Boston Merchant Financial
WellsTrade
BrokerDataNet earns affiliate commission from brokers listed on this site. This does not affect our ratings or editorial independence.
Overview
Boston Merchant Financial was founded in 1988 and is headquartered in Dubai, while WellsTrade was established in 2008 and is based in United States. Boston Merchant Financial holds licences including Australian Securities and Investment Commission (ASIC), while WellsTrade is regulated by Unregulated among others. Boston Merchant Financial serves 10,000+ clients worldwide; WellsTrade has 10,000+. The minimum deposit is $50 at Boston Merchant Financial and $30 at WellsTrade.
| Feature | Boston Merchant Financial | WellsTrade |
|---|---|---|
| Min. Deposit | $50 | $30 |
| Regulation | Australian Securities and Investment Commission (ASIC) | Unregulated |
| Founded | 1988 | 2008 |
| Country | Dubai | United States |
| Clients | 10,000+ | 10,000+ |
Fees
Fees are a critical factor when choosing between Boston Merchant Financial and WellsTrade, directly affecting your bottom line as a trader. WellsTrade has a lower barrier to entry with a minimum deposit of $30 (vs $50 at Boston Merchant Financial). Neither broker charges withdrawal fees. The two brokers are broadly comparable on fee structure.
| Feature | Boston Merchant Financial | WellsTrade |
|---|---|---|
| Min. Deposit | $50 | $30 |
| Withdrawal Fees | No | No |
| Inactivity Fees | No | No |
| Deposit Fees | No | No |
| CFD Fees | No | No |
Platforms
Boston Merchant Financial offers MT5, cTrader, while WellsTrade supports MT4, MT5, cTrader. Both brokers provide mobile trading apps for iOS and Android. Boston Merchant Financial supports social and copy trading features, which WellsTrade does not offer. WellsTrade edges ahead on platform breadth and functionality in our scoring.
| Feature | Boston Merchant Financial | WellsTrade |
|---|---|---|
| MT4 | No | Yes |
| MT5 | Yes | Yes |
| cTrader | Yes | Yes |
| Windows App | Yes | Yes |
| iOS App | Yes | Yes |
| Android App | Yes | Yes |
| Trading Platforms | MT4, Web Trader, Tablet & Mobile apps | iPhone,Tablet,Mac,Android,WEB |
Education & Research
Education and research tools help traders at every level make more informed decisions, and here's how Boston Merchant Financial and WellsTrade compare. The two brokers are evenly matched on educational content.
| Feature | Boston Merchant Financial | WellsTrade |
|---|---|---|
| Forex Education | No | No |
| CFD Education | No | No |
| Weekly Webinars | No | No |
| Daily Commentary | No | No |
| Trading Central | No | No |
| Autochartist | No | No |
Deposits & Withdrawals
Convenient deposit and withdrawal options reduce friction for traders, especially important when managing positions across time zones. Boston Merchant Financial accepts 2 of the tracked payment methods (bank transfer, credit/debit card), while WellsTrade supports 2 (bank transfer, credit/debit card). Both brokers support the same set of payment methods.
| Feature | Boston Merchant Financial | WellsTrade |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit Card | Yes | Yes |
| PayPal | No | No |
| Skrill | No | No |
| Neteller | No | No |
Support
Responsive customer support matters most when you're locked out of your account or need urgent help with a trade. Both Boston Merchant Financial and WellsTrade offer live chat support. Both provide phone support. Email support is available at both brokers. Both brokers offer support in 2 languages. Both brokers are comparable on support quality.
| Feature | Boston Merchant Financial | WellsTrade |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Languages | English, and Chinese | English, and Chinese |