Wealth Sailing Forex Review
Every savvy trader knows that the broker they choose to use can have a big impact on their trading performance in the long run. They provide you with the platform, tools and other essentials that can play a major role in your overall experience, so this decision has to be made after careful deliberation and thought. In their eagerness, many people are not thorough enough and have to pay the price for their mistake for a long time. If you want to avoid this scenario, it is best to be cautious and this Wealth Sailing Forex review is one way of doing so.
The best way for you to find out the ins and outs of any online broker is by checking out their reviews and looking into their offerings clearly. Everyone knows that it is never a good idea to judge a book by its cover and the same applies to online brokerages. No matter how good and appealing their website might be, it is a good idea to take things with a grain of salt and do your own research to know what the company is all about. Most importantly, it is not just about the quality of services, or the tools and features they offer.
In today’s day and age, the legitimacy of an online broker is also something to worry about. This is because the trading space is rampant with shady characters and bogus platforms that are aimed at conning people out of their money, or stealing their data to misuse it. These consequences can be quite damaging for everyone and you would want to avoid them at all costs. This can only be done when you choose the right brokerage, which means being on alert for any red flags.
Bear in mind that you will not see any actual red flags on the website that you can check. You have to search thoroughly to find them and this is what you should do with Wealth Sailing Forex, one of the forex and CFD brokers that you will come across. The red flags that you will uncover can help you make a good decision. Let’s take a look:
No licensing and regulation
When you have to choose between a licensed and regulated brokerage and an unlicensed one, a former is always the safest bet. Why? It is because these companies are regulated by third-party authorities and can be held accountable for their actions. Likewise, they offer security and other protections and ensure compliance with numerous laws and rules in order to do so. Therefore, it is a good idea to check whether Wealth Sailing Forex is regulated or not and this depends on where it is operating from.
This is when you discover that Wealth Sailing Forex claims to be based in the United States. But, it is simply not possible for the brokerage to be regulated there because it is going against the rules of the monitoring authorities in the US. These are the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA).
First off, a check of the online registers of both these authorities’ shows that Wealth Sailing Forex is not listed anywhere. This means that it is not regulated or licensed to operate in the US. Moreover, they have issued a cap on leverage that the brokerage does not seem to be following at all. This shows that the company is not telling you the truth about where it is from and such a firm cannot be trusted with your money, or your data.
Lack of legal documentation
One of the most important things that you need to check in an online broker is their Terms and Conditions. Why are they necessary? These help you determine what kind of policies you will be expected to comply with and give you other information like the fees you will be asked to pay and so on. Hence, it is essential to check so you can avoid any surprises down the road. So, what about the Terms and Conditions of Wealth Sailing Forex?
The problem here is that there do not seem to be any Terms and Conditions on their website. You can scan their whole website and not find any kind of legal documents available. This means that Wealth Sailing Forex does not provide you with a Client Agreement or Terms and Conditions. Yet, when you open an account, they will ask you to accept their terms, which you will have to do blindly. It would give them room to charge you any way you want, which is a major red flag.
Excessive leverage ratios
There is another red flag you will uncover when you are checking Wealth Sailing Forex and their trading conditions. There is no doubt that leverage is important and can make a big difference in your trading flexibility, so you need to know what kind of ratios are available. The problem here is that the broker is offering leverage that goes as high as 1:1000.
This may seem attractive to traders because it gives you a lot of room, but leverage is extremely risky as well. This has prompted regulatory authorities to restrict the amount of leverage that can be offered to retail traders and it is also applicable in the US. According to the NFA, online brokers cannot offer leverage more than 1:50, yet Wealth Sailing Forex is offering much higher ratios despite being based in the US.
Only crypto payments
The payment options that are available at Wealth Sailing Forex are another red flag because they only accept crypto payments. You can use several cryptocurrencies to make your deposit and the problem with this option is that crypto payments tend to be final and do not come back with a chargeback option at all. Essentially, it means there can be no refund and they can just take your money.
The red flags that you discover about Wealth Sailing Forex show that it is not up to any good and cannot be considered legitimate.