On-line since: About the company: WSI is a Forex and CFD broker, offering trading on the MetaTrader5 platform. If you are considering opening an account with this broker, we recommend you to read our review first.
Company. Security of funds WSI belongs to Wave&Soros International Ltd, registered in Saint Vincent and the Grenadines. The broker claims its activity is supervised and regulated by the authorities of Saint Vincent and the Grenadines. However, the Financial Services Authority (FSA) of Saint Vincent and the Grenadines recently warned in a statement that it does not issue any licenses for forex or binary options trading and does not regulate, supervise or license international companies engaged in such activities. Besides, the FSA cautions that there are financial institutions that falsely claim they are registered or licensed by the institution. All that makes us very suspicious about the WSI activity. The license is crucial for the safety of any investment. Many licensing authorities require brokers to keep all clients funds in a segregated account, which means the company will not be able to use clients’ investments for its own purposes.
Trading conditions WSI offers near 53 currency pairs and several CFDs on gold, silver, oil and 10 indices. The broker uses STP technology. Minimum initial deposit The minimum deposit required to open an account with WSI is $100. That is an average amount on the market. However, if you are not ready to invest such sum of money, in our rating you will find brokers who provide trading from $1.
Spreads and commissions WSI says their spreads start from zero. However, the minimum spread is estimated at 0.3-0.4 pip on the demo account. To this, you still need to add a broker commission of $2.4 for a standard lot. Thus, for the popular EUR/USD pair, spreads start at 0.6 pip.
Leverage The maximum leverage WSI offers is up to 1:500, and that is more than enough to accommodate any trading strategy. A high leverage can help traders with smaller deposits get a good profit. Generally, experienced traders rarely use leverage of more than 1:100, as higher leverage comes with higher risk. Use leverage with extreme caution! Trading platforms MetaTrader4 was created by MetaQuotes. The platform has all the functionalities needed, including the option to run automated trading sessions with the help of specially designed trading bots or advisors. The only disadvantage is that some algorithms compiled for MT4 are not compatible with MT5, the next company’s development. To date, MT4 is the most popular platform in the industry used by 90% of all traders.
Promotions/Bonuses Traders can increase the size of their account using the Bonus on Deposit. The bonus cannot be withdrawn but can be used in trading. The maximum bonus amount is $500.
Support service The support works 24/5. Despite the broker’s loud statements that specialists are ready to help traders at any time of the day, we did not find a phone number for communication. The company offers a form for feedback and e-mails.
Payment options With WSI you can deposit or withdraw funds with e-wallets such as Neteller and Fasapay and wire transfers. However, you can’t use Visa or MasterCard.
Advantages:
Disadvantages:
1/10
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Since the beginning of joining WSI because of the low deposit and the many benefits they offer. But the bonuses they offer are very difficult to get even though from the beginning they offer quite profitable bonuses. The terms and conditions are quite complicated so it is difficult for me to get what I expect from WSI. I hope they can provide clear information and easy-to-understand terms.
In my point of view, WSI is such a great broker and whoever especially newbies are highly recommended to try WSI and they will never let you down. The trading platform is easy to use and very well managed. In fact, I have been using the services for almost 1 year and not much issue. Last week, I have made a withdrawal via wire transfer and it is fast and quick which normally took less than 3 days to get money credited into a bank account. The spread offered is extremely fair and quite affordable and mostly, it is consistent for most favourable pairs such as EUR/USD and USD/JPY. Besides, I am also involved in a referral program to invite other traders while at the same time I can make some additional income normally range of $80 per week. Thanks WSI
WSI Forex is not perfect broker for me. Slow fund deposit, takes up to seven working day. Constant price spike and big stop order slip. I have once stopped out 98 pips beyond my stop order and push my account to negative balance. And the worst they refused to credit back the money I lost.
I tried the demo account they provide, and I was quite interested in opening a real account. And a week later I managed to open an account, and I have been trading with them for 4 months without any complicated problems. However, I am quite satisfied with their responsive service, so I don't have to wait long. I have already earned about $1000 on my initial deposit of $100. The proven strategies that they provide, gives me good results and they also give me ease for withdrawal.
I've disappointed with the WSI Forex, AS their MT4 platform performance is bad and I can't automate trading by an EA. My trading hung for a few hours without notification during rush trading hours. If I have some open positions, then It could be unable to close. Which make me $400 lost so far. Even I can't withdraw my money via Skrill. I say avoid WSI Forex broker.
You should also start a trading account at WSI Forex! This broker turned out to be so much better than I expected. All their trading platforms are very easy to use and I never had once experienced any slippage. They are true to their values and they really proved that they provide services that would favor their clients.
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