Wealth Trade Review: Wealthstrade.com a Dark Scheme
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Wealth Trade Review
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Regulation
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Fund Safety
Summary
If you work with Wealth Trade forex broker, this goal will remain a mirage. In recent years, there has been a surge in scams targeting unsuspecting forex traders. One reason for this proliferation is the accessibility of online trading platforms,
The goal of many retail traders is to create wealth. If you work with Wealth Trade forex broker, this goal will remain a mirage. In recent years, there has been a surge in scams targeting unsuspecting forex traders. One reason for this proliferation is the accessibility of online trading platforms, which makes it easier for scammers to reach people.
Scammers often use social media, online forums, and fake websites to lure in potential victims with promises of high returns and low risks. To avoid them, you should trade only with honest and transparent crypto brokers. This way, you can rest assured that your money is safe, even if the broker goes bankrupt.
About wealthstrade.com
After visiting the broker’s website, we saw some disturbing facts about the firm. Its trading platform was not functional. We tried to place a trade, but it was hard, due to its design. This was even though the broker brags to have one of the best platforms, especially for beginner traders.
The broker has not explained the spread, leverage, and trading instruments. The firm claims to have experience in the market, but upon checking whois.com, we learned that they only registered their domain recently.
Founders and Team
Founders play a critical role in establishing the foundation of a company and its trajectory. The values they instill in the company go a long way in determining how the firm will emerge. That’s why it is pivotal for a company to describe who its founders are and who is running the company currently.
Shady brokers like Wealth Trade, however, don’t do this. They know that exposing their leaders may ruin them. Often, such scammers operate multiple websites. Thus, by remaining anonymous, they can open another company, and people will think it is new. The fact that this broker has hidden its leaders is a red flag.
Wealth Trade Contact Details
We couldn’t find reliable contact details to help reach the broker. A forex broker demonstrates transparency by disclosing contact details on their website. This includes a phone number, email address, and physical address. By doing so, brokers show that they are accountable and accessible to their clients.
Physical location details are particularly crucial because they provide a sense of legitimacy and reliability. A broker that operates from a reputable location, such as a well-known financial district, may be viewed more favorably than one with a hidden or obscure address. Additionally, knowing the physical location can be vital if disputes or legal issues arise.
Wealth Trade Regulation
Before trusting any broker with your money, you should check if they are regulated by a reputable financial oversight body. Regulation helps protect traders’ funds. A regulated broker is required to keep client funds in segregated accounts, separate from their operational funds. Hence, in the event of the broker’s insolvency, clients’ funds are protected and can be returned to them.
Regulation helps ensure fair trading practices. Licensed brokers are required to follow strict guidelines set by oversight authorities, which helps prevent market manipulation and other unfair practices. This provides traders with a level playing field and helps maintain the integrity of the forex market.
With an unregulated broker like Wealth Trade, however, you cannot enjoy the above benefits. This sham broker claims to be situated in the UK. However, the Financial Conduct Authority (FCA) has already flagged them for their fraudulent activities. Traders should beware of the scammer’s schemes.
Wealth Trade Trading Conditions
The only available information is the minimum deposit, which is $300. The firm offers various accounts and in one of them, the minimum deposit is $11,000. This is too much especially for beginners. We also noted that the broker allows only cryptocurrencies for its transactions. This is convenient for them as scammers because the transactions are irreversible and untraceable.
Final Verdict
Wealth Trade is a scam forex broker. The major red flag about the firm is their anonymity and lack of regulation. Working with such a broker is dangerous because in case you lose your money, the authorities can do little to assist.
Many of these scammers operate in offshore jurisdictions to evade capture. Stay away from scam brokers and instead, trade with honest and transparent crypto brokers only.
