Beware! WaveToMarkets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
WaveToMarkets can easily be judged upon first looks, because it does not do anything to exceed them. In fact, the more you get acquainted with it, the worst it get. This broker is dysfunctional and at times broken. Not to mention that it does not posses an aesthetically pleasing interface, nor does it succeed in garbing you in any other way. The direction of this review is pretty obvious, but we still urge you to read it in order to get all the important stuff out.
We easily opened a Live account, with no prior requirement or identification documents, or otherwise. After entering the basics, we were redirected to a client dashboard where the Terms and Conditions were revealed, making this the only location on the website where we could find the legal docs. However, at some point the broker logged us out, and we could no longer log in, no matter how many times we tried. We attempted to log in with a newly created second account, and were unsuccessful. So, the broker gives us only 10 minutes or so, to go through the legal documents and the client dashboard, before logging us out. As for a demo account, we could not open one because the captcha kept breaking.
So in order to get info from the Terms and Conditions we had to continuously create new accounts. Once we went through the Terms, it turned out that we had to provide the broker with ID information. This we did not do, and we suggest you do the same. This broker is certainly shady and most likely a scam.
As for trading conditions, without access to the dashboard, we had no way to see if there was a platform. So we must rely on the website for such details. The only indication on a spread is that the RAW version of it is at 0 pips The leverage is claimed to be 1:300, and trading assets are forex pairs, indexes, and commodities.
The broker is only available in English.
WAVETOMARKETS REGULATION AND SAFETY OF FUNDS
This is yet another broker that thinks it can fool us with its alleged Saint Vincent and the Grenadines license, which is not a license at all. This is because the Caribbean nation does not have a financial regulator as of yet, and as such cannot give away proper forex and CFD trading licenses.
WaveToMarkets may be located there and locally incorporated there, but in no way does that mean that it is licensed there. WaveToMarkets is thus NOT REGULATED, making it an immediate risk to all those that invest in it.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
What’s more is that the broker has the right to deny access or close an account without notice.
WAVETOMARKETS TRADING SOFTWARE
The website offers the MT4. But, seeing that we were unable to log into the trading area, we have no way to verify this.
Yet we can assume, and for us, what we think is that there is not MT4. We presume there is some lacklustre and boring web-based trading software that many illicit and scammer brokers use.
Too bad that the MT4 is not present. It would have been the only positive aspect of this very scammer broker. Without it, there is literally nothing to keep you here.
There seems to be a commission, explained in French (a language in which the website does not come supported in). This commission is €7 without revealing if it is per side or round turn.
WAVETOMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
According to the Home page, the minimum deposit is €50. The Terms and Conditions claim that deposits are made via credit/debit card, bank, and alternative payments accounts. All this info we cannot vouch for.
According to the legal docs, the withdrawal requests that are submitted after 5 pm are processed the next day. International wire transfer have a minimum withdrawal fee of $20.
The Terms and Conditions claimed that all charges and fees were available n the website, which in turn is extremely limited, and of course does not provide info on fees.
The company at its sole discretion can execute and cancel transactions without giving reason for it. What these transactions are, we assume are either payments or trades. How can you trust a firm with this?!
Be warned that the broker may fee users who file for a charge-back.
Furthermore, a charge-back will also unable a user to withdraw:
Furthermore, a charge-back will issue a chargeback fee of €50.
Furthermore, in another similar provision, all money wished to be reimbursed will be given to the broker as a fee.
A dormant account, one that has not carried any transactions in 4 months, will be charged an undisclosed fee when the user wished to reopen it.
The classic indemnification clause is here to absolve the broker from all damage it causes a user.
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.