Overview of Wenchuan International
Wenchuan International is an offshore forex and CFD broker based in St. Vincent & the Grenadines,with other offices located in Hong Kong and the UK. The company is unregulated and does not offer a demo account. Wenchuan International offers one basic account type with a minimum deposit of $50 and maximum leverage of 1:200. The broker supports the MT4 trading platform and offers a wide range of tradable assets, including forex, indices, energy, commodities, and CFDs. Spreads are average, and there are no bonuses or promotions offered. Customer support is available via phone, LiveChat, and email.
Overall, Wenchuan International is a basic forex and CFD broker with average features and no standout offerings. The company's lack of regulation and demo account may be a deterrent for some traders.
Pros and Cons
Pros:
One basic account type with a minimum deposit of $50: This makes it easy for traders to get started with Wenchuan International, as there are no complex account structures to choose from.
Maximum leverage of 1:200: This allows traders to take larger positions than they would be able to with a lower leverage limit.
Supports the MT4 trading platform: MT4 is one of the most popular trading platforms in the world, and it is known for its user-friendly interface and powerful features.
Wide range of tradable assets: Wenchuan International offers a wide range of forex, index, energy, commodity, and CFD trading instruments.
Customer support available via phone, LiveChat, and email: Wenchuan International offers customer support in multiple languages, and they are available 24/5.
Cons:
Unregulated: Wenchuan International is not regulated by any financial authority, which means that there is no oversight of their activities. This could be a risk for traders, as there is no guarantee that the broker is operating in a fair and transparent manner.
No demo account: Wenchuan International does not offer a demo account, which means that traders cannot practice trading with the broker before opening a real account. This could be a deterrent for some traders, as it could be risky to start trading with real money without first practicing.
Average spreads: Wenchuan International's spreads are average, which means that they may be higher than some other brokers. This could eat into profits, especially for traders who are scalping or day trading.
No bonuses or promotions offered: Wenchuan International does not offer any bonuses or promotions, which could be a deterrent for some traders. Other brokers offer welcome bonuses, reload bonuses, and other incentives to attract new traders.
Regulatory Status
Wenchuan International is an unregulated broker, which means that it is not regulated by any financial authority. This is a red flag for traders, as it means that there is no oversight of the broker's activities. There is no guarantee that the broker is operating in a fair and transparent manner, and there is no protection for traders in the event of fraud or insolvency.
The lack of regulation is a major concern for traders, as it means that there is no one to hold the broker accountable in the event of problems. Traders who trade with an unregulated broker are at a higher risk of losing their money, as there is no recourse if the broker goes bankrupt or commits fraud.
Market Instruments
Wenchuan International offers a variety of trading products, including:
Forex: Wenchuan International offers trading on over 50 forex pairs, including majors, minors, and exotics.
Indices: Wenchuan International offers trading on over 15 major stock indices, including the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite.
Energy: Wenchuan International offers trading on crude oil, Brent oil, and natural gas.
Commodities: Wenchuan International offers trading on gold, silver, and copper.
CFDs: Wenchuan International offers trading on CFDs on a variety of indices, commodities, and stocks.
Account Types
Wenchuan International offers one basic account type with a minimum deposit of $50 and maximum leverage of 1:200. The account supports the MT4 trading platform and offers a wide range of tradable assets, including forex, indices, energy, commodities, and CFDs. Spreads are average, and there are no bonuses or promotions offered. Customer support is available via phone, LiveChat, and email.
How to Open an Account？
Here is a step-by-step guide on how to open an account with Wenchuan International:
Step 1: Visit the Wenchuan International website
Navigate to the official website of Wenchuan International
Step 2: Click on the “Open Account” button
Locate the “Open Account” button on the homepage or navigate to the “Create Account” section on the website.
Step 3: Select your account type
Choose the basic account option, as this is the only account type offered by Wenchuan International.
Step 4: Enter your personal information
Provide accurate and complete information in the designated fields, including your full name, email address, phone number, country of residence, and date of birth.
Step 5: Create a secure password
Choose a strong and memorable password that is difficult to guess. Avoid using common words or phrases.
Step 6: Confirm your identity
Submit a copy of your government-issued ID to verify your identity. Accepted documents include a passport, driver's license, or national ID card.
Step 7: Verify your address
Upload a copy of a utility bill or bank statement to confirm your residential address. The document should be recent and clearly display your full name and address.
Step 8: Deposit funds
Deposit the minimum amount of $50 to activate your account. The only accepted payment method is bank transfer.
Step 9: Verify your deposit
Submit a copy of your bank statement or confirmation email from your bank to confirm the deposit.
Step 10: Complete the registration process
Once you have completed all of the above steps, you will receive an email confirmation from Wenchuan International. Activate your account by clicking on the provided link.
Spreads & Commissions
Wenchuan International employs a combination of spreads and commission fees to generate revenue from its trading services.
Spreads:
Spreads represent the difference between the bid and ask prices of a trading instrument. The bid price indicates the price at which a market maker is willing to purchase an instrument, while the ask price denotes the price at which they are willing to sell it. Wenchuan International's spreads fall within the average range compared to other brokers, ranging from 1.9 pips for minor pairs to 2.7 pips for major pairs. Exotic pairs, metals, oil, and indexes typically have wider spreads.
Commissions:
Commission fees are charges levied on each trade executed by a trader. Wenchuan International charges commission fees for specific products. However, the precise amount of these fees is not readily disclosed on their website. To determine the applicable commission fees for a particular product, traders need to contact the broker's support team.
Swap Fees:
Swap fees, also known as rollover fees, are charges incurred when a trader holds a position overnight. These fees apply to positions held beyond 5:00 AM (summer time) or 6:00 AM (winter time) Beijing time. The swap fee for a specific product varies depending on the interest rate differential between the two currencies involved in the trade.
Overall, Wenchuan International's trading costs are considered average, with spreads slightly higher than some brokers and commission fees applicable for certain products. Traders should carefully evaluate the potential impact of spreads, commissions, and swap fees on their trading strategies.
Leverage
Wenchuan International offers a maximum leverage of 1:200 on the majority of its tradable assets. This is higher than the industry average, which is typically around 1:100. This means that traders can open positions with as little as $50 and potentially gain up to 200 times their investment. However, it is important to note that leverage can also magnify losses, so it is important to use it carefully.
Wenchuan International does not offer a maximum leverage of 1:200 for all of its tradable assets. For example, the maximum leverage for gold and silver is 1:100. This is because these assets are considered to be more volatile than other assets, and therefore they are more risky to trade with high leverage.
Overall, the maximum leverage offered by Wenchuan International is higher than the industry average. However, it is important to use leverage carefully to avoid potentially magnified losses.
Trading Platform
Wenchuan International offers the MT4 trading platform, which is one of the most popular trading platforms in the world. MT4 is known for its user-friendly interface and powerful features. Here is a summary of the key features of the MT4 trading platform offered by Wenchuan International:
User-friendly interface: MT4 has an intuitive interface that is easy to navigate, even for beginners.
Powerful charting tools: MT4 offers a wide range of charting tools that can be used to analyze market trends and identify trading opportunities.
Technical indicators: MT4 offers a wide range of built-in technical indicators that can be used to analyze price data and develop trading strategies.
Automated trading: MT4 supports automated trading through the use of Expert Advisors (EAs). EAs are computer programs that can execute trades automatically based on pre-programmed rules.
Mobile trading: MT4 is available for mobile devices, so traders can access their accounts and manage their positions from anywhere in the world.
Overall, the MT4 trading platform offered by Wenchuan International is a powerful and versatile tool that can be used by traders of all levels of experience.
Deposit & Withdrawal
Payment Methods
Wenchuan International offers a limited range of payment methods for deposits and withdrawals. The only accepted method is bank transfer. This is a common payment method among forex brokers, but it can be slower and more expensive than other options, such as e-wallets or credit cards.
Deposit Fees
Wenchuan International does not charge any fees for deposits made by bank transfer. However, traders should be aware that their bank may charge fees for international wire transfers.
Withdrawal Fees
Wenchuan International charges a fee of $50 for withdrawals made by bank transfer. This is a relatively high withdrawal fee, and it could eat into profits for traders who make frequent withdrawals.
Here is a table summarizing the payment methods and fees of Wenchuan International:
Customer Support
Wenchuan International offers customer support in multiple languages, and they are available 24/5. Customer support can be reached via phone, LiveChat, and email. Heres a summary of their customer support channels and accessibility:
Phone: Wenchuan International provides phone support in several languages, including English, Chinese, and Spanish. Phone support is available 24/5.
LiveChat: LiveChat support is available on the Wenchuan International website. LiveChat support is available in multiple languages, including English, Chinese, and Spanish. LiveChat support is available 24/5.
Email: Email support is available at info@wc-fg.com or csvn@iggtrade.com. Email support is available in multiple languages, including English, Chinese, and Spanish. Email support is typically responded to within 24 hours.
Overall, Wenchuan International offers a comprehensive customer support system that is available 24/5. Traders can reach out to customer support via phone, LiveChat, or email to get assistance with their trading accounts or any other questions they may have.
Educational Resources
Here is a summary of the educational resources Wenchuan International offers to its clients:
Wenchuan International has dedicated a section of their website to providing educational material for their clients.
The educational material covers a wide range of topics, including practical skills, wave theory, moving averages, chart patterns, and technology lines.
The educational material is presented in a clear and concise way, with detailed explanations and supporting images.
Traders can access the educational material from the 'Study Centre' page on Wenchuan's website.
Overall, Wenchuan International provides a good range of educational resources for its clients. The material is well-presented and covers a wide range of topics. This is a positive sign for a broker, as it suggests that they are committed to helping their clients succeed.
Conclusion
Wenchuan International appears to be a forex broker with limited options and high fees. On the one hand, they do offer a variety of trading platforms and a wide range of educational resources. On the other hand, their payment methods and fees are concerning, and they have a scam clause that requires traders to reach a specific trading volume before they can make a withdrawal. Overall, Wenchuan International is not a good choice for forex traders.
FAQs
Q: What is the minimum deposit required to open an account with Wenchuan International？
A: The minimum deposit required to open a basic account with Wenchuan International is $50.
Q: What payment methods does Wenchuan International accept？
A: Wenchuan International accepts bank transfers as their only payment method.
Q: What is the maximum leverage offered by Wenchuan International？
A: The maximum leverage offered by Wenchuan International is 1:200 on most of its tradable assets. However, the maximum leverage for gold and silver is 1:100.
Q: What are the trading platforms offered by Wenchuan International？
A: Wenchuan International offers the MT4 trading platform, which is one of the most popular trading platforms in the world.
Q: Does Wenchuan International offer customer support？
A: Yes, Wenchuan International offers customer support 24/5. Customer support can be reached via phone, LiveChat, and email.
Q: Does Wenchuan International offer educational resources？
A: Yes, Wenchuan International offers a limited range of educational resources for traders of all levels of experience. These resources are available through the broker's website and include articles on trading basics, technical analysis, fundamental analysis, video tutorials, and webinars.
