Forex Web Trader Revier
Forex Web Trader is based in Cyprus and owned by Safecap Investments Ltd. Being a European Union country, this Forex broker is regulated both by the local Cyprus Securities Exchange Commission as well as the European Union’s Markets in Financial Instruments Directive (MIFID). The latter is a law that regulates investments service in all 30 member states of the European Economic Area.
WebFx, the name of the Forex Web Trader platform, is claimed to be one of the best in the industry. It offers a variety of tools to make trading as simple as possible from one click trading to trailing stops and many other features. As with any trading platform, it provides a variety of charts with live data feeds allowing traders to analyze the current conditions of the market as well as historical data. The latter is quite useful for developing and back testing strategies as well as analyzing completed trades. The platform is also available in six different languages.
Forex Web Trader: One Click Trading
The One Click Trading feature allows traders to open and close positions with a single click. Once it is turned on, this feature is available for only thirty seconds at a time to avoid accidental trading. Traders preset lot sizes, their stop loss and take profit levels and they can then buy or sell instantly.
Forex Web Trader: Trailing Stops
The trailing stop is a feature of the stop loss that allows for the automatic adjustment of the level of the stop loss. This is extremely effective for traders who want to allow their trades to run but want to ensure that they don’t lose their profit. The trailing stop follows the market price at a preset distance, so, for example, if you set your trailing stop at 10 pips, the stop loss will follow the market price at a 10 pip distance. Therefore, if the market is moving in your direction and you are already in profit then you could use a trailing stop to ensure that you take as much profit as possible and hedge against a quick change in direction.
Forex Web Trader: Trading Orders
The Forex Web Trader also offers standard trading orders allowing traders to open positions in a variety of ways. These are the market trade, allowing the trader to buy or sell the currency at the current market price, the entry order where trades specify a price where the currency should be bought or sold if the market hits that price, the entry stop and entry limit which are variations of the entry order and the market order, which is usually used when the market is closed.
Forex Web Trader: Spreads, Minimum Deposit and More
Despite the fact that Forex Web Trader doesn’t offer a practice account, the minimum deposit is one of the lowest on the market being only $25. The leverage differs according to the size of the position opened. Any position up to 1,000,000 units where the standard lot size is 5,000 units has a 200:1 leverage rate, positions between above that and below 3,000,000 have a leverage rate of 100:1 and anything above that is 50:1.
Spreads start at 3 pips for the EUR/USD and are not fixed but the broker claims that spreads shouldn’t widen by more than 3 pips in volatile market conditions. Regarding rollover charges, Forex Web Trader specifies that positions held overnight are subject to swap charges that are equivalent to the LIBOR/LIBID interest rates of the currencies plus a markup of +/- 0.25%.
Funds can be deposited via credit card, namely Visa or Mastercard, wire transfer or E-Gold and E-Bullion. While depositing funds via credit card or bank transfer do not incur any costs, E-Gold incurs a 2.5% processing fee and E-bullion is subject to a 1% fee.
Forex Web Trader: Customer Service, News and Other Resources
Forex Web Trader has excellent customer service available either via live chat or email which is available 24 hours a day throughout the trading week. They treat all traders equally well providing as much help as possible.
They also offer a wide range of information resources, including regular updates on global economic data which are published 24 hours a day. They also offer traders market insight and forecasts, as well as expert trade picks for the day.
Forex Web Trader: Going Mobile
Besides their web based trading platform, Forex Web Trader also offers a mobile solution, the Mobile WebTrader. The latter allows traders to manage their accounts from anywhere they might be as long as they have access to a smartphone or PDA type device. Traders can monitor their accounts, close positions or even place orders.
Forex Web Trader: Pros and Cons
While the lack of a practice account is a definite drawback, especially for beginners, the fact that the initial deposit is so low presents a clear advantage. Many traders find that they often perform better on demo accounts than they do when trading live because they know that in the first case they are only trading virtual money. However, by starting off with a small deposit, traders can also learn to control their emotions, which is an undeniable asset.
Forex Web Trader’s customer service is considered to be one of the best around and one client claimed he only started with a 30 USD deposit but was treated as if he were a large financial institution. The trading platform is also considered to be excellent as it is quite user friendly.