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With the influx in traffic in the financial markets, the demand for online brokerages has gone up significantly. People are clamoring to sign up in order to tap into the potential of the financial markets, but you have to proceed with caution because there are a number of risks involved. Not all platforms that you come across in the market are legitimate and authentic and many people have had to suffer at the hands of fraudulent brokers. Do you want to do that? Of course, no one wants to have to deal with such a situation, but this Wolvestradefx review highlights that it is easier said than done.
The worst thing about these scammers is that they know just how to create an illusion of an authentic platform and by the time you realize it, your money is gone. It can be quite devastating for people to have to go through the ordeal and makes it difficult for them to trust another platform, causing them to miss out on more opportunities. You certainly don’t want that to happen, so the best approach is to do a bit of homework. This can help you figure out if the broker you are considering is authentic or not. What about Wolvestradefx?
When you take a look at Wolvestradefx, you will find that it claims to be a multi-regulated forex and shares brokerage that is offering its services globally. It claims to be a trusted destination for traders all over the world, but these are just claims at the end of the day. The promise of competitive spreads as well as their wealth management services will definitely attract your attention and tempt you to open an account right away. However, when you really go digging, you can find out that this platform is certainly not what it presents itself to be. How? Let’s check it out:
False regulation claims
Looking into a broker should always start with their regulation and licensing because that is the strongest indicator of their authenticity and reliability. An unregulated and unlicensed broker is likely going to be shady because a legitimate one would not have any issues in getting a proper license to provide its services to people. As mentioned above, Wolvestradefx claims to be multi-regulated and has its offices located in Alabama, United States.
To be able to operate in the United States, they would need to have a license from the Commodity Futures Trading Commission (CFTC) and would need to be a member of the National Futures Association (NFA). However, you will not find Wolvestradefx, or the company that claims to own and operate it i.e. Wolves Trade Fx Limited in their online registers.
As a matter of fact, you will find the name of the company on a warning that has been issued by the Financial Conduct Authority (FCA). This is the regulatory authority in the United Kingdom and they have blacklisted the broker for providing its services illegally. This is all the proof anyone needs to confirm that Wolvestradefx is not a regulated or authentic broker and is a clear cut scam. Furthermore, they are also anonymous, as you cannot verify any of the information they share on their website because they are not regulated or licensed.
Conflict of interest
The fact that Wolvestradefx is not regulated, despite what they claim, is already a big mark against them. Unfortunately, this is only the beginning because you will soon discover that the services they are offering are a conflict of interest. According to their offerings, you can also enjoy their wealth management services, which is just not possible for any brokerage to offer. They want you to let them manage your trading portfolio, while you sit back and enjoy the profits.
Who wouldn’t want that kind of offer? It sounds like a dream come true and this is exactly what scammers like Wolvestradefx count on. The simple fact is that wealth management services are not compatible with the structure of forex and CFD brokers. The latter are market makers, which means they earn profits when their clients lose a trade. Therefore, no legitimate broker would ever offer to manage trades on your behalf.
Yet, Wolvestradefx is offering its wealth management services, which means it is highly likely that they will lose all your funds in order to add up their own profits. Plus, there is also the glaring problem of a missing license; there is no forex license to offer trading services and no asset management license for providing wealth management services either. As a matter of fact, acquiring the latter is even more difficult because it is a banking license and there are a number of requirements that companies have to complete before they are issued one.
Since Wolvestradefx has no license, it means it is not authorized to offer any of these services.
Lack of trading software
Going through the presentation on the Wolvestradefx website shows that they have promised their clients some award winning trading platforms. This is a good thing because every trader wants to be able to use the top trading software, as it can play an important role in their overall performance. The problem is that when you complete your registration on their website and look for the trading platform, you will not find any.
Indeed, this is a major concern because the trading software is the primary tool you need for doing the actual trading. Its lack of availability means that you cannot trade on Wolvestradefx and this is quite alarming. It appears that this is not a forex and CFD brokerage at all and is just an elaborate scam that is offering wealth management services, only to take money from its victims.
Given that Wolvestradefx has lied about its regulatory status as well as the fact that there is no trading software available, you can assume that this platform is nowhere close to authentic. The conflict of interest is just the cherry on top that shows why you need to steer clear of it altogether.