WH SelfInvest Review
WH SelfInvest Review
Founded back in 1998, WH SelfInvest offers online trading in wide range of financial products: more than 65 currency pairs, CFDs, futures and securities.
The company behind the brand, WH SELFINVEST S.A., is licensed and and authorized by the Ministry of Finance of Luxembourg & the Commission de Surveillance du Secteur Financier (CSSF). Based on its European passport, the broker has set up branches in Belgium, Netherlands, France, Germany, and Switzerland, which are also subjected to the supervision of the local regulatory bodies.
Client monies are segregated from the company’s funds and are accounted for on an individual basis. What is more important, in case of failure of a bank or an investment company, clients are protected on their claims arising out of investment transactions by the “Système d’indemnisation des investisseurs Luxembourg” (SIIL), which reimburses the amount of guaranteed investments up to a maximum of € 20.000 per investor.
In addition, since Luxembourg is a member of the European Union, WH SelfInvest is entitled to offer cross-border services within the EU under the MiFID Passporting Regime.
Minimum Initial Deposit
traders are able to open a live account with WH SelfInvest with €2,500, which is a high minimum initial deposit. Most brokers require around $200 as a start, and some none at all. Probably this is due to the fact that this broker offers access to numerous futures exchanges in addition to the standard forex and CFD trading.
Spreads & Commissions
WH SelfInvest provides both fixed and variable spreads. However, while most fixed-spread brokers do not charge a commission, and the majority of floating-spread (ECN) ones do, WH SelfInvest does just the opposite. It offers tight fixed spreads, amounting to 1.0 pips on EUR/USD, and charges a commission of €3.5 per lot per side on its (Commission-based account). Its variable spreads, on the other hand, start out at just 0.9 pips (Spread-based account), however, typical ones amount to around 1.7 pips for the EUR/USD pair. So trading costs per standard lot with WH SelfInvest are similar on both accounts. Keep in mind, however, that MT4 platform offers no choice of account types.
For purposes of comparison, another EU broker, XM, offers spread averaged 1.7 pips on its commission-free accounts, and a typical spread of just 0.1 pips on its Zero accounts, where a commission $5 applies.
The maximum leverage level offered by WH SelfInvest is just 1:50. This is considered a low leverage ratio. In fact, it is the maximum allowed in US and recently UK regulator proposed to cap leverage to 1:50. If you need higher leverage, many EU brokers offer such – for example, XM provides leverage up 1:888. Keep in mind, however, that high leverage levels involve greater risk.
WH SelfInvest supports the industry’s standard MetaTrader 4 platform (MT4), as well as its proprietary NanoTrader.
NanoTrader is an award-winning platform for trading in futures, forex and CFD trading. It is available as PC, web, and mobile versions. Besides, there are two options – NanoTrader Full (which costs € 29 per month) and NanoTrader Free which offers somewhat limited functionalities.
The platform offers a selection of trading tools: advanced charting package, weekly trading articles, weekly trading ideas, automated end-of-day technical analysis based on statistics, indicators and strategies, automated detection of chart patterns, etc. In addition, there is a trading store. What is more, NanoTrader platform offers manual and (semi-) automated trading and over 45 free trading strategies integrated in the platform.
WH SelfInvest also uses the popular MT4 – the internationally acclaimed trading terminal, offering a full spectrum of trading tools and services: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Traders can download ready-made or create their own EAs and let the program do all the work. WHS MT4 is available as desktop and mobile versions. Keep in mind that futures trading is not possible on the MT4 platform.
A cloud trading solution (VPS) is also available with this broker for €60 per month.
Methods of Payment
WH SelfInvest offers the following deposit and withdrawal methods: bank wire transfer, credit/debit cards, check and Citi.
One free withdrawal request per calendar month is allowed. After the first withdrawal (of any kind), the following fees are charged, depending on the base currency of your account, for any subsequent withdrawal: EUR 8, USD 10 or CHF 11.
As part of the fight against money laundering WH will only accept incoming transfers via the Banque Internationale à Luxembourg S.A. or ING Luxembourg S.A. and only if the accompanying instructions contain the beneficiary’s name and/or WH account number.
WH SelfInvest Review Conclusion
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