WestMarket Limited Review
Online brokers may be plenty and promise you access to the financial markets of your choice, but there is no guarantee they will really deliver what they are claiming. Therefore, everything you read on the internet should be taken with a grain of salt because you never know what is really true. With a broker, you are risking your money and your personal information, so you definitely don’t want to make a mistake. How do you ensure it doesn’t happen? Checking out this WestMarket Limited review is one step you can take. The idea is to know what you can expect and determine if the company is any good.
When you want to maximize your returns, you don’t want to settle for just any platform. You want to have the best of everything and considering the level of competition in the market, it is certainly possible for people to do so. However, you also need to be cautious because the market has had an influx of scam and fraudulent brokers due to the increase in traffic. The challenge is being able to figure out whether a brokerage is a scam, or a genuine platform.
Gone are the days when it was simple to distinguish between legitimate and fraudulent platforms because the latter had some major flaws that were easy to spot. These days, it is not that simple because these scammers have gotten really good at fooling people. Hence, you have to know what to look for and this WestMarket Limited review can help you with this. This forex brokerage may appear impressive, but you can find out the truth easily enough. Let’s take a look:
Background and Regulation
Every forex brokerage should have a license to conduct its activities and the regulatory authority that issues the license depends on where the company operates. In the case of WestMarket Limited, it claims to have its headquarters in London, United Kingdom. If it were really based there, then it would need to be licensed by the Financial Conduct Authority (FCA), which is the regulator for the country.
However, if you check the online register of the FCA, it is easy to determine that WestMarket Limited is definitely not regulated because you cannot find its name there. Secondly, some of the offerings of the broker are in direct contradiction with the rules set forth by the regulator, which means it cannot be licensed. For instance, they are offering crypto derivatives to their clients, but this asset class has been banned in the UK, which means WestMarket Limited is not following the rules of the FCA.
Dealing with an unregulated brokerage is not recommended because it is a big risk and leaves you vulnerable. You will not have benefits like negative balance protection, segregated account funds and more. In addition, any company lying or misleading its clients about their regulatory status, like WestMarket Limited, should not be trusted.
Terms and Conditions
As mentioned above, WestMarket Limited has broken several of the FCA rules and one of them is the offering of bonuses to its clients. Most regulated markets no longer allow the use of trading bonuses because they come with strings attached that are considered unfair for traders. This is exactly what you will find here because the broker issues trading bonuses and has then attached a minimum turnover requirement for its clients.
Traders are not permitted to make any withdrawals until they are able to achieve the said turnover, which is around 40 times the bonus. This is extremely high and impossible for any trader to achieve, which means that WestMarket Limited is essentially not permitting its clients to withdraw their funds. Moreover, they also charge a penalty of 25% if traders try to withdraw their money before they have reached the aforementioned turnover.
This is enough to keep traders from trying to make a withdrawal, which means that WestMarket Limited will have complete access to your funds. Apart from its bonus policy, you also need to check out the withdrawal fee charged by the broker. This is also quite hefty, as they charge 20 euro for credit card withdrawals and also have a 1% fee on wire transfers.
If you take a look at the leverage provided to you when you decide to use WestMarket Limited, you will discover that it is around 1:200. This is another indication that the brokerage is not regulated by the FCA because the regulatory authority has banned the provision of such high amounts of leverage to retail traders. This clearly means that you are dealing with an unlicensed entity.
One of the most important offerings of any brokerage is their trading software because you use this platform for executing your trades and accessing the market. The platform has to be of top-notch quality to provide traders with a solid trading experience. The MetaTrader 5 (MT5) is known as the industry standard and available with most regulated brokerages. However, you will find no such offering at WestMarket Limited. They have added a web trading platform that doesn’t even come close to the technology or the tools that the MT5 can offer to its clients.
Apart from this platform, you will find that WestMarket Limited also gives a desktop distribution of some platform, which is most probably malware because it was instantly flagged by the antivirus software. It is best not to install this software and put yourself at risk, as the broker is clearly shady.
You will not find any mention of the deposit methods that WestMarket Limited offers because they require you to go through an account manager first. This is also a red flag because a legitimate broker would be open about their offerings and not make you jump through any hoops.
When you have gone through all these problems that WestMarket Limited has, it is quite obvious that the broker is up to no good and you should make it a priority to avoid its services for trading.