WhoTrades is a forex trading services broker. They give traders access to a wide variety of instruments in several markets like currencies, indices and shares.
To open a live account, you’ll need a minimum deposit of at least $100. Alternatively, WhoTrades offers a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by CySEC (Licence: 281/15). WhoTrades puts all client funds in a segregated bank account and uses tier-1 banks for this. WhoTrades has been established since 2006, and have a head office in .
Before we dive into some of the more detailed aspects of WhoTrades’s spreads, fees, platforms and trading features, you may want to open WhoTrades’s website in a new tab by clicking the button below in order to see the latest information directly from WhoTrades.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
Like most brokers, WhoTrades takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The spreads displayed below are based on the minimum fixed spreads listed on WhoTrades’s website. The colour bars show how competitive WhoTrades' spreads are in comparison to other popular brokers featured on BrokerNotes.
The average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
The average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
The average spread for GBP/USD across all brokers on BrokerNotes is 1.18 pips. See popular brokers for trading GBP/USD
The average spread for Bitcoin across all brokers on BrokerNotes is 41.15 pips. See popular brokers for trading Bitcoin
The average spread for gold across all brokers on BrokerNotes is 8.62 pips. See popular brokers for trading gold
The average spread for DAX30 across all brokers on BrokerNotes is 14.95 pips. See popular brokers for trading DAX30
Spreads are dynamic and are for informational purposes only.
As you can see, WhoTrades 's minimum spread for trading EUR/USD is pips - which is relatively low compared to average EUR/USD spread of 0.82 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with WhoTrades vs. similar brokers.
If you were to buy one standard lot of EUR/USD (100k units) with WhoTrades at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $0. Here’s a rough breakdown of the fees and how this compares against XTB & City Index .
|Total cost of a 100k trade:||$0.00||$2.00||$5.00|
|$2 more||$5 more|
|Visit WhoTrades||Visit XTB||Visit City Index|
All fees/prices are for informational purposes and are subject to change.
WhoTrades offers over different instruments to trade, including over currency pairs. We’ve summarised all of the different types of instruments offered by WhoTrades below, along with the instruments offered by XTB and City Index for comparison.
|FX / Currencies||WhoTrades||XTB||City Index|
|# of forex pairs offered||48||84|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes|
|Exotic forex pairs||Yes||Yes|
|Commodity CFDs||WhoTrades||XTB||City Index|
|# of commodities offered||21||26|
|Index & Stock CFDs||WhoTrades||XTB||City Index|
|# of Stocks offered||1606||4500|
|See WhoTrades's Instruments||See XTB's Instruments||See City Index's Instruments|
WhoTrades offer a user-friendly custom trading platform, available as both a downloadable program or as a browser based WebTrader. If you are looking for a MetaTrader broker, see our comparison of MT4 brokers here The combination of downloadable platforms for both Mac and Windows allows traders to trade with their device of choice.
WhoTrades also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.See WhoTrades 's platforms
WhoTrades allows you to execute a minimum trade of 1 Lot. This may vary depending on the account you open. WhoTrades allows you to execute a maximum trade of 25 lot. As WhoTrades offer ECN execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. ECN accounts will come with a commission and are more favoured by traders who implement high volume strategies, for example scalpers and automated trading.
As a market maker, WhoTrades may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
Finally, we’ve listed some of the popular funding methods that WhoTrades offers its traders on the right.
WhoTrades support a limited number including .
WhoTrades has a BrokerNotes A support rating because WhoTrades offer over three languages and email and phone support.
As WhoTrades is regulated by CySEC, FINRA, SIPC, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore WhoTrades’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with WhoTrades you can visit their website here.
CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://whotrades.com on 01/04/2019.
Losses can exceed deposits