Losses can exceed deposits

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WhoTrades Review

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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.


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


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.

Visit WhoTrades

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

WhoTrades screenshot Open a demo account

Losses can exceed deposits

What are WhoTrades's spreads & fees?

Like most brokers, WhoTrades takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The commisions and spreads displayed below are based on the minimum spreads listed on WhoTrades’s website. The colour bars show how competitive WhoTrades's spreads are in comparison to other popular brokers featured on BrokerNotes.

EUR/USD (Average: 0.7 pips) Not offered 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) Not offered 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) Not offered 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) Not offered 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) Not offered 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) Not offered 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) Not offered 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) Not offered 0.5 pips 0.1 pips

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 0.70 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

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 $0. Here’s a rough breakdown of the fees and how this compares against IG & XTB .

WhoTrades IG XTB
Spread from: $ 0.00 $ 6.00 $ 2.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 0.00 $ 6.00 $ 2.00
$6 more $2 more
Visit WhoTrades Visit IG Visit XTB

All fees/prices are for informational purposes and are subject to change.

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 IG and XTB for comparison.

FX / Currencies WhoTrades IG XTB
# of forex pairs offered 90 48
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes
Exotic forex pairs Yes Yes
Cryptocurrencies* No Yes Yes
Commodity CFDs WhoTrades IG XTB
# of commodities offered 34 21
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural No Yes Yes
Index & Stock CFDs WhoTrades IG XTB
# of stocks offered 8000 1606
UK shares No Yes Yes
US shares Yes Yes Yes
German shares No Yes Yes
Japanese shares Yes Yes Yes
See WhoTrades's InstrumentsSee IG's InstrumentsSee XTB's Instruments

What’s the WhoTrades trading experience like?

1) Platforms and apps

WhoTrades offer a user-friendly custom trading platform, available 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

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

2) Executing Trades

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 below.

Trading Features:

  • Allows hedging
  • Low min deposit

Accounts offered:

  • Demo account
  • Standard account
  • ECN account

Funding methods:

  • Credit cards
  • Bank Transfer
  • Skrill
  • Neteller

3) Client support

WhoTrades support a limited number including .

WhoTrades has 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. *Availability subject to regulation.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://whotrades.com on 01/10/2021.