What is Weastar Global Markets Ltd?
Weastar Global Markets Ltd is a newly established Japanese forex broker, registered in London, United Kingdom. The broker's website primarily provides investors with trading services for financial products such as forex, commodities, indices, precious metals, stocks, and cryptocurrencies. So, is Weastar Global Markets Ltd trustworthy? Investors are encouraged to read this review article before trading on the platform.
What is the background of Weastar Global Markets Ltd？
Weastar Global Markets Ltd is a company registered in the United Kingdom, founded on January 4, 2024, with its registered address at Flat 43 Perkins House, Wallwood Street, London, England, E14 7AH. According to the results of the UK company registration inquiry, it is detailed as Weastar Global Ltd, not Weastar Global Markets Ltd. This does not coincide with the broker's website introduction, suggesting that Weastar Global Markets Ltd might have misused another entity's registration information.
Additionally, Weastar Global Markets Ltd has a newly registered domain name dated January 2, 2024. As of the publication date, it has been established for less than two months.
Is Weastar Global Markets Ltd a regulated broker?
Weastar Global Markets Ltd claims to be regulated by the National Futures Association (NFA) in the United States, with a regulatory license number of 0561011. However, Weastar Global Markets Ltd is not authorized by the NFA and is not under its regulation. This discrepancy raises potential risks for trading with the broker.
The provision of false regulatory information by Weastar Global Markets Ltd may affect investors' trust in the broker. Investors should be extra cautious when choosing a trading platform, ensuring it is legitimately regulated and verifying the broker's claimed regulatory information to reduce potential trading risks.
Trading Products provided by Weastar Global Markets Ltd:
Weastar Global Markets Ltd primarily offers investors trading services for financial products such as forex, commodities, indices, precious metals, stocks, and cryptocurrencies. Here are the main features of Weastar Global Markets Ltd's trading products:
The forex market operates 24 hours a day, characterized by high liquidity and market transparency, supporting two-way transactions, with leverage ratios up to 100:1, and a minimum trading volume of 0.01 lots.
The commodities market also operates 24 hours a day, offering a diversified investment portfolio, low margin requirements, unspecified leverage, and a minimum trading volume of 0.01 lots.
The indices market offers a variety of indices, low spreads, fast order execution, supports two-way transactions, diversified investment portfolios, and a minimum trading volume of 0.01 lots.
As a haven asset, the precious metals market also operates 24 hours a day, characterized by high liquidity and market transparency, supports two-way transactions, with leverage ratios up to 100:1, and a minimum trading volume of 0.01 lots.
The stock market allows investment in high-quality companies, global asset allocation, high market transparency, supports two-way transactions, low trading thresholds, and a minimum trading volume of 0.01 lots.
The cryptocurrency market operates 24 hours, with low transaction fees, strong liquidity, supports two-way transactions, no delivery period, offering leverage trading, and a minimum trading volume of 0.01 lots.
Trading software provided by Weastar Global Markets Ltd:
Weastar Global Markets Ltd offers a proprietary trading platform named “TW,” compatible with iOS, Android, and Mac operating systems.
Pros and cons of the "TW" trading platform:
Weastar Global Markets Ltd's trading platform offers over 80 financial products including forex, commodities, stocks, indices, precious metals, and cryptocurrencies, ensuring liquidity and rapid execution. Users can display up to 100 charts simultaneously, utilize over 80 technical indicators and 40 analysis tools for market analysis and decisions, and customize trading strategies and indicators through the built-in MQL5 development environment. Furthermore, the platform supports leverage ratios up to 400:1, with a minimum trading volume of 0.01 lots.
The proprietary trading platform may face risks such as technical issues, security vulnerabilities, lack of third-party audits, and regulation challenges. These risks could lead to trading delays, data breaches, or more complex system failures, affecting trading efficiency and security. Users should carefully assess these potential risks before choosing to use the proprietary platform. Moreover, there's an inconsistency regarding the name of Weastar Global Markets Ltd's proprietary trading software, which is introduced as “TW” but mistakenly referred to as “MT”.
Account types offered by Weastar Global Markets Ltd:
Weastar Global Markets Ltd offers two types of accounts: ECN accounts and STP accounts.
Features of the ECN account:
- Trading platform: TRADINGWEB
- Spreads for all major currency pairs: 0.0 Pips
- Leverage range: from 50 to 500
- Server locations: London, New York, Tokyo
- Minimum trading volume: 0.01 Lots
- Currency pairs: Supported
- Index CFDs: Supported
- Maximum trading volume: 10000 Lots
- Stop-out level: 30%
- Minimum deposit: $500
Features of the STP account:
- Trading platform: TRADINGWEB
- Spreads for all major currency pairs: 1.8 Pips
- Leverage range: from 50 to 500
- Server locations: London, New York, Tokyo
- Currency pairs: Supported
- Index CFDs: Supported
- Minimum trading volume: 0.01 Lots
- Maximum trading volume: 10000 Lots
- Stop-out level: 30%
- Minimum deposit: $500
What is the minimum deposit for Weastar Global Markets Ltd?
The minimum deposit amount for Weastar Global Markets Ltd is $500. This means that investors need to deposit at least $500 to start trading on the platform.
Spreads and leverage of Weastar Global Markets Ltd:
The broker emphasizes offering low spreads, high leverage, and a variety of account types to meet the needs of different customers.
For the ECN account at Weastar Global Markets Ltd, attracting professional and high-frequency traders with zero spreads (0.0 Pips), offering almost raw market prices. While the STP account offers a spread of 1.8 Pips, more suitable for everyday traders and those who prefer stable spreads.
Regarding leverage, Weastar Global Markets Ltd offers clients a choice of leverage from 50 to 500, catering to different risk appetites and trading strategies. The maximum leverage offered by Weastar Global Markets Ltd is 1:500, exceeding the normal range for brokers. This leverage setting allows traders to adjust according to their financial condition and risk management strategy, but higher leverage also increases trading risks.
How to open an account with Weastar Global Markets Ltd?
To open an account with Weastar Global Markets Ltd, visit the official website and click “OPEN ACCOUNT”. Users are required to fill out a registration information form, with the registration interface supporting multiple languages. During the registration process, you can choose between two different account types: STP ACCOUNT or ECN ACCOUNT, determined by your trading needs and the minimum deposit requirement.
What are the related reviews on Weastar Global Markets Ltd?
Reviews on Weastar Global Markets Ltd indicate some potential risks with the company. Its regulatory status in the United States is questionable as it claims to be regulated by the NFA, yet it has not been authorized. Additionally, the company's business scope exceeds the limits set by the NFA, increasing the risk for investors trading with the company.
Weastar Global Markets Ltd does not offer MT4 or MT5 trading software, which could inconvenience traders. Overall, Weastar Global Markets Ltd carries certain trading risks, advising investors to remain vigilant and conduct thorough research before investing.
Customer support:
Customer support options for Weastar Global Markets Ltd are relatively limited, mainly through email contact. Investors can further contact the broker by sending emails to info@weastartop.com. This support method only offers one way to communicate with the platform, with potential limitations such as inability to communicate in real time, delayed responses, etc.
Conclusion:
Weastar Global Markets Ltd is a newly established Japanese forex broker, offering a variety of financial trading products including forex, commodities, indices, precious metals, stocks, and cryptocurrencies. However, the authenticity of its company registration information is questionable, and the broker has not been authorized by the NFA, thus trading with the company may carry higher risks. In addition, the proprietary trading platform "TW" of Weastar Global Markets Ltd faces technical security vulnerabilities and lacks third-party audits and regulation.
Currently, Weastar Global Markets Ltd is marked as "Suspected of Fraud" on Traderknows.
