Westintrade Review – Is Westintrade.com Scam Or Good Forex Broker?
Broker | Westintrade |
Country | N/A |
Regulation | No |
Minimum deposit | $500 |
Leverage | N/A |
Trading platforms | N/A |
Available assets | Crypto coins, Forex, commodities |
Website | westintrade.com |
Westintrade is one of those brokers that anyone can tell are illegitimate straight up – it’s the broken English on the website, the incorrectly formatted images and the generous promises of untold wealth that give these people away for what they are. Westintrade has clearly gone a step further, with the following warning greeting us when we first opened their site
It is most peculiar how these “account managers” would have your contact information – was there a leak? Did Westintrade clients get their phone numbers sold to a different scam operation? We never will know, but it speaks volumes about the incompetence of the company that it even has to say that.
Additionally, Westintrade has no link to their Terms and Conditions available anywhere on their site. Of course, this is highly unprofessional, but what is more interesting is that we were not made to check any box that we agree wit the company’s terms when creating an account. Maybe they just do not have any such legal document, which is a novel concept.
Is Westintrade a legitimate broker?
Certainly not. Determining if a broker is legitimate comes down to figuring out if they are licensed under any regulatory agency and where they operate from. Both of these things are not something it is possible to learn about Westintrade. The broker gave us nothing to go on – all they provided in their contact information was a London street address and an email. We were able to discover there were 12 companies registered on this particular address, but no Westintrade, as you can see below
So they are not operating from London. But why pretend to be? Well, brokers in London, and respectively, the rest of the UK are regulated by the Financial Conduct Authority(FCA). This body is internationally respected and has done a lot to remove the dangers inherently present in Forex trading. Some of their activity has been instituting a minimal capital requirement of 730 000 pounds to ensure that only brokers that are there to stay are on the markets, making it mandatory for companies to participate in funds that pay out some of their investors’ losses – up to 85 000 pounds per affected person – in the case of broker bankruptcy. FCA licensed companies must also keep their customers’ funds in segregated accounts.
Of course, they also do much more – often exposing scammers and publishing warnings. This is why it is advisable to stick with brokers that can clear the thorough vetting requirements of the FCA. Here is a list of such entities.
Can I make money using Westintrade?
Sadly, the odds of you making money with that broker are rather small. It is unlicensed and could be operating from literally anywhere on the globe. Westintrade does not have fund security in their vocabulary. If it is in yours, however, check out this list of secure EU regulated brokers.
Additionally, Westintrade has opted for a really innovative approach to trading as well – removing it entirely as a feature – they claim the following in their FAQ section:
Needless to say, these claims to generate profits for you while you are doing nothing are not realistic. No company can do that for you at the level of returns that Westintrade purports to give. Here are some of the investment plans they offer:
We believe that the 10% deposit bonus is what the promised return is on a $500 account. Generating such a large profit in a week is not really plausible.
What leverages does Westintrade provide?
As the broker does not offer any trading whatsoever we do not have the figure of what leverage they provide. What we do have, however, is this list of regulated brokers with considerably high leverages.
what is the minimum deposit amount with Westintrade?
The minimum deposit amount is $500. This is several times higher than the industry averages, which are typically within the $100-200 range. There are of course brokers that offer the so-called “micro account” options, that allow you to trade with fractions of the standard lot. They also require you to deposit much less money – around $10. This makes them perfect for traders that are just starting out and want to get some experience. If you consider yourself one of them, check out these brokers, offering micro account options.
What platform does Westintrade use?
With the capability to trade missing altogether describing their web-based platform like a trading one feels off. Of course there are more aspects to a successful platform than trading – for example Metatrader 5, the industry standard has implemented community based features like a marketplace and a vibrant forum, but the main aspect of a trading platform is the trading. Regardless, here is what the company can offer you
There is just a chart with some basic indicators and you can at least change the chart type and the timeframe. Still, this is really barren, especially in comparison to Metatrader which has far superior charting tools.
We must once again warn you against the service that Westintrade provides. Forex trading should be done with a broker that you know you can trust. And there are no indications that this particular one is worth putting your faith in. They cannot even be trusted to make a competent site, why put your money in their hands? Would you trust any person on the street to handle your deposit? If the answer is no, as it should be, then why trust Westintrade?
What methods can I use to deposit money with Westintrade?
On the screenshot above you can see what deposit methods the broker accepts – these are bank transfers, Bitcoin and Eterium. Should we be surprised that this particular broker uses one of the few deposit methods that are notorious for their lack of any ability to file a chargeback? Of course not, Westintrade is not interested in giving you any refund options. Not that there is anything wrong with taking Bitcoin, of course, here is a list of brokers that take it and are also regulated, but most of them also take credit cards, which allow for a chargeback to be issued within 540 days of the transaction.
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