Do you want to trade with WaysTrade forex broker? Should you trust WaysTrade FX? Here is a detailed WaysTrade review to know about this broker.
This article promises to share helpful review to support clients/traders in making the right decision.
WaysTrade
WaysTrade also known as WaysTrade.com is an offshore brokerage company with a lot of promises for forex traders. The broker claims to be registered in St. Vincent & the Grenadine as an International Business Company.
Also, clients can trade on the different account packages offered such as Standard, ECN and ECN PRO.
In addition, the broker specializes on different instruments like forex, stocks, commodities, crypto, bonds and indices. More so, it presents a zero spread difference in Buy/Sell.
To clarify, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Deposit and Withdrawal
WaysTrade Minimum Deposit:
WaysTrade minimum deposit is indicated $100 based on the account type. While the broker presented initial deposit of $100, traders/ clients should be much concerned about its regulation and verified license.
In regards to the payment methods, there are various payment information presented on the website, however, we found out the broker’s deposit choice is only between different cryptocurrencies.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Withdrawal process:
WaysTrade leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Another red flag about this trading platform is the information that the bank may charge an inactivity fee of $30. An inactivity fee could only be charged by the broker itself.
WaysTrade Platform:
WaysTrade platform offers MT5 (Industry standard trading platforms). What you must know is that, the claim to offer MT5 does not make the broker legit because any scam broker can do the same to lure forex traders.
As for WaysTrade leverage, it can get up to 1:400. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Should You Trade With WaysTrade.com?
First of, WaysTrade.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit. We believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate brokers.
Regrettably, the broker is a clear scam whose presentation of St. Vincent & The Grenadines (SVG) governance and regulation cannot be proved. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker. See excerpt from SVG
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
WaysTrade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Verdict:
WaysTrade located at WaysTrade.com claims to be a trustworthy trading broker, however, that cannot be ascertained. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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