Walfiner Information
Walfiner is a forex and CFD broker registered in United Arab Emirates. It offers 650+ tradable instruments and four kinds of account types with multiple languages customer support to suit different traders. However, a major disadvantage is the regulation status of Walfiner is “Exceeded”, which could put your investment at risk.
Pros and Cons
Is Walfiner Legit？
Walfiner is regulated by NFA with license number 16263663, but the current status is “Exceeded”.
What Can I Trade on Walfiner？
With a vast selection of 650+ trading instruments, Walfiner can meet the needs of traders seeking exposure to forex, metals, indices, energy, and crypto markets.
Account Type
Walfiner provides four account types for users to choose from.
The Standard account is very suitable for beginners, with a minimum deposit of $15 and a spread starting from 0.5 pips.
The Islamic account comply with Sharia law, with a minimum deposit of $25 and a similar spread to the standard account.
The Premium (ECN) account is for more experienced traders, the minimum deposit is $200, and the spread is low in the industry.
The Eite Vip (ECN Pro) account is suitable for those high-net-worth individuals, it has a minimum deposit of $400 and the lowest spread.
All accounts above provide leverage between 1:50-1:500. It is worth noting that the current promotion offers a 50% or 96% discount on all account types.
Walfiner Fees
The cost level of Walfiner is above-middle in the industry.
Trading Fees
Walfiner's commission vary depending on the type of account. The commission ranging from $2 per lot round turn for the ECN Pro account to $8 per lot for the Islamic account. Their spreads are variable but claim to be competitive, with major pairs as low as 0.01 pips and exotics reaching 4.2 pips.
Swap Rates
Overnight positions may incur swap rates, which can be positive or negative depending on the currency pair and direction.
Trading Platform
Deposit and Withdrawal
The minimum deposit to start trading with Wallfiner is $30.Deposit Options
Withdrawal Options
Customer Service
Walfiner offers multiple contact options including phone with numbers in Dubai and UK, online chat, and social media on Telegram. While they support in multiple languages and a contact form, they lack a traditional email address.
The Bottom Line
Overall, Walfiner has an advantage in 650+ trading instruments and a competitive pricing structure, but its “Exceeded” regulation status is the biggest problem. Therefore, it can be a good choice for investors who are looking for diversified trading goods and are willing to accept higher risks.
FAQs
Is Walfiner a safe broker to use？
Although Walfiner is regulated by NFA, there are still risks of trading with it because the regulatory status has expired.
Is Walfiner good for beginners？
No, although Walfiner provides a standard account with a low minimum deposit, the “Exceeded” regulation status is a major flaw for beginners who may have no experience in assessing risks.
Is Walfiner good for day trading？
Walfiner might not be the best choice for day trading. The lack of popular MT4 is a disadvantage. In addition, day trading usually require brokers to have a good regulatory record and real-time customer support.
2024-09-17 18:29
