WeTrade FX Review
Not everyone has the same kind of experience when they trade in the financial markets and this can be for a number of reasons. However, the most notable reason that determines your experience is the brokerage you choose for trading. Thousands of companies have been founded in the market to offer you their services, but no two platforms are the same. This means you have to evaluate a brokerage in order to know if they can give you what you are looking for. There is another reason it helps; you can avoid falling into a trap, which has become quite common, as this WeTrade FX review reveals.
The number of scams and fraud brokerages has multiplied in the last few years because there has been a lot of traction in the financial markets. After the launch of cryptocurrencies, more and more people have turned towards this space, which means more potential victims for these cybercriminals. Hence, it is no wonder that shady companies are popping up with each passing day, making it difficult for people to navigate the space and find a reliable platform to trade.
The best way for you to protect yourself is by evaluating a company properly before you decide to make any commitments. This can ensure that you are not falling for their appearance and know exactly what to expect when you decide to use their services for your trading journey. It can help you avoid a lot of pitfalls that eventually lead people into losing their money to scams. Plus, it also assists in find the best possible brokerage that can meet your expectations and fulfill your requirements. Can WeTrade FX do that? You have to evaluate this broker’s offerings as well to find the answer.
Otherwise, the first glance at WeTrade FX can be very misleading because it presents itself as the right broker for everyone. All relevant information, from payment options to trading conditions, is outlined neatly and you also get some company details. The MT4 platform is also available and the terms are quite competitive, which makes it seem like a sound choice. Can it offer a good trading experience? Unfortunately, this does not appear to be the case because WeTrade FX has a number of flaws. What are they? Some of them are listed as follows:
Lack of licensing and regulation
If there is one clear indication about the authenticity of an online broker, it is their license and regulatory status. Companies that have a license from a renowned and well-reputed regulatory authority will immediately get a vote of trust because it means there is accountability, fairness and protection for the traders. Everyone wants that, but you cannot get it at WeTrade FX at all.
This is because when you look into the broker’s background, you will find that it is owned and operated by a company named WeTrade International Limited, which is registered in Saint Vincent and the Grenadines. Registration in SVG is of no value because it is an offshore jurisdiction that does not regulate its forex market. As a matter of fact, the authorities of the region have clearly stated that they do not oversee forex brokers.
Therefore, it has become a haven for scam companies because anyone can set up there and not have to worry about laws and accountability, exactly as WeTrade FX appears to be doing.
Demands personal information
Before you decide to commit to a brokerage, you would obviously want to know more about its offerings. This includes details about their payment methods and trading conditions and to do that, you would obviously register on the platform. The problem with WeTrade FX is that it demands a copy of your ID card at this stage.
This is not something a legitimate brokerage would do. While they do as for verification of account, but it is down the road when you decide to make your deposits and withdrawals. Before that, no genuine company would demand such information and will definitely not do so before letting you access relevant information, as WeTrade FX is doing. The fact that they are asking for your ID card shows that they could be engaged in different scam schemes, such as identity theft.
Excessive leverage ratios
One of the most notable offerings of any brokerage is the leverage it offers to its clients, which has a big impact on your trading flexibility. You obviously want good ratios, but WeTrade FX appears to be offering excessive ones to its clients. A look at their offerings shows that the ratios can go as high as 1:1000.
Sure, such ratios are quite tempting, but you have to bear in mind that higher leverage also means higher risks. It is not just your profits that can multiply, but also your losses. This is why most regulated jurisdictions have imposed a cap on the maximum amount of leverage that can be offered to traders and it is not more than 1:50. In contrast, WeTrade FX seems to be offering you excessive ratios just to draw you in.
No chargeback possible
It is understood that you will have to make deposits and withdrawals during the trading process and this makes it necessary to know what payment methods are provided by the broker. There are a variety of them that can be offered, but your priority should be to ensure that you can file for a chargeback. This means that in case something goes wrong, you can get your money refunded, something that WeTrade FX does not allow you to do.
You will find that WeTrade FX only supports two payment methods; USDT and bank wire transfers, both of which are not eligible for chargeback. As a matter of fact, deposits made via these methods are permanent and irreversible, which works in favor of the scammers.
When you have evaluated the offerings at WeTrade FX, you can see that it cannot offer a smooth or good trading experience because it is not a genuine platform.