In as little as a year, WasixCap has managed to defraud an incredible number of traders thanks to their viral marketing strategy. The company is completely unregulated. All the contact information about them is falsified as well.
Fortunately, they have been caught in their foul act and now there are multiple warnings from different regulators. Find all about WasixCap and their antics in our Review.
WasixCap tries to push their services to the people in countries with strong and stable economies. These countries, however, have very strict and well defined financial regulatory standards. The absence of a trading license is condemning evidence.
In the EU, for instance, a broker must provide at least €730 000 in assets, and a compensation fund of €20 000. Additionally, regulators in Eu require Negative Balance Protection, as well as Client Fund Segregation and full financial transparency, as dictated by MiFID. Bonuses are banned across Europe, and the maximum allowed leverage is 1:30. One important safety factor in this is ESMA, the independent European regulator.
Canada has a financial framework that has some similarities, but differs in certain aspects. In Canada, bonuses are allowed and the maximum leverage is 1:50. Initial capital for a broker is CA$1 000 000, but the clients do not enjoy Negative Balance Protection.
The Australian regulator requires AU$1 000 000 of starting capital. The remainder of regulation is the same as in EU nations, except the compensation fund that the EU requires.
When we look at how WasixCap conduct their business, we see that they break the regulation in any of these jurisdictions. Just to be certain, we have checked the registers of CySEC, ASIC, IIROC, BaFIN, CBR and many more regulators. Not only did we find out that WasixCap is unregulated, we have found scam warnings issued in a number of jurisdictions!
We have come across a number of different investor warnings about WasixCap. These are issued by financial regulators in order to warn the traders of fraudulent companies.
This list contains a few of them:
By tracking the flow of online traffic to and from WasixCap, we were able to determine that the victims of the said scam live in these countries:
Most of the Trader’s personal reviews are a blatant attempt at deception. These testimonies were put together from the same common text. We remind our readers that there is no perfect company. If the prevalent ratings are 5-star, something is off with the broker.
Here are some examples:
Yo, I just got hooked up with WasixCap and let me tell you, this brokerage is the real deal! They got me up and running in no time and the costs are way lower than the competition. Plus, their customer service team is the absolute best. They’re always available to answer any questions and help with whatever I need.
Yo, WasixCap is da bomb! This brokerage is legit like the real deal. Had the best experience with them when it comes to investing. Super easy to use and they always got my back.
They are scammers! Don’t fall victim like myself and most of these people giving positive feedbacks are certainly working with them. Beware!
WasixCap allegedly uses the industry standard MT4 software for their main trading platform. This is where the good stuff ends.
The distribution of MT4 that WasixCap uses is actually linked to a server from another broker. Admirals, the company that owns the server, is a fully licensed and regulated brokerage that is in no way affiliated to the WasixCap scam.
WasixCap extensively utilizes online viral marketing to attract victims. They post deceptive reviews and client testimonies on many websites with high traffic. You may easily recognize these posts as a result of their poor diversity. Many look like they have been assembled from predetermined pieces of text.
In addition, WasixCap heavily uses Boiler Room Agents to forward their agenda. We can see how this works in the account creation menu – you cannot create an account without a “promo code” from one of these people.
Boiler Room Agents are very persuasive smooth talkers. Once they get a hold of you, it becomes very difficult to deny their requests. They pester you with phone calls, emails, messages on social networks until you give in and deposit the money.
You can choose from a selection of different trading assets when trading through WasixCap. We do not encourage trading any instruments through this obviously crooked broker, of course.
You may view some of the available instruments here:
We could not access any information about spread, or fees. The only thing we have is the claim that the “spreads are tight” and that the broker uses “low fees”. Furthermore, there is no information on any fees in the Terms and Conditions.
Authorized brokers will always disclose this information on the website clearly, for all to see. Unlike legitimate companies, scammers make their profits through fraud and deceit. They don’t need fees, swap or commission, so they can offer extremely low pricing.
We have created a list of accounts:
It is important to note that we couldn’t create an account without a “Promo Code”, which is only available through a “Personal Account Manager”.
A demo account is an important learning tool. Demos allow their users to test strategies, as well as the trading platform in general. Novices and professionals alike rely on a demo account to practice in a risk-free environment.
The presence of a demo does not make a broker legit. These unscrupulous people will make trading seem easy through a demo account. When you invest actual money, however, you will be hit with unprofitable trades that quickly eat away your funds.
The problem with informational opacity at WasixCap made it difficult for us to ascertain which withdrawal methods, if any, this faux broker uses. We noticed that in many customer testimonies users complain that this company does not allow any withdrawals.
It is not uncommon practice for illicit brokers to invent some excuse or another to prevent a payout. With unreliable and unlicensed brokers like these, it might not even be possible to withdraw without legal interference.
Don’t be discouraged by the problems you have encountered. Your case is not an isolated one! Help us help you, and the many people who have lost their money to online scams like this. There are ways to recover your funds, and our professional team has a lot of experience solving problems just like yours.
With more evidence, we can present these issues to the relevant authorities. Feel free to contact our staff, and share your experience. You may use the online chat at your discretion for a free consultation.
WasixCap is not authorized to provide broker services, and they have found their way to the known frauds list with many financial regulators around the globe.
If you, or somebody you know, has lost money due to WasixCap scam, contact us for legal help and advice. With our help, you can recover your funds!
The demo account is absent from the WasixCap trading platform. The lack of this important learning tool puts novices at greater risk of financial loss.
With WasixCap, you may allegedly trade Forex, Cryptocurrencies, Indices, Commodities and Stocks. However, doing so puts you at risk of losing your entire deposit.
WasixCap is not authorized to provide broker services, and they have found their way to the known frauds list with many financial regulators around the globe.
If you, or somebody you know, has lost money due to WasixCap scam, contact us for legal help and advice. With our help, you can recover your funds!
The demo account is absent from the WasixCap trading platform. The lack of this important learning tool puts novices at greater risk of financial loss.
With WasixCap, you may allegedly trade Forex, Cryptocurrencies, Indices, Commodities and Stocks. However, doing so puts you at risk of losing your entire deposit.
The post WasixCap uses False Reviews to Attract Victims appeared first on Global Fraud Protection.
