WesternPips is a forex firm that claims to have been established in 2009. It presents itself as a provider of trading software and solutions. The company emphasizes its expertise in the industry and aims to offer traders signals and time-saving features. WesternPips highlights its commitment to providing constant support and regular free updates for its customers. In this review, we will thoroughly examine WesternPips’ trading software and services, assessing their effectiveness and evaluating the validity of their claims. Our objective is to provide an analysis to help traders make informed decisions about WesternPips’ offerings.
Trading Software and Services
WesternPips offers a variety of trading software and services, with a particular focus on their arbitrage trading software. Their flagship product, Trade Monitor 3.7, utilizes the Forex scalping strategy to identify and capitalize on small price discrepancies in different markets or exchanges. They claim to employ advanced algorithm systems and leverage advanced IT infrastructure to enhance trading performance.
However, the cluttered website layout of WesternPips can make it difficult for users to navigate and understand their offerings, including their arbitrage trading software. It’s important for traders to carefully explore the website and conduct thorough research to gain a clear understanding of how their arbitrage software works and its potential effectiveness in generating profits.
Development and Support
WesternPips has expanded its staff and headquarters to meet the growing demand for its services. The company continues to invest in research and development, to ensure their products are up-to-date and meet the needs of their clients. In addition, they have expressed a desire to establish communication with major banks to improve the quality of their services.
To ensure clients get the best experience with their products, WesternPips offers user manuals and tutorials to assist new clients and novice traders in understanding how to use their software effectively. This support helps to reduce the learning curve for new users and allows them to start trading quickly and confidently. Overall, WesternPips is dedicated to providing high-quality trading software and support services to their clients.
Trading Strategy
WesternPips employs a trading strategy that involves elements of forex scalping and arbitrage, although specific details on their strategy are limited. They focus on taking advantage of small price movements in the forex market.
To optimize its performance, WesternPips emphasizes the importance of having a fast data feed and a slow broker. By utilizing a fast data feed, they aim to receive market data faster than other traders, gaining a time advantage in executing trades. This advantage is particularly relevant for their arbitrage trading approach, where they aim to exploit price discrepancies between different markets or exchanges.
The company ensures connectivity to fast data feed providers such as Rithmic, CQG, Interactive Brokers, and others to facilitate real-time access to market data. This allows traders using WesternPips’ software to make informed and timely trading decisions.
Trading Results
The trading results provided by WesternPips are questionable due to several factors. The presence of strange trading accounts, which often stop trading after showing substantial gains, raises doubts about the authenticity and reliability of their claimed performance. Moreover, the lack of verification for these accounts further undermines their credibility.
It is essential to approach these trading results with caution and skepticism. Without proper verification and transparency, it becomes challenging to assess the accuracy and consistency of WesternPips’ trading performance.
Therefore, it is advisable to thoroughly evaluate and verify the trading results provided by WesternPips before making any decisions. Independent research and analysis can help determine the reliability and effectiveness of their trading strategies.
Pricing and Products
WesternPips’ pricing structure for their products is on the expensive side, with prices ranging from $1000 to $4800. This high pricing raises concerns, especially considering the lack of clear explanations for the different pricing tiers.
The company accepts various payment methods, including Alipay, Wire Transfers, Skrill, Visa, WebMoney, Western Union, and Bitcoin deposits.
WesternPips Review Pros & Cons
Pros
- Wide range of trading software and services offered, including their flagship product Trade Monitor 3.7.
- Utilizes advanced IT infrastructure and algorithm systems to enhance trading performance.
- Continuous support and regular free updates provided to customers.
- User manuals available to assist new clients and novice traders.
- Expansion of staff and headquarters, indicating growth and development efforts.
Cons
- Mixed reviews and opinions regarding the effectiveness of their software.
- Cluttered website layout, making navigation and understanding of offerings difficult.
- Lack of transparency in pricing, with unclear explanations for different pricing tiers.
- Limited information provided on their trading strategy, leaving potential customers with uncertainties.
- Team primarily consists of individuals with programming backgrounds, rather than experienced Forex traders.
Conclusion
WesternPips presents itself as a provider of trading software and services, primarily focusing on Forex scalping and arbitrage strategies. While they offer a range of offerings, including trading software and solutions, there are mixed reviews and opinions regarding their effectiveness and reliability. The cluttered website layout and lack of transparency in pricing raise concerns about the company’s professionalism and customer experience. Additionally, the limited information provided about their trading strategy and the fact that the company consists primarily of individuals with programming backgrounds rather than experienced Forex traders may cause potential customers to approach their offerings with caution. It is crucial for individuals to conduct thorough research, evaluate the risks associated with arbitrage trading, and consider the company’s lack of regulation before making any decisions.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
