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WebTrade Review - is it scam or safe?

WebTrade Review - is webtrade.online scam or good forex broker?

RATING: 1.5 / 2 REVIEWS
WebTrade is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Acount type Minimum deposit Min. trade size Maximum leverage Spreads
Mini $250 0.01 1:200 From 2.5 pips
Standard $2,500 0.01 1:200 From 2.5 pips
VIP $10,000 0.01 1:200 From 1.4 pips
Diamond $25,000 0.01 1:200 From 1.4 pips

 

WebTrade is a forex broker, offering the above account types to non-EEA residents. Apart from that, it offers portfolio management services.

 

WebTrade Advantages

 

Relatively nice trading platforms

WebTrade offers two web based trading solutions that also have пobile apps for the iOS and Android. One of them, Simple™, is intended for newbies and seems like a mix between a binary option and spot trading. The other, called Pro, ся designed with the experienced traders in mind.

 

In fact, these are the proprietary platforms developed by Invest.com, another forex broker, regulated by the Cyprus Securities and Exchange commission.

 

Related to Invest.com

Although this is not explicitly stated on the broker’s website, considering the above said, it appears that WebTrade is somewhat related to Invest.com. We suppose that those two brands belong to one and the same group of companies and consider this as a strong side of WebTrade, because of the solid regulation of Invest.com.

 

Reasonable leverage ratios

The leverage ratios provided by WebTrade are fairly standard for the forex industry. We believe leverage of up to 1:200 will suffice the needs of most traders. Yet, it is not dangerously high as a leverage level of 1:1000.

 

WebTrade Disadvantages

 

Offshore company

Our main concern with regards to WebTrade is that it is registered offshore. Although regulation by Belize’s International Financial Services Commission is better than in other offshore destinations, it still has very loose control over brokerages. Investing with an offshore broker carries a significant risk for your investment.

  

High Spreads

According to the information on its website, WebTrade offers spreads starting from 2.5 pips on majors on its Micro and Standard account types. Most brokers offer spreads in the range of 1.0 – 1.5 pips for the EUR/USD, and some even lower.

 

>>Real-time spread comparison<<

 

MetaTrader4 not available

WebTrade does not support the most popular currency trading platform, which we always consider as a weak side of a brokerage. The MT4 is the preferred choice of most traders, both professional and beginner ones, as it is easy to use and yet equipped with advanced tools and features, such as great charting, wide range of customizable Expert Advisors, technical analysis indicators, etc.

 

>>Wanna trade on the MT4?<<

 

EU amd EEA residents not accepted

This broker does not accept clients from EU and EEA countries. So, its services are not available for people like us, who are based in Europe.

 

Relatively high minimum deposit

In order to open an account with WebTrade, one has to invest at least $250, which is a bit high for an offshore brokerage. By comparison, Invest.com and other companies with solid regulation, such as FxPro, HYCM and others, require a mere $100 as a minimum investment.

 

Conclusion

 

WebTrade is an offshore forex broker, which offers trading in currencies, commodities, indices, shares and ETFs. While the trading platforms supported by this broker are relatively nice, MT4 is not available. Besides, its spreads are too high and the mininum investment required could have been more reasonable, considering the fact that the broker is not licensed by a reputable authority. Another thing we don’t like about WebTrade is that it does not accept EU and EEA residents as clients – this is the reason why we could not try it out

 

The company operating the brand, IDC Global Services Ltd, is licensed in Belize and the broker appears related to CySEC regulated Invest.com. In fact, it offers its services through Invest.com’s trading platforms. We assume that WebTrade is the brand targeting non-EU residents, while Invest.com services clients from EU countries.

 

>>Find a better CySEC regulated broker here<<

 

To date, Cyprus is among the most popular forex hubs in the world. One of the reasons for this is, of course, its EU membership, which allows companies to service clients from all Member States. Another, is the security CySEC tries to guarantee. It requires brokers to keep client funds in segregated accounts. Besides, in the event of broker insolvency, clients’ money are guaranteed up to a maximum of €20,000, as all brokers are members of the Investment compensation fund.

 

This is our recap of forex broker WebTrade:

 

Pros

Cons

Relatively nice trading platforms

Offshore brokler

Reasonable leverage ratios

High spreads

Related to Invest.com (with CySEC license)

MetaTrader 4 not available

 

Relatively high minimum deposit

 

EU amd EEA residents not accepted

 

Latest news about WebTrade
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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

Pros

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Customer service

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Summary

Pros

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Traders` reviews for WebTrade

WebTrade Withdrawal

I have made a withdrawal but i am surprised that i don't get a feedback from you. My funds are supposed to be in my bank account by today. I was told that i'm not going to get my money. my withdrawal is denied for no reason even if i ask them the reason for denying.

Patrick 05/14/2018

Webtrade Pro is a scam

Do not go anywhere near this company. They are a scam. It all looks very real and the Apps and website are believable, however, you cannot trade with credit card due to their bank in Latvia being blocked due to scam. I deposited 6100USD and had to stop the transaction and report them for online fraud. Luckily I got my money back but they do not allow you to withdraw funds or indeed do they explain why.
Trade with them at your peril

Jason Olley 04/24/2018
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