Weike Spreads, leverage, minimum deposit Revealed

WikiFX | 2021-12-08 18:33

Abstract：Founded in 2016, Weike is a forex and CFD broker headquartered in the United Kingdom. There is zero evidence that Weike is subject to any regulation, and this broker does not accept traders from EU countries, Iran, North Korea and Belize.

　　General Information & Regulation

　　Founded in 2016, Weike is a forex and CFD broker headquartered in the United Kingdom. There is zero evidence that Weike is subject to any regulation, and this broker does not accept traders from EU countries, Iran, North Korea and Belize.

　　Market Instruments

　　Trading assets available on the Weike platform are limited, only currency pairs, CFD and Crude oils. Some popular instruments like stocks, gold and silver, commodities, share, cryptos are unavailable.

　　Minimum Deposit

　　Weike is vague about the minimum deposit to start a real trading account. In most cases, most brokers would ask traders to fund around $100 into their accounts. Some big players even requires much less, around $5 to start real trading.

　　Leverage

　　When it comes to trading leverage, Weike does not make this part clear. Since leverage can amplify gains as well as losses, it is essential for traders to learn how to choose the proper amount.

　　Spreads & Commissions

　　Weike advertises that it offers low spreads but does not specify detailed spreads on particular instruments. A commission is charged on the execution of an order when a stock CFD is traded. Commission as low as 0.10% or 2 cents per share (U.S. and Canadian listed stocks).

　　Trading Platform Available

　　To our surprise, Weike offers MT4 trading platform, which is available in PC and mobile devices (downloadable from Google Play and App Store). Keep in mind that even through this broker offers the industry-recognized MetaTrader platform, it is unsafe to trade with it given the fact that Weike is an unregulated broker.

　　Deposit & Withdrawal

　　Weike does not tell us payment methods it supports. In most cases, most brokers allow traders to fund their accounts through credit cards (Visa, MasterCard, Maestro), wire transfer, as well as some online payment processors including Skrill and Neteller.

　　Customer Support

　　As an unregulated broker, Weike does not offer a decent customer support service. And they can only be contacted through email:info@weikefx.com. No actual office address is provided, which makes it more like a scam or illegal broker.