WhitleyTrading

WhitleyTrading has incorporated an odd look that does nothing to conceal its very suspicious nature. Read the review to find all about this alleged brokerage firm.

WhitleyTrading has several things going, that speak of the true identity of this firm. First, there is no regulatory information anywhere, and what we mean by that is that there is no single mention that the company is regulated anywhere.
Second, the limited T/Cs claim that the company is governed by International Law, without specifying anything else…

Third, upon registering we were we were asked if we had a referral ID, which is given to s by “our broker”, meaning that CentDesk might be one of those brokers that call potential customers and try to lure them in.
When contacted, a user will presumably be manipulated into depositing an initial sum by providing the user a referral number. In so doing, the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands. From there you money will be forever lost.

All these tell us one thing only; WhitleyTrading is UNREGULATED and is a risk to anyone that invests in it.

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 requirement 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).

As we have seen, the registration process requires a unique 4-6 digit pin number issued by the broker, who probably contacts individuals. Anyway, we were unable to register and thus must rely on the website for information that is otherwise provided by the client dashboard and trading platform. And what site to rely on…there is close to no information concerning trading condition, as well as payment options and fees…
And as we shall see, all those charts and seeming trading platforms do not apply to WhitleyTrading.

Nevertheless, we are left with no spreads, no leverage, and no list of tradeable instruments.

The website is only in English.

WHITLEYTRADING LOGIN

The trading platform, as far as we’re concerned, is nonexistent. More novice users are probably confused because the website is filled with what look like trading terminals, some looking like charts, others like lists of assets. Do not be fooled; these are 3rd party tables that are easily accessible, and are found among many unregulated brokers. The trading conditions on them do not apply to WhitleyTrading.

WHITLEYTRADING DEPOSIT/WITHDRAWAL

Unfortunately, we have no deposit or withdrawal details anywhere on the website. Seeing as the broker choses its clients, we assume that there are some ways to deposit, although there might not be any withdrawal options.

ADDITIONAL FEES AND TAXES

If you haven’t been convinced yet, here is another piece of evidence proving that WhitleyTrading is a scam.

With this in their repertoire, any broker can be absolved of any financial (and other) damage it has caused a trader. It is no surprise then, that most illicit brokerage firms include many variations of this.

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

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

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

WhitleyTrading is a complete and utter scam. That’s it! Do not deposit there!