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WSI Review - is it scam or safe?

WSI Review - Is wsiforex.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz WSI
WSI is an offshore broker. Your money is not safe.

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WSI is a forex and CFD broker, offering leverage of up to 1:500 on the MetaTrader5 platform. If you are considering opening an account with them be sure top read this review first.

 

Account type Min. deposit Max. leverage Spreads
ECN Pro Account $100 1:500 0,3 pips, floating*

*commission

 

WSI Advantages:

 

Generous Leverage

 

The maximum leverage WSI offers is up to 1:500 and that is more than enough to accommodate any trading strategy. Generally, experienced traders rarely use leverage of more than 1:100, as higher leverage implicitly comes with higher risk of loosing your money much faster and even ending up with a negative balance. So the rule of thumb is to use leverage with extreme caution. 

 

Still higher leverage might help traders with smaller deposits to score a relatively good profit. 

 

Competitive spreads

 

WSI says their spreads start form zero, but that, in our opinion, is too good to be true. So we opened a Demo Account to get a first hand taste of the trading conditions. Unfortunately, what we got was a generic MetaQuotes server account, which is not indicative for the real trading conditions you will get with the broker. 

 

Still, the raw spreads with the Demo Account started form 0,3 – 0,4 pips - that is what we got for the EURUSD spread, which by definition should be the lowest. (Besides, spreads can hardly drop to absolute zero.) In addition WSI says they take a 2,5 USD commission for a standard lot traded and this adds another 0,25 pips to the EURUSD spread. So, in the best case scenario the actual spreads with WSI will start form about 0,6 pips. Still, here you may check our list of brokers, offering even tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader5 offered

 

MetaTrader5 is the latest trading platform offered by MetaQuotes. Originally, the platform was created to better support Exchange Traded Products (ETP), as well as to accommodate some regulatory requirements of the US market. 

 

Presently the platform has all the functionalities of the better known MetaTrader4, including the option to run automated trading sessions with the help of specially designed trading bots or Expert Advisors.

 

The only setback is that such algorithms, compiled for MT4 are not compatible with MT5, because they are written on a different scripting language. Still here you may check other brokers also offering the MT5:

 

>>MT5 Brokers<<

 

You can pay with Neteller and Fasapay

 

With WSI  you can deposit or withdraw funds with Visa and MasterCard, e-wallets such as Neteller and Fasapay and bank wire. However, we do not see another popular e-wallet – PayPal, so here you may check our list of brokers, accepting PayPal as a payment method:

 

>>PayPal Forex Brokers<<

 

You can open an account with 100 USD

 

The minimum deposit requirement to open an account with WSI is 100 USD and that is in line with the best practices on the market. Still,we should note that with some well established brokers, such XM, FTCM and IG you can open a trading account with 5 USD or less. 

 

WSI Disadvantages:

 

No license

 

WSI  belongs to Wave&Soros International Ltd, which is registered in Saint Vincent and the Grenadines. The broker says its activity is supervised and regulated by the authorities of Saint Vincent and the Grenadines. 

 

However, the Financial Services Authority (FSA) of St Vincent and the Grenadines recently warned in a statement that it “does not issue any licenses for forex trading or brokerage or binary options trading nor does it regulate, monitor, supervise or license international companies, which engage in such activities“.

 

In addition the FSA warns that there are financial institutions that falsely claim they are registered or licensed by the institution and that “their purpose for doing this is more than likely for illicit reasons“. 

 

All that makes us very suspicious about the regulatory status of WSI.

 

Do not forget that regulation is crucial for the safety of any investment. Brokers, supervised by internationally recognized authorities, such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) have to follow strict financial and ethical rules, among which to maintain good fiscal discipline and to keep all clients funds in a segregated, protected from creditors account.

 

In addition FCA and CySEC regulated brokers have to participate in clients money insurance schemes. The FCA backed Financial Services Compensation Scheme for example insures up to 50 000 GBP of the traders' capital, while a similar CySEC backed scheme guarantees up to 20 000 EUR in case a broker goes insolvent. Here you can check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

No crypto CFDs

 

WSI says it offers some 53 forex pairs and several CFDs - on gold, silver, oil and 10 indices. However, as we already mentioned, we were not able to check the real trading conditions with the Demo Account, so we can not verify the trading instruments offered. Still, as the broker mentions nothing about crypto currencies, here you may check our list of brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Conclusion:

 

Although offering attractive spreads and high leverage with a minimum deposit requirement of just 100 USD, you should keep in mind that WSI is an unregulated, offshore broker with low credibility and that any investment with such entities comes with significant risk. 

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Traders` reviews for WSI

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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