levels for the trial account as they would for their main account.

 

👉 Beginners may use a sample account to test account features and investigate copy trading signal sources or EAs. However, they should be wary of using a demo account as an effort to simulate a live trading environment.

 

👉 It generates unreasonable trade expectations, and the lack of trading psychology diminishes the simulation’s utility in most cases. On the other hand, demo accounts are excellent for learning the fundamentals and familiarizing oneself with a broker’s platform and user interface.

 

Weltrade Islamic Account

👉 Weltrade can provide a swap-free Islamic variation of any account to traders who cannot pay interest due to their religious beliefs.

 

Weltrade Professional Account

👉 Experienced Kenyan traders may sign up for a Premium or Pro Account on Weltrade. Many of the following benefits are available to Kenyans who use these accounts:

➡️ Trades are executed in as little as 0.5 seconds and as much as 0.8 seconds, respectively.

➡️ For the most popular instruments, spreads start at 0.5 pips.

➡️ Zero commission fees.

➡️ Trades are executed at the market price.

➡️ Maximum leverage of 1:1000 on all major currency pairings.

➡️ There is no limit on the amount of money you can have in your account.

➡️ You can expect to be notified of a margin call with a 20% margin requirement and a 10% stop loss.

 

Weltrade Spread Betting Account

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

 

Weltrade Base Account Currencies

👉 Weltrade offers only two base currencies, EUR, and USD, unlike rival brokers. But multiple base currencies are used for different trading accounts. For instance, only US dollars are accepted for payment on the Pro, Zulutrade, and Digital accounts.

 

👉 Additionally, Kenyan traders who use Weltrade will be at a disadvantage since using Weltrade would result in currency conversion fees for deposits and withdrawals.

 

Weltrade Basic Order Types

👉 Regardless of the account type traders in Kenya choose, Weltrade employs market execution for all orders. The following are the typical trade execution speeds that Kenyans can anticipate:

➡️ 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

 

Pros and Cons Weltrade Account Types and Features

✔️ PROS❌ CONS
There are six accounts offered, each tier catering to a different traderThere are no ECN accounts or executions
There is an unlimited demo account offeredThe execution speeds are much slower than that of competitors, who execute trades within a few milliseconds
Kenyans can convert any of the accounts to a Swap-Free accountWeltrade’s spreads are marked up
There are STP executions on all trades

How to open an Account with Weltrade in Kenya

👉 By entering their name, email address, and phone number into the web application, traders may establish a Weltrade account in less than 20 seconds. Alternatively, traders may sign up for a trading account using their Google, Facebook, or Line IDs.

 

👉 Weltrade guarantees a quick onboarding process and does not gather extraneous information. However, account verification is required. Many traders will succeed by delivering a copy of their ID and one piece of documentation proving their residence.

 

👉 In addition, in individual cases, Weltrade may request additional details from traders while processing their application to register a live account.

Weltrade MAM / PAMM Features

👉 With a PAMM trading setup, investors may pool their funds and have a professional trader or money manager handle them across many trading accounts. A MAM account, on the other hand, is a unique expert trading account with variable sub-allocation options.

 

👉 The term “Multi-Account Manager,” or MAM, gives investors additional discretion to split transactions across many accounts. Additionally, MAM has made fixed-lot allocations available for money managers.

 

👉 Weltrade does not offer PAMM or MAM accounts or options currently.

Weltrade MAM / PAMM Features

👉 With a PAMM trading setup, investors may pool their funds and have a professional trader or money manager handle them across many trading accounts. A MAM account, on the other hand, is a unique expert trading account with variable sub-allocation options.

 

👉 The term “Multi-Account Manager,” or MAM, gives investors additional discretion to split transactions across many accounts. Additionally, MAM has made fixed-lot allocations available for money managers.

 

👉 Weltrade does not offer PAMM or MAM accounts or options currently.

Social Trading with Weltrade

👉 Weltrade is classified as a social trading platform broker. Weltrade partners with prominent copy trading service providers, such as ZuluTrade and MQL5. Five effortless steps are necessary to initiate the use of the social trading platform ZuluTrade through the Weltrade broker:

➡️ Traders from Kenya can easily and quickly create an account on the Weltrade website.

➡️ Traders can choose the Weltrade ZuluTrade Account and deposit $200 or 87,000 KES.

➡️ Once registration is complete, and money has been deposited, traders will get an email with their login credentials for the online portal.

➡️ To connect, traders could enter their account number and password in the “Settings” section of their ZuluTrade Personal Area.

➡️ Kenyans can connect to numerous suppliers and expect their orders to be performed instantly once they begin following a provider through this platform.

Broker Comparison

🥇 Weltrade🥈 AvaTrade🥉 Trade Nation
⚖️ RegulationSVG FSA, FSCACentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROCFCA, ASIC, FSCA, SCB
📱 Trading Platform• Weltrade Terminal
• MetaTrader 4
• MetaTrader 5
• AvaTradeGO
• AvaOptions
• AvaSocial
• MetaTrader 4
• MetaTrader 5
• DupliTrade
• ZuluTrade
• MetaTrader 4
• Trade Nation
💰 Minimum Deposit120 KES ($1)12,000 KES ($100)0 KES
📈 Leverage1:1000• 1:30 (Retail)
• 1:400 (Pro)
• 1:30
• 1:200
📊 SpreadFrom 0.0 pipsFixed, from 0.9 pipsFixed, from 0.4 pips
💰 Commissions1.5 pipsNoneNone
💳 Margin Call/Stop-Out• 20% – 40%
• 10% – 20%
• 25% – 50% (M)
• 10% (S/O)
100%/50%
✴️ Order ExecutionMarketInstantInstant, Market
💳 No-Deposit BonusNoNoNo
📊 Account Types• Micro Account
• Universe Account
• Premium Account
• Pro Account
• Digital Account
• ZuluTrade Account
• Standard Live Account
• Professional Account Option
• High leverage
• Low Leverage
⚖️ CBN RegulationNoNoNo
💰 KES DepositsNoNoNo
📊 Kenyan Shilling AccountNoNoNo
👥 Customer Service Hours24/724/524/5
📊 Retail Investor Accounts612
☪️ Islamic AccountYesYesNo

Weltrade Trading Platforms

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

➡️ Weltrade Terminal

➡️ MetaTrader 4

➡️ MetaTrader 5

 

Desktop Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

 

MetaTrader 4 and 5

👉 Foreign exchange, equities, contracts for difference, and cryptocurrencies are some of the assets that may be traded on the MT4 platform.

 

👉 Therefore, if you are looking for a professional trading and analysis platform, go no further than the MT4 platform.

 

👉 Over 50 built-in tools and indicators in MT4 allow for enhanced analytical operations. In addition, traders who want to manage their accounts and terminals from a single interface should use MT4. In terms of technical analysis tools and trading possibilities, the MT5 platform is unrivalled.

 

👉 Investors can access improved charts, technical indicators, and trading resources. In addition, the MT5 platform also provides access to automated trading robots and detailed market information.

 

WebTrader Platforms

➡️ Weltrade Terminal

➡️ MetaTrader 4

➡️ MetaTrader 5

 

Weltrade Terminal

👉 The Weltrade terminal offers customers a Universe account with an intuitive browser-based platform for trading FX, indices, commodities, and crypto goods.

 

👉 The software provides over 50 drawing tools and 100 indicators, enabling users to produce accurate price forecasts for various assets.

 

👉 In addition, investors may make deposits and withdrawals directly from the Weltrade terminal, unlike the MetaTrader platforms.

 

👉 Unfortunately, this software does not have a mobile app. Nevertheless, mobile users may access the terminal through the web browser.

 

MetaTrader 4 and 5

👉 MetaTrader 4 and MetaTrader 5 are available through the online terminal for people who do not like to download extra software or use a different web browser.

 

👉 The online platform offers the same degree of reliability and speed as the desktop versions and all the extra features necessary for amateur and expert traders.

 

Trading App

➡️ MetaTrader 4

➡️ MetaTrader 5

 

MetaTrader 4 and 5

👉 Kenyans can use the mobile trading platforms MetaTrader4 (MT4) and MetaTrader5 (MT5) on their iPhone, iPad, or any mobile device running Android or Windows.

 

👉 When the desktop software and the mobile app share the same account, users will get a synchronized trading experience that is smooth and unbroken when they are on the go.

 

👉 Traders can still cancel and modify orders, calculate profit and loss, and trade on the charts; however, they should be aware that significant functionality is lost compared to desktop trading platforms. This functionality includes smaller time frames and fewer charting options.

 

Pros and Cons Weltrade Trading Platforms

✔️ PROS❌ CONS
Kenyans can choose between MT4 and MT5 on various account typesSome functionality is lost when traders choose MT4 or MT5 mobile
The WebTrader from Weltrade offers a range of useful features for advanced tradersThe trading platforms are tied to certain accounts, and the Universal account is only offered on the Weltrade web terminal
Weltrade does not have a mobile app, but the Web Trader can be used on mobile browsers

Weltrade Investment Programs

👉 Regarding PAMM or MAM solutions, Weltrade does not provide any investment plans. However, Weltrade provides social/copy trading possibilities via ZuluTrade and an affiliate scheme.

 

👉 The ZuluTrade and MQL5 platforms can be used without any prior knowledge or training. Not even additional software will need to be downloaded to repeat deals automatically.

 

👉 The fundamental idea behind copying services is that potential investors choose a trader whose trades are automatically reproduced. If the transaction is successful, the investor will pay the broker a commission in the form of a portion of the profit.

 

👉 The following benefits are available to you when using Weltrade’s automatic trading features:

➡️ Decide on transaction size or position with which they feel comfortable.

➡️ Give up constantly monitoring the market since their favourite trading techniques’ signals will be automatically carried out.

➡️ Manage risks utilizing the Margin “Call-O-Metre,” where stops and limitations may be set.

Which Markets can You Trade with Weltrade?

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

➡️ Forex

➡️ Share CFDs

➡️ Indices

➡️ Cryptocurrency

➡️ Metals

➡️ Energies

 

Financial Instruments and Leverage offered by Weltrade

🔧 Financial Instrument💻 Number of Assets Offered💵 Max Leverage Offered
Forex371:1000
Share CFDs2141:33
Indices141:100
Cryptocurrency391:2
Metals41:100
Energies21:100

 

Pros and Cons Weltrade Range of Markets

✔️ PROS❌ CONS
Kenyans can choose leverage from 1:1 up to 1:1000Leverage restrictions could apply
There is a range of share CFDs that can be tradedCrypto can only be traded through the Digital Account
Weltrade offers 39 digital currencies on the Digital AccountThere is a limited variety of markets offered
There is a variety of forex pairs that can be traded

Broker Comparison for a Range of Markets

🥇 Weltrade🥈 AvaTrade🥉 Trade Nation
ForexYesYesYes
Precious MetalsYesYesYes
ETFsNoYesYes
CFDsYesYesYes
IndicesYesYesYes
StocksYesYesYes
CryptocurrencyYesYesYes
OptionsNoYesYes
EnergiesYesYesYes
BondsNoYesYes

Weltrade Trading and Non-Trading Fees

Spreads

👉 When Kenyans trade on Weltrade, the spreads will fluctuate based on the trading account, the financial instrument, and the general market environment. The following are the usual spreads depending on the kind of account:

➡️ 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

 

👉 According to their account type and the financial item they trade, Kenyans may also anticipate the following standard spreads.

💻 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

👉 Five commission-free accounts with just the spread charged by Weltrade are available. Kenyans could anticipate commission fees on the ZuluTrade account to start at 1.5 pip.

 

Overnight Fees, Rollovers, or Swaps

👉 When Kenyan traders keep positions open for more than 24 hours, Weltrade levies overnight fees.

 

👉 However, Muslim traders at Weltrade can switch their live trading account to a Swap-Free option, which exempts them from paying such interest.

 

👉 Kenyans may view Weltrade’s overnight costs under the “Trading Instruments” section since they are open and clear about it. The following are some examples of typical overnight costs that traders on EUR/USD and BTC/USD might anticipate:

💻 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

👉 Kenyans who fund trading accounts with Weltrade do not pay any fees. The following withdrawal fees are imposed, though:

➡️ 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

👉 After three months, traders who let their trading account become dormant will be assessed a 15 USD inactivity fee.

 

Currency Conversion Fees

👉 When Kenyans deposit or withdraw money in currencies other than the US dollar (or EUR on the Micro Account), currency conversion costs will be charged.

 

Pros and Cons Weltrade Trading and Non-Trading Fees

✔️ PROS❌ CONS
Weltrade charges spread from 0.0 pipsInactivity fees apply when the trading account becomes dormant
There are competitive commissions charged on the ZuluTrade AccountThe spreads are marked-up and expensive
Five of the six accounts are commission-freeWithdrawal fees apply
The spreads are competitive across marketsKenyans who deposit and withdraw in KES are subject to currency conversion fees
Weltrade is transparent regarding its trading and non-trading fee structure

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🥈 AvaTrade🥉 Trade Nation
Minimum Withdrawal Time30 Minutes24 to 48 Hours1 Business Day
Maximum Estimated Withdrawal TimeSeveral DaysUp to 10 daysUp to 5 Business days
Instant Deposits and Instant Withdrawals?Yes, DepositsNoNo

 

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, Kenyan Traders can follow these steps:

➡️ Traders may make deposits into their accounts by logging into the client site and selecting “Deposit” from the options menu.

➡️ Traders could choose the deposit method that is most convenient for them and the account they intend to fill.

➡️ Afterward, Kenyan traders can choose a currency, input the minimum amount of money they desire to deposit and continue with the process.

➡️ Traders are free to complete any further procedures necessary to validate and complete their deposits.

Weltrade Fund Withdrawal Process

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

➡️ Traders can access their Client Portal on the Weltrade website by logging in using their credentials.

➡️ Traders could pick the “Withdraw” option and select the payment method they utilized for their most recent deposit.

➡️ Traders can verify and complete their withdrawal requests by entering their withdrawal amounts and following any additional instructions that may be shown.

Weltrade Education and Research

Education

👉 Weltrade offers the following Educational Materials:

➡️ Training

➡️ Seminars

 

Research and Trading Tool Comparison

🥇 Weltrade🥈 AvaTrade🥉 Trade Nation
Economic CalendarYesYesNo
VPSNoNoNo
AutoChartist NoNoNo
Trading ViewNoNoNo
Trading CentralNoYesNo
Market AnalysisYesYesYes
News FeedYesYesYes
BlogYesYesYes

 

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

➡️ Economic Calendar

➡️ Trading Calculator

 

Pros and Cons Weltrade Education and Research

✔️ PROS❌ CONS
Weltrade has an economic calendarWeltrade does not provide comprehensive educational material to beginners
There are a few trading calculators that can be useful to tradersThere are no trading tools offered to advanced traders
There is market analysis and a news feed offered via MetaTrader

Weltrade Bonuses and Promotions

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

➡️ Weltrade’s Terminal demo account users are eligible to enter a contest to win $20,000 in cash and gifts.

➡️ When introducing new customers to the Weltrade platform, Introducing Brokers may enter the World Partner Contest 2022 for a chance to win up to $25,000.

➡️ Successful traders who amass 300 lots are entered into a drawing for a free iPhone 13 Pro Max.

➡️ With a minimum investment of 50 USD to an MT5 account, traders are eligible to get a free round of Astro Cards.

➡️ Bonuses and cash awards are up for grabs in the MT5 spinner, which traders have access to in proportion to the amount they deposit.

➡️ Kenyans can open bigger positions thanks to a 100% credit bonus for MT5 accounts.

➡️ When traders fund their accounts on Weltrade, they will not have to pay any deposit fees.

How to open an Affiliate Account with Weltrade

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

➡️ Go to the website for Weltrade, and on the homepage, click the link that says “Partners.”

➡️ To participate in the affiliate program, you must register an IB account with Weltrade.

➡️ Once registered, you could tell your family and friends and post your unique referral link to several social media platforms.

➡️ To keep track of your affiliates’ development, use the materials and sophisticated analytical tools provided by Weltrade.

➡️ You will receive frequent pay-outs as more people join Weltrade using your affiliate link and actively trade.

 

Weltrade Affiliate Program Features

👉 Traders could earn extra money because they participate in an affiliate program. The amount of revenue a partner brings in monthly is directly proportional to the volume of business they do.

 

👉 The system analyses the partner’s monthly sales data and makes necessary adjustments to the partner’s status.

 

👉 Weltrade’s affiliate program has three different tiers that Kenyan affiliates may participate in to increase their potential earnings.

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

➡️ Professional – up to 75% earnings per client.

➡️ Expert – 85% earnings per client.

Weltrade Customer Support

👉 There are a few different channels via which you can communicate with Weltrade; the one that will get you the quickest response is live chat support.

 

👉 You can either send the broker an email or give a call to one of the overseas phone numbers that are provided on the website. Additionally, customer assistance can be accessed directly from the client cabinet itself.

👥 Customer Support📞 Weltrade Customer Support
Operating Hours24/7
Support LanguagesMultilingual
Live ChatYes
Email AddressYes
Telephonic SupportYes
Local Support in Kenya?No
The overall quality of Weltrade Support3/5

 

Pros and Cons Weltrade Customer Support

✔️ PROS❌ CONS
Kenyans can access Weltrade’s support 24 hours a day, 7 days a week via several channelsCustomer support can be sluggish in responding
Traders can use live chat or email Weltrade
There are several international customer support offices

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

👉 According to Igor Galkin, the Chief Executive Officer of Weltrade, the company’s mission is to make foreign exchange trading possibilities available to traders all over the globe, and the broker works hard to maintain transparency and safety.

 

Weltrade Risk Warning and Disclaimer for Kenyans

👉 Traders must be aware that the potential for loss might be substantial. Therefore, before engaging in trading activities, all traders should investigate their financial capabilities.

 

👉 Weltrade will not be responsible for any losses incurred by the trader because of the trader’s choices regarding investments and trading.

 

👉 Trading foreign currencies on the foreign exchange market and trading on margin both come with their own inherent dangers, which may include political situations, economic considerations, acts of nature, and more.

 

👉 Speculative trading is difficult for everyone, regardless of how much expertise or information a trader has, and traders need to be aware of this fact.

Our Final Verdict on Weltrade

👉 Weltrade is a foreign exchange (FX) and contracts for difference (CFD) broker that provides clients access to various assets, including cryptocurrencies.

 

👉 The range of assets that traders can access is contingent on the sort of account that has been created, which  

 

👉 There are six different account types, and the minimum deposit required for each account ranges from 120 KES ($1) to KES 24,200 ($20).

 

👉 There is a wide range of expenses associated with trading, with the lowest spreads beginning at 0 pip, the greatest beginning at 2.9 pip, and certain commission-free account types also available.

 

👉 Additionally, this broker provides incredibly high-leverage choices to cater to the needs of more experienced traders.

Weltrade Alternatives

➡️ InstaForex is a CFD broker that offers access to foreign exchange, equities, cryptocurrencies, commodities, energy markets, and stock indices. Trading with this company is transparent and secure. In addition, they provide affordable trading costs and a wide variety of assets from which to choose.

➡️ IG offers spread betting, CFDs, and forex across several powerful trading platforms. IG is regulated by several Tier-1, 2, and 3 entities, and they provide an excellent trading app.

➡️ eToro is a multi-asset platform that allows users to invest in equities and crypto assets and trade CFDs. eToro also allows users to trade CFDs. However, CFDs are not accessible via eToro USA LLC as this entity only deals in genuine crypto assets.

FAQ

Is Weltrade regulated?

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

 

How long does it take to withdraw from Weltrade?

Withdrawals with Weltrade are typically processed 24/7 and can take up to 30 minutes to clear. It might, however, take longer for these funds to reach your bank account as each payment method has a different processing time.

 

Does Weltrade have Nasdaq 100?

Weltrade offers CFDs on Indices and provides Kenyans access to shares listed on Nasdaq 100.

 

Does Weltrade have VIX 75?

Weltrade does not currently support the Volatility 75 index as a tradable instrument.

 

Is Weltrade a good broker?

There are both positive and negative user reviews on Weltrade. However, regarding regulation, trust score, and overall offer, Weltrade is a good broker.

 

What instruments can I trade with Weltrade?

You can select from these asset classes when you trade with Weltrade:

  • Forex
  • Share CFDs
  • Indices
  • Cryptocurrency
  • Metals
  • Energies

 

What does Weltrade do with my money?

Weltrade claims to keep all funds in segregated accounts, away from its operational funds.

10/10 - (1 vote)

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