Weltrade Broker Review

Founded in 2006 and headquartered in St. Vincent and the Grenadines, Weltrade is an international broker that lacks regulatory oversight.

For all intents and purposes, the SVG FSA is not considered a forex broker regulator and applies no supervision of any CFD trading-related activities. Clients must rely solely on the reputation of Weltrade, as no additional measures exist to ensure client protection. However, in a show of good faith, Weltrade claims to segregate all client funds from the company’s operating capital at various top-tier banks, and it offers negative balance protection to all its clients.

However, as an unregulated broker, any statements it makes regarding its operations cannot be verified. 

Traders should also note that the SVG FSA will not provide any protection of client funds or compensation if the company becomes insolvent.

Overall, Ugandan traders should be aware of trading with a broker that is essentially unregulated.

The account opening process at Weltrade is user-friendly, fully digital and accounts are ready for trading immediately.

All Ugandan residents are eligible to open an account at Weltrade but have to meet the following minimum deposit requirements:

• Micro Account: 25 USD
• Premium Account: 200 USD
• Pro Account: 500 USD
• Zulutrade Account: 200 USD
• Digital Account: 50 USD

Creating an account is straightforward, the process is fully digital, and accounts are usually ready immediately. Weltrade offers individual and corporate accounts, but we will focus on opening an individual account:

1. New traders will have to click on the “Registration” button at the top of the page where they will be directed to fill in their name, email address, and telephone number. A PIN confirmation will be sent to the registered email address.

2. Traders will then have to fill in their personal details, including name, surname, and date of birth.

3. Next traders will have to fill in their trading account settings, including preferred platform, account type, level of leverage.

4. Traders will then have to upload the following documents:

   • Proof of Identification – Weltrade accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID. 

   • Proof of Address – Proof of residence/address document must be issued in the name of the account holder within the last 3 months and must contain a trader’s full name, current residential address, issue date, and issuing authority.

5. Once this step is complete, traders can fund their accounts and begin trading.

Overall, Weltrade’s account-opening process is fully digital and hassle-free and accounts are generally ready for trading immediately.

Weltrade offers trading on a limited selection of Forex pairs, commodities, and metals.

Like most other brokers, Weltrade offers a range of accounts with higher minimum deposits linked to tighter spreads. It also offers a Digital Account for trading cryptocurrencies and a Zulutrade Account with extremely wide spreads (up to 2.9 pips on the EUR/USD) and a commission per lot traded.

The trading costs on the Pro account are lower than those of the other account types. However, the Pro Account has a minimum deposit requirement of 500 USD.

The trading costs on the Micro and Premium accounts are 15 USD per lot of EUR/USD, which are higher than those on other brokers’ entry-level accounts. The Zulutrade account also charges a spread markup and trading commission, rendering it an expensive option.

We opened and tested Weltrade’s accounts:

Weltrade offers full support for both the MT4 and MT5 platforms on three live commission-free accounts, a commission-based copy trading account, and a digital currency account for trading cryptocurrencies. Higher minimum deposits are linked to tighter spreads and faster execution speeds.

Micro Account

Micro accounts are beginner-friendly training accounts with a minimum deposit of 25 USD, denominated in USD and EUR cents. Leverage is up to 1000:1, variable spreads start at 1.50 pips, and it is commission-free. Full support is offered for the MT4 and MT5 platforms, and trading is available on Forex and Metals. However, the maximum trading equity is 1000 USD. Additionally, the average execution speed is 0.9 seconds.

Premium Account

The minimum deposit on the Premium Account is 200 USD; accounts are commission-free and denominated in USD and EUR. Leverage is high, up to 1000:1, spreads start at 1.5 pips, and trading is available on Forex, Metals, and Commodities. There is no maximum trading volume and the average execution speed is 0.8 seconds.

Pro Account

The minimum deposit on the Pro account is 500 USD. Variable spreads start at 0.50 pips, leverage is up to 1000:1 and accounts are only denominated in USD. Pro accounts are commission-free and offer support for both the MT4 and MT5 platforms. The average execution speed on the account is 0.5 seconds.

ZuluTrade Account

The ZuluTrade account is an ECN account, popular for copy trading. The minimum deposit on this account is 200 USD, accounts are denominated in USD only, and variable spreads start at 2.90 pips, which is wider than other similar brokers. Leverage is slightly lower on this account – up to 500:1, while a commission of 1.5 pips/lot is charged. Trading is only available on the MT4 platform and offers trading on Forex, Metals, and Commodities. The average execution speed on this account is 0.7 seconds.

Digital Account

Digital accounts are commission-free accounts that only allow for trading on cryptocurrencies. The minimum deposit is 50 USD and spreads start at 0 pips. However, it should be noted that cryptocurrencies are highly volatile assets, and that spreads fluctuate depending on trading volume and market conditions. The maximum leverage on this account is 20:1, which is higher than the leverage at other brokers and full support for the MT4 and MT5 platforms is offered. The average execution speed on this account is 0.7 seconds.

Demo Account

Users can open a training account loaded with 100,000 USD in virtual cash to make real-time transactions and refine a strategy. Demo accounts at Weltrade don’t expire, and there’s no monetary risk involved, so users have peace of mind when browsing the platforms. The broker also regularly runs demo account contests, such as the Hot 100 and Hot 200, with prizes up for grabs.

Although Weltrade is unregulated, it claims that all Anti-Money Laundering rules and regulations are followed.  Deposits can only be made using a bank account or card registered in the trader’s name, and no third-party deposits are allowed.  Withdrawals must be made to the same account or method that the funds originated.  

Weltrade does not charge deposit fees, but its withdrawal fees are high.  Most deposits are instant, but Weltrade takes 30 minutes to process withdrawals.

Weltrade offers a limited number of base (trading account) currencies compared to other similar brokers.

Weltrade only offers two base currencies, including EUR and USD, which is limited compared to other brokers.  However, the base currencies vary depending on the trading account.  For example, the Pro, Zulutrade, and Digital accounts only allow accounts to be denominated in USD. Additionally, Weltrade does not offer UGX trading accounts, which is a disadvantage for s who will likely have bank accounts denominated in UGX, and who will have to pay currency conversion fees on deposits and withdrawals..

Overall, Weltrade offers fewer trading account currencies than most other large international brokers and doesn’t offer accounts denominated in UGX. 

MetaTrader4 (MT4) and Metatrader 5 (MT5) are available on iOS, Android, and Windows mobile phones and tablets. The app will connect to the same account as the desktop software, allowing a synchronised and mobile trading experience.

However, traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.

Weltrade supports the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. As the most widely used platforms on the market, they are simple to navigate yet offer a powerful range of features, charts, and analysis tools.

MetaTrader 4

MetaTrader 4 is one of the world’s most popular and versatile platforms, offering powerful features to help you make educated trading decisions. Though it is now showing its age, MT4 is still popular for its auto-trading features that enable algorithmic trading and strategy backtesting with expert advisors (trading robots). 

Other features of the MT4 include:

• A built-in library of more than 50 indicators and tools to streamline the analysis process.
• An impressive array of analytical tools, available in nine timeframes for each financial instrument.
• Live price streaming on live accounts and demo accounts 128-bits encryption for secure trading
• Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
• Customisable alerts
• Access to MetaTrader market and MQL4 community

MetaTrader 5

MetaTrader 5 is the latest trading platform developed by MetaQuotes Software Corp. Set to replace MT4, MT5 is more intuitive and offers significant improvements in copy trading, mobile trading, and other innovative features that make trading account management more efficient. 

Other features of MT5 include:

• 38+ preinstalled technical indicators
• 44 analytical charting tools
• 3 chart types
• 21 timeframes
• Additional pending order types
• Detachable charts
• Trailing stop
• Depth of Market
• An integrated Economic Calendar

Weltrade’s trading tools are limited to a number of autotrading tools available on the Metatrader platforms. 

MQL5 Signals

Traders can subscribe to the MQL5 Signals through the MT5 platform. Signals is a copy-trading service that automatically copies provider’s deals on your trading account. Weltrade also offers a range of tutorials so traders can familiarise themselves with activating the services.

Zulutrade Signals

Zulutrade is a third-party service provider that allows traders to copy the signals of more experienced traders and earn a profit. To make use of Weltrade’s Zulutrade copy trading service, traders must:

• Open a Zulutrade Account and deposit at least 200 USD.
• Connect to the system by entering the account number and trading password in the Settings section of the ZuluTrade personal area.
• Connect to the best providers. Orders will be executed automatically.

Note that a spread markup of 2.9 pips (EUR/USD) and a trading commission of 1.5 pips will be applied to every trade. This is relatively expensive (around 45 USD per trade), so traders should know these costs before opening a Zulutrade Account. 

Weltrade also offers a host of robots and indicators through the MT4 and MT5 platforms, some of which are free and others available at an extra cost.

Weltrade does not offer any written educational materials; however, beginner traders can benefit from its seminars and webinars. One has to register an account to access this material.

Weltrade offers support in ten languages, and help is available 24/7 via telephone, email, and live chat. Weltrade also offers a call-back option.