RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Among the nearly 40 forex pairs, offered by the broker, we found a number of exotic currencies like South African Rand, Turkish Lira, Swedish Krona, Singapore Dollar, Polish Zloty, Norwegian Krone, Honk Kong Dollar and Chinese Yuan.
Other available asset classes include CFDs on precious metals like silver and gold, energy commodities like natural gas and oil, 10 major indices and crypto coins, including Bitcoin, Ethereum and Litecoin.
WistonFX trading conditions
The benchmark EURUSD spread, as tested with a Demo account, reached between 1,4 pips and 1,5 pips, which is considered competitive, having in mind WistonFX does not take a commission on the trade.
We also checked the BTCUSD , which was about 50 USD – again inline with what is considered acceptable by most traders.
Leverage as offered by WistonFX can be as high as 1:400 – perfectly enough to fit even the most aggressive trading strategy.
As part of a broader effort to curb investment risks, in the beginning of August the European Securities and Markets Authority (ESMA) adopted stricter rules for the trading conditions in EU, capping the maximum leverage with all forex transactions to 1:30 and to 1:20 for most CFDs.
As similar restrictions are already in place in the US, where maximum leverage is caped at 1:50, that leaves the Australian Securities and Investments Commission (ASIC) the only major regulator still allowing forex trade without any restriction on the maximum leverage.
That said, traders should have in mind that higher leverage is associated with higher risk of loosing your funds much faster.
We should also note that WistonFX does not specify a minimum deposit requirement, so basically you will be able to start trading wit them with just a few dollars.
WistonFX trading platforms
WistonFX supports the classic MetaTrader4 – a platform of choice for beginner and professional traders alike.
MT4, developed by MetaQuotes, a Russian software company specialized in providing trading solutions to retail customers, features a user friendly interface, good selection of charting tools and the option to run automated trading sessions with the help of specially designed trading robots – Expert Advisors, which by the way can be easily modified on a proprietary scripting language – the MQL4.
WistonFX regulation & safety of funds
WistonFX is owned and operated by Wiston Global (AU) Pty Ltd, a Corporate Authorised Representative (CAR 001263533) of Alpha Securities Pty Ltd with AFSL Number 330757.
Both companies are registered and regulated by the Australian Securities and Investments Commission (ASIC) – one of the most respected financial authorities on the global market.
All ASIC regulated brokers are obliged to follow strict financial and ethical rules, among which to maintain a minimum operational capital of at least 1 000 000 AUD.
Another ASIC requirement is all brokers to keep all clients money in a segregated, protected form creditors account, which in addition is not directly available to the broker.
WistonFX deposit/withdrawal methods and fees
As with most brokers, you can fund your account with major credit or debit cards like VISA and MasterCard, as well as with a bank transfer.
As we have already mentioned, WistonFX does not specify a minimum deposit requirement to start trading with them. Still, have in mind that most brokers ask for an initial investment of at least 250 USD, so that you can more easily sustain your trading positions in the event the market takes the wrong turn.
The website of the broker is supported in English and Chinese, as WistonFX is most probably trying to attract customers form China, Honk Kong and Singapore.