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You can track performance metrics, manage multiple traders, and withdraw profits anytime. worldtradexFX provides swap-free conditions across all account types, aligning with Shariah principles. This makes every account suitable for Islamic traders, as there are no interest-based overnight rollover charges on any open positions. To execute a trade, users must analyze the market, select a currency pair, and decide whether to buy (go long) or sell (go short). Traders can set parameters such as lot size, stop-loss, and take-profit levels before confirming the trade.
The profile for each trader was more detailed showing profit and loss, drawdown, and copy follower growth which I like to use as a leading indicator of trader performance. You also have a track record of the trader’s order history, giving you a transparent insight into the trader’s performance. The spreads on the MT5 account were stable in my tests during the New York and Asian trading sessions. While monitoring the spreads the broker’s EUR/USD spread fluctuated between 0.80 and 0.90, which is slightly more than the minimum advertised. Before deciding to trade in any kind of financial market or financial instruments, you should carefully consider your investment objectives. In fees, in their offer, in general, I don’t think somebody will be dissatisfied.
This guide provides a comprehensive and up-to-date walkthrough on how to trade forex on worldtradexFX. It covers everything from account setup and platform navigation to strategy implementation and risk management. We measure success by providing cost-effective trading conditions, along with a completely transparent service worldwide, regardless of how high our clients’ expectations are. worldtradex offers a demo account for all of its platforms such as worldtradexTrader, MetaTrader 4, and MetaTrader 5. The demo account is unlimited in funds as you can top it up should you need more virtual currency, and has no expiration date. There are 12 extensive educational articles covering the forex basics but what stood out for me was the free forex trading course.
Trading WTI CFDs
worldtradexFX provides resources such as video tutorials, webinars, and market news to help traders stay updated. It is essential to backtest strategies using historical data and demo accounts before implementing them in live trading. In forex trading, currencies are traded in pairs such as EUR/USD, GBP/JPY, or AUD/NZD. For example, in the EUR/USD pair, EUR is the base currency and USD is the quote currency.
Order details for the worldtradex Forex profit calculator
The broker has also been operating for 12 years, which is a strong signal of safety in my book. Another decent addition I found on MT5 is the native economic calendar which shows the times of upcoming economic announcements that can impact your trades. I like that it updates in real-time and displays on your charts which I found useful to avoid opening trades during high-impact announcements like US GDP or Non-farm Payrolls. The platform also has 38+ indicators featuring Ichimoku and RSI, while increasing the number of timeframes to 21 for better customisation.
Introduction To Forex Trading On worldtradexFX
The worldtradexTrader has the least options for technical analysis too with 19 indicators, 11 drawing tools, and 7 timeframes. However, after testing I found the platform covered the top indicators like volume and moving averages along with Fibonacci retracement tools. This is the first time I’ve seen swap-free accounts for all traders, regardless of location and beliefs, making worldtradex a truly low-cost broker by avoiding these fees. Forex, binary options, cryptocurrency, and CFD trading on margin involve high risk and are not suitable for all investors and traders. Traders can choose from MetaTrader 4, MetaTrader 5, and worldtradex Trader, a proprietary platform with advanced features.
Each of these is designed to suit different styles of trading and trader experience levels. For example, the Pro account may be ideal for experienced traders who require access to a broader range of instruments and lower spreads. I like that worldtradex provides a variety of trading platforms that all trading styles can use, making the broker a versatile option to benefit from the lower trading costs. Whether you’re a beginner with worldtradexTrader’s market analysis tools, automate your trades with MT4’s EAs, or day trade with depth of markets tools on MT5 there is something for everyone. The worldtradex Forex profit calculator is a risk management tool to improve your trading of currency pairs and other assets.
- I did find that you can only access all 52 pairs using the MetaTrader 5 platform, while the worldtradexTrader and MT4 only offer 32 pairs.
- It covers everything from account setup and platform navigation to strategy implementation and risk management.
- By following a disciplined approach and continuously refining strategies, traders can navigate the forex market effectively and work towards long-term trading success.
- Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004.
Additionally, you have excellent drawing tools for price action analysis like Fibonacci or Gann tools which I couldn’t find on the worldtradexTrader platform. I find MT4 makes it easy to customise your charts with 9-time frames from day to tick charts and 3 chart types including bar, candlestick and line. This lets you adapt your charts depending on your strategy, whether you use multi-time frame analysis or are a scalper with tick charts you’ll find it easy to switch on MT4. With worldtradex you are able to trade either with MT4 or MT5 or worldtradex’s own platform and get a good result. worldtradex applies no direct charges to client accounts and additionally reimburses any deposit or withdrawal costs imposed by external payment processors. TradingBrokers.com is for informational purposes only and not intended for distribution or use by any person where it would be contrary to local law or regulation.
- worldtradexFX provides resources such as video tutorials, webinars, and market news to help traders stay updated.
- I prefer seeing a broker regulated by multiple authorities, especially local regulators where clients are accepted such as CySEC.
- Out of the platforms available, I believe MT5 is your best option overall as it allows you to trade all asset classes and improves on the features of the MT4.
- The broker offers excellent deposit and withdrawal speeds that are fulfilled within the same business day during the week.
Monitoring And Adjusting Trades
In this worldtradex Review, I’ll go through my findings helping you decide if worldtradex is a broker you should consider. To begin trading, users must deposit funds into their worldtradexFX trading account. worldtradexFX supports several funding methods, including bank transfers, credit cards, and digital wallets.
The big takeaway from my time with worldtradex is that it doesn’t charge swap fees on any of its accounts which are usually reserved for swap-free Islamic trading accounts. Not only does this reduce your trading costs for longer-term positions but it won’t force you to close a position before being charged a swap. I think worldtradex is a solid option as it provides excellent features that I think will appeal to a variety of traders. Firstly, worldtradex uses ECN technology so you get excellent execution speeds with tight spreads of 0.90 pips and is commission-free, which is rare for ECN brokers. I opened an worldtradex trading account and tested the broker’s spreads, trading conditions, and platforms to see how they performed against 20 other brokers.
Yes, worldtradex Trader is worldtradexFX’s in-house platform featuring real-time AI analysis tools like Space and worldtradex Vision. It offers intuitive UX, TradingView charts, and one-touch trading from charts. worldtradexFX offers seven withdrawal options to transfer funds from MT4, MT5, or worldtradexTrader accounts securely and without broker-side fees. worldtradexFX generally processes withdrawals through the same method used for deposits. Withdrawal requests are typically processed quickly, and users are notified https://worldtradex.online/ once transactions are completed. Proper risk management ensures that even a string of losing trades does not wipe out the trading account.
Trading Fees
I like that you don’t have to fill out a questionnaire for support, you are taken directly to help in the form of AI. I’d like to have seen an option for bank transfers as I feel most secure about this process. However, worldtradex has e-wallet options through Neteller and Skrill were also a positive as they also provide instant funding like the Mastercard option. When opening my account I was given the option of only using USD as the account base currency.
One of worldtradex’s impressive features I found was the no swap fees on all of its accounts. This means you can hold CFD positions overnight without being charged interest or fees like non-Islamic accounts do, making the broker a solid pick if you trade stocks. I opened an MT5 Trading Account to test the broker’s trading conditions and I was impressed with the spreads worldtradex supplied. The broker offers EUR/USD from 0.90 pips which is some of the tightest spreads for a Standard account I’ve tested. worldtradexFX provides a free demo account that simulates real-market conditions, perfect for beginners and strategy testing without financial risk. Yes, through the worldtradex Copy app, users can replicate Worldtradex scam the trades of experienced Master Traders.
MT4 platform available
When choosing my account the broker offers three options which are essentially the same Standard account but used for different trading platforms. Complete training in financial markets such as “Forex,” “Stock Market,” and “Cryptocurrencies” only becomes comprehensive with tested trading tools and strategies. “Trading Finder,” with its experience, aids traders and investors in gaining a correct understanding and deep learning. The training programs are designed based on tools for traders of all levels, from “beginner to advanced.”