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WesternFX Review – is it scam or safe?

WesternFX review  – Is www.westernfx.com scam or safe forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz WesternFX
WesternFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard $25 0.01 lots 1:500 From 1.4 pips, variable
ECN $250 0.01 lots 1:100 From 0.2 pips, variable*
Zero Spread $500 0.01 lots 1:100 From 0.1 pips, variable*
Prime $10 000 0.01 lots 1:500 From 1.4 pips, variable
VIP $20 000 0.01 lots 1:100 From 0.9 pips, variable*

*Commission

 

WesternFX has five types of live trading accounts, plus a PAMM money management account. There is also a free demo account.

 

The broker's tradable asset portfolio consists of forex pairs – major, minor and a few exotics, plus spot gold and silver, natural gas, CFDs on crude oil, indices and shares.

 

 

The company. Security of funds

 

Company Country Regulation
Western Group Inc. SVG SVG FSA

  

WesternFX is based in the offshore zone Saint Vincent and the Grenadines and is regulated by the local watchdog. The offshore regulators, perhaps with the exception of the Cyprus and to a limited extent the Belize, exercise next to none oversight and have very low requirements. For this reason dealing with brokers with regulation from Saint Vincent and the Grenadines, Vanuatu, the Marshall Islands, etc., is rather risky for a lot of reasons. First, many of those companies are a scam, second: those who are not, seldom offer proper client protection and often engage in shady business practices.

 

For this reason we recommend our readers to deal with properly regulated brokers, preferably by UK's FCA or the Australian Securities and Investment Commission (ASIC).

 

 

Trading platform

 

Like the vast majority of forex brokers, WesternFX offers the standard and popular MetaTrader 4 (MT4) platform – as a desktop and mobile application.

 

For the more than 10 years of its existence MT4 has become the preferred trading platform by brokers and traders alike. It has numerous features and is user friendly. Furthermore it supports third-party add-ons, multiple types of orders and automated trading and provides many analysis and charting tools. The platform also supports money management accounts and automated trading.

 

 

Promotions

 

WesternFX has several types of promotions, as well as trading contests. There is a 4-th year celebration bonus and a 20% rescue bonus. Terms and conditions apply.

 

 

Payment methods

 

WesternFX provides a more or less standard set of payment options. The broker accepts deposits through bank transfer, credit and debit cards, China Union Pay, Neteller, Perfect Money, FasaPay and Payza.

 

 

Conclusion

 

WesternFX is one of the hundreds of offshore forex brokers. Compared to the vast majority of them, WesternFX offers somewhat better trading conditions, especially in terms of minimum deposit (for some accounts) and spreads (again on some of the accounts). Still we always recommend dealing with a properly regulated and reputable broker.

 

Pros Cons
Low deposit on some accounts Offshore
Tight spreads on some accounts  

 

Latest news about WesternFX
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Traders` reviews for WesternFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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