RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Wonderinterest is a regulated Cypriot broker that has been on the market for almost a decade. The company’s goal is to offer sustainable investing options – but mostly to well-capitalized clients. The high minimum deposit requirements and high commissions make this an inappropriate option for smaller traders. You will also find that this broker offers barely any educational materials which means that it is not aimed at traders who are just starting out either.
If you are, however, a more experienced and well-capitalized client, Wonderinterest might be worth checking out. The broker offers access both to MetaTrader 5 and to a decent trading app, provides a wide range of instruments to choose from, and seems to be a secure investment choice.
Wonderinterest REGULATION AND SAFETY OF FUNDS
Wonderinterest is a Cypriot broker with head offices in Cyprus, and branches in the Czech Republic, and UAE. The company was established in 2014 with the goal to offer responsible, environmentally, and socially cautious investment opportunities. The company behind Wonderinterest, Wonderinterest Trading Ltd, uses a few different brand names and is regulated by the Cyprus Securities and Exchange Commission (CySEC).
Cyprus is considered to be the main EU regulatory hub and its regulator, CySEC is one of the strictest in the world. Local brokers are under strict supervision and are obligated to maintain a high level of transparency. Bonuses and leverage higher than 1:30 (for retail traders) are banned in all of the EU – this is meant to protect investors from bigger financial losses. Cypriot brokers are obligated to keep client money in segregated bank accounts to prevent client and broker funds from mixing. This keeps your money safe in case of the broker becomes insolvent and proves that they are not using your investment for their own activities. Such brokers also have to provide negative balance protection – so you could never lose more money than you have in your account. Some minimum capital requirements exist – the brokers must prove that it is well-capitalized by maintaining a minimum capital of €730 000. Finally, such brokers participate in compensation schemes – if your broker goes bankrupt, you would be entitled to a compensation of up to €20 000.
CySEC-regulated brokers are generally a very safe, reliable choice. We would definitely recommend that you check out the offers of some such companies.
Wonderinterest TRADING SOFTWARE
Wonderinterest offers access to MetaTrader 5 – a well-known trading platform that is usually considered to be one of the best in the industry.
We strongly urge you to try MT5 and see what the platform is capable of on your own. Not only will you be trading on an intuitive, user-friendly platform but you would also be getting access to a wide variety of useful trading features. MT5 builds on and improves on the possibilities offered by its predecessor, MT4. To begin with, you will be able to trade on more markets with MT5. The platform offers a larger number of indicators (38), timeframes (21), technical objects (79), and pending order types (6). Just like on MT4, you be able to use preprogrammed trading bots to track markets and trade automatically or create your own bots from scratch or with the help of building blocks provided on the platform. keep in mind that trading bots created on MT4 cannot be used on MT5 because the two platforms use different programming languages. You can set trading signals for prices going up or down, or subscribe to other traders’ signals for a small monthly fee. MT5 also provides access to a built-in economic calendar, a community chat, and a market for additional trading apps. If you are looking for a platform that combines efficiency and ease of use, MT5 is definitely an option to consider.
Other brokers offering MT5:
Wonderinterest also offers its own mobile trading app designed for accessing the financial markets on your mobile design. The app is available on Android and iOS and offers access to a wide range of instruments (more than 1000) and a decent charting package while also being very easy to navigate. This is all you need from a mobile trading app – such apps are usually designed for convenient trading on the go and not for complex analysis and charting.
Wonderinterest TRADING CONDITIONS
Wonderinterest offers accounts in USD, EUR, CZK, and HUF.
The broker provides access to the most popular markets – you would be able to trade CFDs on forex, indices, commodities, and shares, as well as physical shares. However, this broker does not seem to be targeting small investors – the commission for trading physical shares is 0.75% with a minimum of $20, and the one for trading CFDs on shares is 0.25% with a minimum of $25. This means that if your intention was to trade on a smaller level, Wonderinterest might not be the broker for you. Paying such high commissions on every trade is simply not worth it for smaller investors.
The suspicion that Wonderinterest is targeting those who are willing to invest bigger amounts of money is further confirmed by the prices of their trading accounts. The cheapest one, the Coal account, costs as much as $20 000. This is not exactly in line with the current tendency of brokers offering extremely cheap basic accounts.
Check out some affordable brokers:
The main difference between accounts was the spreads the client would be trading with. The spreads we got when we opened a Coal account were around 3.3 pips on EURUSD – which means that you would have to pay around $33 to the broker for every lot you trade. This is a lot considering that most brokers try to stick around 1.5 pips on their commission-free accounts. To get access to better spreads, we were urged to deposit a much larger amount of money – even as much as $500 000.
Since this is a legitimate Cypriot broker, the maximum leverage you could trade with is in line with EU regulations – 1:30 on forex majors if you are a retail trader.
Wonderinterest DEPOSIT AND WITHDRAWAL METHODS AND FEES
Wonderinterest accepts payments made with a credit or debit card, or via wire transfer. The broker itself does not charge any deposit or withdrawal fees – but keep in mind that your payment method provider might. The minimum deposit you can make with a card is €1000 while the maximum is €10 000. There is no specific maximum if you are depositing via wire transfer – the minimum is, once again, €1000.
Another thing that is worth taking into consideration is that this broker charges inactivity fees, maintenance fees, and special service fees – but did not specify the size of those. All in all, we would have been happy to see a more comprehensive fee schedule and more information about fees as a whole.
Wonderinterest’s trading conditions are far from the best we have ever seen. This broker asks for a very high minimum deposit, charges huge commissions, and offers very wide spreads. However, they are still a regulated broker who offers a wide variety of trading instruments, some decent trading software, and a nice-looking, comprehensive website. The absence of deposit and withdrawal fees is an added perk. However, we would like to point out that there are many affordable brokers who are also regulated and reliable.
Check out the broker’s website to see if they meet your expectations or open a demo account.