Wonderinterest review
Introduction of the broker Wonderinterest
Wonderinterest is a brokerage company established in 2014 with its headquarters in Limassol, Cyprus. The company is regulated by the Cyprus Securities and Exchange Commission (CySEC), with a license number of 307/16. In this review, we will focus on the brokerage firm Wonderinterest Trading, examining the services offered, fee structure, and overall perspective.
Trading Platforms
Wonderinterest provides the MetaTrader 5 (MT5) trading platform, which is available for Windows and MAC. There is also a web platform that allows trading directly from the browser, and a mobile app for Android and iOS. These apps include features like alerts and full trading functionality, enabling trading from anywhere. The MT4, Currenex, and cTrader platforms are not supported. Mobile trading is fully supported through apps for Android and iOS. These apps offer full trading functionality, including placing trade orders, monitoring markets, and setting alerts and notifications.
Wonderinterest offers a wide range of trading tools and features. Leverage is available up to 1:30, allowing greater market exposure with less capital. A demo account is available for new traders who want to test the platform and trading strategies without risk. In-app alerts, various indicators, and interactive charts provide traders with the necessary tools for market analysis. Additional features include stop-loss, trailing stop, an economic calendar, and daily market updates.
Trading Instruments
Wonderinterest offers a wide range of trading instruments. Clients can trade various currency pairs, including both major and minor pairs. In addition to forex, CFDs (Contracts for Difference) on stocks, indices, commodities, and ETFs are also available. Real stocks and ETFs are likewise available for trading.
Fees and Costs
The fee structure of Wonderinterest is somewhat specific. Average spreads on EUR/USD are variable, which can be a disadvantage for some traders while an opportunity for others. The minimum deposit is $50,000, which can be a significant barrier for beginners or small investors. The company does not charge any fees for deposits and withdrawals, which is positive. However, other fees like swaps can be considerable, and it's important to take them into account when planning trading strategies. VIP discounts are available for active traders.
Regulation and User Reviews
Wonderinterest is regulated by CySEC, which means it must adhere to strict rules and regulations. The company also complies with European Union regulations. Overall user ratings are mixed, with an average score of around 5.1 out of 10. Some users complain about high fees and aggressive customer service tactics, which can be discouraging for some traders. Customer support is available via chat, phone, and email. Support is provided in English and Slovak, which can be advantageous for traders from these regions.
Wonderinterest offers a wide range of trading tools. However, high minimum deposits and fees can be limiting for beginners or small traders, yet it provides rich resources for research and education. Daily and weekly market commentaries help traders stay informed about current market conditions. Forex news and weekly webinars provide in-depth analyses and insights. Educational materials include video tutorials, webinars, and an investment dictionary, which are useful for traders of all experience levels.
Risk warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.75% 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.
| Basic information | |
|---|---|
| Regulations |
|
| Number of CFD asset classes | 5 |
| Customer support |
|
| Deposit from | 50000 EUR/USD |
| Spreads | 1 EUR/USD *The value is indicative from the broker's website. The spread amount is variable. |
| Real Stocks and ETFs | |
| Platforms |
|
| Instruments CFD | Commodities, Share CFDs, Forex, ETF, Indicies |
| Established | 2016 |
| Location | Wonderinterest Trading Ltd176 Makariou III Avenue,Paschalis CourtOffice 201, 3027Limassol, Cyprus |
| Phone | +357 25 056 419 |
| Country | Cyprus |
| Last update: | |
Pros
- Licensed broker: Wonderinterest Trading Ltd is regulated by the Cypriot commission CySEC.
- Offers real stocks and CFDs: Provides the option to invest in real stocks as well as speculate with CFD contracts.
- Demo account: Allows traders to try trading without the risk of losing real money using a demo account.
- Individual approach and ecological investing: The broker aims to attract clients with an individual approach and responsible ecological investing.
Cons
- High trading fees: The broker charges high fees for buying and selling stocks, which can reach up to 1% of the order volume, with a minimum of 500 CZK.
- Inactivity fee: The broker charges 89 EUR per month for an inactive account, which can be very disadvantageous for occasional investors.
- Does not support fractional shares: The broker does not offer the possibility to buy fractional shares, which limits investment flexibility, especially for expensive titles.
- Minimum deposit of 50,000 USD: The requirement for a minimum deposit of 50,000 USD can be a barrier for beginners.
- Non-transparent information about fees and taxes: The broker does not provide all important information about currency conversion fees, dividend taxation, and other costs on its website.
Licences and regulation
- Wonderinterest Trading Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC). CySEC is the main regulatory body for financial services in Cyprus and ensures that companies meet strict standards and rules to protect investors.
- Regulatory Authority: CySEC (Cyprus Securities and Exchange Commission)
- License Number: 307/16
