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Werforex Review - is it scam or safe?

Werforex Review - is werforex.com scam or good forex broker?

RATING: 1.2 / 1 REVIEWS ForexBrokerz Werforex
Werforex is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Micro  $500 1:400 1.5 pips
Standard  $5 000 1:200 N/A
VIP  $20 000  1:200 N/A

  

Werforex is an offshore broker offering three account types with leverage of up to 1:400, as well as access to the popular MT4 platform. And although this might sound as a nice offer, we suggest that you read the following lines before proceeding with your deposit.

 

 

Werforex Advantages

 

MetaQuotes software available, spreads not bad

As we already mentioned, Werforex supports the legendary MetaTrader4 (MT4), which is always good news. The MT4 is by far the most popular and one of the most reliable and user friendly trading platforms. It features well over 50 integrated market indicators and customizable trading robots, with the help of which one can easily run algorithmic trading sessions. Besides, the platform is easy to use and available in all forms and shapes – as desktop download, web version, or mobile apps.

 

 

>> Choose some of the best MT4 brokers <<

 

 

While the cost of trading shouldn’t be your main concern with any brokerage, it is still an important factor. Here, we should note that the spreads of Werforex don’t seem bad, as we found them floating around 1.5 pips on EUR/USD via demo account. Such values are on the upper end of the average in the sector.

 

Click on the image to zoom in.

 

High leverage, huge selection of assets

We should admit that leverage as high as 1:400, as offered by Werforex might be attractive to many traders willing to risk a somewhat more aggressive trading strategy. And since most regulators throughout Europe, the U.S., Canada, Japan and now even Australia capped the maximum leverage available for retail traders to levels well below 1:100, the only brokers still offering higher ratios are offshore ones like Werforex.

 

 

Werforex Disadvantages

 

Not regulated

There are two companies mentioned on Werforex’ website: Bulgaria-based Technology investments Ltd., and Global Marketing Ltd., which is registered on the Marshall Islands.

 

We should note that forex brokers in Bulgaria have to be licensed by the local Financial Supervision Commission (FSC) or by similar financial authority of any EU Member State. Unfortunately, this is not the case with Werforex.

 

As regards the other company, things don’t seem any different – forex brokers on the Marshall Islands aren’t subjected to any oversight on the part of the government.

 

In other words, Werforex isn’t a legitimate and regulated broker, which means that potential clients have no assurance whatsoever for the security of their funds, and are subjected to all kinds of risks. Most often than not, unregulated brokers like Werforex are simply involved in scam. And if such a broker decides to scam you and keep your funds for themselves, there is virtually no way you can file a legal action against them, because their offshore companies are more or less anonymous.

 

High initial deposit required

Werforex asks for a minimum deposit of at least 500 USD and this is unacceptably high. With most brokers you will be able to start trading with about 250 USD, while with some big and well known brokers like  FBS and IG you will be able to open a trading account with just 5 USD or even less.

 

Transaction limits and fees

Furthermore, in Terms and Conditions uploaded on the broker’s website we read that all amounts you withdraw are subject to the transaction limits, as well as processing fees the amounts of which are not specified. Setting transaction limits isn’t a usual practice among brokerages, but given the fact that Werforex is most likely a scammer, it would be surprising if it allows withdrawals at all.

 

 

 

Conclusion

 

Despite the seemingly attractive trading conditions, Werforex is not a broker we can recommend for one simple reason – they are not regulated. As was noted above, trading with unregulated brokers is extremely risky, because they are completely unaccountable for the way they handle your money.

 

As always, we recommend that you only deal with well-established and licensed forex brokers, who abide by strict regulatory rules and therefore provide significant guarantees to their clients that traders’ interests and funds are protected. That said, one of the most trustworthy authorities in Europe are the UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC).

 

 

>> Trade with a broker regulated in Cyprus <<

 

 

And finally, here are the highlights of our present review of Werforex:

 

Pros Cons
MetaQuotes software available, spreads not bad No financial regulation
Generous leverage, wide range of tradeable assets High initial deposit required
  Transaction limits and fees
  Sloppy and unprofessional website

 

 

Latest news about Werforex
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Traders` reviews for Werforex

Spread

Pros

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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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Cons

 

 

Summary

Pros

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