Abstract：Are you into forex trading with westernfx, a Saint Vincent and the Grenadines-based forex broker? Or are you seeking to join the trading platform soon? In either case, you need to read this comprehensive westernfx review. The review contains an exclusive analysis on the trading conditions the broker applies to different accounts it offers to clients globally. Additionally, the article will take you through the most important thing - User Reports - that indicate how good a broker it is. Read on!
Are you into forex trading with westernfx, a Saint Vincent and the Grenadines-based forex broker? Or are you seeking to join the trading platform soon? In either case, you need to read this comprehensive westernfx review. The review contains an exclusive analysis on the trading conditions the broker applies to different accounts it offers to clients globally. Additionally, the article will take you through the most important thing - User Reports - that indicate how good a broker it is. Read on!
westernfx Overview: Profile, Trading Platforms & Account Types
Westernfx claims to offer a dynamic real-time trading experience to help both individual and corporate clients ride the volatility of forex, stocks, futures and CFD markets. The companys official website claims some of the best trading conditions its clients can access. They can access various trading instruments and advanced technology and software products from companies such as MetaTrader 5 (MT5).
As a trader, you can choose from as many as five trading accounts - Standard, Prime, VIP, ECN and Zero Spread.
Each trading account has certain trading conditions that users need to be mindful of. We have shared the trading conditions applicable to westernfx trading accounts below. Take a look!
While the minimum deposit required for the Standard account is a low $25, the same needed for other accounts, especially Prime and VIP, is quite high. These charges can be lower with brokers that pride in competitive pricing.
Also, the spreads in Standard, Prime and VIP accounts begin from a very high base of 1.4 pips. They can be within the range of 0.1-0.5 pips.
While the broker makes it clear about the accounts where the commission will be charged, there is no disclosure on the charge amount, causing transparency issues.
The high leverage of up to 1:500 can be both productive and counterproductive for traders. An extensive leverage helps traders gain a massive position in the market in exchange for a low margin payment. On the other hand, you can be exposed to massive capital losses should the market movement go against your position slightly with this leverage arrangement.
User Reports for westernfx
Despite having an operational length exceeding five years, westernfx has not managed to grab many reviews from traders worldwide. Of the limited reviews, we found two negative westernfx reviews that needed close examination.
westernfx Withdrawal Denial Case
An India-based trader filed a complaint against westernfx online, claiming withdrawal denial by the broker after he requested withdrawals of the same amount traded twice in a particular month. According to the complaint, the broker allegedly sent automated responses but failed to process withdrawals. The trader advised others not to open a trading account with the broker while sharing this westernfx review.
Trade Manipulation Concerns
A user from Bangladesh shared an even more concerning issue, with the broker allegedly causing trade manipulation to mount losses for him. The trader complained about the fake candlesticks on the westernfx platform, causing stop-loss misuse and preventing him from exercising take profit orders and securing gains. Check out the entire complaint below.
Doubts Over westernfx Regulation
An Australia-based user expressed doubts over the broker‘s legitimacy and vowed to stay away from investing on the platform. This review on WikiFX, a leading forex broker regulation inquiry app, seems to have come from an informed user, who did not want to risk investment before being assured of westernfx’s legitimacy. Check out his words for yourself.
A User Expects App Upgrade, Enhanced ETF & Stock Selection
A client from Ukraine sounded content with the overall services provided by the broker. However, as per the westernfx review, it seems that the trader wants the broker to upgrade the app and broaden the ETF and stock selection on the platform. Read out this complaint screenshot.
westernfx Review by WikiFX: Is It Regulated?
Although the number of reviews is low, the WikiFX team found the broker to be unregulated. The no-license status for westernfx does not offer any credibility to the broker seeking to establish a strong foothold in a competitive financial market. The score for the broker thus remains a low of 2.14 out of 10. While westernfx commanded an impressive score of 7.52 and 7.73 for business and software aspects, respectively, it could not achieve any point for license and risk control, considered way more important for ones capital safety.
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