Note: WIDE CFDs official site - https://widecfd.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is WIDE CFD？
WIDE CFD is a brokerage offering Contracts for Difference on various assets including forex, cryptocurrencies, indices, and commodities. They offers an actual maximum leverage at 1:300, which can magnify both profits and losses. While they provide the popular MT4 platform, these features are overshadowed by major unregulation red flags.
Pros & Cons
Pros:
High leverage: Wide CFD offers high leverage of up to 1:300, providing traders with the opportunity to amplify their positions and potentially maximize their returns on investment.
User-friendly platform: Trade with the globally popular MT4 system, suitable for both beginners and experts.
Various market instruments: Offers a broad selection of investment options, including forex, crypto, indices, and commodities.
Cons:
Not regulated: Wide CFD's lack of regulatory oversight raises significant concerns about the safety and security of investment funds.
High minimum deposit: The cheapest account costs $500 to open up, almost three times as much as WideCFDs peers require at most.
Is WIDE CFD legit？
Currently, WIDE CFD operates without any apparent regulatory framework. This raises a red flag, as their base of operations, St. Vincent and the Grenadines, has a reputation for lax oversight in the Forex market. This lack of regulation has unfortunately allowed numerous scam brokers to establish themselves there.
Market Instruments
WIDE CFD provides Contracts for Difference on a variety of financial instruments. These instruments include:
Forex: This allows traders to speculate on the price movements of currency pairs like EUR/USD or GBP/JPY.
Cryptocurrencies: CFDs can be used to trade digital currencies like Bitcoin, Ethereum, or Litecoin.
Indices: WIDE CFD may offer CFDs that track the performance of major stock market indices, such as the S&P 500 or the FTSE 100.
Commodities: This category could include CFDs on physical commodities like gold, oil, or natural gas.
Leverage
WIDE CFD advertises a maximum leverage of up to 1:500 on certain account types. However, user reports indicate the actual maximum leverage offered is 1:300. Even at 1:300, this represents a significant level of leverage, which can amplify both potential gains and losses. Regulatory bodies in some jurisdictions, like the UK which caps leverage at 1:30 for retail traders, have implemented limitations on leverage due to the inherent risks involved. It's important to note that brokers offering such high leverage often operate outside of regulatory oversight.
Trading Platforms
The broker provides two platforms to its users, a downloadable distribution of Metatrader 4, as well as a web-based version of the platform. Metatrader is widely regarded as an industry standard with its many easy to use, yet powerful features like automated trading and hundreds of charting tools. WideCFDs version of it has all of them.
Here is the web platform as well – it is a bit more basic, lacking features like algorithmic trading and the platforms forum and marketplace.
Deposits & Withdrawals
WIDE CFD offers several deposit methods, including credit cards, Skrill, and Neteller. While credit cards provide consumer protection through chargeback options, e-wallets like Skrill and Neteller may have limitations on such mechanisms.
The minimum deposit to open an account with WIDE CFD is $500, which is higher than the industry standard of around $200. This could be a disadvantage for new traders seeking smaller initial investments. However, WIDE CFD does offer trading with micro lots, typically associated with lower minimum deposit accounts.
Customer Service
To contact Widecfd, their support team can be reached via phone and email.
Phone: +442037695067
Email: support@widecfd.com
Website: widecfd.com
Conclusion
WIDE CFD offers a variety of features that may appeal to some traders, including high leverage (up to 1:300), a user-friendly MT4 platform, and access to a broad range of instruments (forex, crypto, indices, commodities). However, these potential benefits are overshadowed by significant drawbacks. The lack of regulatory oversight raises serious security concerns. The high minimum deposit of $500 makes it a less attractive option for beginners compared to competitors.
For most traders, the high risks associated with WIDE CFD outweigh any potential benefits. Considering the lack of regulation and the high minimum deposit, we recommend looking for a reputable broker with a lower minimum deposit and a strong regulatory framework.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
