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Wenn Markets Review - Is it scam or safe?

Wenn Markets Review - is wennmarkets.com scam or good forex broker?

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

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Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads           
Standard $100 0.01 1:400 3 pips
ECN $2,500 0.01 1:400 Variable + commission
Gold $5,000 0.01 1:400 2 pips

 

Wenn Markets offers its clients several account types with floating spreads, leverage up to 1:400 and the option to trade in micro lots. The Standard and Gold account types are commission-free, while the ECN one involves a commission fee, the amount of which is not specified in the broker’s website.

 

The Company. Security of Funds

 

Company

Country

Regulation

OnPayLine Ltd

UK

N/A (introducing broker of AvaTrade)

 

London-based Wenn Markets offers trading in more than 50 currencies to trade, metals, stock, indexes and commodities CFDs, as well as binary options.

 

Previously this broker was regulated in New Zealand, but currently it isn’t licensed by any governing body. Wenn Markets acts as an introducing broker of Avatrade - a trustworthy brokerage with more than 1o years of experience and strong regulation: The Central Bank of Ireland in Ireland and the EU, ASIC in Australia and the Financial Services Agency and the Financial Futures Association in Japan.

 

Trading Conditions

 

Minimum Initial Deposit

Wenn Markets requires $100 from clients to open an account with it, which is average for the market.

 

Average spreads & Commissions

Wenn Markets offers floating spreads, amounting to around 3 pips for the EUR/USD pair on Standard account types, which way to high. By comparison, FxPro cites as typical a spread of 1.4 pips on EUR/USD on its commission-free accounts. For further information and comparison you may check out the real-time spreads of 15 leading brokers may be viewed here.

 

Leverage

The maximum leverage rates at Wenn Markets are up to 1:400. Such leverage is considered comparatively high, although most brokers usually offer similar or higher leverage rates. For instance, leading broker FxPro (holding licenses from both FCA and CySEC) provides leverage up to 1:500. You may look up more forex brokers offering leverage equal to or exceeding 1:500 here.

 

Keep in mind that higher leverage ratios involve greater risk of losses, which may even exceed initial deposits.  That is why FCA plans to limit the maximum leverage offered by licensed brokers to 1:50 and the Irish regulator – up to 1:25.

 

Trading Platforms

 

When trading with Wenn Markets, you will be offered solely the Web-based MetaTrader 4 platform, and MT4 mobile applications.

 

We find this a bit strange, as most brokers offer the desktop version of the industry’s standard MT4, because it is equipped with more functionalities.

 

MT4 provides all the necessary tools and resources to analyze price dynamics of financial instruments, trade, or create and use automated trading strategies (EAs).

 

Promotion

Wenn Markets offers 10% - 75% tradable bonus on the first deposit, depending on its amount, as well as up to $10 cash back for every lot traded (for currencies only) for clients with a minimum deposit of $500.

 

Methods of Payment

 

Clients of Wenn Markets can make deposits to and withdrawals from their accounts via credit/debit cards, bank wire, Skrill, and Neteller.

 

Conclusion

 

London-based Wenn Markets is an introducing broker of AvaTrade, offering trading in various currency pairs and CFDs, as well as binary options. It is currently not regulated by any authority. In a nutshell, here are the advantages and disadvantages with regards to this broker:

 

Pros   Cons
ECN execution available Doesn’t have a license of its own
Bonus and rebates offered High spreads
MT4 Webtrader available No choice of trading platforms, no desktop one

 

Latest news about Wenn Markets
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Traders` reviews for Wenn Markets

Spread

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

Pros

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