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Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

4.1
/ 5

Woxa review

Updated on May 15, 2024
|
11 mins read

Overview

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...
See full overview for Woxa
Countries
Devices
Our Verdict
4.1
/ 5
Commissions & Fees
4
/ 5
Deposit & Withdrawal
4.2
/ 5
Customer Support
4
/ 5
Account Opening
4.1
/ 5
Regulation & Safety
4.1
/ 5

Our 5-step process of verification and evaluation – How do we obtain information?

 

General inspection – 30%

Trading experience – 30%

Technical audit – 20%

Collective experience from collaborations with the broker – 10%

Interviews with real traders – 10%

 

See the entire process here.

Pros

  • Woxa provides a comprehensive selection of educational resources and market insights, making it an appealing choice for both beginner and experienced traders.

  • Woxa takes measures to safeguard client funds through account segregation. In the unlikely event of any financial issues with the broker, clients’ funds remain secure and separated from the company’s operational accounts.

  • The broker is regulated by the Financial Services Commission (FSC) of Mauritius. This regulatory oversight adds a layer of credibility and trustworthiness to its operations.

  • Woxa places a strong emphasis on copy trading, allowing users to follow the strategies of more experienced traders. This can be advantageous for those seeking to replicate the success of skilled traders.

  • Woxa provides its web-based trading platform and a mobile app for convenient trading on the go. These platforms offer flexibility and accessibility to suit varying trading preferences.

  • The broker’s low minimum deposit requirement of $25 makes it accessible to a broader range of traders, including those with limited capital.

Cons

  • Woxa could benefit from improved transparency in providing information on its website, particularly in terms of deposit and withdrawal processes.

  • The broker primarily relies on local bank transfers in select countries for deposit and withdrawal methods. Expanding these options would enhance convenience for a broader clientele.

  • Woxa offers trading accounts denominated solely in USD, which may not suit clients who prefer other currency options.

  • Woxa provides its proprietary trading platform, but its features may be limited compared to platforms offered by other brokers, which might deter users from seeking advanced trading tools.

General details

Type of accounts
Standard Accounts
Execution Model
MM
Deposit currency
USD
Regulatory complience
Deposit payment systems
Withdrawal payment systems
Support Languges
English
Vietnamese
Indonesian
Malay
Autotrading
MQL.5 Signals
Contact details

Customer reviews

Overall
score
5
/ 5
8 reviews

Read real reviews from traders all over the world:

S
Sebastián Sebastian
23 November 2023
Advantages: Social trading function, which allows small traders to visit, observe and copy other traders' transactions, so as to be used as investment prototypes, excellent customer service, answering all questions 24 hours a day, and a demo account that allows you to try services.
Disadvantages: Now, although I tried to use it, I didn't encounter any problems that I thought were flawed.
It's easy for beginners to understand. Of course, compared with many people in the market, the value of Spratt is very low. Luke 1:400. Very good. There are many kinds of withdrawals. There is also a free overnight fee. Very good.
N
Natnicha C.
23 November 2023
Advantages: Spread rendah, dengan spread pasangan Forex bermula pada 0.0 pip dan aset lain Spread bermula pada 0.1 pip
Disadvantages: There is a single account type, low leverage.
Woxa is a CFD broker that offers high quality services. The highlight is low spreads. There are no commissions and it offers Social Trading, which is useful for beginner traders. However, it also has the disadvantage of having only one account type and low leverage.
See all 8 customers reviews
Accounts

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. 
Tradable instruments

Tradable instruments on Woxa trading platforms include:

ETF
N/A
Stocks
N/A
Cryptocurrencies
N/A
Commodities
N/A
Indices
N/A
Currencies
N/A
Frequently asked questions

Find the right answer to your question below.

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.

Woxa compared with alternative brokers

To see the full broker review click “See review”, to see the complete table and compare more brokers visit our Comparison page.

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