FX Wonders-Overview of Minimum Deposit, Leverage, Spreads

Note: FX Wonders's official website: https://fxwonders.com/ is currently inaccessible normally.

FX Wonders is allegedly an unregulated forex broker based in Saint Vincent and the Grenadines that provides its clients with the industry-standard MetaTrader4 trading platform, leverage up to 500:1, variable spreads from 0.0 pips on multiple tradable assets, as well as a choice of three different account types.

Pros and Cons

Is FX Wonders Legit?

At present, FX Wonders lacks valid regulation. We suggest that you look for another regulated one.

What Can I Trade on FX Wonders?

FX Wonders advertises that it offers some popular trading instruments in financial markets, including forex, commodities, indices and shares.

Account Type

There are three live trading accounts offered by FX Wonders, namely Standard, Swap Free and Platinum. Opening a Standard account requires the minimum initial deposit amount of $500, while the other two account types with the much higher minimum initial capital requirements of $1,000 and $10,000 respectively.

Leverage

FX Wonders says that different clients can enjoy different maximum leverage ratios. The professional clients can enjoy the maximum leverage of 500:1, and the retail clients can experience the leverage of 30:1. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spread and Commission

Spreads are influenced by what type of accounts traders are holding. FX Wonders reveals that the spread on the Standard account is between 0.0 and 0.8 pips, the clients on the Swap Free account can experience spreads from 1.0 to 1.2 pips, while the Platinum account with spreads of 1.0-1.2 pips.

As for commissions, the broker will charge the Standard account a commission of $3.5 per 100k traded.

To be more specific, as the test shows on the demo MT4 account, the spread for EUR/USD pair was floating around 0.2 pips.

Trading Platform

FX Wonders offers industry-leading trading software MetaTrader4. MT4 is known as the most successful, efficient, and competent forex trading software, offering an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options.

Deposit and Withdrawal

FX Wonders works with MasterCard, WebMoney, Bank Wire Transfer, Skrill, Visa and Neteller.

The minimum deposit requirement is said to be $100, while the brokers most basic account type requires an initial investment amount of $500 and the minimum withdrawal amount is said to be $100 free of charge.

As for the processing time of deposit and withdrawal requests, all deposits are instant, while all withdrawals can be processed within 1 business day.