Beware! WadTrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The only thing that we can praise WadTrade for is its approach to the website design. It’s not unique, per se, but its quite different from 90% of brokers out there. Aside form its appealing look WadTrade is pretty much like the rest. It does not give us anything new to work with, and we can literally apply almost any previous review to the offerings of WadTrade. There was never a point during our time with WadTrade that we thought to give the firm a chance. No! It’s pretty disappointing what we learned. It was a let down, but not a surprise. Read the review to see what we mean.
We created an account with ease, and were very quickly redirected to a user area that was as sloppy as it was an indication of the company’s irregularity. Moreover, we learn form the client portal that there is no trading platform, actually. Users cannot trade with any financial instruments, making all the promises on the website of WadTrade fake and deceptive! Learn more of the lack of a trading software in the relevant section of the review.
Without trading grounds, there are no working spreads and no applicable leverages. Technically, we cannot even label WadTrade as a “broker” anymore.
The broker’s site is available in English and nothing else.
WADTRADE REGULATION AND SAFETY OF FUNDS
The only thins we found out about the broker is that is is allegedly located in the US. This is an extreme claim- the US forex market is the most regulated and notorious of all global markets. There are only a handful of legit broker operating there, and they are beyond big. WadTrade is unquestionably not a part of this market. Nor is tit located in the US. The local authorities would have sniffed it out and blocked the website a long time ago.
We have to mention that the broker’s website is one of those that is contained almost entirely within a single page. This is again a sign that the company was done is a rush without too much thought put into it. This is a common move by a scammer broker.
Last but not least, there is a noticeable lack of missing documents. This is reserved only for the hard hitting scammers. There is no legal bond between client and broker as a result of the absent legal provisions. Another definite sign that the broker is illegitimate.
In conclusion, there is nothing here for readers. This broker is UNREGULATED and a risk to all!
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
WADTRADE TRADING SOFTWARE
As we already revealed, the broker offers no trading software. The user area opens with a TradingView chart which has absolutely nothing in common with WadTrade. It offers no trading, and no accurate trading conditions.
Instead, WadTrade turns to the fraudulent investment packages.
The basic premise of this is to invest certain amount and then expect to receive a profit out of nowhere. For a $300 minimum deposit, we are expected to believe a user can profit by $10 000? Where is this money coming from? There is no incentive for the broker to be giving away so much money, unless it felt generous. Of course, we are joking.
Don’t fall for this. It’s a complete scam!
WADTRADE DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area the payment methods are wire transfer, a range of crypto wallets, and through a credit card. Yet, in all cases the user has no contact support in order to process the payment. There was also no limit on the minimum deposit amount.
As per the withdrawal area we learn that clients can only withdrawal by means of a BTC wallet. The minimum amount to take out is $40 and there is a 5% fee. Also, withdrawals are supposedly processed within 48 hours.
However, withdrawals by crypto never work; unlicensed brokers never pay back their clients!
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!