Beware! Wexness 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.
Wexness (or Wexness Banc) is a great reminder that users should first go through a broker’s trading conditions, trading platform, and payment details, before making a decision they might regret. As for us, we judged Wexness as the shady firm it is the moment we set eyes on it. Read the review to see what we found out.
We were not surprised when we discovered that the registration process was reminiscent of scammer brokers previosly reviewed by us. And so was the client dashboard.
The follow up was a trading software that is used by illicit brokers, but more on this in the Software section of the review. What we can say for now is that the EUR/USD spread is 3 and the leverage is 1:100. Such a high spread is useless. The only party that gains from it is the broker. According to the trading software, the user can trade in commodities, indices, shares, forex pairs, and crypto.
The website is available in English, Russian, and Spanish.
WEXNESS REGULATION AND SAFETY OF FUNDS
The Environment section in the website claims some very bold things, that speak volumes of just how little effort Wexness has put into creating a sense of safety in its users. The page reveals the following regulatory information- that Wexness holds a trading license from the NFA in the United States, the FSA in the UK (they mean the FCA, a mistake expanding the brokers ludicrous nature), the Financial Services Commission in Mauritius, the Federal Financial Markets Service in Russia, and CySEC in Cyprus. The Federal Financial Markets Service in Russia no longer exists, and thus cannot be a license issuer. Furthermore, none of these places have a FX tradiong license ready for Wexness, you can rest assured. Not only are the databases of these agencies vacant of any mention of the broker, but also these agencies cannot all reguklate the same broker. It’s just impossible. So, Wexness is not regulated by neither one of these.
Aside from what just discussed, there is no other mention of a regulation. The Terms and Conditions, as well as the rest of the legal documents had no insight on a regulation. The only verdict we can reach here, is that Wexness is UNLICENSED, and therefore a risk to all traders, their personal details, and their funds!
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.
WEXNESS TRADING SOFTWARE
The alleged MT4 that was supposed to be accessible, was in fact owned by some other company by the name of MilmoGroup. The desktop MT4 came under the MilmoGroup .exe file name, while the MT4 webtrader’s serves were all under that name. So, there is no MT4 owned by Wexness. To lie about the MT4 is a deserved red card.
The only alterative to the MT4 is the StatusWeb Trader, a very limited software that offers close to no options, even if it looks like it does. Trust us when we say that looks do not exceed function in the Forex industry.
WEXNESS DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, and it can be deposited by means of some variety of cryptocurrencies, credit card, and PayTrio.
Withdrawals are processed between 3 to 5 days, and while there are no concrete mentions of fees for withdrawing, the Terms and Conditions do mention charges and commission here and there, which is cause for concern. So our advice to readers is to expect incoming fees for a number of different thing, as scammer brokers usually do. As for the withdrawal methods, we assume that they are the same as the depositing ones.
All bonus withdrawals must first pass through a trading requirement. At Wexness the turnover requirement is 30 time the bonus plus the initial deposit.
The following clause is the epitome of unregulated brokers. Look no further than the Non-Deposited Funds for further proof that the broker is a pure scam. By means of the Non-Deposited Funds provision, Wexness prohibits all withdrawals of profits. It’s a simple and as harsh as that.
To indemnify a broker is to keep it harmless from any liability arising from users who have been, in some way or another, victimized it. The Terms and Conditions are filled with such clauses. Below is the best example we could find.
Connected to this is the fact that all claims against the broker will become obsolete in 12 months. We assume that the broker will stall users for this period, untill they can no longer hold a grudge against Wexness.
Not to mention that Wexness bears an uncanny resemblance to InSure Trade, a broker proven to be a scam. The similarities are mainly the conditions, both trading and legal. In fact the more we digged, the more similarities we found. It reached a point where we think that the only difference between these two utterly shameless brokers is the name and the visual aspect of their websites.
Why would anyone deposit in Wexness baffles us. There is absolutely nothing for you here except the inability to withdraw you funds. Do not deposit here.
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.