WeTalkTrade is an FX trading platform that claims to provide accurate signals that predict market movement and also confirm your predictions. The free app of the company provides instant notifications on the updates and market changes. As per the vendor, this service is for newbie and expert traders as it provides alerts as well as tips and methods on successful trading.
WeTalkTrade: to trust or not to trust?
As a provider of signal alerts and other trading tips, the company assures a success rate of 80%. It claims to be easy to use due to the simple user interface. Are the claims of the vendor true? In this review, we have evaluated the features of this service and provided the key influencing factors. Before you read about the factors, let us know about the key features of this company.
Some of the features that the vendor claims make this service competitive are:
- A free app offering live signals is present that provides instant notifications.
- It works on all types of assets like metals, indices, cryptos, and currencies.
- Precise TP and SL are used for each of the trades.
- The copy trading feature allows the signals to be executed instantly.
- An 80% accuracy is assured by the vendor.
- You will get instant notification on recent signal updates via push notifications.
- The live FX alerts allow you to check between existing active and closed signals.
- You can see economic news info and their impact on FX to predict the trend.
From the info provided about the service, we find the vendor does not reveal info on the timeframe, strategy, recommendations, etc. Some of the main influencing factors we found with the service are:
- Absence of trading results
- Vendor transparency
- The strategy is not disclosed
Absence of trading results
The vendor does not provide trading performance verified by sites like Myfxbook, FXBlue, etc. We prefer verification by such sites as they are third-party sites that provide unbiased reports. We can find details like the total profit, absolute returns, drawdown, lot size, profitability, etc. The lack of substantial proof makes us suspect the reliability of the product.
As per the vendor, the company was started in 2009 and ventured into real FX signals in 2012. Pipbreaker Indicator, Velocity Finder, etc. However, there is no info on the developer or the team responsible for the service. We could not find details of the team members, their credentials, etc. The company is located in Wilmington, DE in the United States. A location address, email address, a live chat, and an online contact form are present.
The strategy is not disclosed
We could not find info on the strategy the vendor uses for the signal generation. The lack of info makes it difficult to assess the efficacy. Further, there are no backtesting reports that provide details on the approach used.
A free basic package is available that offers features like the ability to trade all asset classes, instant alerts, limited support, and an average success rate.
With the premium package that costs $79.99 per month. It includes features like hassle-free copy trading, instant alerts, a high success rate, and 24/7 live support. With the copy trader feature, you will get to execute trades instantly on all the assets from the provided signals. The feature is available as manual and automatic forms. As per the vendor, you can choose the lot size you want and the copy trader of the company executes the trades effectively.
There is no refund policy present. The presence of a money-back feature helps users to know the reliability of a product. Without the feature, traders are bound to be suspicious of the reliability. Further, when compared to similar services in the market, we find the price is very expensive.