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Online trading has gotten a lot of traction in the last couple of decades, due to which the markets are flooded with thousands of brokers that offer trading services to people wanting to trade. Every other brokerage you come across promises you a professional and seamless trading experience, but not all of them can live up to their promises. As a matter of fact, there have been many stories of scam brokers that lured people in with such false promises and stole their money. If you want to avoid a similar fate, then you need to check out this WaveFx review to understand how you can learn the truth.
The reason most people fall into the trap of these scammers is because they either do not know what to look for when choosing a broker, or make the decision without proper diligence. You need to learn the truth about a brokerage before you trust them enough to sign up because it is very easy for anyone to promise you the world. WaveFx is a great example of such a fraud because it is nothing but a corrupt investment scheme that masquerades as a forex broker. It offers its clients the opportunity to trade a variety of assets, including foreign currency pairs as well as numerous CFDs.
The truth is that WaveFx doesn’t really facilitate any kind of trading activity and bears all the hallmarks of the scam. You can learn the truth about the broker in the review below:
False claims about licensing and regulation
If you look for tips to avoid a scam, everyone will tell you one thing; do not choose unregulated and unlicensed brokers. Since people have become aware of this fact, most scam brokers out there advertise themselves as licensed and authorized entity and this is exactly what WaveFx does. According to the broker, it is owned and operated by a company called WaveFX Limited and it is based in the United Kingdom, which is known as one of the well-regulated jurisdictions in the world.
However, the fact is that if WaveFx was really listed at the UK address, they would then be regulated by the Financial Conduct Authority that regulates online brokers in the country. But, you can run the broker’s name as well as the company name it has provided and you will not find both of them listed, which means it is not based in the UK at all.
It is important to note that no licensing information is provided by WaveFx, but it has included a link to the website of the UK Companies House. But, the fact is that this is not really relevant here because this is just an online register of companies that are incorporated in the UK. It does not have anything to do with financial services providers.
To operate in the UK, a license from the FCA is a must, which you will not find on the WaveFx website and the brokerage also violates some policies outlined by the regulatory authority, which means it is definitely not licensed.
Offer of daily profits
One of the most common tactics of scam platforms is to lure in people by offering them high returns and this is what WaveFx has done. When you visit their website and check out the different account options they have incorporated, you will notice that they are promising you daily profits from your trading activities. This should immediately trigger a warning because no legitimate broker would ever make this mistake.
The financial markets are notorious for their volatility and unpredictability, which means no one can guarantee you any profits. Even the most experienced, skilled and professional traders make losses and they cannot promise you returns either. Hence, the fact that WaveFx is doing so is another scam indicator because it is a false promise. In fact, most brokers will usually warn their clients about the risks involved because they are required to do so in regulated jurisdictions.
No trading platform available
The trading platform refers to the software that’s provided by brokers to their clients for executing trades in the financial markets. It is considered as one of the most important tools that these companies offer, so the fact that WaveFx does not offer any platform at all is an indication of just how fraudulent it is.
If you were expecting the industry-leading and popular trading platforms like the MT4 and the MT5, then you should be ready for disappointment because no such platform is available. Instead, it appears that WaveFx has a disarrayed user area that comprises of a bunch of quotes provided by third parties. What for? The goal is to just create an illusion of a trading platform because trading is not even enabled on it. The only two options that it offers is to make a deposit, which is the point as scammers want your money.
The second option is to refer WaveFx to other users, which is another goal because they want more victims.
High minimum deposit
It is normal for brokers to ask their clients to make a minimum deposit. Yes, some platforms do waive it, or ask for a deposit as low as 10, but it is acceptable for them to ask for an average of $200 to $250 for opening an account. Therefore, a minimum deposit of $2,000 for a basic account at WaveFx is a massive amount of money. No well-established or legitimate brokerage would ever do this.
Misleading payment options
When you go through the legal documents provided by WaveFx, you will find that they promise to support credit cards as a payment option. This is reassuring because it means that you can file for a chargeback in case you want a refund and are uncomfortable. In reality, you will find that the only payment method supported is Bitcoin. This further confirms that the broker is a scam because crypto payments are final and irreversible. Plus, they are also relatively anonymous, so fraudsters can get away with them easily.
After going through this WaveFx review, you can easily see that this is not a reliable or trustworthy broker and is a clear cut scam.