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Trade WFX Review - is it scam or safe?

Trade WFX Review - is tradewfx.com scam or good forex broker?

RATING: 1 / 5 REVIEWS
Trade WFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads
Standard $200 .01 1:400 2 pips

 

Trade WFX appears to offer a single account type that is commission-free with leverage up to 1:400. Actually, this broker does not provide detailed information on its trading conditions and accounts. It does not provide free demo accounts either. 

 

This immediately raises a red flag, as all decent brokers have transparent pricing policy and provide this information clearly on their websites. Besides, we find the initial investment of $200 required too high for a forex brokerage that is not regulated.

 

By comparison, one may open an account with global forex broker and spread-betting provider IG with just $1 and use average spread of 0.6 pips on EUR/USD. Why waste your time and money with companies with questionable reputation like Trade WFX.

 

The Company. Security of Funds

 

Company Country Regulation
Global Investment House Limited UK  N/A

 

According to the information published on its website, Trade WFX is based in London, UK and offers trading in forex and various CFDs on the ever popular MetaTrader4 platform. Allegedly founded in 2009, the broker also claims to utilize STP execution and to provide Negative Balance Protection. We doubt that any of this is true, as the broker also makes obviously false claims of UK regulation.

 

We checked in the online public register of UK’s Financial Conduct authority and no such company is present there. On top of that, the FCA issued a warning against it. If that was not enough to prevent you from opening an account with Trade WFX, we found there is a Guilty Traders Court vote against this company at the Forex Peace Army forum, so you’d better stay away from Global Investment House Limited and Trade WFX. The company operates another forex brokerage brand, called ZX Markets.

 

If you want to trade with a reliable broker that is duly regulated in the UK, you may check out a list of such companies here.

 

Trading Platforms

 

Like most brokers, Trade WFX supports the widely used MetaTrader 4 (MT4), available as a desktop download, web version and mobile trading apps.

 

MT4 is the preferred trading software of most traders and that is why it is offered by the majority of brokerages. The platform provides all the necessary tools a trader needs: top-notch charting, wide range of built-in indicators, Expert Advisors and back-testing options.

 

Methods of Payment

 

Trade WFX offers its clients redit/debit card, wire transfer, and Neteller and Skrill as payment methods.

 

Conclusion

 

A London-based broker, Trade WFX claims to be regulated in the UK, which is not true, and a number of other things, which are most likely not true either: STP execution, negative balance protection, etc. It looks like it is one of the many unregulated brokers, trying to lure clients with empty promises and false claims. To sum things up:

 

Pros Cons
MT4 available Not regulated and likely a scam
  False claims of UK regulation, no demo accounts
  Initial deposit required a bit high

 

Latest news about Trade WFX
No news about Trade WFX. Check back later.
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Traders` reviews for Trade WFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

lets reunite against TradeWFX

hi. lets reunite against the fraud people who are cheating innocent people all over India. join hands who have been cheated by the company once for recovery of money and file complaint against these people. since 2017 they have been cheating people but no action has been taken so far. so give everyone their contact details at least mail id here so that we can contact and reunite and try to be together for some good cause. the loss this company is giving to innocent people can not be beared anymore. help is needed!!

s swain 04/21/2018

Help needed to force for refund

As a Senior retired person,expect atleast the funds which were put to start the account (Opened in October 2017) should be refunded without delay. Not interested in Earnings made, Bonuses and Other empty Promises. By just calling them scam or cheats does not help at all. Some body is needed to force them to refund.

Ravi 04/16/2018

Trade WFX fraud 8000USD

This is a fraud company . They will not give any withdrawal after opening of account.They named as Michael, Renold joshua, Pastor and management team. All are bloody tamil people trying to trap you and take ur money .Plz be cautious .These people belong to keelakalai . They cannot digest the 8000 usd and their mother and their family member will be died of unnatural death.

vijay swain 04/16/2018

Is it my money safe with Trade WFx

Dear All,

I am customer of Trade WFX since last two month, but I made a single withdrawal since last two month. Unfortunately last fortnightly I am trying to withdrawal fund from our profit part they are mis leading as trade are going one and you are not take withdrawal.

Since last week they are not close and even show negetive balance after close the deal by myself.

How can firm my account. please guide us if any one want the same.

V Chandrashekhar 11/28/2017

I agree with it I lost +250$

Derrick And Rickinson Mark are Asssholes.
I pray to god They to be punished in world and here after
Beware Fraud TRADE WFX.com

Ahnaf Abshur 11/12/2017
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