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ForexWebTrader Review

 

 

Overall Rating

4.8/5

Rated #392 of
Recommended FX Brokers

💰Minimum Deposit

USD 1 000

🌐 Regulators

Not Regulated

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Finding a reputable ForexWebTrader review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review of ForexWebTrader to help you make an informed decision before opening your account or trading on their platform.

According to research recently done, ForexWebTrader is an established forex broker company in Germany.

The company deals only with the Forex market, unlike other companies that offer trading in different market instruments, like CFDs, Energies, Commodities, Indices, etc.­

ForexWebTrader does not deal with the forex market on its own but is a partnership between the Saxobank of Denmark and ForexWebTrader Global Investments of the BVI.

It offers only one trading platform and sufficient research tools to assist beginner or advanced traders with their trading.

ForexWebTrader is a German company and has been around longer than most other broker companies. It was founded in 2003 in Germany, but it is unsure where it has its headquarters.

No information was forthcoming from the internet and the website of ForexWebTrader was off when this research was done.

According to sources, the ForexWebTrader site has access to some of the best IT staff around the globe and this shows through in their trading platform, which provides one-click ordering and mobile trading capabilities.

 

Awards and Recognition

In the world of forex broker companies, it counts much for the company’s reputation if it has been honored with awards from esteemed organizations or publications.

Although ForexWebTrader is rated highly by some customers in personal online reviews, there is no information available on the ForexWebTrader homepage about any awards received.

 

ForexWebTrader Accounts

A forex account is a trading account held by a trader with a company like ForexWebTrader, that is issued with the primary purpose of trading through its platforms. The number and type of accounts that a trader can open with a broker company usually differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.

 

ForexWebTrader Types of Accounts and Their Features

ForexWebTrader does not offer traders the option of opening a demo account. This is an option offered by most brokers to assist clients with knowledge of how the company’s accounts work and to allow traders to trade with approximately $100 000 virtual money that sport real-time prices and trading conditions.

These demo accounts are usually free to open and can be used by traders for a period of 30 days and use the platform provided by the company.

However, ForexWebTrader does not allow this option but only requires a minimum deposit of $25 which is little enough for traders to risk trading with.

With ForexWebTrader traders can only open one live Forex account. It does not offer the option of numerous accounts like many other brokers.

The process to open an account can be started from links on the company homepage which we could not access.

Clients are requested to register through email. Once you sign up, you will be directed to a page with more information on creating your username and password. There is no request for all kinds of documentation to verify who you are.

Once you have created your username and password, deposited your $25, you can start trading immediately.

It is not clear what currencies can be used to fund accounts but being a German broker, it would most probably be most of the currencies accepted in Europe like USD, EUR, CHF, GBP, and JPY.

 

Overall Rating

4.8/5

Rated #392 of
Recommended FX Brokers

💰Minimum Deposit

USD 1 000

🌐 Regulators

Not Regulated

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Deposits and Withdrawals

ForexWebTrader requires only $25 to open an account. Several payment methods can be used to fund accounts as the company is backed by a Saxo Bank.

The following payment methods are allowed for deposits:

  • Visa
  • Mastercard
  • Bank wire transfer
  • E-gold
  • PayPal
  • MoneyBookers
  • Neteller

When you withdraw funds, they will be returned via the same currency. ForexWebTrader gives the guarantee that deposits and withdrawals are done immediately once a trader is in the Saxo Bank system as a legitimate customer.

Traders must use the same account name that the deposit was made in and third parties are not allowed to withdraw money.

There is no indication of how long it takes to deposit or withdraw funds.

 

Cost and Fees, Commissions and Spreads

the cost of trading depends on different factors like commissions, spread, and margins.

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

While contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur commission. CFD trades on other markets have a commission but do wrap a spread around the market price of a certain instrument.

Since the website was not available, we could not determine whether ForexWebTrader charges and deposits of withdrawal fees or charge any commission.

 

Leverage

ForexWebTrader is not a registered or authorized broker and no indication could be found on the leverage the company offers.

The amount of leverage is expressed as a ratio, for instance, 50:1, 200:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 200 000 USD/JPY, that leverage will equate 2to To 00:1.

Leveraged product trading magnifies a trader’s potential profit – but of course, also increases the potential loss. This facility enables traders to get a larger exposure to the market than the amount they deposited to open a trade.

 

Bonuses

Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, thus ruling out the offering of such bonuses.

There is no clear indication of whether sign-up or other bonuses are offered by ForexWebTrader, probably in compliance with the ESMA regulations.

However, other reviews mention that new customers are offered a 10% sign-up bonus on the first deposit.

 

Trading Platforms, Software and its Features

The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

Some companies provide their own proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade.

ForexWebTrader offers only one trading platform, namely the WebTrader. Unlike most brokers, it does not offer the popular and well-known MetaTrader4.

However, trading on WebTrader at live tradable prices is very simple. The One-Click-Trading feature allows you open and close positions immediately from the Price/Trade panel.

When a trade is enabled, the one-click trading feature is available for 30 seconds before it will be disabled again as a safety precaution to prevent your trading inadvertently.

The platform also enables you to customize how and at what price you trade securities. To use this a Trailing Stop is attached to the stop-loss feature.

It allows you to automatically adjust the level of your stop loss so that the stop is always a pre-specified distance from the last best market price. Trailing stops move your order in your favor until the market reverses.

ForexWebTrader offers this platform on desktop, web, and mobile WebTrader. This allows clients to manage their accounts while away from the computer.

Traders can open and close positions, place orders, or just monitor the current prices. It is available for smartphones and tablets

This trading platform is offered in six languages, but no indication could be found in which languages they are. It would probably include English and German.

The trading platforms are described as user-friendly, intuitive, and customizable, with charting tools and news, analysis reports, and financial calendars.

 

Markets, Products and Instruments

ForexWebTrader only offers tto tradein forex.

Most brokers offer all or some of the following market instruments for trading:

 

Forex:

Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

 

Commodities:

As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.

 

Indices:

Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market.

 

Precious metals:

This involves the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.

 

Energy:

The high volatility of energy prices due to political, environmental, and several other factors, is a typical feature of this product, making it a popular trading choice.

 

 

Safety and Regulation

Before deciding to join a broker and start trading, a potential trader needs to establish whether a broker like ForexWebTrader is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions.

No authorized financial body like FCA or any other regulates ForexWebTrader. The only security it offers its clients is being backed by Saxo Bank and bisa member of the Forex trading elite.

Since ForexWebTrader is not regulated it does not allow business with United SStatesclients.

It does promise customers data protection and the assurance that funds are safe and kept in separate accounts.

 

Customer Support

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.

With ForexWebTrader it is not clear what kind of customer support it provides as the website was not available when writing this review.

Sources do advise that customers can reach the support team 24 hours in real-time by phone, live chat, and e-mail, except for Saturdays.

The staff is seen as professional and equipped to provide support in six languages which would include English and German.

Sources also include other functions ForexWebTrader provides to help clients trade effectively.

 

Research

Potential traders need to do as much as possible research about speculative trading before commencing to do it and while trading. Trading successfully relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

Sources indicate that ForexWebTrader customers have access to not only the help the platform gives you, but also have access to a wide selection of charts to views and calculate your past, present, and future moves.

Updates are published 24 hours a day regarding global and economic announcements and traders can also read up on the professionals’ picks and projections for the day’s trading on the news wall.

 

Education and Training

Before starting to trade, potential ForexWebTrader clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading.

If ForexWebTrader’s website itself does not provide enough means, a trader should explore other information sources to obtain that skills and knowledge.

Although sources indicated that ForexWebTrader does provide sufficient research tools to assist traders is not clear whether the company offers any educational tools.

This is usually provided to help beginner and advanced traders find their way in the forex world.

It involves webinars, seminars, a FAQ section, and a glossary explaining the terminology of the forex world.

 

Conclusion

A clear view of ForexWebTrader could not be found on the internet or the company’s website. It poses the question of whether this company is still open or not?

Sources do indicate that ForexWebTrader, being part of the online Forex trading empire run by Saxo Bank, is a site that is easy to use.

The trading platform at ForexWebTrader is simple enough to be used by beginner trader but also appealing to some large institutional Forex traders.

Being able to start trading with only $25 is a plus for the beginner trader and with the added advantage of the 10 percent initial deposit bonus.

Sources state that that customer service at ForexWebTrader is good, and deposit and withdrawal options are abundant.

Yet, ForexWebTrader is not regulated by any financial authority and this makes it a risky broker to do business with.

 

Disclaimer

Forex trading carries a high level of risk and may not be suitable for all investors. Forex is a complex instrument and due to leverage, retail accounts lose money. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it.

Leveraged trading may not be suitable for all investors, so please ensure you fully understand the risks involved, seek independent advice if necessary, and only trade with money that you can easily afford to lose.

Like all brokers ForexWebTrader promises to make all efforts to fill a trade at the requested price, trading online does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor, shows research recently done.

 

ForexWebTrader at a Glance

Broker’s name ForexWebTrader
Headquarters Germany
Year founded 2003
Regulating authorities NNoneindicated
Countries not accepted for trade United States
Demo account No
Islamic account (swap-free) Not clear if this is offered
Institutional accounts Yes
Managed accounts No
Maximum leverage No maximum leverage indicated
Minimum deposit $25
Deposit options Visa, Mastercard, Bank wire transfer, E-gold,

PayPal, MoneyBookers, Neteller

Withdrawal options Visa, Mastercard, Bank wire transfer, E-gold,

PayPal, MoneyBookers, Neteller

Platform(s) provided WebTrader
OS compatibility Desktop, web, Android, iPhones, tablets
Tradable assets Forex
Languages supported on the website Six languages but it don’t indicate which
Customer support languages Six languages but it do not indicate which
Customer service hours 24/5

 

Overall Rating

4.8/5

Rated #392 of
Recommended FX Brokers

💰Minimum Deposit

USD 1 000

🌐 Regulators

Not Regulated

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with ForexWebTrader?

With ForexWebTrader you can only trade in Forex.

 

Which platforms are supported by ForexWebTrader?

ForexWebTrader only provides the WebTrader platform.

 

Does ForexWebTrader offer leverage?

It is not clear what leverage ForexWebTrader offers.

 

What spreads can I expect with ForexWebTrader?

It is not clear what kind of spread ForexWebTrader offers traders.

 

Does ForexWebTrader charge commission?

No ForexWebTrader does not charge commissions.

 

Is ForexWebTrader regulated?

No, ForexWebTrader is not regulated by any financial authority but has bank regulations that make it safe to trade with.

 

Is ForexWebTrader a recommended forex trading broker for experts and beginners?

Yes, it seems like ForexWebTrader offers a trading environment for beginner and experienced traders, due to its minimum deposit requirements.

 

What is the overall rating out of 10 for ForexWebTrader?

5/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.

 

Does ForexWebTrader offer a demo account?

No

 

Can I convert my demo account to a live trading account with ForexWebTrader?

The website of the company was not available so it could not be determined if a demo account could be converted into a life account.

 

Which live trading accounts does ForexWebTrader offer?

ForexWebTrader offers just one standard Forex account.

 

What are the available deposit currencies for a live trading account?

It can be assumed that ForexWebTrader offers the choice of most deposit currencies available in the European market.

 

Deposits and Withdrawals

 

What is the minimum deposit for ForexWebTrader?

$ 25

 

How do you make a deposit and withdrawal from ForexWebTrader?

ForexWebTrader offers the following deposit methods:

  • Visa
  • Mastercard
  • Bank wire transfer
  • E-gold
  • PayPal
  • MoneyBookers
  • Neteller

The same method that was used to fund an account must usually be used to withdraw money again and monies will only be refunded to accounts that carry the same name as the trading account with ForexWebTrader.

 

Does ForexWebTrader charge withdrawal fees?

No, but fees from a financial institution may apply.

 

How long does it take to make a withdrawal?

No indication could be found how long it takes to make withdrawals, but it should be done immediately once a trader is in the Saxo Bank system as a legitimate customer. Traders should note however that depending on a specific bank service it may take several days for the money to be available in a client account.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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