According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $25
- MetaTrader5
Our Evaluation of WesternFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
WesternFX is a moderate-risk broker with the TU Overall Score of 5.29 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by WesternFX clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
WesternFX offers various income options, including active trading, passive investment, and partnership. Yet, due to the absence of cent accounts and increased spreads on STP accounts, its conditions are more suitable for experienced traders.
Brief Look at WesternFX
WesternFX is an STP and ECN broker. It has been operating on financial markets since 2013, is registered by SVG FSA (Financial Services Authority | St. Vincent and the Grenadines), and conducts its activities in line with international legislation and regulation standards. WesternFX offers trading currency pairs and CFDs on stocks, indices, and commodities with high leverage. The broker provides analytical and technical support, offers education, and allows passive strategies.
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- Availability of ECN, STP, and demo accounts;
- The minimum deposit for the Standard account is $25;
- Leverage for currencies, indices, metals, and commodities is up to 1:500;
- Bonuses for new and existing clients, as well as occasional bonuses for partners, are available;
- Possibility to invest in PAMM and managed accounts;
- 24/5 technical support is available via telephone and online;
- Partnership programs for retail clients and brokerage companies.
- Spreads are higher than those of the broker’s competitors;
- Cent accounts are not available;
- Limited choice of assets. There are no cryptocurrencies, agricultural products, platinum, palladium, or U.S. and EU stocks.
TU Expert Advice
Author, Financial Expert at Traders Union
WesternFX offers trading Forex, stock indices, commodities, and metals through the MetaTrader 5 platform. With Standard, Prime, VIP, ECN, and Zero Spread accounts, traders can access leverage up to 1:500. The broker supports both demo and live account types, with a minimum deposit of $25. Analytical tools, educational resources, and passive investment options through PAMM and managed accounts enhance the trading experience. 24/5 client support is available via phone and online channels.
However, WesternFX has certain drawbacks, such as higher-than-average spreads and a limited range of tradable assets, notably lacking cryptocurrencies and U.S. or EU stocks. Additionally, the absence of Tier-1 regulatory oversight may concern risk-averse traders. Consequently, while its conditions may appeal to experienced traders who can manage wider spreads, beginners or those focused on a diverse asset range may seek alternatives.
WesternFX Trading Conditions
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. WesternFX Ltd and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | MetaTrader 5 |
|---|---|
| 📊 Accounts: | Demo, Standard, Prime, VIP, ECN, and Zero Spread |
| 💰 Account currency: | USD |
| 💵 Deposit / Withdrawal: | Bank transfers, bank cards, Neteller, Payza, UnionPay, Perfect Money, FasaPay, and a deposit from an account with another broker |
| 🚀 Minimum deposit: | $25 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | 0,2 pips |
| 🔧 Instruments: | Forex and CFDs on metals, indices, stocks, and energies |
| 💹 Margin Call / Stop Out: |
Stop out: 10% on Standard and Prime; 20% on VIP, ECN, and Zero Spread |
| 🏛 Liquidity provider: | Barclays, JPMorgan, Citibank, UBS, Deutsche Bank, and other large banks |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market |
| ⭐ Trading features: | Copy trading, investment in Managed accounts, and EAs are available |
| 🎁 Contests and bonuses: | Demo Contest, 20% Rescue Bonus, etc. |
WesternFX clients can trade currency pairs and CFDs on stock indices, commodities, stocks, and metals. Market order execution and variable spreads apply to all account types. Leverage is up to 1:100-1:500 subject to the account type. The minimum trade size is 0.01 lot. Up to 100 trades can be opened on one account at once. Five-digit quotes are broadcast. The broker offers demo and live accounts.
WesternFX Key Parameters Evaluation
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Trading Account Opening
To sign into your WesternFX user account, register on the broker’s official website by doing as follows:
To start the account opening procedure, click the “Open Live Account” button.
Provide your first and last names, date of birth, country, and current residence address. Choose the account type and provide your email and phone number. Make a password to your user account and enter it twice. Confirm your email by clicking the link sent to you.
In WesternFX’s user account traders can:
Additional features of WesternFX’s user account that allow traders to:
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Open demo or additional live accounts;
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Pass verification;
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Transfer funds between MT5 accounts and submit withdrawal requests;
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Open master accounts for managers and connect to available PAMM accounts for investors;
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View trading history, including the list of orders, opening/closing price, stop loss, take profit, spreads, swaps, and profits;
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Register for webinars and view the economic calendar, analytics, and trading hours of exchanges.
Regulation and safety
WesternFX has a safety score of 3.7/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Is regulated
- Not tier-1 regulated
- No negative balance protection
- Track record of less than 8 years
WesternFX Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
 SVG FSA |
Financial Services Authority of St. Vincent and the Grenadines | St. Vincent and the Grenadines | No specific fund | Tier-3 |
WesternFX Security Factors
| Foundation date | - |
| Negative balance protection | No |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker WesternFX have been analyzed and rated as Medium with a fees score of 6/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- Tight EUR/USD market spread
- No inactivity fee
- No deposit fee
- Above-average Forex trading fees
- Withdrawal fee applies
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of WesternFX with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, WesternFX’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
WesternFX Standard spreads
| WesternFX | Pepperstone | OANDA | |
| EUR/USD min, pips | 1,4 | 0,5 | 0,1 |
| EUR/USD max, pips | 1,6 | 1,5 | 0,5 |
| GPB/USD min, pips | 1,9 | 0,4 | 0,1 |
| GPB/USD max, pips | 2,3 | 1,4 | 0,5 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
WesternFX RAW/ECN spreads
| WesternFX | Pepperstone | OANDA | |
| Commission ($ per lot) | 3,0 | 3 | 3,5 |
| EUR/USD avg spread | 0,2 | 0,1 | 0,15 |
| GBP/USD avg spread | 0,3 | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with WesternFX. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
WesternFX Non-Trading Fees
| WesternFX | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | From 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
WesternFX provides STP and ECN execution models. Five account types are available for active trading, while PAMM and Managed accounts are available for passive investment. Each account type has unique trading conditions, so novice traders and professionals can choose the best option for them. Account specification is provided on the broker’s official website, but fees per lot are only known when trading with real funds.
Account types:
The broker also offers a demo account with virtual funds to practice trading. It can be opened on both desktop and mobile platforms.
WesternFX provides a comfortable trading environment and supports traders with education and market analysis.
Deposit and withdrawal
WesternFX received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
WesternFX offers limited payment options and accessibility, which may impact its competitiveness.
- No deposit fee
- Bank wire transfers available
- Bank card deposits and withdrawals
- Minimum deposit below industry average
- Wise not supported
- Withdrawal fee applies
- Only major base currencies available
What are WesternFX deposit and withdrawal options?
WesternFX offers a limited selection of deposit and withdrawal methods, including Bank Card, Bank Wire. This limitation may restrict flexibility for users, making WesternFX less competitive for those seeking diverse payment options.
WesternFX Deposit and Withdrawal Methods vs Competitors
| WesternFX | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | No | No | No |
What are WesternFX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. WesternFX supports the following base account currencies:
What are WesternFX's minimum deposit and withdrawal amounts?
The minimum deposit on WesternFX is $25, while the minimum withdrawal amount is $1. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact WesternFX’s support team.
Markets and tradable assets
WesternFX offers a limited selection of trading assets compared to the market average. The platform supports 53 assets in total, including 33 Forex pairs.
- Copy trading platform
- Indices trading
- Crypto trading
- Futures not available
- Bonds not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by WesternFX with its competitors, making it easier for you to find the perfect fit.
| WesternFX | Plus500 | Pepperstone | |
| Currency pairs | 33 | 60 | 90 |
| Total tradable assets | 53 | 2800 | 1200 |
| Stocks | No | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products WesternFX offers for beginner traders and investors who prefer not to engage in active trading.
| WesternFX | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | Yes | Yes | Yes |
| Copy trading | Yes | No | Yes |
| PAMM investing | Yes | No | Yes |
| Managed accounts | Yes | No | No |
Customer support
WesternFX provides support to traders 24/5 when the Forex market is open. The communication language is English or Chinese.
Advantages
- Clients and non-registered users can contact support
- Technical support is available 24/5
Disadvantages
- Traders can’t contact technical support on weekends
- Communication in Telegram, WhatsApp, and other messengers is not available
Available communication channels are:
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Live chat on the website;
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Phone numbers provided on the official website;
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Email;
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Skype;
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Feedback form.
After submitting the feedback form, a WesternFX representative will contact you within 24 hours by email or phone.
Contacts
| Registration address | Western Group Inc, Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines, Central America |
|---|---|
| Official site | https://westernfx.com/ |
| Contacts |
Education
On the WesternFX website, there is a separate section for novice traders with main Forex terminology, trading strategies, and risk management rules. Broker’s clients can attend educational webinars for free.
Another educational tool offered by WesternFX is a demo account. It is funded with virtual money, which prevents the loss of even small real amounts if a trade is losing.
Comparison of WesternFX with other Brokers
| WesternFX | Eightcap | XM Group | RoboForex | Pocket Option | Octa | |
| Trading platform |
MetaTrader5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | MetaTrader4, MetaTrader5, OctaTrader |
| Min deposit | $25 | $100 | $5 | $10 | $5 | $25 |
| Leverage |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:40 to 1:1000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | 10.00% | No | No |
| Spread | From 1 point | From 0 points | From 0.8 points | From 0 points | From 1.2 point | From 0.6 points |
| Level of margin call / stop out |
4% / 10% | 80% / 50% | 100% / 50% | 60% / 40% | 30% / 50% | 25% / 15% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | No | No |
Detailed Review of WesternFX
WesternFX offers liquidity from large banks and Forex market participants of different levels. Its clients can use free market analysis, bonus programs, functional trading platforms, fast order execution, and 24/5 support. The broker supports instant payments, including fee-free, provides favorable partnership conditions, and doesn’t charge maintenance fees.
WesternFX by the numbers:
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10+ years of experience in financial markets;
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Bonuses up to $2,000 per client;
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10 payment methods are available.
WesternFX offers classic Forex trading
WesternFX provides for trading 32 currency pairs, 6 stock indices, gold, natural gas, and oil with a 5% margin. The margin for CFDs on U.S. stocks is 5%-10% and leverage is up to 1:100. Minimum spreads on currency pairs are 1.4 pips, on metals — 3.4 pips, and on indices, energies, and stocks — 3.2 pips. Bonus offers and leverage up to 1:500 are provided on account types with no trading fees. Personal managers are assigned to accounts with deposits from $500. They consult on trading conditions or help with delays in the broker’s payment orders.
WesternFX offers mobile versions of MetaTrader 5 for iPhone, iPad, and Android-based devices. Desktop MT5 for Windows and MacOS is for more advanced technical analysis and placing extended order types.
Useful services offered by WesternFX:
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Market analysis is available in the format of price charts and video reviews from the broker’s experts;
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The Forex market schedule for holidays with the time of early closing of trading sessions is provided;
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Economic calendar that can be adjusted for local time and financial instruments interesting to traders is available;
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Free educational webinars for novice and experienced traders are held.
Advantages:
Wide range of account types with different conditions;
Analytics are broadcast as texts and videos;
Withdrawal requests are approved within 1 business day;
Payment providers with different fees and processing speeds are available;
Money is credited instantly when using electronic payment systems.
The broker offers MetaTrader 5 which allows its clients to earn on independent trading, copy trading, and investing in PAMM accounts.
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