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Wallstrend FX Review - is it scam or safe?

Wallstrend FX review - is wstfx.com scam or safe forex broker?

RATING: 1.2 / 0 REVIEWS Wallstrend FX
Wallstrend FX is an offshore broker. Your money is not safe.

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 Wallstrend FX is a broker brand owned and operated by Wallstrend Holding Group ltd, located at 118 High street, Purley. It states on its website to be regulated by both the NFA and the Vanuatu authorities, but the brokerage does not seem to us all that trustworthy. Read the whole review to found out why! 

 

Disadvantages 

 

Regulated or almost?

 

As was mentioned above, the brokerage boastfully states that it is regulated by both the National futures association and the regulatory authorities in Vanuatu. We even read on the website the relevant reference numbers and all the supposed benefits that come along with a compliance to such high regulatory standards. All may not seem as it is however. After checking with the online registry of the American authorities, we did find the company listed, but there is a certain caveat that changes a lot. The company is registered as an “exempt commodity pool operator” which differs substantially from being a licensed NFA broker and does not bring with it any of the purported advantages of being regulated. Here is a screenshot from the online registry: 

Click to zoom.


Furthermore, due to the strict rules that the NFA upholds, only a handful of brokers are eligible for regulation. One such is Oanda. Here is a screenshot of what should come up in the NFA website when looking up a legitimate broker: 

Click to zoom.


After checking with the Vanuatu authorities, we did find the company listed, but that doesn’t really go for much in the trading world. Vanuatu is among the least prestigious regulatory authorities, does not offer any assurance for the safety of the clients funds and, on top of everything, is located in the middle of the Pacific ocean. All this does not really scream “security” in the least. However valiant the brokerages attempts are at presenting itself as a legitimate brokerage, the truth always burns the deadwood, and there was significant quantities of deadwood in the information presented on the website of Wallstrend. 

Brokerages registered in the NFA do have to abide by the most stringent regulatory standards and are subject to financial reporting and strict capital adequacy. We suggest interested traders check out our list of recommended NFA forex brokers:

 

>>List of NFA-registered forex brokers<<


No demo account 

 

Access to the trading platform of the brokerage through a demo account is highly valued in the trading world, because it shows transparency and potential clients may get more familiar with the trading conditions of the brokerage. Because of this, we always count it as a big disadvantage when  we could not get such access from the website of the brokerage. Wallstrend supposedly does offer potential traders to register for a demo account, but during registration you are required to give a “standard chinese name”. After trying with a couple of names, we could not register. Here is a screenshot to see for yourself:

Click to zoom.

 


Not enough information 

 

There is no information to be found on the website regarding account types. The lack of information should always be seen as huge negative, but having in mind the regulatory status of the brokerage, it is no surprising it is missing. Furthermore, without information on account types we cannot know the minimum deposit required from the brokerage. WST does not even let us know what sort of payment methods are available for potential clients. We would advise clients to always be as informed as possible before deciding to trade with a brokerage. 

 

No information on the spread

 

The problem with the demo account bars us from viewing one of the most important aspects of a brokerage – the size of the spread on EUR/USD. 

The trading world focuses so much on the amount of the spread because it represents a sort of “constant cut” the brokerage gets, regardless of the losses or profits the client may acquire. As such, the lower it is, the higher the possible winnings of the traders. Interested traders should be sure to check out our list of recommended low-spread forex brokers: 

 

>>List of low-spread forex brokers<<

 

Not a whole lot of trading products

 

Clients of Wallstrend do not have at their disposal a wide array of market opportunities, something we always view as a disadvantage. Traders may trade CFDs on currency pairs, stocks, indices and futures, but they cannot participate in the crypto market, which in our opinion, is among the most exciting financial markets in today’s trading world. Interested traders should be sure to check out our list of recommended Bitcoin forex brokers: 

 

>>List of Bitcoin forex brokers<<

 

Advantages 

 

MT5 platform 

 

Potential clients may have access to the MT5 trading platform which is provided by the same company behind the MetaTader 4 platform. Its pretty much the same and has all the valued by traders options in it. One such option is the MQL5 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones. It should be noted that the programming language of the MT5 has been simplified so as to more accessible for traders new to the forex world. 

 

However, we must underline a certain caveat. Without access to a demo account we cannot be sure if the brokerage does in fact offer the MT5 platform. We may only relay the presented information on the website. Having in mind the uncertainty regarding the regulatory status of the brokerage as well, we advise interested traders to check out our list of recommended and trustworthy MT5 forex brokers 

 

>>List of MT5 forex brokers<< 

 

No fees or comissions 

 

Due diligence always requires us to go through the lengthy terms and conditions of the brokerage in search of potential fees or commission that may be hidden there. Such fees should be taken seriously, because they do not show up on the home page of the brokerage, but may significantly drive up the cost of trading. After a thorough research on our part, we can confirm that WTS does not have such surprises in store for potential clients.

 

High leverage 

 

The website state that WTS offers potential clients a leverage of 1:500 which is significantly high. It must be said that a higher leverage extends more freedom in the traders dealings, as well as the chance for higher profits. It does, however, also hide the risk of contingent heavy losses. Taking notice of the security concerns surrounding this brokerage, such a high leverage should at best be viewed as a “doubtful advantage”. Interested traders should be sure to check out our list of recommended forex brokers who offer a leverage of 1:500:

 

>>List of 1:500 leverage forex brokers<<

 

Conclusion 

 

All in all, we found some interesting stuff about the brokerage. Wallstrend is not in fact licensed with the NFA, something it suspiciously tries to convey through the presented information on the website. We have given screenshots above that show their actual regulatory status within the American authorities framework. The broker is in fact regulated by Vanuatu, but that doesn’t really help it much when it comes to credibility or assurance for the safety of the clients funds. There is also a bulk of information missing on the website regarding crucial aspects of trading such as minimum deposit, account types and more. All this inclines us to state that interested traders may find better and safer trading options to which we have linked throughout the review. 

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Traders` reviews for Wallstrend FX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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