General Information & Regulation
WaysTrade, a trading name of Waystrade (SV) Ltd, presents itself as a global forex brokerage firm established in 2010 and registered in Saint Vincent and the Grenadines with the registration number 1372 LLC 2021. The broker claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:500 and variable spreads from 0.3 pips on the Web Trader and MT5 for desktop, iOS and Android trading platforms, as well as a choice of three different live account types and 24/5 customer support service. Here is the home page of this brokers official site:
As for regulation, it has been verified that WaysTrade does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.19/10. Please be aware of the risk.
Market Instruments
WaysTrade advertises that it offers access to a wide range of trading instruments in financial markets, including forex, metals, future indices, commodities, shares, spot indices and commodities, as well as 27 cryptocurrencies.
Account Types
Apart from demo accounts, WaysTrade claims to offer three types of trading accounts, namely Standard, ECN and ECN Pro. The minimum initial deposit amount is $/€100 for the Standard account, while the other two account types have much higher minimum initial capital requirements of $/€1,000 and $/€5,000 respectively.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Standard account can experience leverage of 1:400, while the ECN and ECN Pro account can experience leverage of 1:200. However, the brokers website advertises on its home page that the maximum leverage is capped at 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
WaysTrade claims that different account types can enjoy quite different spreads. Specifically, the spread on the Standard account starts from 1 pip, the ECN account has spread from 0.8 pips, while only the ECN Pro account holders can enjoy the tightest spreads from 0.3 pips.
Trading Platform Available
Platforms available for trading at WaysTrade are Web Trader and MT5 for desktop, iOS and Android. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
From the logos shown at the foot of the home page on WaysTrades official website, we found that this broker seems to accept numerous means of deposit and withdrawal choices, consisting of Wire Transfer, Skrill, Perfect Money, PayPal, Citibank, Bitcoin, etc. The minimum deposit requirement is $100, while there is no mention of what the minimum withdrawal amount is.
Customer Support
WaysTrades customer support can be reached by telephone: +357-95902295, email: support@waystrade.com, live chat or send messages online to get in touch. You can also follow this broker on social networks such as Twitter, Facebook, Instagram, Telegram and WhatsApp. Company address: Suite305, Griffith Corporate Center, Beachmont, Kingstown, St.Vincent and the Grenadines.
Risk Warning
Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
