WhoTrades Review 2020

WhoTrades Rated 3/5
learn more Learn more about eToro. 75% of retail investor accounts lose money when trading CFDs with this provider.

WhoTrades Guide

WhoTrades are an online broker founded in 2006 offering Forex trading, and Social Trading trading.

WhoTrades are a global broker and have a head office in Cyprus.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of WhoTrades we break down the pros and cons. What WhoTrades are able to offer, what countries WhoTrades are available in. Who WhoTrades are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Benefits of trading with WhoTrades

Open WhoTrades's Website

Losses can exceed deposits

At the bottom of this review you can also learn about some pretty good alternatives to WhoTrades

With this review we hope to help you see if WhoTrades is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding WhoTrades that will help you get off to a good start in the world of online trading.

WhoTrades Review Table of Contents

WhoTrades what you should know

WhoTrades offer two ways to trade: Forex, Social Trading.

With WhoTrades you will need a minimum deposit of $100. You can sign up for a demo account to acquaint yourself with WhoTrades platform.

WhoTrades are able to accommodate various levels of traders whether you are experienced or a beginner.


Are WhoTrades safe?

When choosing a broker like WhoTrades the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2006, and in operation for 14 years WhoTrades have a head office in Cyprus.

WhoTrades is regulated. This means WhoTrades are supervised by and is checked for conduct by the Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC) regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to WhoTrades, this will be honored. If WhoTrades violate any regulatory rules their regulated status could be stripped.

Any payments funded to WhoTrades accounts by traders are held in a segregated bank account.

For added security WhoTrades use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Try creating two accounts when you are working with WhoTrades. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit WhoTrades

Losses can exceed deposits

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Broker WhoTrades eToro XTB Trading212
Year Established 2006 2006 2002 2006
Head Office Cyprus Cyprus, UK Poland UK
Regulation Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC) Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego Financial Conduct Authority (FCA), Financial Supervision Commission (FSC)
Used By 10,000+ 12,000,000+ 250,000+ 14,000,000+
Negative balance protection No Yes Yes
Guaranteed Stop Loss No No Yes
Learn More Visit WhoTrades Visit eToro Visit XTB Visit Trading 212
Risk Warning Losses can exceed deposits 75% of retail investor accounts lose money when trading CFDs with this provider. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

WhoTrades Pros and Cons

What we like about WhoTrades

  • Used by over 10,000 traders
  • Established in 2006
  • Regulated by Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC)
  • Min. deposit from $100

What we don't like about WhoTrades

WhoTrades Financial Regulation and Supervision in more detail

We have checked and WhoTrades is regulated and supervised by reputable organisations. You are able to check every WhoTrades supervisory and regulatory body given below. Regulation gives you some recourse for those who have issues with WhoTrades. Regulatory authorities protect the traders with things like reimbursement schemes that regain the client's investment in the event the broker becomes insolvent.

The brokerage firms have to comply with a variety of rules and criteria determined by the recognized international authority with the intention to provide secure trading and stay licensed. The whole notion of regulation is to protect WhoTrades traders and provide a safe trading environment.

WhoTrades is governed and supervised by reputable financial regulatory bodies. Regulatory bodies monitor the behavior of the brokers and if things go wrong they will take necessary action. Before trading online with a broker such as WhoTrades you should be sure they're legitimate online agent.

WhoTrades General Fees

  • WhoTrades withdrawal fees varies on payment method
  • WhoTrades does charge inactivity fees
  • WhoTrades does charge deposit fees
Broker WhoTrades eToro XTB Trading212
Min Deposit 100 200 0 1
Withdrawl Fees 0.12%- 2% Yes varies No
Inactivity Fees Yes Yes No No
Deposit Fees Varies No No No
CFD Commission Fees 5%- 6% No Yes No

WhoTrades Commissions

  • WhoTrades does charge commission on CFD instruments.

What can you trade with WhoTrades?

You can trade a wide variety of instruments with WhoTrades over 100 instruments infact.

If you are looking at trading currency pairs WhoTrades offer over 15 currency pairs.

Compare WhoTrades with eToro and XTB below.

Losses can exceed deposits

Broker WhoTrades eToro XTB Trading212
Instruments Available 100 100 1,500 3000
Platforms Mac, Mirror Trader, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps
FX / Currencies Visit WhoTrades Visit eToro Visit XTB Visit Trading 212
Forex pairs offered 15 50 50 177
Major forex pairs Yes Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies No Yes Yes Yes
Commodity CFDs Visit WhoTrades Visit eToro Visit XTB Visit Trading 212
Commodities Offered 0 0 21 14
Metals Yes Yes Yes Yes
Energies Yes Yes Yes Yes
Agricultural No Yes Yes Yes
Indiced & Stock CFDs Visit WhoTrades Visit eToro Visit XTB Visit Trading 212
Stocks Offered 957 1696 1731
UK Shares No Yes Yes Yes
US Shares Yes Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares Yes Yes Yes Yes

Trading on WhoTrades web platforms and other applications

WhoTrades offer a user-friendly custom trading platform, available as a browser based web application. If you would rather see a comparison of MT4 brokers, you can so here.

An WhoTrades IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

WhoTrades also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See WhoTrades's platforms

WhoTrades Trading benefits :

  • Allows hedging
  • Low min deposit

WhoTrades Trading Accounts Offered :

  • Demo account
  • Standard account
  • ECN account

Can I try WhoTrades before I buy?

WhoTrades offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

WhoTrades withdrawl and funding methods.

WhoTrades offer the below funding payment methods. learn more about WhoTrades

  • Credit cards
  • Bank Transfer
  • Skrill
  • Neteller
Broker WhoTrades eToro XTB Trading212
Bank transfer Yes Yes Yes Yes
Credit Cards Yes Yes Yes Yes
Paypal No Yes Yes Yes
Skrill Yes Yes Yes Yes
Payoneer Yes Yes No
Neteller Yes Yes Yes No

How can I start trading with WhoTrades?

When opening a trading account with WhoTrades, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on WhoTrades trading platforms here.

Performing trades with WhoTrades

WhoTrades allow you to execute a minimum of trade of 1 Lot. This may vary depending on the account you open. WhoTrades allow you to execute a maxium trade of 25 lot. As WhoTrades offer ECN execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. ECN accounts will come with a commission and are more favoured by traders who implement high volume strategies, for example scalpers and automated trading.

As with most brokers, margin requirements do vary depending on the instruments.

Education resources at WhoTrades

To trade effectively with WhoTrades, it's important to get a have a good understanding of the WhoTrades trading tools and the markets.

WhoTrades offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with WhoTrades.

Take time to look around the WhoTrades platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at WhoTrades

WhoTrades support a limited number including

WhoTrades have a A grade support rating because WhoTrades offer over three languages.

Livechat Support at WhoTrades

WhoTrades does not offer LiveChat Support.

Email Support at WhoTrades

We sent several emails to WhoTrades and answer times overall were excellent. The fastest response from WhoTrades was less than 40 minutes and the slowest response was 9 hours. Support response times may vary for you with WhoTrades, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall good email support from WhoTrades.

Phone Support at WhoTrades

We called WhoTrades and the call was answered very quickly. The call was answered in less than 5 minutes.

The WhoTrades phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual WhoTrades team by calling in varying languages. WhoTrades made an effort to make sure our queries were answered.

Overall the phone support from WhoTrades was okay.

See how WhoTrades Support Compares Against Other Brokers

Broker WhoTrades eToro XTB Trading212
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English, German, Spanish, French, and Italian English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, РУССКИЙ, Romana, Turkce, العربية, 中文
Learn More Visit WhoTrades Visit eToro Visit XTB Visit Trading 212
Risk Warning Losses can exceed deposits 75% of retail investor accounts lose money when trading CFDs with this provider. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What you will need to open an account with WhoTrades

As WhoTrades is regulated by Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 3 minutes or so to complete the account opening process.

While you might be able to explore WhoTrades's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with WhoTrades you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://whotrades.com on 12th August 2018.

Is WhoTrades A Good Broker?

We spent over 3 months examining WhoTrades in depth. Although we found some very useful aspects of the WhoTrades platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative WhoTrades broker.

  • WhoTrades have a good track record of offering Forex, Social Trading.
  • WhoTrades has a history of over 14 years.
  • WhoTrades has a reasonable sized customer support of at least 10.
  • WhoTrades are regulated by Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC). This means WhoTrades fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • WhoTrades have regulation from a Tier 1 reputable country.
  • WhoTrades has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • WhoTrades have an international presence in multiple countries. This includes local WhoTrades seminars and training.
  • WhoTrades are able to hire people from various locations in the world who can better communicate in your local language.

WhoTrades Risk Disclaimer

Losses can exceed deposits

WhoTrades not quite right?

Check out these WhoTrades Alternatives

We have spent years researching the best alternatives to WhoTrades. Click the links below to learn more.

If you feel some of the above WhoTrades are not quiet what you are looking for or perhaps you would just like to see some alternatives. See our highly rated list of WhoTrades alternatives below.

Related WhoTrades Comparisons

If you would like to see how WhoTrades stands up against other brokers you can read some of our WhoTrades comparisons below. We compare side by side some of our top rated WhoTrades versus comparisons. Read some indepth WhoTrades VS pages below.

WHOTRADES Frequently Asked Questions

Can I try WhoTrades before I buy?

WhoTrades offer a demo account so you can try before you put down and payment. Learn more here

What funding methods do WhoTrades accept?

WhoTrades offer the following funding payment methods accept Credit cards, Bank Transfers, Skrill, Neteller, Wire Transfer, among other payment methods.
Learn more here

Losses can exceed deposits

Is WhoTrades safe?

WhoTrades are considered safe as they are regulated by and checked for conduct by the Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC). Any payments funded to WhoTrades accounts by traders are held in a segregated bank account. For added security WhoTrades use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Is WhoTrades trading good?

WhoTrades is considered good and reputable to trade with. WhoTradesWhoTrades is used by over WhoTrades active traders. WhoTrades offers Forex trading, and Social Trading trading. Minimum deposit with WhoTrades is mindeposit.

Is WhoTrades trading Legit?

WhoTrades was founded in Cyprus in 2006. WhoTrades has been facilitating trade on the financial markets for over 14 years. WhoTrades offers clients Forex trading, and Social Trading trading. All funds deposited to WhoTrades are held in segregated tier 1 bank accounts for security. WhoTrades is regulated by Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC) so can be considered legit.

Is WhoTrades a good broker?

WhoTrades is overseen by the top tier financial regulators Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC) so can be considered a good broker.WhoTrades allows Forex trading, and Social Trading trading.

Is WhoTrades trustworthy broker?

WhoTrades can be considered trustworthy. All money funded to WhoTrades is placed into a segregated tier 1 bank account. this means your money in not held by WhoTrades directly but a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money. Also WhoTrades is regulated by Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC).

What is the minimum deposit for WhoTrades?

The minimum deposit to trade with WhoTrades is 100.

How long do WhoTrades withdrawals take?

Withdrawing money from WhoTrades processing time varies but averages 2-5 days.

Is WhoTrades regulated?

WhoTrades is regulated by Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC).

Is WhoTrades a market maker?

WhoTrades is a market maker. Stocks, currency and other commodities and instruments will be purchased by WhoTrades even if no buyer is lined up.

How can I start trading with WhoTrades?

When opening a trading account with WhoTrades, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on WhoTrades trading platforms here.

Is my money safe with WhoTrades?

WhoTrades is regulated by Cyprus Securities and Exchange Commission (CySEC), Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC). One of the most important criteria for traders when choosing a broker like WhoTrades is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to WhoTrades, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is WhoTrades a con?

WhoTrades is regulated and well established having been in business for over 14 years. WhoTrades is definitely not a con.

Can you make money with WhoTrades?

Although traders have had great success with WhoTrades. Trading on the financial markets with WhoTrades is not a get rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading your chance of success will greatly increase. Never trade with money you cannot afford to lose. Losses can exceed deposits.

Does WhoTrades have fees?

WhoTrades withdrawal fees varies on payment method. WhoTrades does charge inactivity fees. WhoTrades does charge deposit fees.

When was WhoTrades founded?

WhoTrades was founded in 2006.

How many people use WhoTrades?

WhoTrades is used by over 10000 registered traders.

What is WhoTrades Headquarters country?

WhoTrades has its head quarters office in Cyprus.

Does WhoTrades offer negative balance protection?

WhoTrades does not offer negative balance protection. With Negative balance protection means traders cannot lose more money than they have deposited.

Does WhoTrades offer guaranteed stop loss?

WhoTrades does not offer guaranteed stop loss. With guaranteed stop loss protection risk is managed. Traders are guarenteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

Does WhoTrades allow scalping?

WhoTrades does not offer scalping.

Does WhoTrades allow hedging?

WhoTrades offers hedging.

Does WhoTrades offer CFD trading?

WhoTrades does not offer CFD trading.

Does WhoTrades offer STP?

WhoTrades does not offer STP trading.

How many people use WhoTrades?

WhoTrades is used by over 10000 traders.

Is WhoTrades an ECN broker?

WhoTrades offers ECN trading.

Does WhoTrades offer a demo account?

WhoTrades offers a demo account.

Does WhoTrades offer an Islamic account?

WhoTrades does not offer Islamic accounts.

What are the funding methods for WhoTrades?

WhoTrades accept the following funding methods : Credit cards, Skrill, Neteller, Bank Transfer.

WhoTrades review written by Andrew Blumer and Mark Hansen

We hope you found our review of the WhoTrades brokerage firm useful.

This article was written by our financial editor Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD's, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

WhoTrades review written by Mark Hansen of Comparebrokers.co