Overview of WEEX
WEEX is a forex broker based in Hong Kong. It was established within the past 1-2 years and is currently not regulated. The minimum deposit required to open an account is $10, and the maximum leverage offered is 1:100. WEEX offers a wide range of tradable assets, including forex, cryptocurrencies, stock indices, commodities, stocks, precious metals, and energy, with spreads starting from 0.0 pips through MT5 trading platform. There are five different account types available: Standard, Cents, Bare Spot, Zero Point, and Pioneer. Customer support can be contacted via email. Deposit and withdrawal transactions are supported through various payment methods.
Is WEEX legit or a scam？
When assessing the legitimacy of a broker, it is crucial to consider their regulation by reputable authorities. Please note that WEEX is not authorized or regulated by any reputable regulatory agencies. This lack of regulation makes it unsafe to engage in trading activities with this broker. It is highly recommended to avoid this broker altogether due to their anonymous operations and the potential risk of disappearing without notice. To protect your funds and ensure their security, it is essential to exercise extreme caution when dealing with unregulated brokers. Conducting thorough due diligence and research before making any investment decisions is crucial in order
to safeguard your financial interests.
Pros and Cons
WEEX has several advantages as well as some drawbacks. On the positive side, it offers a wide range of tradable assets, allowing traders to access various markets and diversify their investment portfolio. Additionally, the low minimum deposit requirement of $10 makes it accessible for traders with limited funds to start trading. The high maximum leverage of up to 1:100 can be appealing to experienced traders looking for potential higher returns. Furthermore, the variable spreads starting from 0.0 pips provide competitive pricing for trades. WEEX also offers multiple account types, giving traders the flexibility to choose an account that suits their trading preferences. Moreover, the availability of the popular MetaTrader5 trading platform allows for a user-friendly and feature-rich trading experience.
However, there are some drawbacks to consider. One notable disadvantage is that WEEX is not regulated. This lack of regulation raises concerns about the safety and security of trading with this broker. Another limitation is the limited customer support options provided, as the only available contact method is through email. This may result in slower response times and limited assistance for traders.
Market Instruments
WEEX advertises that it offers a diverse range of trading instruments in financial markets, including CFDs in forex, cryptocurrencies, stock indices, commodities, stocks, precious metals, and energy.
1. CFDs in Forex: WEEX allows you to trade Contracts for Difference (CFDs) in the foreign exchange market. This means you can speculate on the price movements of currency pairs such as EUR/USD, GBP/USD, or USD/JPY, without actually owning the underlying currencies.
2. Cryptocurrencies: WEEX offers CFD trading on cryptocurrencies, enabling you to trade popular digital currencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others. With CFDs, you can take advantage of price fluctuations in cryptocurrencies without needing to own them.
3. Stock Indices: WEEX provides the opportunity to trade CFDs on major stock indices worldwide. This includes popular indices like the S&P 500, Dow Jones Industrial Average, NASDAQ Composite, FTSE 100, DAX 30, Nikkei 225, and many others.
4. Commodities: WEEX allows you to trade CFDs on a wide range of commodities, including precious metals, energy products, and agricultural commodities. Precious metals such as gold, silver, platinum, and palladium are available for trading.
5. Stocks: WEEX provides access to CFD trading on a variety of stocks listed on major stock exchanges worldwide. You can trade CFDs on popular stocks from companies such as Apple, Amazon, Google, Microsoft, Tesla, and many others.
6. Precious Metals: In addition to trading precious metals through CFDs, WEEX offers the option to trade physical precious metals such as gold, silver, platinum, and palladium. This allows you to buy and sell actual physical metals, typically stored in secure vaults, providing you with exposure to these commodities.
7. Energy: Apart from energy commodities available for CFD trading, WEEX provides the option to trade physical energy products such as oil and natural gas.
Before engaging in any trading activity, it's recommended to carefully consider your investment goals, risk tolerance, and familiarize yourself with the specific terms and conditions provided by WEEX.
Account Types
WEEX offers five live trading accounts for its clients: Standard, Cents, Bare Spot, Zero Point, and Pioneer. Each account has different features and requirements. Here is the table:
It's important to note that the minimum initial deposit amounts and specific features of each account type are subject to change and may vary over time. Therefore, it is recommended to verify the current requirements and features directly with WEEX before opening an account.
How to Open an Account？
To open an account on Weex, an online investment platform, you can follow these steps:
1. Visit the Weex website: Go to https://www.weex.fund/ in your web browser.
2. Sign up: Look for an “Open a real account” button on the website's homepage. Click on it to start the registration process.
3. Provide personal information: You will be asked to provide your personal information, including your full name, email address, and phone number.
4. Complete the registration form: Once your email is verified, you will be directed to a registration form. Fill in the required information, which may include your date of birth, residential address, nationality, and employment details.
5. Set up a password: Choose a strong password for your Weex account. Make sure it meets the platform's security requirements, typically including a mix of uppercase and lowercase letters, numbers, and special characters.
6. Agree to terms and conditions: Read the terms and conditions of Weex carefully and accept them if you agree with the platform's policies.
7. Account verification: Weex may require you to verify your identity for regulatory purposes. This usually involves submitting certain identification documents, such as a passport or driver's license, and potentially some additional documentation like proof of address. Follow the instructions provided by Weex to complete the verification process.
8. Fund your account: Once your account is approved and verified, you can proceed to deposit funds into your Weex account.
Leverage
WEEX offers its clients flexible leverage options for all investment products, ranging from 1:1 to 1:100. It's important to note that leverage can amplify both gains and losses in trading. While higher leverage can potentially lead to higher profits, inexperienced traders are advised to exercise caution and avoid using excessively high leverage.
Leverage allows traders to control larger positions with a smaller amount of capital. For example, with 1:100 leverage, a trader can control a position worth $10,000 with a deposit of just $100. While this can amplify potential profits, it also increases the risk of losses. If the market moves against the trader's position, losses can exceed the initial investment. Considering the risks involved, it's crucial for traders, especially those new to trading, to use leverage judiciously.
Spreads & Commissions
The spreads and commissions at WEEX are influenced by the type of accounts held by traders. Here is an enhanced description of the spread and commission details for each account type:
1. Standard or Cents Account:
- Spread: The spread on the Standard or Cents account starts from 0.3 pips. This means that the difference between the bid and ask price for tradable instruments can be as low as 0.3 pips.
- Commission: WEEX charges 0 commission for trades executed on the Standard or Cents account. This means that traders are not required to pay any additional fees for each trade.
2. Bare Spot Account:
- Spread: The Bare Spot Account offers raw spreads from 0.0 pips. This means that the spread on tradable instruments can be as low as 0.0 pips, offering traders tighter pricing.
- Commission: For the Bare Spot Account, WEEX charges a commission of up to $3.5 per lot per side. This means that traders are required to pay a commission fee for each lot traded on both the buy and sell side.
3. Zero Point Account:
- Spread: The Zero point account provides 0 point difference trading for the top 30 varieties.
- Commission: On the Zero point account, WEEX charges a minimum commission of $0.1 per lot per side. Traders are required to pay this commission fee for each lot traded on both the buy and sell side.
4. Pioneer Account:
- Spread: The Pioneer account offers spreads starting from 0.1 pips. This means that traders on the Pioneer account can experience tighter spreads compared to the Standard or Cents account.
- Commission: WEEX does not charge any handling fee or commission for trades executed on the Pioneer account.
Trading Platform Available
When it comes to trading platforms available, WEEX gives traders two choices: MT5 PC and MT5 Mobile. The MT5 is known as one of the most successful, efficient, and competent forex trading software, offering 31 charting tools, 30 technical indicators, position indicators, technical parameters, and others. With the MT5, traders can use the programming language (MQL5) to create their own custom indicators, scripts, and function libraries, or even Expert Advisors (EAs). While with MT5 Mobile, trading can be done from anywhere and at any time through the right mobile terminals including iOS and Android.
Deposit & Withdrawal
WEEX supports a variety of payment methods, including Bitcoin, bankcard, Bitake, China UnionPay, FlashEx, Skrill, Neteller, otc365, Perfect Money, SticPay, Tether, and Webmoney. The minimum deposit amounts vary depending on the payment method, ranging from $350 for FlashEx to $10 for other methods. For withdrawals, the minimum amounts are $500 for FlashEx, $100 for Tether, $85 for otc365, $10 for Bitcoin and Skrill, $4 for Neteller, $3 for bankcard, $2 for Perfect Money, and $1 for SticPay and Webmoney.
The processing time for deposit requests is typically instant for most payment methods, except for Bitcoin and Tether, which may take up to 72 hours. Withdrawals via Bitcoin, bankcard, and Tether also have a processing time of up to 72 hours. Withdrawals using Bitake and China UnionPay do not specify a processing time, while other withdrawals are generally instant.
Customer Support
WEEX's customer support can be contacted through email at offical@weex.fund. However, it's worth noting that WEEX does not disclose other direct contact information such as telephone numbers or a company address, which is commonly provided by most brokers.
Conclusion
In conclusion, WEEX offers a wide range of tradable assets, low minimum deposit requirement, high maximum leverage, variable spreads, multiple account types, and the popular MetaTrader5 trading platform. However, it is important to note that WEEX is not regulated, which poses a risk to traders. Additionally, the limited customer support options and lack of comprehensive educational resources are potential drawbacks. Traders should carefully consider these factors and conduct thorough research to make informed decisions about trading with WEEX, ensuring the safety of their funds and overall trading experience.
FAQs
Q: Is WEEX a regulated broker？
A: No, WEEX is not regulated by reputable regulatory agencies.
Q: What trading instruments does WEEX offer？
A: WEEX offers a wide range of trading instruments, including CFDs in forex, cryptocurrencies, stock indices, commodities, stocks, precious metals, and energy products.
Q: What are the different account types offered by WEEX？
A: WEEX offers five live trading accounts: Standard, Cents, Bare Spot, Zero Point, and Pioneer.
Q: What trading platforms are available on WEEX？
A: WEEX offers two trading platforms: MT5 PC and MT5 Mobile.
Q: What payment methods are supported by WEEX？
A: WEEX supports various payment methods, including Bitcoin, bankcard, Bitake, China UnionPay, FlashEx, Skrill, Neteller, otc365, Perfect Money, SticPay, Tether, and Webmoney.
Q: How can I contact WEEX's customer support？
A: WEEX's customer support can be contacted through email at official@weex.fund.
