WealthCapital is an online foreign exchange broker that aims to put its own stamp on the forex world. Some of its main features are its transparent trading conditions, comprehensive trading academy, a detailed market analysis, world-renowned trading platforms, a large selection of tradable assets, safe and secure payment methods, and a professional and friendly support team. We will be looking into the services to see if all of this is actually offered and to see how they compare next to the competition.
Account Types
Should you decide to sign up with WealthCapital you will have a choice of four different accounts, each one has its own requirement to open and they offer their own trading conditions, we have briefly outlined them below.
Basic Account: This account requires a minimum deposit of €5,000 and must be in EUR as a base currency. The account can be leveraged up to 1:500 and it comes with variable spreads. The account can have a bonus of up to 50% and there is a part-time account manager. You get an intro live training session, 1 month of special trading events. The account also gets signals and market reviews once a week and webinars once a month, finally, the account comes with exclusive eBooks and access to the video academy.
Advanced Account: This account requires a minimum deposit of €25,000 and must be in EUR as a base currency. The account can be leveraged up to 1:500 and it comes with variable spreads. The account can have a bonus of up to 75% and there is an account manager with full consultation. You get 2 live training sessions, 2 months of special trading events. The account also gets signals and market reviews twice a week and webinars twice a month, finally, the account comes with exclusive eBooks and access to the video academy.
Expert Account: This account requires a minimum deposit of €75,000 and must be in EUR as a base currency. The account can be leveraged up to 1:500 and it comes with fixed spreads. The account can have a bonus of up to 100% and there is an account manager with individual support and assistance. You get 4 live training sessions, 4 months of special trading events. The account also gets signals and market reviews three times a week and webinars weekly, finally, the account comes with exclusive eBooks and access to the video academy.
Master Account: This account requires a custom deposit amount to open and must be in EUR as a base currency. The account can be leveraged up to 1:500 and it comes with fixed spreads. The account can have a bonus of up to 150% and there is a special concierge service. You get unlimited live training sessions and special trading events. The account also gets signals and market reviews daily and webinars weekly, finally, the account comes with exclusive eBooks and access to the video academy.
Platforms
WealthCapital use their own online trading platform, we did not get a chance to try it out, but it is a very simple platform not really offering a whole lot of functionality. It looks more like the platforms you get with binary options. You get the choice of leverage for each individual trade and can select the trade size based on monetary value rather than lot sizes. There doesn’t seem to be much chart functions such as indicators, so it is a very basic trading experience.
Leverage
All account can be leveraged up to 1:500, the Basic and Advanced account simply state up to 1:500, which the Expert and Master accounts state that the leverage is fixed at 1:500, so we assume this means that the first two accounts are able to change it, while the Expert and Master account cannot change it once it is set.
Trade Sizes
WealthCapital hasn’t made their trade sizes clear so we can’t really comment on them, as they use a slightly different trading platform to traditional brokers, using money value rather than lot sizes.
Trading Costs
We did not see any mentions of either commissions or swap charges, we believe that all four accounts use a spread based system rather than commissions and we will go over those later in this review.
Assets
The assets have been broken down into a number of categories, we have outlined them below so you can get an idea of the assets that are available to trade.
Currencies: AUDCAD, AUDCHF, AUDJPY, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, USDNOK, USDSEK.
Stocks: Alibaba, Amazon, Apple, Coca-cola, Facebook, Google, Microsoft, Tesla, and eBay.
Commodities: Gold, Silver, Crude Oil
Indices: S&P 500, Nasdaq 100, Dow 30, Dax Index.
Crypto: ETHBTC, ETHEUR, ETHUSD, LTCBTC, LTCEUR, LTCUSD, XRPEUR, BTCUSD, XRPUSD.
Spreads
The spreads that we could see were a little high, sitting at around 2.7 pips for EURUSD, and that was the lowest that we saw, the Basic and Advanced account have variable spreads which mean they will move with the markets, the Expert and Master accounts have fixed spreads which means they will always remain the same, we do not have any examples for these accounts though.
Minimum Deposit
The minimum amount required to open up an account is €5,000, however, the actual minimum deposit available is €250 which is the limit when making any subsequent top-up deposits to an already open account.
Deposit Methods & Costs
There isn’t a full list of the available methods however in the FAQ the ones that are mentioned include Bank Wire, Visa, MasterCard, Maestro, Diners Club, AlphaExchnage, and it then states other e-Wallets but no examples of what they are. The good news is that there are no added fees when depositing, however, you should check with your bank or payment provider to see if they add any outgoing transfer fees of their own.
Withdrawal Methods & Costs
The same methods seem to be available to withdraw with, for clarification they are Bank Wire, Visa, MasterCard, Maestro, Diners Club, AlphaExchnage, and other eWallets. Just like the deposits, WealthCapital will not charges any additional commission or fees when withdrawing your funds.
Withdrawal Processing & Wait Time
If there are no issues with your account and your verification documents have been approved by the WealthCapital compliance team, then your withdrawal request will be processed within 72 hours of the request being made. Depending on the withdrawal method that you use, it may still take up to 7 business days for the funds to reflect in your bank account.
Bonuses & Promotions
There are deposit bonuses available, the amount that you get depends on the account type that you open up and are as follows.
- Basic: Up to 50% bonus
- Advanced: Up to 75% bonus
- Expert: Up to 100% bonus
- Master: Up to 150% bonus
The actual terms of these bonuses we are not sure of, such as how to convert them into real funds or if you can at all.
Educational & Trading Tools
In terms of education, there are only a few small elements on the WealthCapital site, the first is some market analysis that seems to be updated daily, it offers some analysis on the markets along with some graphs and trade setups, great to use along with your own analysis. The next section is some trading signals where they claim to have 70% success, we cannot see the actual signals so we cannot comment on their accuracy or profitability. Next up is a pip calculator and a position size calculator, the final section is for some webinars, we have not viewed them so we do not know how good the quality of them is.
Customer Service
The contact us page is pretty simple, there isn’t a mention of the support opening times though, You can use the online submission form to send in your query, or you can use the provided email address or phone number.
Demo Account
Demo accounts are available and they allow clients to test out conditions and strategies without risk, we do not know which accounts the demo accounts mimic or if there is an expiration time, so it would be nice for WealthCapital to add those bits of information onto the site.
Countries Accepted
This information is not present on the site, so if you are thinking of signing up we would recommend contacting the customer service team to ensure that you are eligible for an account prior to opening one up.
Conclusion
The welathCapuital platform works a little differently to a standard broker, their platform is very basic and offers different trade conditions rather than account conditions. The spreads are pretty high which can make it quite expensive to trade here. There are plenty of deposit and withdrawal methods with no added fees which is great, and there is a decent selection of tradable assets. The main downside comes from the difficulty of really understanding the trading conditions. If you are looking for a more traditional trading experience then you may need to look elsewhere.