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.
Overview
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
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Woxa could benefit from improved transparency in providing information on its website, particularly in terms of deposit and withdrawal processes.
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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.
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Woxa offers trading accounts denominated solely in USD, which may not suit clients who prefer other currency options.
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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
Customer reviews
score
Read real reviews from traders all over the world:
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:
Frequently asked questions
Find the right answer to your question below.
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.
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.
- Overall verdict
- Trading
- Minimum deposit
- Maximum leverage
- Fees
- Withdrawal fee
- Deposit fee
- Safety
- Top-tier regulators
- Investor protection
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4.1/ 5
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4.2/ 5
- N/A
- N/A
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4/ 5
- N/A
- N/A
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4.1/ 5
- FIU
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See review
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4.5/ 5
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4.6/ 5
- $5
- 1:888
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4.3/ 5
- $0
- $0
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4.7/ 5
- ASIC, FSC, CYSEC
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See review
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4.8/ 5
-
4.9/ 5
- $100
- 1:10000
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4.7/ 5
- $0
- $0
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4.8/ 5
- FCA
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See review
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4.1/ 5
-
4.2/ 5
- 0$
- 1:400 (1:30 for EU)
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3.9/ 5
- 0$
- 0$
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3.9/ 5
- FCA
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See review
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4.1/ 5
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3.9/ 5
- N/A
- N/A
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4/ 5
- N/A
- N/A
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4.6/ 5
- ASIC, BaFIN, CYSEC, FCA
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See review