WesternFX Broker Review 2020: Is it a Scam or a Legit Service?

westernfx review

They focus on both international consumer and corporate clients with industry–standard trading environments like MetaTrader 5. The transaction process during cash withdrawal and deposit are responsive with the support of experienced forex agents. We have covered the review of various features of WesternFX and help understand its viability as a forex broker.

westernfx review

The mobile version is responsive and intuitive with no lags. WesternFX was founded in the year 2013, they have their offices located in Saint Vincent and the Grenadines, and Canada. It comes under the regulation of the local authorities which comes under the category of offshore regulators. WesternFx is regulated under FSA (St. Vincent and the Grenadines).

Customer reviews about WesternFX

Just like most Forex brokers, this company works with popular MT4 software. When you make a deposit or withdrawal, remember about the fees that might be charged by the payment systems. The languages as displaced in the websites are in English and Chinese although the customer executives are only comfortable in English. The customer section of the website also contains the link to send an email in case of any issue. However, we only trust reviews that contain some examples and argumentation.

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They also have separate sections of educational learning for understanding the trading concepts. The customer service executives can be contacted using the “Contact us” radio button on the website. Here is one more opinion that states that the broker provides quality service and quickly withdraws funds. It is a surprise, but there are very few reviews about WesternFX. We have surfed many rating websites and trading forums, but there was not enough information that could be trusted.

What can you trade with WesternFX?

A user with the profile name “Jahangir Alam” commented positively about the broker. The review is not detailed and cannot be treated as a final verdict on the provided services. However, this can only be confirmed by trying to make an investment and withdrawing the funds. Promotions are a great way to earn additional money or boost your deposit. WesternFX claims to boast of a customer redressal mechanism to serve, assist, and guide new customers.

There were fewer reviews about the WesternFX and the score on Trustpilot was missing. They accept all popular and regular transaction methods without any complex procedures. Some of the accepted E–wallet portals are Payza, Neteller. The best part is the facility to accept small initial deposits and relatively low spreads. The minimum account size allowed is 25$, with the pip range of 1.6 for USD/EUR currency pair.

Payment methods at WesternFX

They are offering a wide set of trading instruments and an intuitive online trade account opening facility which is one of its main highlights. The broker however does not operate in the United States. The company was instituted by former traders seeking to remove hurdles in the trading environment. They claim to provide a unique trading facility and enhanced trading experience with their customized infotech infrastructure.

It is a pity, but there were no such examples, and it is an alarming bell. It does not contain any information, so it can be counted as there is no review at all.

Customer reviews on WesternFX

WesternFX works with the Metatrader 4 & 5 software and makes it available for all devices. Charting and analysis tools are some of the striking features of MT4 along with account management. They offer the best trading condition integrated with the platforms which can be accessed through the online account.

  • Promotions are a great way to earn additional money or boost your deposit.
  • We remind our dear readers that WesternFX is regulated in an offshore zone with the loose requirements and investing your funds here might be risky.
  • They claim to provide a unique trading facility and enhanced trading experience with their customized infotech infrastructure.
  • The minimum account size allowed is 25$, with the pip range of 1.6 for USD/EUR currency pair.

An inexperienced user might think that this already adds up to a good reputation. However, because the regulation country is in an offshore zone, the requirements are very loose, making an investment here possibly risky. We remind our dear readers that WesternFX is regulated in an offshore zone with the loose requirements and investing your funds here might be risky. Promotions like these are usually made to motivate inexperienced users to invest as much as possible before they understand that it is a scam.

Trading platform at WesternFX

Educational resources and learning environment further enhances the scope for starting a trade account. WesternFX has great customer support and free access to software products. WesternFX is a part of the league of offshore forex brokers with good trading conditions standing out from others. They also have better options in offering a minimum deposit and spreads.

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WesternFX offers a wide variety of assets that traders can avail, they offer user–friendly interfaces to acquaint relatively new traders. MetaTrader has become the choice of almost all traders for many reasons. It is comfortable, has many instruments, tools, signals, can be accessed on different platforms, and is legit. It even works with third-party applications and add-ons that can significantly enhance your trading experience.

WesternFX Broker Review: Is it a good choice?

WesternFX comes across as a decent forex broker with great versatility. It can offer five different trading accounts, The only downside is the offshore nature of the broker and less regulation on its operation. They have a curious mix of adaptive customer support and a hassle–free trading environment.

  • The languages as displaced in the websites are in English and Chinese although the customer executives are only comfortable in English.
  • The customer service executives can be contacted using the “Contact us” radio button on the website.
  • Here is one more opinion that states that the broker provides quality service and quickly withdraws funds.
  • A user with the profile name “Jahangir Alam” commented positively about the broker.
  • Promotions like these are usually made to motivate inexperienced users to invest as much as possible before they understand that it is a scam.

They are serving consumers and retails from more than 18 countries across the Middle East, Europe, and Asia. To get this account type, you need to invest at least $500. The leverage remains the same as in the previous type, but the spreads start at 0.1 pips. The brokerage service is held by the Western group INC company and was founded in 2013. The broker has three offices in Bangladesh, Canada, Saint Vincent and the Grenadines. It is regulated by the FSA in St. Vincent and the Grenadines.