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Hundreds have been complaining after investing with WolvesTradeFX. Most thought the ending would be like the movie wolf of Wallstreet. Sadly, the platform has been scamming investors. Learn more in our exclusive wolvestradefx.com review.
Here’s a platform you want nothing to do with; WolvesTradeFX. The platform has been scamming investors right, left, and center. We have a perfect example of why you need to invest in regulated platforms. Wolves Trade FX attempts to get your banking details from the word go. As a result, hundreds have lost funds after investing with wolvestradefx.com. You, too, can be a victim unless you learn the truth. Discover more in our exclusive WOLVESTRADEFX REVIEW.
A Brief Analysis of WolvesTradeFX
On the about us page, WolvesTradeFX has provided forex trading services for more than 11 years. The platform wants to create an impression of a reputable online trading platform. Unfortunately, that’s far from the truth.
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Domain records indicate the platform is barely a year old as we publish this post. The website has been running for 222 days on the day of publishing. Records show the website went live on 24th June 2021.
The store tries to create a grand allure by claiming to have 13 offices all over Europe. Unfortunately, these are false claims as the platform doesn’t have an ounce of honesty. Wolves Trade FX doesn’t have a physical office.
There’s also no mission statement or objective found on the about us page. These are some of the key elements you should look for in a trading platform. Get to learn the end goal or what the platform plans to solve.
It would be best to do some due diligence before investing in any platform. Try and ensure you find out what others are saying about the platform before signing up. These are some ways to ensure you protect yourself from online scams.
Accounts and tiers WolvesTradeFX
WolvesTradeFX offers two investment packages for everyone. You get to choose from the Classic or Platinum account. Each of these accounts comes with a different set of features. Here’s a closer look at each account.
It’s the most basic account, with investors having to deposit $500 to get started. We have to raise the issue of a high minimum deposit with this platform. The account promises tax-free spread benefits and advanced risk management.
You have to deposit a minimum of $1,000 to get started with this account. It shares the same features as the classic account. Additional features include automated and fast executions and expert news and analysis.
These features don’t warrant such a high minimum deposit amount. You deposit $500 and don’t even get an account manager or EA. These are some of the features you need to look out for when investing.
There’s also the issue of a high minimum deposit. Again, the platform goes against set industry standards. Regulators insist on a minimum acceptable amount of $250 with forex trading assets. The platform wants to hear none of it.
You also don’t know the available leverage or spreads of these assets. Such information should be available for everyone to see. After opening an account, we were surprised to see maximum leverage of 1:500.
Regulators in Europe have put a cap on maximum leverage at 1:100. High leverage puts your position and trading at risk. As a result, you end up losing a large volume of trade as the platform dramatically benefits from your losses.
In the United States, retail traders enjoy maximum leverage of 1:50. We must mention the leverage standards as the platform claims to have offices in Europe. You don’t want to invest in a platform that goes against regulators.
Account opening process
We also have an issue with the account opening process. First, the platform asks for normal details such as name and physical address when opening an account. Then, after opening an account, you get an email to verify your account.
It all seems easy until you hit the withdraw button. Then, the platform will send an email claiming to want to verify you. Next, the user has to send crucial documents as proof of identity. These include bank statements, credit card details, and a copy of your ID.
We don’t see why such a platform would ask for these documents. There are other ways to authenticate an account. For example, the platform could use the two-factor authentication process. There’s a hint that the platform is harvesting banking information from members.
Assets and trading instruments
Wolves Trade FX avails five classes of trading instruments. These include binary, commodities, forex, indices, and stocks. Unfortunately, theirs is little to go on with binary as most jurisdictions banned binary trading.
Commodities to trade with include normal household goods such as wheat and sugar. Forex trading happens to be at the core of the platform’s activities. In addition, you get to trade major and minor currency pairs.
There’s also the chance to trade in the international arena. The platform avails several indices such as DAX, Dow Jones, and FTSE. So it’s a perfect way for day traders to trade and profit with indices.
Shares also play a vital role in ensuring all parties adhere to strict regulatory guidelines. So you get to trade shares from leading companies such as Google and Microsoft. Other company shares to find include Samsung and Tesla.
There’s little information to suggest who owns or runs the platform. Despite claiming to have over 13 offices in Europe, there’s no mention of the owner. As a result, we don’t know whether the platform belongs to a company or a group of individuals.
And this makes WolvesTradeFX an anonymous investment platform. You better avoid investing your funds with anonymous online platforms. There’s no way of recovering funds from such platforms.
Hiring recovery agents won’t help your cause. These agents don’t have the mandate to freeze bank accounts. We also feel that these agents are part and parcel of the scam. The agents find you after the platform blocks withdrawals without you even trying to make contact.
A few testimonials can be found on the platform’s homepage. These testimonials seem to favor the use of the platform. However, it would be best to understand that these are not independent reviews. The platform could as well posted them when creating the website.
It would help if you found out the truth about a platform from independent reviews. So don’t hesitate to get in touch with us if you need any verification about any crypto or forex trading platform. We are here to clear the way for you.
Contact and customer support
Don’t expect any support from the platform despite the platform’s promise of quick results. We tried making contact with their phone number and didn’t get through. The platform seems to block all communication with their would-be victims.
License and Regulation WolvesTradeFX
WolvesTradeFX is not a good forex trading platform and holds no operating license. You need to avoid unregulated trading platforms. There’s a big chance the platform is only after your deposit.
You need to invest in platforms regulated by official regulators. These regulators include ASIC, BaFIN, CFTC, CNMV, CONSOB, CySEC, and the FCA. The aim is to ensure all parties adhere to strict trading guidelines.
After exposing the red flags found on the platform, it’s best to steer clear of wolvestradefx.com.
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