WesternFX Broker Reviews and Full Information

About WesternFX

This brokerage is run in Western group INC. Western Group INC company. It was founded in the year 2013. The brokerage has three offices located in Bangladesh, Canada, Saint Vincent and the Grenadines. The company is not active within America. United States. It is controlled in the United States by the FSA which is located in St. Vincent and the Grenadines. A novice investor might believe that this is already contributing to a positive reputation. However, as the country is located in an offshore area, rules are extremely loose, which makes investing here a risky proposition.

There aren't any reviews available on the internet and it's difficult to determine if this business isn't a scam. If the info about its founding date is correct, it has more than seven years of experience in the market!

Payment options available at WesternFX

WesternFX accepts six payment methods. Users worldwide can invest with ease. The choices are:

  • Credit or debit card
  • Neteller
  • Payza
  • Perfect Money
  • UnionPay
  • Wire transfers

These are the most commonly used within the business. When you withdrawal or deposit, you should be aware about the fees that could be charged by payment processors.

Trading platform at WesternFX

Similar to many Forex broker, the firm utilizes the popular MT4 software. There are mobile and desktop versions of the application.

MetaTrader is now the preferred option of nearly all traders because of a number of reasons. It is user-friendly, comes with various tools, instruments and signals that are accessible on a variety of platform, and it is a legitimate. It also works with third-party software and add-ons which can greatly improve the trading experience.

Promotions at WesternFX

Promotions can be a fantastic opportunity to earn more money or increase your deposit. As you can observe, WesternFX uses this on regularly. There are always deposits bonuses or contests. For instance, in the past there was an achievement award contest where participants were asked to deposit money and earn prizes for achieving certain amount.

We want to remind you that WesternFX is regulated by an offshore jurisdiction with low requirements and putting your money here could be extremely risky. Such promotions are generally designed to encourage novice users to make as big a bet as they can, before they are aware that it's a fraud.

Types of accounts at WesternFX

There are many different types of accounts available at WesternFX. There are different terms that can affect your earnings. They include:

  • Standard

To qualify for the standard type of account you must make a deposit of at minimum $25. This means that the minimum size for trades will be 0.01 tons (same for all kinds of accounts) The maximal leverage of 1:500 and the average spread starts at 1.4 pip.

  • ECN

In this case, you need to put in $250. Its leverage ratio is 1:100 and the spreads average 0.2 pip or more.

  • Zero Spread

For this type of account it is necessary to put in at minimum $500. The leverage is identical to the previous account type, however the spreads begin at 0.1 pip.

  • Prime

The second account type can be opened by investing at minimum $10,000. The leverage is restricted to 1:500 and the spread is 1.4 as in the traditional account.

  • VIP

The goal is attained by investing at least $20,000. The leverage is decreased to 1:100. average spreads begin at 0.9 per cent.

As you can observe the levels don't differ too significantly, and it's feasible to use the Standard as well as ECN levels. The terms are acceptable, however, we have experienced better terms when using services offered by competitors.

Customer support at WesternFX

WesternFX's customer support is available 24/7. WesternFX can be reached via various ways:

  1. Web Form
  2. Live chat
  3. Call-back

The agents are only speaking English The website does not provide no information as to the possibility of them speaking other languages as well. However, the website is available in two different languages: English and Chinese. There is an auto-translator however we don't recommend it since it is not always able to translate information correctly.

Reviews from WesternFX customers

It's a bit of a shock however, that there are few reviews of WesternFX. We've looked through a number of ratings websites and forums however, there wasn't enough information to be relied on.

Here's an opinion we have found. The opinion does not include any information, and therefore is a valid opinion since there isn't a review whatsoever.

We only believe reviews that include arguments and examples. It's a shame that there aren't instances of this, and it is alarming.

Conclusion

We are unable to confirm whether WesternFX is a fraud However, it's impossible to confirm that it's a reliable Forex broker. There are many reasons that are all connected: the business is not based with clients in the United States, it is controlled in an offshore region with a lot of scams, and no user reviews.

Of course, it's possible that this broker is a legitimate broker. But this can only be verified through the process of making an investment and then withdraw the money. Without user feedback we are able to only guess.

Summary
Properties Values
Name
WesternFX
Minimum Diposit
$ 25
Leverage
1:500
Regulation
FSA (Saint Vincent and the Grenadines),,,,,,
Headquarters
St. Vincent and the Grenadines, Central America
Established
2013
Address
Western Group Inc. Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines, Central America.
Platform
MT5,,,,,,
Payment Method
Visa,Mastercard,Wire,Perfect Money,Fasa Pay,Union Pay,,,,,,
Overview
Properties Values
Spreads
1.7 pips
Min Position size
0.01
Broker Type
ECN (electronic communications networks),,,,,,
Account Type
Mini account,High Leverage,Standard,,,,,
Brokers by Country
US Forex Brokers,,,,,
Techniques
Scalping Forex Brokers,Hedging Forex Brokers,Mobile Trading Brokers,Day Trading Brokers,,,,,
Instruments
Forex Trading Brokers,Crypto Trading Brokers,Commodity Forex Brokers,,,,,
Account currency
USD,EUR,GBP,AUD,,USD,,USD,,USD,,USD,
Tools
Charting Software,,,,,
Website Languages
en,,,,,
Support languages
en,,,,,
Bonus
Yes
Reviews Rating
3.2
Withdrawal Fee
No
Trading Signals
No
Free Education
Yes
Daily News
Yes
Demo account
Yes
Swapsr
Yes
Pors
1. FCA regulated.
2. MT5 Terminal Available
Cors
1. None
Display Analysis
Yes
Serving country
VC,GB,,,,,
Not Serving country
US,,,,,
Contests
Yes
Market analysis
Yes
Copy Trading Brokers
No
Bitcoin Forex Brokers
Yes
Social trading
No
Web trading
Yes
Forex pairs
Yes
CFDs
Yes
Crypto
Yes
Hedging
Yes
PAMM
Myfxbook Auto trade,Mql5 signals,,,,,
Mobile Trading
Yes
Scalping
Yes
Automated Trading
Yes
Partnership Programs
Yes
Free Phone
+1-646- 736-7401
Customer Support
24/5
Exness Broker reviews & comments (0)
Add a review

Your email address will not be published. Required fields are marked *