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Woxa Review 2024

By:
Plamen Stoyanov
Updated: Nov 29, 2023
Overall Rating
3
  • Trust
    2.1
  • Fees
    3.5
  • Platforms and Tools
    3.2
  • Tradable Instruments
    3.9
  • Customer Support
    2.7
  • Research
    1.9
  • Deposit and Withdrawal
    2.8
  • Account Types and Terms
    3.3
  • Education
    3.1
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    We performed our tests on a standard account using the web and mobile app versions of Woxa’s platform. The account was opened with WOXA LTD, which is the only entity of the broker.

    The Big Picture

    Woxa is a relative newcomer to the financial industry. The company, headquartered in Mauritius with offices in Saint Vincent and the Grenadines, was founded in 2019 and obtained its trading license in April of this year. Woxa, also known as Awonar, predominantly delivers copy-trading solutions to its clients. Only traders from Malaysia, Indonesia, and Vietnam can sign up with the broker.

    Woxa is licensed in Mauritius by the Financial Services Commission (FSC) there. It is also registered as a business company in Saint Vincent and the Grenadines. In my research of the company, I found that it adheres to some essential safety guidelines, such as keeping its client funds in segregated accounts.

    What I found interesting and rather unorthodox about Woxa is that you can change the leverage you use for each trade. This means that you can regulate your market exposure for each position, which gives you a certain degree of flexibility. Another advantage is that with a minimum deposit requirement of $25, Woxa is very accessible. Also, with commission-free trading and generally low cryptocurrency spreads, I assessed that Woxa offers favorable conditions for trading cryptos.

    However, I found Woxa insufficiently transparent. Some of the information, as presented, does not correspond to reality. As an example, the website states that the broker incorporates the popular MetaTrader platform, which wasn’t available at the time of my test. The website is rather barebone, and at times it was hard to find relevant information. In addition, Woxa lacks educational and research content diversity, and its customer support may leave some room for improvement.

    Woxa Key Takeaways for 2023

    • Woxa is licensed by one third-tier regulator (FSC of Mauritius) and has a constrained level of general and financial transparency.
    • The broker offers commission-free trading, but the spreads we recorded on most instruments we checked exceed the industry average.
    • Woxa has a semi-proprietary platform which is powered by Trading View. MetaTrader is unavailable.
    • Traders can choose from over 300 lower-risk securities and higher-risk/yield assets, as well as complex instruments like ETFs.
    • Woxa has one account type for all kinds of traders. Demo accounts are only available after opening a live account. The broker doesn’t offer swap-free Islamic accounts.
    • Payments to and from the broker are only available via local bank transfer.
    • I found Woxa’s educational and research materials lacking in depth and scope.
    • Customer support is available in three languages (English, Malaysian, and Vietnamese). The agents are polite though not overly knowledgeable.

    What Sets Woxa Apart From Other Brokers?

    What surprised me in Woxa is that you can adjust the leverage rate for each trade you execute. This allows you to better manage your market exposure depending on the instrument you are trading and prevailing market sentiment. You can limit your trading risk at more volatile times by opting for lower leverage and vice versa.

    Who is Woxa For?

    Woxa’s services are aimed at traders from Malaysia, Vietnam, and Indonesia, though it is important to point out that the broker does not offer Islamic Accounts. And even though Woxa’s trading fees, in general, exceed the industry average, its BTC/USD spread is extremely low. I measured it at around $5, which is several times lower than the industry benchmark of around $40. I thus concluded that Woxa is suitable for cryptocurrency traders, though they should exercise caution when trading such highly volatile assets.

    Woxa Pros and Cons

    Pros Cons
    • Charts powered by Trading View
    • Low Bitcoin spread
    • Complex tradable instruments
    • Copy trading
    • Transparency could be enhanced
    • Limited choice of platforms
    • High fees
    • Services only available in three countries

     

    Woxa Main Features

    ☑️ RegulationsFSCM (Mauritius)
    🗺 Supported Languages
    English
    💰 ProductsCurrencies, Stocks, Crypto, Indices, Commodities
    💵 Min Deposit$25
    💹 Max Leverage1:800 (FSCM)
    🖥 Trading Desk TypeSTP
    📊 Trading PlatformsProprietary
    💳 Deposit OptionsLocal Transfer
    💳 Withdrawal OptionsLocal Transfer
    🤴 Demo AccountYes
    🗓 Foundation Year2019
    🌎 Headquarters CountryMauritius
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Woxa Full Review

    Trust

    2.1
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    Woxa, also known as Awonar, operates one entity – WOXA LTD. It is regulated offshore and ensures only the most basic safety mechanisms. The broker is also not overly transparent with vital information either missing from the website or, where available, being represented with misleading language.

    Woxa Regulations

    In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

    This is what I discovered about Woxa’s entity:

    • WOXA LTD is licensed and authorized by the Financial Services Commission (FSC) of Mauritius under license number GB22200605. We rank the FSC as a Tier-3 regulator on our system.
    Woxa Ltd’s licensing info on fscmauritius.org

    We have summarized the most essential aspects of Woxa in terms of regulation and safety in the table below:

    Entity Features WOXA LTD
    Country/Region Mauritius/Port Louis
    Regulation FSC
    Tier 3
    Segregated Funds Yes
    Negative Balance Protection No
    Compensation Scheme No
    Maximum Leverage 1:400

    Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

    Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

    Here is what you need to be looking for in a broker in terms of safety mechanisms:

    • Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. Woxa complies with this requirement.
    • Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. Even though Woxa’s customer service maintains that the broker provides negative balance protection, I could not confirm this in its legal documents.
    • Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. Clients of Woxa are not protected under such a scheme.
    • Maximum leverage. Capping the maximum leverage limits the maximum market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. Woxa’s maximum leverage is 1:400. Notably, you can adjust your leverage for each trade you plan to open.

    Is Woxa Safe to Trade With?

    Woxa’s license from the Financial Services Commission in Mauritius, a Tier-3 regulator, is the broker’s strongest proof of safety. The license was obtained several months before this review, so I expect Woxa to make inroads toward improving its overall safety. At present, however, the broker does not ensure some vital safety mechanisms, such as negative balance protection.

    Woxa does not have a ‘best execution policy,’ meaning that it does not guarantee the delivery of the most favorable price feeds at all times. Traders should consider the risk of negative slippage.

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.

    There are some discrepancies on the Woxa’s website. For instance, I was able to find the assertion that Woxa incorporates the renowned MetaTrader 5 platform, however, at the time of my test, it wasn’t available. There is also the claim that Woxa offers over 2000 share CFDs and ETFs. In reality, the number is less than 300. Additionally, Woxa’s LinkedIn says the company is headquartered in Limassol, Cyprus, but the WOXA LTD entity is based in Port Louis, Mauritius.

    My biggest issue is with Woxa’s insistence on providing negative balance protection, as shown below. I could not find any written confirmation of this in the Terms & Conditions document or any other of the legal documents on the website.

    Usually, the FSC (Mauritius) does not mandate from brokers the inclusion of negative balance protection, which is why I did not expect Woxa to provide it. But I was curious to see how their customer support would respond if asked about it. I spoke with a couple of agents and was referred to the T&Cs several times, even though I told them that I could not find any reference to NBP there. Then, I was simply asked to “rest assured” that this mechanism is indeed ensured by Woxa.

    My conversation with Woxa customer support on their negative balance protection policy

    In summary, my research indicates that Woxa can be regarded as having a low level of trust and stability due to the following factors:

    • Licensed by a single Tier-3 regulator
    • Lack of clarity on the website
    • The customer support is not sufficiently informed

    Fees

    3.5
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    Woxa offers commission-free trading and medium-to-high spreads compared to the industry average. Its swaps are generally low, and dormant accounts have no inactivity fee. Swap-free trading via an Islamic account is unavailable.

    Woxa’s Trading Fees

    Woxa’s Spreads

    I tested Woxa’s spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on 10 August 2023.

    Instrument Live Spread AM Live Spread PM
    EURUSD 2.2 pips 2.1 pips
    GBPJPY 7.6 pips 6.9 pips
    Gold (XAUUSD) 37 pips 40 pips
    Crude Oil 0.05 pips 0.05 pips
    Apple NA 0.5 points
    Tesla NA 0.5 points
    Dow Jones 30 8 basis points 8 basis points
    Germany 40 Not Available Not Available
    Bitcoin $3.58 $4.62

    Broken down by asset class and compared to the industry average, Woxa charges low spreads on cryptocurrencies, average spreads on CFD shares, average-to-high spreads on commodities, and high spreads on FX pairs.

    What made a strong impression on me is that Woxa charges an extremely low spread on Bitcoin at around $4. In comparison, the industry average is around $20.

    Woxa’s Swap Rates

    A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

    The values listed below are for one full contract (100,000 units) of the base currency.

    Instrument Swap Long Swap Short
    EURUSD Charge of $4.99 Charge of $0.90
    GBPJPY Charge of $3.46 Charge of $4.45

    Based on my findings, I determined that Woxa charges below-average swaps.

    Woxa’s Commissions

    Woxa’s only account type affords commission-free trading, meaning that there is no fixed fee per traded volume. However, such a commission may be imposed in some cases, as shown below:

    Info about Woxa’s commissions in the T&Cs

    Woxa’s Non-Trading Fees

    There does not seem to be an inactivity fee for dormant accounts. Also, Woxa’s customer support said that there is no handling fee for deposits and withdrawals, but I was not able to confirm this. There is barely any information on the website concerning payments to and from the broker.

    Are Woxa’s Fees Competitive?

    Except for its rather high spreads, I found Woxa’s other fees mostly competitive. Fundamentally, it boils down to what instruments you decide to trade and when. To illustrate that I will use a real-world example:

    Consider opening one full-sized (100,000 units) EURUSD position. To estimate the value of trade you have to multiply the recorded spread rate (2.2 pips) by the pip value ($10) and add the commission. Since Woxa does not have a volume-based commission, you are left with 2.2 x 10 = $22 per traded lot. This is twice higher than the industry average.

    Platforms and Tools

    3.2
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    Woxa has a web-based platform, which is largely powered by Trading View. One of its best features is the large pool of technical indicators. Woxa also has a user-friendly trading app. And even though on the website it is suggested that MetaTrader 5 is also available, this is not really the case.

    It’s difficult to call Woxa’s web trader a proprietary platform because its charts are powered by the seamless TradingView, which is also its best feature. TradingView is an industry leader when it comes to the ease with which you can study price action behavior. However, despite the over 100 analytical tools that are also incorporated from TradingView, Woxa’s platform lacks other essential features, such as the ability to execute pending orders.

    Woxa’s stocks sector tool

    Woxa seems determined to develop a strong social trading community, but automated trading via Expert Advisors (EAs) is not permitted. What I found practical is Woxa’s proprietary stocks calendar tool and the biggest (stocks) gainers and losers per sector tool.

    Woxa’s Web Trader Platform

    Woxa’s web trader platform

    General Ease of Use

    After I gave the platform a trial run, I found it very simple to grasp. Its easy learning curve is due to the fact that the platform is not particularly feature-rich. It consists of a feed section, not unlike a social media page, where financial news and trader ideas are reposted.

    A watch list of selected instruments

    Woxa’s watch list has an intuitive design and I liked that there is plenty of information for individual instruments. You can get a general sense of where the market is headed and place trading orders from there. The platform doesn’t have a desktop version.

    Charts

    The charts screen is easily the best feature of the platform because it is powered by TradingView. Price action is easily discernable on the chart, and it is extremely easy to scale it up and down, which I consider essential for executing complex technical analysis. However, trading from the chart is unavailable, and there is no possibility to set alarms.

    Woxa’s charts are powered by TradingView

    My impression of Woxa’s charts is that they are very versatile, thanks to the industry-leading trading solutions provided by TradingView. Traders can choose from a vast array of analytical and visual tools, which I have broken down by type:

    • 104 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, and Bill Williams indicators. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next.
    • 31 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels.
    • 9 timeframes. The platform affords multi-timeframe analysis of price action behavior, though its assortment of timeframes is relatively constrained. In comparison, MetaTrader 5 consists of 21 different timeframes. The greater the number, the more intricate examinations that can be carried out across the short-term and long-term.
    • 9 chart types. Price action can be represented in multiple ways, affording traders the opportunity to study it from different perspectives.

    Orders

    No pending orders on Woxa’s platform

    The biggest disadvantage of Woxa’s platform is that it does not support the execution of limit orders (they are used to enter the market at a specific price level). I was surprised by this as while browsing the platform, I noticed a pending orders option. It, however, did not work, as you can see in the bottom-left corner of the image above. I suppose this is an issue that needs to be resolved. I have broken down the available order types below.

    • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order actually gets filled.
    • Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

    Woxa’s Mobile App

    From left to right: app’s home screen, watchlist, chart window, order screen

    The mobile app affords traders quick and easy access to the market on the go. It is indispensable when you must swiftly adjust your open positions. While evaluating the time required to open a position, I quickly logged into my account, navigated to my open orders, and effortlessly adjusted the trade parameters, such as moving the stop-loss, all within a matter of seconds.

    On the other hand, the app is not suitable for much else. It is even more cumbersome than the web trader version, and carrying out sophisticated technical analyses on a small-screened device is virtually impossible. However, this issue is inherent to almost all trading apps.

    Tradable Instruments

    3.9
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    Woxa offers over 300 tradable instruments, unlike what is stated on the website, from several different asset classes. These include FX pairs, commodities, share CFDs, indices, ETFs, and cryptocurrencies. I assessed that Woxa’s offering is sufficient for the execution of a wide array of trading strategies.

    I was positively impressed by the diversity of instruments afforded by Woxa, though there are some notable exceptions. For instance, Germany’s DAX 40 index is unavailable.

    What Are CFDs?

    Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying without physical delivery. For example, a long position on gold would generate a profit as the price rises or incur a loss as it falls. This is achieved without having to purchase actual bars of gold. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

    What Can You Trade With Woxa?

    I have broken down the available instruments by asset class:

    • 29 Currency Pairs
      • Major and Minor
    • 8 Commodities
      • Metals and Energy
    • 246 CFD Shares
      • Retail, Tech, Financial, and Other
    • 11 Indices
      • U.S., Europe, Asia
    • 40 ETFs
      • Retail and Financial
    • 10 Cryptocurrencies
      • Major and Minor

    Compared to the industry average, Woxa offers a low amount of FX pairs, an average amount of commodities, cryptocurrencies, and stocks, and an above-average number of indices.

    Forex Commodities
    EURUSD | GBPJPY | NZDUSD | EURJPY | GBPCAD | GBPUSD Gold | Crude Oil | Natural Gas | Silver
    CFD Shares Indices
    Apple | Tesla | Microsoft | Alphabet | Meta Dow Jones 30 | Germany 30 | Japan 225 | Nasdaq 100
    ETFs Cryptocurrencies
    CIBR | AAXJ | BNDX | IEF | IUSV |QQQJ BTCUSD | ADAUSD | LTCUSD | SOLUSD | UNIUSD

    Customer Support

    2.7
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    Woxa offers 24/5 customer support over email and live chat, though there is no phone support. For some basic requests, the broker’s clients can turn to the FAQ section on the website. Help is available in three languages, including English, Vietnamese, and Malaysian.

    Woxa’s agents are polite and respond fairly quickly to queries, but they seem to struggle when asked harder questions.

    Customer Support Test

    When we test a broker’s customer support team, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

    I conducted my test on 10 August at 11:48 a.m. GMT via live chat. An agent connected almost instantaneously. I inquired about their negative balance policy and their trading commissions. I wanted to see if Woxa charges any volume-based commissions, as I could not find any information on the website.

    The agent responded fairly quickly and confirmed that Woxa does indeed offer commission-free trading. He also referred me to the T&Cs document, though he failed to elaborate on what is written there – that Woxa may indeed charge a commission per traded volume in some cases.

    My inquiry about Woxa’s commissions

    Deposit and Withdrawal

    2.8
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    I discovered that, at present, payments to and from Woxa are only available via local bank transfers (Vietnam, Indonesia, and Malaysia). The broker does not charge deposit and withdrawal fees, though third-party banking fees may apply.

    Woxa’s Deposit Methods

    Method Fee Transaction Time
    Local Bank Transfer $0* 3-5 Business Days

    Woxa’s Withdrawal Methods

    Method Fee Transaction Time
    Local Bank Transfer $0* 3-5 Business Days

    *Third-party banking fees may apply

    I could not find any information about the usual processing times with Woxa. Once withdrawal requests have been cleared by the broker, standard transaction times apply depending on the bank (3-5 business days).

    Account Types and Terms

    3.3
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    Woxa has only one standard account type, which supports commission-free trading. The minimum deposit requirement of $25 is extremely low, though USD is the only available base currency. Demo accounts are only available after creating a live account. Swap-free trading via Islamic accounts is not available.

    Why is Choosing the Right Account Type Important?

    Your account should reflect your goals, needs, and ambitions on the market. You should take into consideration several things, such as whether the account type has a minimum deposit requirement, what its spreads and commissions are, what the execution method is, and more.

    What Account Types Does Woxa Offer?

    I have broken down the most important features of Woxa’s only account type below:

    Account Type Standard
    Spreads From 1.8 pips
    Commission  $0*
    Scalping Yes
    Islamic Account No
    Demo Account Yes
    Maximum Leverage 1:400

    *Subject to change

    With floating spreads starting from 1.8 pips, which is above the industry average, and commission-free trading available, I assessed that Woxa’s Standard account is better suited for longer-term day trading strategies. Scalping and intraday trading are not advisable since Woxa’s platform does not support limit orders, and the lack of a ‘best execution policy’ means that precise order filling cannot be guaranteed.

    Woxa’s Order Execution Model

    Though there is no official information on the website, I was able to ascertain that Woxa provides market execution. It guarantees volume filling at the best possible price, though not necessarily at the requested price. To understand the functioning of market execution, consider the following example:

    Suppose you wish to go long 100,000 units (1 lot) on the EUR/USD at 1.07650. You place your buy order, but there is not enough liquidity in the market at that price level, not enough to fill your order. Hence, no trade is opened. The price then climbs to 1.07700, where there is enough liquidity to fill that volume, and your trade is finally executed. If the value of 1 pip is $10, then you would have missed a chance to generate a $50 profit due to this discrepancy (5 pips).

    The clear advantage of this model of execution is that with it, you are guaranteed entry, in that your order request will eventually be filled once there is enough liquidity. However, the corresponding disadvantage is that you are exposed to price discrepancies in the form of negative slippage.

    In my experience, market execution is better suited for day trading and position trading strategies where volume-filling is important. But it is less so for intraday trading strategies, such as scalping, where precise order filling is more important.

    What is CFD Leverage?

    The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

    Woxa Account Opening Process

    Account creation with Woxa

    I have organized the account creation process with Woxa in the following easy steps:

    • Step 1. Click the ‘Register’ button in blue at the top-right corner of the main page.
    • Step 2. Fill in your name, address, and other personal information.
    • Step 3. Confirm your registration by opening the email you are sent and following the instructions.
    • Step 4. Upload proof of ID and address to verify your account.

    Why is a Demo Account Important?

    Woxa offers demo accounts that introduce traders to the broker’s services and allows them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

    Woxa Allowed Countries

    At present, Woxa accepts clients only from Vietnam, Indonesia, and Malaysia.

    Research

    1.9
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    I found it difficult to assess Woxa’s research content because I could see that the broker was just now starting to post in-house content, but what was available at the time of my research was limited. Virtually all content is incorporated from third parties.

    There is no economic calendar, though Woxa has developed a pretty decent ‘Stocks Calendar’ tool, which informs traders about upcoming stock market events. Woxa has also started posting ‘Market Insight’ videos on its YouTube channel as of late. In terms of value, they are informative and easy to grasp, though they seem focused predominantly on stocks. Other markets were not covered in the several videos that were posted when I was collecting data. I expect Woxa to continue posting more videos in the future.

    Education

    3.1
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    Woxa’s educational content can be found in the ‘Academy’ section of the website, comprising both explanatory articles and videos that cover the most basic trading topics. Despite this, it’s worth noting that at the time of the test, some of the materials were unavailable.

    To access the Academy section of the website, click ‘Tools & Help’ from the main menu. I have broken down the available content by type:

    Educational Articles

    There are also 163 Written articles on the following topics: Forex (26), Cryptocurrency (8), Stocks (66), Commodities (7), ETFs (13), and Investing (43). The content is written in a simplistic way and only covers rudimentary topics without delving deeper. Each article comprises no more than several sentences, usually devoid of supporting tools like charts and graphs.

    A selection of educational articles

    Educational Videos

    Woxa has published 40 educational videos. These cover basic trading topics but do not delve deeper into complex subjects, such as technical analysis, fundamental analysis, trading psychology, and others. The videos are in support of written articles. Each video lasts several minutes and briefly outlines the subject matter. The videos are also available from the YouTube channel.

    A selection of educational videos

    Other Content

    By clicking ‘About’ which is the last section of Woxa’s educational page, there is no information available. The ‘Trading’ section directs the user to Awonar’s website, where, unfortunately, the content is also unavailable. This shows me that Woxa’s educational portion of the website is still not fully operational and is under construction.

    Not available content via the Trading section

    The Bottom Line

    Woxa is a relative newcomer to the financial industry, having been founded in 2019, and its service still has lots of room for improvement in the future. Woxa is licensed by the FSC of Mauritius and at present only accepts clients from Vietnam, Indonesia, and Malaysia.

    What I liked about the broker is that it has a fairly decent range of over 300 tradable instruments. With zero commissions and below-average spreads on instruments from some asset classes, Woxa’s fees can be quite favorable in some cases. Additionally, I found the ability to adjust your leverage for each position you execute unique and potentially very practical. I rated Woxa’s service as mostly suitable for longer-term day and position trading.

    However, Woxa is currently in the process of developing its service and defining its niche, and this transitional stage may contribute to some areas where more transparency could be beneficial. The broker offers one retail account type and features a single platform enhanced by its integration with TradingView. Also, Woxa’s research and educational materials have a quite limited scope.

    FAQ

    According to its website, Woxa is headquartered in Port Lois, Mauritius.
    Woxa is licensed and authorized by the Financial Services Commission (FSC) in Mauritius and keeps its client funds in segregated accounts. However, it does not ensure negative balance protection or a ‘best execution policy.’ The broker also has transparency issues.
    Woxa’s minimum deposit requirement is $25. How do I withdraw money from Woxa? Clients of Woxa can withdraw funds via local bank transfer.
    Wire transfers usually take between 1–3 business days.
    The maximum leverage for retail traders with Woxa is 1:400.
    Accounts can be opened from the main page of the website.
    Woxa offers its own platform powered by TradingView.
    Yes, but it is only available to traders who have already created a live account with the broker.
    No, Woxa is not suitable for scalping. Its average execution speed is unknown, it does not have a ‘best execution policy’, its pricing mechanism is not suitable for high-frequency trading, and its platform does not support limit orders.
    Yes, hedging is allowed with Woxa.
    No. Spread betting is not available with Woxa.
    No, it does not.
    Depends on the particular asset class. For instance, the Forex market is open 24/5, whereas shares of U.S. companies can be traded during the New York Stock Exchange (NYSE) open – Monday to Friday from 09:30 a.m. to 4 p.m. EST.
    No, Woxa appears to operate on an STP (Straight-Through-Processing) basis without a dealing desk.
    No, Woxa does not operate a bank.

    See Woxa Full Information

    Headquarters CountryMauritius
    Foundation Year2019
    RegulationsFSCM (Mauritius)
    Publicly TradedNo
    Number Of Employees50
    Trading Desk TypeSTP
    Trading PlatformsProprietary
    Supported Languages
    English
    Min Deposit$25
    Max Leverage1:800 (FSCM)
    Deposit OptionsLocal Transfer
    Withdrawal OptionsLocal Transfer
    Time to Withdrawal3
    Time to Open an Account9
    Crypto
    Ethereum, Bitcoin, Litecoin, Cardano, Polkadot, Uniswap, Solana
    Products
    Currencies, Stocks, Crypto, Indices, Commodities
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingNo
    API TradingNo
    Guaranteed Stop LossNo
    Guaranteed Limit OrdersNo
    Guaranteed Fills / LiquidityNo
    Economic calendarYes
    Trading From ChartNo
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    AutochartistNo
    Trading SignalsNo
    Platform Languages
    English, Thai, Tagalog, Vietnamese, Malaysian
    24 Hours SupportYes
    Support During WeekendsNo
    Live ChatYes
    Daily Market CommentaryNo
    News (Top-Tier Sources)Yes
    WebinarsNo
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeNo

    About the Author

    Plamen StoyanovBroker Analyst

    Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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