WeTrade FX

WeTrade FX is one of those brokers that has put 90% of its energy into creating a good-looking site without aby after though as to the quality of the advertised services. As you might expect, they falter. Read on for more details.

It's crucial to know of the difference between a registration and a regulation. For example, WeTrade FX claims to be incorporated in Saint Vincent and the Grenadines, same as being registered, but it is not regulated by any local entity. The reason for this is that this country does not have an FX regulator, and thus no power over FX rules. Therefore, WeTrade FX is not regulated in Saint Vincent and the Grenadines, even if it is incorporated. Moreover, the country is known to be the home of literally thousands of investment scams!

WeTrade FX offers no further details to work with. We have no other choice but to label this broker unlicensed and a risk to all.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

We were able to access a user area after a very easy registration, and even though the portal itself was decent, it never gave us the impression of anything more. Little effort was put into the whole thing.

A trading software was available, but we decided not to open one for reasons we shall soon explain. What needs to be noted here is that the following information is taken form the site of an unlicensed broker, and unfortunately we cannot provide support of it.

The available trading assets are forex currency pairs, commodities, indices, and cryptocurrencies. The maximum leverage is capped at 1:1000. The thing with leverages, especially high ones, is that the bigger they get the more profitable they might seem, but in reality the risk of losing all investments increases with the leverage cap. The average EUR/USD spread is said to be 1.8 pips, which is ok, but there are better costs of trade out there.

WETRADE FX LOGIN

We were able to locate an MT4 without an issue, however the truble was with the software itself.

Our firewall warned us against the .exe file that it might be corrupted by a malware. As a result of this warning, we did not install the MT4 on our PC.

This is not the first time that we encounter such an issue, and will not be the last, and it makes us wonder what hidden thing the broker has attached…

We don't recommend to anyone looking for it though.

WETRADE FX MINIMUM DEPOSIT

Oddly enough, the client area did not offer a payment area, perhaps because our account was still pending verification, or for some other arbitrary reason. We must proceed with what the website tells us, and as we already said, this site cannot be trusted in full.

The minimum deposit requirement is just $100, allowing just about anyone to enter here and risk his or her money.

The website reveals two payment methods types: a crypto wallet and a bank transfer.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

WETRADE FX WITHDRAW TIME AND FEES

In turn, withdrawals are said to be processed by means of a wire transfer and UnionPay although how much of this is to be true is not an issue we would like to dig in to. Unlicensed brokers lie about withdrawals!

There seem to be no withdrawal fees issued by the broker.

The processing times are vague, but it seems to us that it may take several days for money to be paid back. Or so we are led to believe.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

WeTrade FX is a disappointment because it has all the doings of a scammer, yet there is some semblance of potential. For now, we urge all readers to stay away from this one.