Wavestrader Review: wavestrader.io Blacklisted Broker
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Wavestrader Review
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Fund Safety
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Customer Support
Summary
The broker claims to be regulated. Being a Swiss company, it should be under the Financial Market Supervisory Authority (FINMA). To get a FINMA license, a broker must meet several stringent requirements. The first step is to thoroughly understand the regulatory framework governing financial activities in the country.
Wavestrader portrays itself as a responsible forex broker based in Switzerland. However, despite their best efforts to appear legitimate, we have unmasked their schemes. This is a dishonest broker operating without any form of licensure. As a trader, you must avoid this shady broker and only work with regulated, honest, and transparent crypto brokers.
The impact of forex broker scams on the forex market is profound and multifaceted. It affects traders, the market’s overall health, and the industry’s perception. Scammers often lure traders with promises of high returns and then abscond with their funds.
About wavestrader.io
From their website, we learned that the broker has not revealed the trading instruments they offer. They have only vaguely mentioned that they give traders an avenue to make money. When we checked their trading platform, it did not have the necessary tools to enhance the trading experience. The user interface was not friendly, and we could hardly analyze the market.
The broker claims to have been established in 2010 and to have 32 markets worldwide. However, this is a blatant lie because, according to whois.com, they registered their domain in November 2023, and it will expire in 2024. The broker has been online for less than one year at the time of writing this review.
Founders and Team
When a company is proud of its background and executives, it displays their names and photos on the website. On the other hand, if the leaders’ reputation is questionable, they are likely to conceal them. In this case, Wavestrader has not revealed the founders or current leaders. Without this crucial information, it was hard to establish their foundation.
A leader determines the company’s vision and mission. If they have a questionable past, they are likely to impose it on the company, and employees will follow suit. Concealing leaders also show the firm is dishonest. It’s possible that the shady website owners also operate other fishy companies.
Wavestrader Contact Details
The broker has a phone number, email, and physical address. However, these do not mean they are legit. One way to verify the reliability of these contact details is to call the broker and see if it’s possible to reach them. A reliable broker should also have a social media page where traders can read honest reviews from customers.
When we tried to reach the broker through the messaging option, we did not get a response. They also required that we include an email address before sending the message. Scam brokers want to know if you have registered an account with them before responding to queries. This is unprofessional.
Wavestrader Regulation Status
The broker claims to be regulated. Being a Swiss company, it should be under the Financial Market Supervisory Authority (FINMA). To get a FINMA license, a broker must meet several stringent requirements. The first step is to thoroughly understand the regulatory framework governing financial activities in the country. The company must have a legal structure that complies with Swiss corporate law.
Organizationally, the firm must establish strong internal control systems and procedures to ensure regulatory compliance and operational efficiency. An independent compliance function is required to oversee adherence to laws and regulations. The company’s key personnel must also have the necessary qualifications and experience.
It goes without saying that Wavestrader has not fulfilled these requirements and hence it is unqualified for the certificate of registration. In Spain, the Comisión Nacional del Mercado de Valores (CNMV) has already flagged the shady broker for its unscrupulous practices.
Wavestrader Trading Conditions
The lowest minimum deposit is $2,500 for the micro account. One of the benefits of these accounts is that they have AI trading, meaning they can incorporate a trading robot. The spread is from zero. However, we noted that they are mum about the leverage.
Final Verdict
Wavestrader is a scam broker. They are trying to convince traders of their legitimacy, but they are, in reality, schemers. The best way to navigate the forex market is by trading with honest and trustworthy crypto brokers. These are licensed, and you can rest assured that your money is safe. Avoid brokers who offer too-good-to-be-true deals like unrealistic bonuses.
