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WhoTrades Review

  • Regulated by: CySEC, FINRA, SIPC
  • Safety: segregates client funds
  • Trust Rating: B
Open WhoTrades's Website

Losses can exceed deposits

Overview

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 offer 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 have 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.

Open a demo account Visit WhoTrades

Full disclosure: We may receive a commission if you sign up with a broker using one of our links. Your capital is at risk. CFDs are leveraged products & 73% of traders lose money when trading CFDs.

WhoTrades screenshot

PROS

  • Segeregates client funds
  • Established in 2006
  • Regulated by CySEC, FINRA, SIPC
  • Min. deposit from $100

CONS

What are WhoTrades's spreads & fees?

Like most brokers, WhoTrades take 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.

WhoTrades variable spread is not available. If you believe this is incorrect please fill in our form

Spreads are dynamic and are for informational purposes only. Last updated: June 06, 2018.

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.

See all Spreads
Losses can exceed deposits

How much does WhoTrades charge to trade 1 lot of EUR/USD?

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 $N/A. Here’s a rough breakdown of the fees and how this compares against XTB & City Index .

WhoTrades XTB City Index
Spread from: N/A $ 2.00 $ 5.00
Typical overnight fee: N/A $ 7.94 $ 20.60
Commission: N/A 0 0
Total cost of a 100k trade: N/A $ 9.94 $ 25.6
Visit WhoTrades Visit XTB Visit City Index

All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018. Losses can exceed deposits

General Fees

  • WhoTrades does charge inactivity fees
  • WhoTrades withdrawal fees varies on payment method

Commissions

  • WhoTrades does charge commission on CFD shares

What can you trade with WhoTrades?

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 50 84
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes
Exotic forex pairs Yes Yes
Cryptocurrencies No Yes Yes
Commodity CFDs WhoTrades XTB City Index
# of commodities offered 0 26
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural No Yes Yes
Index & Stock CFDs WhoTrades XTB City Index
# of Stocks offered 1500 4500
UK Shares No Yes Yes
US Shares Yes Yes Yes
German Shares No Yes Yes
Japanese Shares Yes Yes Yes
See WhoTrades's InstrumentsSee XTB's InstrumentsSee City Index's Instruments
Losses can exceed deposits

What’s the WhoTrades trading experience like?

1) Platforms and apps

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 Screenshot See WhoTrades 's Platforms

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
Losses can exceed deposits

Trading Features:

  • Allows hedging
  • Low min deposit

Accounts offered:

  • Demo account
  • Standard account
  • ECN account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

WhoTrades allow you to execute a minimum of trade of 1 Lot. This may vary depending on the account you open. WhoTrades allow 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 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.

Funding methods:

  • Credit cards
  • Bank Transfer
  • Skrill
  • Neteller

3) Client support

WhoTrades support a limited number including

WhoTrades have a BrokerNotes A support rating because WhoTrades offer over three languages and email and phone support.

4) What you’ll need to open an account with WhoTrades

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:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

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 August 23, 2018.