WesternFX broker review: Is this brokerage Company trustworthy?
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. 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.
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. WesterFX team has strived to bring in the best technical support and assistance to make the mechanism with maximum ease and less complicated procedure. They are serving consumers and retails from more than 18 countries across the Middle East, Europe, and Asia.
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). 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.
What can you trade with WesternFX?
WesternFX mainly provides 6 different types of trading instruments, they are:
- Energy and Indices
WesternFX offers a wide variety of assets that traders can avail, they offer user–friendly interfaces to acquaint relatively new traders.
Payment methods at WesternFX
The following payment methods are used within the service:
- Bank Wires;
- Bank Card;
They accept all popular and regular transaction methods without any complex procedures. Some of the accepted E–wallet portals are Payza, Neteller. China UnionPay, Perfect Money. 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.
Trading platforms at WesternFX
WesternFX works with the Metatrader 4 & 5 software and makes it available for all devices. MT4 is literally the oldest trading environment with wide recognition and it also supports third–party plugins, different order types, and automatic trading. 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. The mobile version is responsive and intuitive with no lags.
Customer support at WesternFX
WesternFX claims to boast of a customer redressal mechanism to serve, assist, and guide new customers. 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.
The customer support can be reached using the following methods,
- Scheduling a callback
- Live Chat with the assistance
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.
Customer reviews about WesternFX
Reviews can help in understanding the current operational quality of the broker, it is important to look for “red flags” when investing especially if it’s an offshore broker. There were fewer reviews about the WesternFX and the score on Trustpilot was missing. Some of the obtained reviews are mentioned below.
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.
Another user with the profile name described his experience as “good” and claimed WesternFX had good service when it came to withdrawal and processing.
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. It also supports PAMM money management accounts. They have a curious mix of adaptive customer support and a hassle–free trading environment. 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.