Overview of WesternFX
WesternFX is an international forex trading firm that has been operating in Saint Vincent and the Grenadines since 2013 without regulation. It offers a range of trading products, including Forex, CFDs, Shares, Indices, Metal and Energies and more through the MetaTrader 5 (MT5) platform and provides competitive leverage up to 500:1.
Traders can choose from eight account types according to their preferences, with a minimum deposit of $25. The firm emphasizes customer support, providing multiple contact options that are beneficial for individuals.
Is WesternFX legit ？
WesternFX currently operates without any regulations.Traders are suggested to be cautious as the company lacks regulation by an authority.
Pros and Cons
WesternFX has several advantages, including offering mainstream tradable assets, dedicated customer support, demo accounts, and a low minimum deposit.The broker also provides competitive spreads, with maximum leverage up to 1:500. Additionally, the company offers a generous bonus offer, including a 20% Rescue Bonus available as a continuous promotion until management changes the scheme. Therefore, clients are encouraged to deposit as soon as possible to take advantage of this exceptional promotion.
However, the broker is unregulated, which poses risks for clients. Additionally, educational resources are limited.
Market Instruments
WesternFX offers access to popular tradable assets, including Metals and Energies, Forex, CFDs, Shares, and Indices.
Forex trading involves exchanging currencies and is known for its high liquidity. With access to a wide range of currency pairs, traders can maximize profits. Additionally, Indices trading involves speculating on market or sector performance without trading individual stocks. Explore popular indices for diverse trading opportunities and leverage high-leverage advantages.
For those interested in Shares, WesternFX provides short selling on any CFD and gives traders access to the most liquid shares in the U.S. and the U.K. Traders have an opportunity to trade larger volumes through the use of leverage, creating an excellent shares trading experience.
The broker also provides Gold Spot, Silver Spot, and Natural Gas for traders interested in Metals and Energies and offers Crude Oil (WTI) and Crude Oil (Brent) for those intrigued by CFDs. However, the details of these assets are not displayed on the website.
Account Types
WesternFX offers eight types of trading accounts: IB Account, PAMM Account, Standard Account, Prime Account, VIP Account, ECN Account, Zero Spread Account, and Demo Account.
An IB Account, or Introducing Broker account, involves an intermediary, typically an Introducing Broker, connecting traders with a larger brokerage firm. PAMM Account allows investors and fund managers to profit from forex trading, with investors choosing expert fund managers for passive investment. Demo Account provides a risk-free environment for clients to develop trading strategies.
The remaining live accounts are compatible with platforms such as MT5, Android, iOS, and MAC, and the trading currency is exclusively USD. However, they also boast different features: minimum deposits range from $25 to $20,000, spreads start between 0.1 and 1.4, and maximum leverage is either 1:500 or 1:100.
The broker provides wide selection for both novice and experienced traders. Traders can discover the ideal match by selecting a trading account customized to meet their specific requirements and preferences.
How to register with WesternFX ？
Joining WesternFX is a straightforward process that can be completed in a few simple steps:
Registration: Visit the WesternFX website and choose an account type and complete our fast and secure application form.
Verify: Use digital onboarding system for fast verification.
Fund: Fund your trading account using a wide range of funding methods such as Wire Transfer, Credit Cards and Online Payment Options.
Trade: Start trading on your live account and access choice of your instruments.
Trading Platform
WesternFX offers the award-winning MetaTrader 5 platform, enabling trading across Windows, Mac, iOS, and Android devices. With these powerful trading terminals, clients can trade from any device, ensuring a wonderful trading experience.
Leverage
The leverage of WesternFX depends on different accounts and traders at WesternFX can enjoy the advantage of leverage up to 500:1. This high leverage allows traders to control larger positions with a relatively smaller initial investment, amplifying potential profits.
However, it's crucial for traders to implement proper risk management strategies, as higher leverage also increases exposure to potential losses.
Spreads & Commission
WesternFX boasts low spreads and commissions, which depend on the type of account and assets, with spreads starting from 0.1 and combined with low commissions. Specifically, the Zero Spread account may incur spreads starting from 0.1 pips, while the Standard account incurs spreads starting from 1.4 pips.
Regarding commissions and swaps, there are no commissions and swaps for Standard and Prime accounts, while other account holders have to pay for commissions and swaps.
Deposit & Withdrawal
WesternFX allows Wire Transfer, Credit Cards (VISA, MasterCard, and Union Pay), and Online Payment Options. However, traders are advised to pay attention to the time and fees. Deposits can be made quickly 24/5 between 21:00 GMT Sunday – 21:00 GMT Friday, while withdrawal times usually range from 2-7 days, depending on the withdrawal method. WesternFX does not apply any deposit or withdrawal fees on certain withdrawal methods.
Customer Support
WesternFX provides various contact options to assist clients with different needs but they should pay attention to the business hours: Monday - Friday - 9am to 5pm, Saturday - 9am to 2pm and Sunday - Closed.
Telephone consultation: Responsive customer service of WesternFX is ready to answer any questions you may have. Our number is: 0014168583600
Online message & Whatsapp: You can contact the company via online messaging. Your inquiries are important to us, and we aim to respond promptly.
Main office: Our Office is Euro House, Richmond Hill Road, Kingstown, St. Vincent and the Grenadines.
Email: Customers can contact WesternFX via email at support@westernfx.com.
FAQs: If you have questions and seek quick answers, WesternFX offers a comprehensive list of Frequently Asked Questions (FAQs) on their website on which you can find a lot of useful information.
Social media:You are welcome to follow WesternFX on some social media platforms like Facebook, Twitter, Instagram, and more.
Educational Resources
WesternFX hosts free educational webinars for traders of all levels. Led by expert analysts, these webinars cover advanced forex strategies and concepts in the local language. The broker intends to enhance traders' knowledge and skills, providing valuable training and guidance to support their trading journey.
Conclusion
In conclusion, WesternFX is a broker with several advantages, such as offering a diverse range of tradable assets, dedicated customer support, demo accounts, competitive spreads and leverage, as well as a generous bonus offer and low minimum deposit. However, it's important to note that the broker is unregulated, and the educational resources provided are limited.
Traders are advised to carefully consider these factors and pay attention to the potential risk brought by high leverage before choosing to trade with WesternFX to ensure a secure and informed trading experience.
FAQs
Is WesternFX legit？
No, currently, WesternFX operates under no regulation.
How can I open a free WesternFX demo account？
To open a Standard Demo account, click here or one of the “Open Demo Account” Buttons anywhere on the site, then fill out the registration form. Your demo account is good for 30 calendar days from the date of opening.
What documents do I need to provide to WesternFX in order to open an account？
You will need certain identity verification documents to open your WesternFX account. For details, see the Open Live Account page.
How can I deposit money into my account？
You need to have money in your live account in order to start trading. Send money quickly and easily using any of the following methods: Bank wire transfer Credit card deposit Online payment gateway Perfect Money, Fasapay etc. Transfer from your existing forex broker
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
2024-06-21 10:10
2023-03-28 10:03
