Waystone Shares Review: A Lethal Ponzi Scheme
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Waystone Shares Reiew
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Regulation
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Fund Safety
Summary
We checked the above-named financial regulators’ databases but did not find the name Waystone Shares. Even when a broker claims to be licensed, it’s advisable to confirm their certificates because most of them are fake.
Initially, Waystone Shares appears to be a reputable forex broker offering great investment opportunities for traders. They also brag about their use of cutting-edge technology and educational resources. Upon closer inspection, however, you notice the firm’s true colors. Most of their claims are false. This broker is a typical scammer whose objective is to defraud investors.
To protect your capital and avoid fraud, it’s imperative that you only work with honest and trustworthy crypto brokers. This is the best way to navigate the risky forex trading business. Also, before trusting any broker, you must research and verify their credentials. One way to understand a broker is by reading honest and unbiased reviews.
About waystoneshares.com
From the website, we learned that the broker allows traders to trade commodities, forex, stocks, and cryptocurrencies. The firm also claims to offer one of the best trading platforms. However, when we examined it, we realized it has rudimentary features, and its user interface is unfriendly.
On whois.com, we learned that the shady broker registered its domain in June 2023 and will expire in June 2024. The broker will exit the market very soon. This is a common practice among scam brokers. They’re not committed to the journey because they know people will discover their tricks.
Founders and Team
There is no mention of the company founders and current management. This was a red flag because ordinarily, brokers are very open about their leadership structure. This being a scam broker, it was obvious that they would not reveal their leaders.
Concealing the leadership also underscores the argument that this broker is dubious. If the broker was as good as it claims, it would not be cagy about its leaders. They would even include their photos and track records. It’s only sham brokers who don’t reveal their leaders’ identities.
Waystone Shares Contact Details
Responsible brokers should be easy to reach. Although Waystone Shares claims to be committed to excellent customer services, we did not validate this claim. The broker does not provide clear and reliable contact details. When we tried to reach them, we couldn’t, and the broker kept requesting personal details such as phone number and email.
A reliable broker should even have a social media page where traders can exchange ideas and leave honest reviews about a broker. They must also give specific details about their headquarters where one can access them when necessary.
Regulation
Regulation is the most critical aspect of a broker. This shady broker knows this, and that’s why they have tried their best to appear legitimate by boasting about its affiliations with notable financial regulators. They have named the UK’s Financial Conduct Authority (FCA), the US’s National Futures Association (NFA), and the Central Bank of Ireland as some of their regulators.
We checked the above-named financial regulators’ databases but did not find the name Waystone Shares. Even when a broker claims to be licensed, it’s advisable to confirm their certificates because most of them are fake.
All those are lies meant to deceive people into thinking they are dealing with a credible company. One of the disturbing things about the broker is that the Spanish Comisión Nacional del Mercado de Valores (CNMV) has warned people against trading with them.
Waystone Shares Trading Conditions
With $300, you can open an account with the broker. This is, however, a lot of money, especially for beginner traders. A good broker should allow traders to start with as low as $5. To deposit, you can only use cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and USDT (Tether). However, this is risky for traders because the transactions are irreversible and untraceable.
The broker has not specified the spread and leverage parameters. These are, however, critical because they help in selecting the most suitable broker.
Final Verdict
Waystone Shares is a scam forex broker. All their negative features confirm their dubiousness. The firm is not operating under any regulatory body, and this is a major red flag. Without crucial oversight, the broker cannot protect client funds.
Even if they stole your money, government agencies can do little to help you retrieve it. To avoid all that, trade with regulated and honest crypto brokers only. Also, do your research well before trusting any broker.
