Windsor Brokers Review 2023 - Verified Customer Reviews

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Windsor Brokers Review

Updated November 12, 2021
Score breakdown
Pricing: 4
Regulation: 5
Popularity: 3
User Rating: 5 (1)

Windsor Brokers overall score rank: 7 out of 66

Windsor Brokers forex broker review

Risk Warning: CFDs are complex financial instruments that carry a high risk due to leverage trading. The vast majority of retail investor accounts lose money when trading CFDs. You should always consider whether or not you can afford the high risk of completely losing your funds.


  • One of the longest-serving brokers, established in 1988
  • Attractive promotions and bonuses
  • Clever dynamic leverage implementation
  • Regulated in Cyprus, Belize and Seychelles

Regulations and Money Protection


Entity Name Licence & Regulation Client Money Protection Deposit Compensation Scheme Negative Balance Protection
Windsor Brokers Ltd Cyprus CySEC Licence ✔️
segregated client money
up to €20,000
Windsor Brokers (BZ) Ltd Belize IFSC Licence ✔️
segregated client money
Windsor Brokers (SC) Limited Seychelles FSA Licence ✔️
segregated client money


It's possible to open a trading account with any of the Windsor Brokers' entities; one highly regulated by a tier-1 financial authority (Cyprus CySEC) and two offshore entities – Windsor Brokers (BZ) Ltd in Belize and Windsor Brokers (SC) Limited in Seychelles. Both offshore entities serve the international clientele, and also the traders looking for higher leverage ratios – up to 500:1. Let’s check out each Windsor Brokers entity, individually.

  • International regulation: Windsor Brokers (BZ) Ltd or Windsor Brokers (SC) Limited will be the counterparties for international customers. The Windsor Brokers (BZ) Ltd entity, with registered office at 35 Barrack Road, Third Floor, Belize City, Belize, is regulated by the Belize International Financial Services Commission (IFSC) for providing brokerage, consultancy, advisory services, as well as trading in securities, with licence number 000153/79 and also 000153/80.

    Windsor Brokers (SC) Limited will also be a possible counterparty for international customers. The Windsor Brokers (SC) Limited entity, with registered office at 5(a), Block B, Global Village, Jivan's Complex, Mont Fleuri, Mahe, Seychelles, is regulated by the Seychelles Financial Services Authority (FSA) with a Securities Dealer licence, number SD072, and offering its services mainly in Asia.

  • European regulation: Windsor Brokers Ltd, with address at 53, Spyrou Kyprianou Ave, CY-4004 Mesa Yitonia, Limassol, Cyprus, is registered as a Cypriot Investment Firm (CIF) with number 119081 and is regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 030/04. The CySEC license allows Windsor Brokers Ltd to carry out brokerage activities in Europe, as an intermediary in the financial markets, respecting the MiFID obligations.

Client Money Protection

Windsor Brokers complies with the highest safety standards for clients' funds. Windsor Brokers also complies with client money handling regulations and employs strict policies and procedures regarding the maintenance and operation of these accounts.

For these reasons, Windsor Brokers clients' funds are kept in top-tier international banks, fully segregated from the company’s funds, and Windsor Brokers does not use these funds for any company operational expenses or purposes.

Deposit Compensation Scheme

Windsor Brokers Ltd is a member of the Investor Compensation Fund (ICF), an investor compensation fund for CIF clients and its functions are regulated by the directive DI87-07 of the CySEC. If Windsor Brokers Ltd is unable to meet its obligations, clients might be entitled to compensation (up to the value of €20,000) per claim, irrespective of the number of accounts held, currency and place of the offering of the investment service (within Europe).

Negative Balance Protection

For accounts opened via any entity of the Windsor Brokers Group, there is a default Negative Balance Protection mechanism in place. With the NBP mechanism, Windsor Brokers customers are protected from any losses bigger than their original investments, in cases of extreme market volatility.

Civil Liability Insurance Program

Windsor Brokers has implemented a Civil Liability Insurance program, for a limit of 5,000,000 EUR, for clients of the Windsor Brokers (BZ) Ltd and Windsor Brokers (SC) Limited entities. This insurance program includes market-leading coverage, underwritten by the Lloyds of London, against omissions, fraud, errors, negligence and other risks that may lead to clients' financial losses.

Accounts, Instruments and Platforms

Accounts Instruments Platforms Social trading Maximum Leverage
✔️Islamic Accounts*
✔️VIP Zero**
✔️MT 4
❌MT 5
❌Copy trading 30:1 Europe

500:1 Rest of World
*Sharia Law compliant swap-free option is only available with the Prime account.
**The VIP Zero account is an exclusive trading account specifically tailored for high net worth individuals, and can only be opened by contacting Windsor Brokers.

Account types and currencies

  • Trading accounts: Windsor Brokers offers 2 account types, Zero and Prime. Windsor Brokers also offers a swap-free option for traders of Islamic belief, available only with the Prime account.

  • Social trading: Unfortunately, Windsor Brokers does not offer social trading or copy trading at the moment.

  • PAMM: Currently, Windsor Brokers does not offer any MAM or PAMM accounts alternatives for money managers.

  • Leverage: Windsor Brokers maximum leverage is 30:1 for accounts opened within Europe and up to 500:1 for accounts opened in other countries around the world.

  • Account currencies: Currently, Windsor Brokers trading accounts are only available in USD, GBP, EUR, COP, INR and KWD - subject to the jurisdiction and contracting entity.

Financial instruments

Trading with Windsor Brokers can be done only via the Metatrader 4, available as a Web Trader version compatible with Chrome, Firefox, Safari and Opera browsers, also available for Windows and Mac OS desktops, Multiterminal, and complemented with the mobile versions for iOS and Android devices.

Windsor Brokers offers a great selection of more than 450 financial instruments available for trading, from different asset classes, including forex, indices, stocks, metals and energies.

  • FX market - 50 currency pairs (including Major and Minor crosses).

  • Indices - 21 world indices CFDs, including the UK100, AUS200, US500 and GER30.

  • Stocks - 67 stocks CFDs of leading US companies and banks, including Apple, Amazon, eBay, Google, Netflix and Tesla.

  • Bonds - 4 bonds CFDs based on highly rated government-issued debt securities including governments of the United States (2Yr, 5Yr and 10Yr notes) and Europe (German bonds).

  • Futures - 287 CFDs of global indices, the main metals and energies, and several soft commodities, with different expiration dates.

  • Commodities - 26 commodities CFDs available for trading; 8 combinations for metals (including Gold, Silver and Copper vs. the USD), 5 energies (including Nat Gas, US Oil and UK Oil), and 5 softs (including Corn, Sugar and Coffee).

  • Cryptocurrencies - Currently, Crypto CFDs are not offered to retail clients of Windsor Brokers.



Zero Prime
Spread EUR/USD from 0.0 pip from 1.0 pip
Commissions EUR/USD (1 lot) from $8 USD
Minimum Deposit from $2,500 from $100


Windsor Brokers trading spreads are not the most competitive in the market, especially for the entry-level account Prime. For the most traded pair, the EUR/USD, the spread on the Prime account starts at 1.0 pip, with an average of 1.5 pip, and is commission-free.

Still not competitive enough, with a Zero account the EUR/USD minimum spread is 0.0 pip, floating, with an average of 0.2 pip, but with an added trading commission. And here's what's making the Zero account slightly pricey, when compared with other top brokers - an $8 ($4 per turn) trading commission for 1 traded lot (100,000 currency units).

A trading commission of 8 USD per round lot is the equivalent to 0.8 pip, totalling 1.0 pip cost while trading 1 lot of the EUR/USD pair. This commission is higher when compared with several other top brokers who charge on average between $6 to $7 per 100,000 currency units traded (sometimes even less).

Rollover Rates

Windsor Brokers swap rates, as of 04-11-2021, for 1 lot EUR/USD (100,000 units) stand at an average rate of -5.04 for holding overnight a long 1 lot contract and at 0.00 for holding overnight a short 1 lot contract. We consider these swap rates to be average when compared with the rollover rates offered by other top forex brokers.

Deposits/Withdrawals and Other Fees

  • Deposit fees - Trading accounts can be opened in 6 different currencies (subject to the jurisdiction and contracting entity) and maintained via 6 different funding methods (also subject to the jurisdiction and contracting entity). Windsor Brokers accepts deposits via bank wires, debit and credit cards, and deposits with the most popular e-wallets; Webmoney, Neteller and Skrill. Windsor Brokers does not charge any fees for deposits with some processors; Visa, Mastercard and Skrill are fee exempt. Deposits via bank wires, Webmoney and Neteller are subject to variable fees.

  • Withdrawals fees - Windsor Brokers also charge fees for withdrawals (same day processing), variable according to the withdrawal method; $3,€3,£3/transaction for withdrawals with cards and Neteller, 0.8% with Webmoney, 1%, with a minimum of 3 for Skrill, and bank transfers fees are variable. For more information, please visit the Windsor Brokers’ deposit and withdrawals dedicated page.

  • Inactivity fee - Currently, Windsor Brokers does not charge an inactivity fee or any account maintenance fees.



Forex Education Deposit Options Deposit/Withdrawals Fees Non expiring demo account Customer Support
Market analysis
Daily blog
Trading tools
Educational videos
Bank Wire
✔️ ✔️ Multi-language
24/5 Support
Live Chat

Established light-years ago, back in 1988, Windsor Brokers is probably one of the oldest online brokers, still present in this industry. Over the past 30 years, countless financial services firms in the online trading industry have come and gone, especially during the past 10 years (including stock exchange-listed firms), but not Windsor Brokers. By being a broker with a strong business ethic, remaining focused on fair and regulated trading practices merged with solid corporate governance, Windsor Brokers managed to grow gradually and steadily.

Still, despite being in business for over three decades, Windsor Brokers' popularity is rather neutral with the trading community, and it seems like the broker is failing in capturing the attention of new traders. Perhaps could also be related to the overall trading costs with Windsor Brokers, its pricing model with an above-average trading commission and fees on deposits and withdrawals. Or perhaps the Zero account minimum deposit of $2,500 is prohibitive to many retail traders.

  • Popular trading account - The Windsor Brokers Prime account is a popular choice with traders looking to trade several financial instruments just with the bid and ask prices, and saving on trading commissions, as the Prime account is commission-free and it requires only a small deposit of $100 to enable trading.

  • Forex education - Windsor Brokers gets some popularity points for its decent range of forex and trading education materials, available through the "Tools" and "Education" tabs. Windsor Brokers clients can access market analysis and forecasts, with daily blog articles and expert market analysts' comments. Also available, several trading tools and accurate calculators to help investors with their trading positions, an updated economic calendar, and a special note to the "Trading Ideas" tab, with daily market analysis and daily entry levels for FX majors.

Funding Methods Bank Wire, Credit & Debit Cards, Neteller, Skrill (Moneybookers), Webmoney
Support Languages Arabic, Chinese, English, French, Indonesian, Japanese, Korean, Malay, Spanish, Vietnamese, Farsi

  • Minimum deposit - Opening a trading account with Windsor Brokers is quite simple and easy, and it can be all done online, taking around 10 minutes. The minimum deposit requirement for the Zero account is a "heavy" $2,500 (maybe out of several retail traders' leagues) and the minimum deposit for the Windsor Brokers Prime account is a more accessible $100. Of course, for accounts opened with Winsdor Brokers in the other accepted base currencies, it's the equivalent.

  • Customer support - Windsor Brokers' multi-language customer support service is available 24 hours, 5 days a week, in 11 languages. Windsor Brokers' support is available via local phone number (subject to jurisdictions), email and through the live chat widget directly from its website.

Broker Profile

Windsor Brokers is an online trading firm offering investment services and CFDs trading to retail clients since 1988 and is one of the region’s longest-serving brokers. Windsor Brokers' mission, since the beginning of operations and until now, has been facilitating retail investors with access to the global financial markets, offering the possibility of speculating on the price action (buying and selling) of several trading instruments, once reserved only to a few.

Windsor Brokers is also a reputable CFDs trading provider, regulated by the tier-1 Cyprus CySEC, but also protecting retail traders from extreme market conditions with its risk management systems, including NBP and clever dynamic leverage limits. All in all, the overall trading experience with Windsor Brokers is good, provided by the adequate trading tools, multiple asset classes, a focus on transparent trading practices and sound capital reserves.

Windsor Brokers follows a Market Maker business model, allowing traders access to online trading of several financial instruments, with increased liquidity, guaranteed order filling and higher leverage ratios (subject to regulations and jurisdictions).

Overall, on our Windsor Brokers review, the broker scores a well-deserved 3.8 out of 5.0 as the broker still has a couple of very important points to improve. Windsor Brokers' pricing model should be reviewed, and updated, to match the offers of its competitors. The broker should also consider offering other trading platforms (currently, the trading is available only with the MetaTrader 4), to satisfy the needs, and reach out, a wider range of traders - perhaps adding the MT5 or/and cTrader. Still, despite these less positive factors, Windsor Brokers seems to be a popular CFDs broker with traders in the Southeast Asian region, and for its attractive trading bonuses and promotions.

Data supplied in partnership with CashBackForex - Forex Rebates places Windsor Brokers on the top 30 brokers for popularity with traders opening an account in 2020.

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