WH Selfinvest review
This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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WH SelfInvest is a European Forex broker that is primarily based in Luxemburg but has its offices in France, Germany, Belgium, Netherlands, and Switzerland. The broker has an active presence in the European Union, and caters to clients from 28 different countries, making it one of the largest Forex service providers in mainland Europe. Under the European Economic Area (EEA) agreement and the MiFID derivatives, WH SelfInvest is authorized to offer its services to all countries in the EU without requiring any additional regulatory licenses, thereby bringing WH SelfInvest under the regulatory umbrella of the ECB and other leading European regulators. WH SelfInvest’s huge presence in the central countries of Europe brings it under the regulatory framework of different leading organizations in the EU. WH SelfInvest is regulated by the Commission de Surveillance du Secteur Financier (CSSF of Luxembourg), the Luxembourg Ministry of Finance, the Financial Services and Market Authority (FSMA of Belgium), the Autoriteit Financiële Markten (AFM of Netherlands), the Autorité de Contrôle Prudentiel et de Résolution (ACPR of France), Banque de France (Central Bank of France), the Bundesanstalt für Finanzdienstleistungsaufsicht (BAFIN of Germanye), and the Swiss Financial Market Supervisory Authority (FINMA of Switzerland). WH SelfInvest has been active in the Forex market since 1998 and has been a prominent player in the financial markets for quite a while. However, the broker does not have an office in the US or in any other parts of the world, which prevents it from entertaining traders from key financial markets such as the US, Australia, and Japan. Nevertheless, the broker offers more than 69 Forex currency pairs and a host of shares, options, and CFDs from top European financial markets through direct market access channels, which allow traders to tap directly into the liquidity pool without facing any conflict of interest with the broker.
|Forex, Precious Metals, Equity Indices, Energies|
WH SelfInvest Broker Review Of Accounts & Leverage Options
WH SelfInvest is a direct market access broker that offers two distinct types of trading accounts. The first account is a spread-based trading account that charges a variable spread per trade without any commission. Such an account may charge up to 2 pips on average for major currency pairs, but the spreads may increase during times of high volatility or low volume sessions. The second account is a commission-based account, which has nominal spreads starting from 1 pip, but every trade will be associated with a commission of $0.035 per $1000 traded. The commissions are extremely competitive, but the same cannot be said for the WH SelfInvest spreads, as we expect a commission-based account to offer the promise of 0 pips spreads on most major currency pairs. WH SelfInvest does not discriminate its clients based on their initial deposit capital and promises to treat all of their customers equally and in a fair manner. Therefore, the minimum deposit requirement is fixed at $2,500 for both spread-based and commission-based trading accounts, with no option for receiving a bonus on the deposits. We are not sure how this will work with larger account holders that wish to get a preferential status for their investments, but $2,500 is still a significant amount of money for smaller retail traders. egardless, one of the major concerns for clients is the limited option to make a payment, as the broker only supports wire transfers to its bank account, with no other choice to deposit or withdraw money through a credit/debit card or via online payment wallets such as Skrill and Neteller. WH SelfInvest, although a European Forex broker, only offers a maximum leverage of 1:50, which is lower than the industry average of 1:100 or 1:200 that is provided by other competing brokers. While it is a good strategy for the company to reduce the risk to its clients, professional traders might feel limited by the lower leverage, but the higher capital requirements should enable traders to open better positions in the market without worrying about margin calls. All other instruments receive a lower leverage of 1:20 and 1:33 for assets such as commodities and precious metals.
What Are My WH SelfInvest Trading Platform Options?
WH SelfInvest has designed a proprietary trading platform, called the WHS Nano Trader, which is an entire trading terminal developed by the company’s in-house team of programmers and software developers. The NanoTrader is available in two different configurations, the free version, and the full version, both of which offer direct market access trading, albeit with different trading features and functionalities. The NanoTrader Free platform, as the name suggests, is a free trading interface that has all the essential tools required for trading, but the NanoTrader Full platform offers much more regarding trading tools and advanced trading features. For €29 per month, the NanoTrader Full interface provides access to Futures, Options, automated trading functions, the ability to trade on multiple live accounts, advanced indicators, trading signals, and a host of safety nets for protecting a trader’s investments. The NanoTrader is certainly one of the most advanced platforms in the market and can be used on both desktop and mobile trading platforms. WH SelfInvest mobile apps offer an opportunity to trade on desktop computers, smartphones, and tablets through installable interfaces or through dedicated WebTraders, which can be accessed through a single account login. However, if you are not a fan of branded trading platforms, WH SelfInvest also offers access to the MT4 terminal, which can be downloaded on both desktop and mobile trading devices for a sense of stability and consistency. However, traders that trade on the NanoTrader will certainly choose the NanoTrader due to the incredible amount of trading features on offer.
Hidden Fees & Cost Of WH SelfInvest Platforms
Now coming back to the cost aspect of the NanoTrader Full platform, we are astounded as to why the broker wouldn’t provide the NanoTrader Full version as a free option to its clients. Clients have to shell out at least $2,500 for a trading account, and an average trader can certainly offset the cost of a Full platform during his trading career. We are certainly not impressed with brokers that charge extra for services that traders are liable to receive for free, which does prevent us from recommending WH SelfInvest to our readers wholeheartedly. The broker also offers a VPS option that costs € 60 per month, which reduces to € 30 per month or € 10 per month if a trader performs 1 or 2 trades per day respectively. Once again, there are other brokers in the industry that offer a free VPS service for larger account holders, which do not require anything even remotely close to a $2,500 initial deposit. Therefore, WH SelfInvest should reconsider their account offerings by either lowering their initial deposit requirements or by eliminating the cost of their platforms and other allied services. WH SelfInvest is a reliable Forex trading company that has a sound regulatory license in Europe. Multiple regulatory licenses are clearly aimed at enhancing the confidence among their clients, which does work for the modern trader. However, higher cost of trading and the higher than average account maintenance fees should be a major downfall for the company. We would consider recommending the broker only if the company spends some time improving their account offerings and by lowering the extravagantly high trading costs for services that are offered for free at other mainstream Forex brokers.
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