Unique Selling Points
1. Copy Trading: One standout feature is "Copy Trading," which allows users to follow the strategies of experienced traders. By doing so, traders can benefit from the expertise of these strategy managers, removing the need for hands-on trading. It offers ready-made trading opportunities while retaining full control of your funds. Woxa's "Social Trade" feature enables users to select the investors they want to copy, and the platform automatically replicates their trades. Users can thoroughly assess these traders' investment history before making a decision.
2. Master Trader: Woxa also offers the "Master Trader" option. This feature rewards successful traders by allowing others to follow their strategies. In addition to their regular profits, master traders can earn extra income. As other investors begin to follow the Master Trader's account, they share a portion of their profits, up to 25%. The more followers, the higher the potential earnings. Traders can become Master Traders while maintaining their retail accounts, provided they maintain high-ranking statistics.
3. Introducing Broker: Woxa's "Introducing Broker" program offers opportunities for individuals to introduce Woxa to others. As an Introducing Broker, you can teach beginners how to use Woxa and earn commissions of up to 40% on positions. You'll have the added benefit of a personal partner consultant, access to market insights, and the Partner dashboard tool. Advancing through the Introducing Broker ladder, from Starter to Platinum, can increase your commission earnings.
4. Affiliate Program: Increasing traffic to Woxa can be rewarding through their Affiliate Program. By driving traffic to the platform, you have the potential to earn special rewards through various models, including Cost Per Mille (CPM), Cost Per Click (CPC), Cost Per Lead (CPL), and Cost Per Action (CPA). Woxa accommodates traffic from web, iOS, and Android platforms and equips affiliates with promotional tools and materials. Real-time statistics, API, and Postbacks further enhance the program's utility.
Introduction
WOXA.COM is a forex trading platform managed by WOXA LTD. It operates under the regulation of the Financial Services Commission in the Republic of Mauritius (FSC). The platform's journey began in 2021 when it was founded with a mission to create a powerful finance app for users worldwide. Today, it boasts a thriving community of over 100,000 registered members who collaborate on their investment strategies, facilitating millions of transactions.
Woxa offers access to a decent range of assets, including Stocks, Cryptocurrencies, ETFs, Indices, Currencies, and Commodities, with or without leverage. Traders can engage in short-term, mid-term, and long-term trading through Woxa. When opening a non-leveraged position on a stock or ETF, enjoy the benefits of 0% commission, no spreads, and zero hidden fees. This grants you ownership rights in the underlying asset. Competitive spreads are also available for other asset categories.
Woxa places a special emphasis on its copy trading feature and offers tailored solutions for passive trading. This FX broker groups assets and people based on predetermined strategies in its Woxa Portfolios. The platform's focus extends to innovative markets like 5G and cloud computing. Some Smart Portfolios employ advanced algorithms, machine learning, and AI to harness the collective knowledge of the community.
In this Woza forex broker review, we will give you all the necessary details to determine if Woxa is right for you.
Supported Countries
In contrast to typical broker firms, Woxa has a limited reach. The platform exclusively serves clients in Malaysia, the Philippines, and Vietnam. Consequently, access to the platform is restricted, with a primary focus on clients residing in these Asian countries.
As of the time of this review, Woxa does not extend its services to residents of specific regions, which includes, but is not limited to, the European Union, United Kingdom, Cuba, Myanmar, Turkey, Japan, Singapore, New Zealand, Poland, Canada, Iran, North Korea, and the United States.
Customer Service Rating
Woxa's performance on the review platform Trustpilot is a point of interest, with a total of 8 reviews to its name. These reviews have resulted in a TrustScore of 4 out of 5 stars, which is categorized as 'Great.' Several reviewers have voiced their appreciation for Woxa. They find the Woxa app to be their preferred trading companion, citing its user-friendly interface and features that enhance the trading experience.
Users also commend the app's seamless synchronization with desktop accounts, ensuring consistency in their trading activities. Many find the account opening process with Woxa to be exceptionally smooth and straightforward, describing it as the easiest they've encountered. Woxa's comprehensive guide on how to start trading, along with the availability of free online chat and self-learning resources for personal development, have also garnered praise.
Outside of Trustpilot, it appears that there are limited to no user reviews of Woxa on platforms like ForexPeaceArmy and myfxbook, with the broker yet to receive any reviews there.
Woxa Forex Trading Platforms
Woxa's website stands out by not featuring popular trading platforms. Instead, it offers its proprietary web trading platform and a mobile app. This offers a degree of flexibility for traders, though it remains somewhat limited compared to platforms that offer MetaTrader4 and MetaTrader5. Nonetheless, here are the available trading platforms on Woxa:
Web Trader: Trading on the Woxa Web Trader is relatively straightforward to grasp. Its simplicity is due to its lack of overly complex features. The standout feature is its use of TradingView for charting. Price actions are clear on these charts, and scaling them up and down is a breeze, making it handy for intricate technical analysis. Also, the watchlist feature is intuitively designed, providing ample information about individual instruments. The platform supports various indicators, including trend-based, volume-based, oscillators, and Bill Williams indicators. While it allows multi-timeframe analysis, it offers a relatively modest selection of just nine timeframes. In comparison, MetaTrader 5 offers 21 different timeframes.
Additionally, it supports multiple order types, such as Market orders and Stop orders. Woxa's web trader may not be entirely proprietary, as the highly regarded TradingView powers its charts. This is a notable positive because TradingView is known for its user-friendliness when it comes to studying price movements.
Woxa Mobile App: The mobile app plays a crucial role in providing traders with swift and convenient access to the market while on the move. This app is particularly handy when quick adjustments to open positions are needed. Users can easily log into their accounts, access open orders, and make effortless modifications to trade parameters, such as adjusting the stop-loss, all within a matter of seconds. However, it's worth noting that the mobile app has limitations beyond these functions. It's somewhat less user-friendly than the web trader version. The Woxa mobile app is compatible with both Android and iOS devices, catering to a broad range of users.
Type of Trading Accounts on Woxa
In contrast to many well-known forex broker firms, Woxa offers limited flexibility when it comes to account types. This platform provides only one type of account, which can be restrictive for clients seeking options that align with their trading preferences.
Adding to the challenge, Woxa doesn't initially provide detailed information about its account type on the website. Prospective clients must sign up to access this essential information. However, with some research and testing, here's what the single account type on Woxa offers:
Standard Account: Woxa offers a single standard account type designed for commission-free trading. The minimum deposit requirement is remarkably low at $25, but it's important to note that the only available base currency is USD. There are no provisions for swap-free trading through Islamic accounts. With floating spreads starting from 1.2 pips, which is slightly above the industry average, and the advantage of commission-free trading, the Woxa Standard account is better suited for longer-term day trading strategies. However, it's not the ideal choice for scalping and intraday trading, as Woxa's platform does not support limit orders for such trading strategies.
Demo Account: Woxa offers users a demo account preloaded with $100,000 upon registration. It's important to note that Woxa does not furnish additional specifics, such as the demo account's expiration, the choice of leverage, or the range of available assets. Given Woxa's emphasis on copy trading, it would be beneficial for the platform to provide an unlimited demo account to allow users ample time to explore and practice trading strategies.
Islamic Account: Woxa also offers Islamic accounts with a swap-free trades for Islamic traders.
Account Type | Standard |
Spreads From | 1.2 pips |
Maximum Leverage | 1:800 |
Commission | $0 |
Islamic Account | Yes |
Scalping | Yes |
Demo Account | Yes |
Trading Denominations on Woxa Forex
Woxa offers clients a single currency option for trading, which is the USD. This setup is restrictive, as it limits clients to just one choice, in contrast to other brokers that offer multiple account denomination currencies. This lack of currency variety may not suit the diverse needs of traders who prefer different currency options for their accounts.
Company Structure
Woxa.com, managed by Woxa Ltd., operates as an Investment Dealer with its registered address at Hotel Avenue C/o JurisTax Ltd, Ebene House 33 Cybercity, Ebene, 72201 Mauritus. Additionally, its parent company, Woxa Limited, was established in Saint Vincent and the Grenadines, bearing the registered number 26740 BC 2022.
Woxa Forex brokerage offers market execution services to its clients, bringing together a wide range of popular assets in one convenient place. The broker prides itself on providing professional tools, an intuitive interface, and exceptional customer support, emphasizing their commitment to client safety. In its mission statement, Woxa expresses dedication to ongoing service refinement to meet traders' evolving needs. This includes expanding the range of tradable assets and introducing new social features to the platform, showing a commitment to innovation.
It's worth noting that Woxa appears to have a specific focus on clients from select Asian countries. Despite its relative newness, having commenced operations in 2019, the platform does not prominently display any awards or recognitions on its website, which is understandable given its short time in operation.
Woxa Licenses and Regulatory Compliance
Woxa claims it adheres to multiple regulations; however, there is a lack of evidence supporting this claim. Currently, the Woxa Forex broker firm operates under the regulation of the Financial Services Commission of the Republic of Mauritius (FSC) and holds an Investment Dealer License with the number GB22200605.
This signifies that the platform is regulated by a third-tier regulator, with no tier-one regulation in place. The absence of tier-one regulation could potentially impact its credibility among prospective clients.
Woxa Forex Customer Protection
Woxa operates under the regulation of the FSC in Mauritius; therefore, it is obligated to meet the financial regulatory standards set by this authority.
Aside from this, Woxa underscores its commitment to safeguarding client funds through a Client Fund Segregation policy. The client's deposit is maintained in a separate, segregated account. This ensures that, even in the unlikely scenario of Woxa facing bankruptcy, client funds remain secure. The broker also claims to provide Negative Balance Protection, shielding clients from adverse market shifts.
Additionally, Woxa emphasizes maintaining robust cybersecurity measures to protect client information, though specific tools and methods are not detailed on the platform. To bolster online security, the Woxa website is equipped with SSL encryption, enhancing the safety of data transmission and interactions within the platform.
Customer Service
Woxa provides customer support from Monday to Friday, 24 hours a day. They offer assistance through email and live chat. Woxa claims its support agents are courteous and tend to respond promptly to inquiries.
For straightforward questions or common requests, clients can refer to the FAQ section on the website, which can be quite helpful. It's worth noting that customer support is accessible in three languages: English, Vietnamese, and Malaysian, catering to a diverse user base. Noticeably, Woxa does not provide phone support at the time of this review.
Trading Information
Woxa employs a market execution model, allowing clients to engage in trading 24/5, although detailed trading information is somewhat scarce on their website. One notable feature is the option for commission-free trading and generally narrow spreads, particularly in the cryptocurrency realm, making Woxa an attractive choice for crypto traders.
Woxa also permits traders to adjust the leverage for each trade, offering flexibility to manage market exposure effectively based on the specific instrument and market conditions. Woxa's variable spreads, commencing from as low as 1.8 pips, vary depending on the traded asset, time, and market fluctuations. In terms of asset classes, the broker tends to charge lower spreads on cryptocurrencies, average spreads on CFD shares, moderate to high spreads on commodities, and higher spreads on FX pairs.
For those who maintain positions overnight, Woxa applies reasonable swap fees. Notably, there seems to be no inactivity fee for dormant accounts. Additionally, Woxa emphasizes that there are no handling fees associated with deposits and withdrawals, contributing to a cost-effective trading experience.
Tradable Instruments
Woxa offers a reasonably diverse selection of tradable instruments. However, it's essential to note that despite the platform's claims of over 2000+ assets, reviews suggest that the actual number is closer to approximately 300+. The tradable instruments available on Woxa include:
Stocks & ETFs
Cryptocurrencies
Forex
Commodities
Indices
While the total number of assets may not reach the claimed figure, Woxa provides a respectable variety of trading options across these key categories.
Woxa Leverage
Woxa offers variable leverage to its traders, with the highest leverage available going up to 1:800. This feature allows traders to adjust their market exposure and tailor their leverage to their trading preferences and the specific instruments they are trading.
Deposits and Withdrawals
Deposits
Woxa's website provides little information about deposit and withdrawal methods. While their terms and conditions mention bank wires and credit/debit cards, further investigation reveals a different story. Deposits into Woxa are only possible through local bank transfers in select countries, including Vietnam, Indonesia, and Malaysia. Importantly, the broker itself does not impose deposit fees, but it's worth noting that third-party banking fees may apply. Woxa sets a reasonable minimum deposit requirement at $25, which is advantageous for those looking to get started with the broker.
Withdrawals
The situation with withdrawals mirrors that of deposits, with the platform not specifying withdrawal methods. Similar to depositing, withdrawals can be initiated via local bank transfers in the countries above. Unfortunately, detailed information about standard processing times is not readily available on the Woxa website. Nevertheless, once withdrawal requests receive clearance from the broker, the typical transaction times are contingent upon the respective bank, usually falling within the 3 to 5 business days range.
Woxa Trading Education and Training
One of Woxa's standout features is its extensive and comprehensive educational resources. This forex broker offers an impressive educational section with over 1,235 articles and videos. These articles in the 'Academy' section are organized according to each tradable instrument, making it convenient for clients to access the information they seek.
For newcomers to the world of trading, Woxa is particularly commendable due to its well-structured educational content. They provide a wealth of educational videos that cover a wide range of topics, from the fundamentals of trading to more complex subjects like technical analysis and fundamental analysis. These videos complement the written articles, with each video offering a concise overview of the subject matter in just a few minutes.
Beyond this, Woxa offers additional valuable tools, including the 'Stocks Calendar,' to keep traders informed about upcoming stock market events. There's also the 'Markets Hours and Events' tool, ensuring traders stay updated on developments in the financial world.
FAQs
Is Woxa Forex a Scam?
Woxa Forex Broker is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius, which provides a level of oversight and accountability. The broker has a TrustScore of 4 out of 5 stars on Trustpilot, which is categorized as 'Great.' While some reviewers have praised Woxa for its services, others have expressed concerns and complaints.
How do I open a Woxa trading account?
To open a trading account with Woxa, follow these general steps:
Start by visiting the official Woxa website.
Look for the "Register" button and click on it. You'll be prompted to provide your personal information, such as your name, email address, and password.
You will also be required to enter your country of residence. Woxa already provides a list of available countries, and all you have to do is select the appropriate one.
If you have a partner code, you can input it into the space provided.
Be sure to read and understand all the terms and conditions, risk disclosure statements, and other important documents provided by Woxa. After this, you can check the boxes.
Once all is set, click on the 'Create Account' button.
Woxa does not require you to select an account type since the platform only has a single account type. Also, in line with trading regulations, you'll likely need to verify your identity by providing documents, such as a valid ID or passport. This is a standard procedure to comply with regulatory requirements.
After your account is verified, you can fund it with the minimum deposit amount required by Woxa. This amount may vary depending on the account type you selected. Once your account is funded, you can access the trading platform and begin trading. Make sure you're familiar with the platform and its features before executing any trades.
Conclusion
The Woxa Forex Broker platform presents a mixed bag of features and offerings in the world of online trading. The broker provides access to its proprietary trading platform along with a mobile app, albeit with some limitations in terms of advanced features. Clients have a single account type to choose from, which may not fully cater to diverse trading preferences.
Woxa's leverage options extend up to 1:800, offering traders a flexible approach to managing their market exposure. However, the platform has geographical limitations, as it does not cater to residents of countries such as the European Union, the United Kingdom, and the United States. Account denominations are solely in USD, which could be limiting for those who prefer other currency options. While deposit and withdrawal methods are somewhat constrained, they primarily rely on local bank transfers in specific countries.
Woxa holds registration with the Financial Services Commission (FSC) of Mauritius, adding a layer of regulatory oversight to its operations. The broker emphasizes client protection measures, including fund segregation, negative balance protection, and cybersecurity protocols. Woxa offers a range of tradable instruments, including stocks, cryptocurrencies, forex, commodities, and indices. The platform's educational resources are a strong suit, with over 1,235 articles and videos covering various trading topics. They provide valuable learning material for both beginners and experienced traders.
While Woxa has some attractive features and services, there is room for improvement. Enhancing transparency, especially regarding deposit and withdrawal processes, would benefit users. In the end, Woxa offers a platform that could be appealing to traders who appreciate a straightforward approach to trading and a wealth of educational resources. However, potential users should conduct thorough research and consider their specific needs and preferences before choosing Woxa as their trading partner.
