We’ve noticed that WaveSolutions was active in the UK and the US. These two states are pretty heavily regulated when it comes to the financial market.
Since WaveSolutions is a vague offshore provider, it hasn’t got the necessary license to offer legit trading services onshore. The WaveSolutions review will show you why this brokerage is risky.
WaveSolutions, run by the company of the same name, is allegedly registered in the offshore domain of the Marshall Islands. That’s red flag number one because the domain’s financial authority, i.e. GLOFSA doesn’t regulate cover the firm.
Therefore, the WaveSolutions regulation is an illusion. That makes the shady broker really risky. Instead of investing in such a non-transparent brokerage, you’re better off trusting a legit onshore provider with a valid license, preferably Tier 1.
The top regulators with the tightest conditions are the FCA, ASIC, FINMA, BaFin, CNMV, etc. In Europe, ESMA is the big dog authority that dictates the rules for all other EEA zone regulators.
The minimum operating capital that ESMA requires brokers to have is 730,000 EUR. Also, clients are entitled to compensation of up to 20,000 EUR in case the broker goes insolvent.
WaveSolutions claims to be a perfectly legit FX & CFD trading broker. However, this offshore entity is unregulated in that field. Since August 2022, WaveSolutions has provided services to traders from the UK, US, and Portugal.
As mentioned, WaveSolutions LTD operates from the Marshall Islands. However, the company didn’t provide a physical address on its website.
GLOFSA seemingly has no data on the company either. That makes WaveSolutions’ reputation look even worse. Bear in mind that a broker needs to be registered in the country where it operates.
We found out, unfortunately, that WaveSolutions scammed some unsuspecting traders. This illicit offshore broker has been active since August 2022. We’ve been receiving complaints against the broker from traders that reside in the following countries:
So far, no financial regulator has issued an official warning against WaveSolutions. It’s high time this unregulated broker got busted.
WaveSolutions plays a cunning game when it comes to trading platforms. Namely, the broker promises clients two of the best platforms in the industry – MT4 and MT5.
However, the software available on the website is just a trial version of MT5, taken directly from the platform’s producer MetaQuotes. It’s a clever yet cruel ruse to lure potential victims. The only available platform at WaveSolutions is WebTrader.
As we said, the MT5 download link on the website is a trial version. Yes, you can download it on your Android or iOS mobile phones but the song remains the same.
Regarding WebTrader, it’s a browser-based platform that doesn’t require a mobile app to function. MT4, on the other hand, was nowhere to be found.
This is the only available platform we found. WaveSolutions even included a preview of this oversimplified and ineffective web-based terminal.
WebTrader offers some basic charts and graphs, plus a few calendars. This poor-looking platform is nowhere near MT4 or MT5.
WaveSolutions may have used different methods to get to clients. The most popular ones include buying Google ads, creating Facebook & Instagram posts, YouTube videos and fake LinkedIn ads.
Other than those, we also know about shady private WhatsApp & Telegram chats. Dating apps such as Tinder and Bumble are full of fraudulent accounts.
Last but not least, scammers may call potential clients on the phone directly, or send persistent emails with deceitful offers.
WaveSolutions didn’t go into detail about its concrete trading instruments. All we know from the website is that the available assets include:
Contrary to WaveSolutions’ claims about offering tight spreads, we got 5.4 pips on the platform. That’s wider than a football pitch and thus, unprofitable.
As for the commissions, we weren’t able to find out anything. Such a lack of transparency is worrying. Legit brokers always disclose how much they charge per lot.
This info wasn’t clearly displayed on the website but we still managed to figure it out. WaveSolutions offers two trading accounts:
There’s a sea of licensed brokers that offer a micro-account for just 10 $. Since WaveSolutions is an offshore broker, it doesn’t adhere to leverage restrictions. Thus, we have a cap of 1:500. Such high leverage is extremely risky and often bears huge losses in volatile markets.
No. There’s no free demo account available. Even the registration page link is broker at the time of this writing. We did get to see the platform though.
But, that’s not how a demo account functions. Without it, WaveSolutions forces you to invest real money right away and risk losing it in an unfamiliar environment.
According to the fraudulent website, the WaveSolutions withdrawal and deposit process includes the following funding methods:
Per the T&C, the minimum withdrawal fee is 30% (not less than 80 $). The broker is utterly insane. That’s absurdly high even for an offshore provider.
Moreover, the complaints we received from clients indicate that they had withdrawal issues with WaveSolutions, which comes as no surprise at this point.
If the broker violated any terms and conditions, please let us know. Global Fraud Protection recently learned about several cases of WaveSolutions fraud.
As for your lost money, we can do something about it. Our team of experts is experienced in the bank chargeback process, as well as advanced crypto-tracing solutions such as CipherTrace.
If this broker steals your money, we can try to get it back. Use Online Chat to book your free consultation with us. It’s the easiest and fastest way.
No. WaveSolutions is essentially an unregulated offshore broker. It’s not worth your hard-earned money. Call us if you’ve been defrauded by this broker.
No. WaveSolutions does offer a preview of the web-based platform but no demo account.
Yes, but the MT5 mobile platform for Android and iOS is just a trial version, not the real deal.
WaveSolutions offers a trial version of MT5, which isn’t enough. The broker also offers WebTrader but that platform is ineffective for real trading.
No. WaveSolutions is essentially an unregulated offshore broker. It’s not worth your hard-earned money. Call us if you’ve been defrauded by this broker.
No. WaveSolutions does offer a preview of the web-based platform but no demo account.
Yes, but the MT5 mobile platform for Android and iOS is just a trial version, not the real deal.
WaveSolutions offers a trial version of MT5, which isn’t enough. The broker also offers WebTrader but that platform is ineffective for real trading.
The post WaveSolutions Review – Some Details About This Unlicensed Broker appeared first on Global Fraud Protection.
