There are plenty of offshore brokers out there that might seem appealing at first sight. Why? Because they can offer and advertise just about anything. Nobody is supervising their activities, meaning they can sell whatever they want to get ahold of your money. It’s clearly visible on the example of PrevailFX, and those similar to it.
This detailed WaysTrade review will uncover facts about the company that you need to know before investing your hard-earned money.
We have a bad vibe whenever we encounter a broker registered in Saint Vincent and the Grenadines. This offshore country doesn’t regulate the Forex market. Instead, brokers are directed to look for a license in the country of service.
Since we thoroughly researched the broker’s presence on the market, we searched for its license with significant authorities such as CySEC, CFTC, BaFin, etc. However, WaysTrade regulation is nowhere to be found, meaning the company runs unlicensed.
This can be backed up if you look at the leverage. In the EEA zone, leverage for retail traders is limited by the ESMA directive. It cannot exceed 1:30. In the US, the limit is slightly higher, standing at 1:50. But WaysTrade offers up to 1:800, exposing your funds to tremendous risk.
If you have any details about broker operations, feel free to share them with us.
WaysTrade is an unregulated offshore trading broker. The company has had many negative reviews online due to fraudulent activities.
Most of these have strict regulators, belonging to the Tier 1 zone. Therefore, our review aims to urge them to react and issue a warning against WaysTrade fraud.
As expected from a scammer, the WaysTrade trading platform is far from impressive. The company offers a basic WebTrader we’ve seen thousands of times before. There are a few problems with browser-based software.
First of all, they mainly lack advanced features. You won’t have access to social trading, EAs, negative balance protection, or anything that matters. Additionally, when the company shuts down its website, the platform disappears as well, along with your access to funds and any proof of investment. Finally, there are no mobile apps.
That’s why we always recommend third-party software such as MT4, MT5, or cTrader. Even after the broker is gone, the platform is still there and will provide you with evidence of your deposit and the amount you’re owed. Also, you will have access to all advanced functionalities that the software must provide.
This company is no different than many others, offering access to a standard range of tradable assets:
It’s the same offer you’d get anywhere else but without any fund safety measures in place.
According to the spread list on the website, the EUR/USD spread ranges from 4 to 10 pips, depending on the account type. This is exceptionally expensive when you know that the industry average is 1.5 pips. Other commissions are not displayed, but with these rip-off spreads, we don’t need more.
There are three WaysTrade account types on offer:
The leverage lowers from 1:800 to 1:400 and 1:200, respectively. Also, the spread here is advertised as 0.3 to 1 pip, compared to the spread page advertising much higher costs. The minimum deposit is $100, which is pretty solid but not enough to convince us to invest.
There’s a possibility to register for a WaysTrade Demo account. However, once you do so, you won’t be able to trade as your balance is insufficient.
Simply put, you can create an account and review the platform but not invest without money. It’s a lure for retail traders like yourself to leave their personal information, so the broker can contact them and harass them into investing.
Don’t fall for it. Register with regulated brokers and enjoy a trial account without worrying about your personal information or constant calls.
The Deposits and Withdrawals section is entirely blank. Basically, we don’t know anything about payment options and the timeframe for you to receive your money back.
This is another reason for you to avoid WaysTrade. Instead of providing all the necessary details in one place, this company hides everything crucial. They may ask you to deposit via crypto, then refuse to return your funds, claiming you’re not eligible for a withdrawal.
On top, they offer bonuses and incentives, prohibited by all major regulators. However, if you want to submit a withdrawal request, they may refuse it because you haven’t paid it off. Sadly, their Bonus T&C doesn’t specify any criteria for payout, which is another suspicious thing.
All in all, we’re unsure if your WaysTrade withdrawal request will be processed, how, and when.
If you’re one of the unlucky victims of the WaysTrade scam, don’t hesitate to report it immediately. Your broker might think they can hide offshore behind an anonymous entity, but we know better.
Global Fraud Protection has dedicated chargeback experts and CipherTrace analysts ready to evaluate your case and find the best recovery method. Book a free consultation today, and let’s hear you out!
WaysTrade is not a legit broker but an offshore fraud. If this bogus firm has scammed you, don’t hesitate to report it, and we may be able to help.
WaysTrade claims to offer a Demo account, but we weren’t able to access it.
The minimum deposit with WaysTrade broker is $100.
WaysTrade is not a legit broker but an offshore fraud. If this bogus firm has scammed you, don’t hesitate to report it, and we may be able to help.
WaysTrade claims to offer a Demo account, but we weren’t able to access it.
The minimum deposit with WaysTrade broker is $100.
The post WaysTrade Review Describes Offshore Scam appeared first on Global Fraud Protection.
