One such will be described in our detailed WBroker review. Don’t invest a single penny before reading this genuine evaluation.
WBroker says to be a brand of Waton Group, a company with licenses from the Australian ASIC and New Zealand’s FMA. However, upon checking said registers, we found the concerning information. Namely, the company is unregulated and is abusing legitimate company’s FSP as its own.
The interesting thing is that the company says to have licenses from ASIC and FMA while claiming to operate according to the laws of the People’s Republic of China. None of this makes sense, nor shows us that the app is legit.
WBroker is an unregulated stock trading app. As we already mentioned, the company is falsely presenting itself as a legitimate investment opportunity.
They advertise their services via social media, including Facebook, Instagram, and YouTube. You can subscribe, set up an account and invest in stocks from the US and Hong Kong markets and various IPOs. However, even if you manage to make a profit, there are no guarantees that you will be able to withdraw it.
Finally, the company advertises itself as being present on the market since 2017, while the WBroker.com website domain was registered in March 2023. All these discrepancies and regulatory warnings clearly indicate that you must stay away from the WBroker scam.
According to the traffic report analysis, the majority of WBroker scam victims come from the following countries:
Regulatory warnings indicate that the scope of clients is a bit higher. Therefore, if you see WBroker advertising in your country, just skip their offer. It’s the best way to keep your money safe.
The only way for WBroker login is through their proprietary trading app. It’s only available for Android and iOS devices, meaning you cannot use your desktop or laptop. Besides this inconvenience, it’s important to warn you that companies who provide proprietary over third-party apps offer less fund safety. They can manipulate trades and your funds and eventually steal all your money.
This is why using reputable software such as MT4, MT5, or cTrader is always recommended. In addition to increased safety, these apps offer far more features for in-depth market analysis.
You can trade shares from Hong Kong and the US market. In addition, you can pay for an IPO subscription that allows you to earn interest rates on various IPOs or Initial Public Offerings.
IPO is an event of a private company going public, meaning that shares are sold to a broader audience. Usually, companies decide to offer their shares to the public when they lack funds for conducting business or achieving certain goals. WBroker claims to provide 6% annual interest on IPOs, but we wouldn’t trust it.
While it’s unclear what the minimum deposit with the WBroker app is, there is a clear list of fees you’ll have to pay. For HK stock trading, there’s a brokerage fee of 0.05%, a clearing fee of 1 HKD per trade, a stock settlement fee of 0.005%, and many other fees.
It’s a similar situation for US stocks, you have to pay a $0.0099/share brokerage fee, $1 per trade clearing fee, and $0.003/share transaction fee, etc.
The leverage goes up to 1:20 for IPOs and 1:4 for share trading. In addition, the company charges commissions for deposits and withdrawals and a special China Connect fee.
If you want to deposit your funds, you must do so through cryptocurrencies. The company accepts two crypto coins, USDT and USDC.
For WBroker withdrawals, you need to navigate to the “Exchange and Withdraw” tab, then submit a request. The application will be processed as soon as possible without specifying what it means. Note that the profit you make can be in HKD, USD, or RMB, but you need to convert it to crypto when making a withdrawal.
While the brokerage says the funds are kept in escrow accounts under FMA regulation, we know it’s all false. Since they don’t hold an actual license, there’s a big IF regarding payouts and the general financial situation.
If you or someone close to you has been a victim of the WBroker scam, let us know. Our CipherTrace experts will guide you through the world of crypto recovery. Getting your money back is possible, and we’ll show you how.
Book a free consultation with our specialists and let us assist you with this matter. The advice is non-obligatory, so all you can get is more knowledge about your particular case.
WBroker is an unregulated stock trading app. If you lose your money with this investment company, we might be able to help you with recovery.
The minimum deposit with WBroker is not specified on their website.
The website says the withdrawal request will be processed “as soon as possible.”
The post WBroker Review: Dishonest Stock Trading App to Avoid appeared first on Global Fraud Protection.