Beware! CommerceWealth 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.
CommerceWealth is a Forex broker claiming to be a 5 star graded company. Some of their trading conditions are probably attractive, such as the increased leverage of 1:400, which is a desired level for traders with higher risk tolerance. Apart from that, there isn’t anything else that can make them so highly ranked a broker.
In fact, the spreads offered are high compared to the rest of the leading brokers, their minimum deposit required is enormous and most importantly, CommerceWealth is an offshore broker and we cannot recommend its services to anybody. Stay away from CommerceWealth.
CommerceWealth REGULATION AND SAFETY OF FUNDS
CommerceWealth is an offshore broker, registered in St. Vincent and the Grenadines (SVG), a popular destination for untrustworthy entities which are trying to escape financial or any other regulation imposed. FSA SVG is the financial authority operating in the Caribbean island, but they publicly assert that the Forex brokers registered there will remain unregulated.
CommerceWealth fails to supply sufficient information about itself, there isn’t an address presented to the public, but from a different source we conceived that they are registered at Suite 305, Griffith Corporate Centre Kingstown, St. Vincent and the Grenadines. Coincidentally or not, many other offshore Forex brokers are linked with the exact same address, some of them being confirmed as a scam, Terra Finance is an example.
CommerceWealth is an anonymous entity, the owner of the broker is unrecognized, they operate without supervision and it’s easy for them to conduct activities that are not for the benefit of the trader. Stay away from CommerceWealth, your funds are at risk if you make a deposit.
CommerceWealth TRADING SOFTWARE
CommerceWealth says to offer MT5 trading accounts with leverage reaching 1:400. They do not offer demo trading accounts, a huge disadvantage and you should stay away from brokers who do not offer such an opportunity. There is always something fishy going on, if you are not allowed to give it a tryout.
Upon registration, we couldn’t set up a real account either, shockingly, the only way to have your account validated is to deposit real money in it. Beware, you can deposit money without proof of identity submitted, definitely a scam sign.
We downloaded the MT5 platform from their web page but it was dysfunctional, the same applies to their own web based trading platform. No working trading platforms were found!
There wasn’t any mentioning about spreads in their account presentation, but on their homepage is a small pricing chart to be found, which shows 3 pips EUR/USD spread in the middle of the London session, too big if compared with the rest of the brokers in the industry. We still do not know if this information is applicable to their real account!
CommerceWealth doesn’t actually offer any competitive conditions. The increased leverage is a double-edged knife and might actually worsen your trading, leading to lightning quick losses. Stay away from this broker.
CommerceWealth DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit required is 5000 USD with the Starter Account. A huge sum, compared to the rest of the market, in fact, there are too few brokers with similar conditions. It’s a financial suicide for you to deposit such a huge amount, taking into account that there isn’t demo trading available and the broker itself is registered offshore.
The funding methods listed by CommerceWealth include credit/debit cards, PayPal and wire transfers. Also other payment methods are available in accordance with the client’s country of residence. However, we went stuck in the funding process and there wasn’t any way for us to deposit money. Their payment system is unreliable and easily can be described as dysfunctional. Stay away from this broker, their systems are a joke.
The withdrawals are said to be processed within 1 to 5 business days. The minimum withdrawal sum is 50 USD through wire transfer, bank card withdrawal limits are not specified.
No fees are specified in size and scope, but throughout their T&Cs there are many incurring fees mentioned. An example is the dormant account fee. The company reserves the right to charge fees, but the rates remain unknown!
CommerceWealth declare that there are some bonus plans, but do not specify anything in detail. In fact, in their T&Cs they state that the bonuses are subject to separate terms and conditions, but no further information was found.
There aren’t any commissions specified, as well. One might think that CommerceWealth is a true ECN broker, because of the MT5 accounts offered, but this is not the case. We do not recommend CommerceWealth, avoid this broker.
HOW DOES THE SCAM WORK
The scam is widely spread throughout the cyberspace. It is a confidence trick, the scammers will first try to gain your trust, then make you take certain steps and in the end you will be taken advantage of! Their targets are usually individuals who would easily believe in a get-rich-quick scheme. Scammers will promise you everything, they will manage your account, will send you free trading signals, will offer the best software, will give away bonuses and promise hundreds and thousands percents weekly gains and profits. All of it is a lie, the scammers promise big and deliver nothing but misery.
There are some very distinct features about scammers that you have to remember. First to know is that most of the scam is registered offshore and is not regulated by any financial authority. This gives them the freedom to conduct activities which are not allowed in other jurisdictions where the financial control is strict and the entities registered are under constant supervision.
Beware! Trust only highly renowned forex brokers, well-known to the broad public, which are transparent and subject to regulation by financial authorities such as FCA in Britain or CySEC in Cyprus, two of the most popular financial watchdogs out there. Regulation is the most important aspect for the trader, because it provides security for the funds deposited, as there are money protection schemes in action. In Cyprus for example the guarantees are of up to 20 000 EUR per client, while in UK are even a few times greater- of up to 85 000 GBP per client.
WHAT TO DO WHEN SCAMMED
The scammers are constantly changing their strategies and no one must feel safe. If being scammed the first thing you should do is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what have happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Avoid CommerceWealth, it’s a shady broker!