Beware! WTPRONIVEST 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.
WTPRONIVEST is forex broker trading in forex, cryptocurrency, indices, commodities, stocks, ETF and bonds. It’s one of the many forex brokers on the Internet and if you are considering whether to trade with it or not, we can help you by looking at some key features.
WTPRONIVEST Regulation and safety of funds
From the information supplied on the company’s website, we find out that the address of this broker is in the Republic of the Marshall Islands. This is one of the offshore zones where a forex company can be registered without even having to go there and what is more important – there is no financial regulator. The implication is that if this broker is not regulated, then it is not safe to trade with it. Non-regulated brokers cannot provide guarantee for the safety of your funds and more often than not, you are dealing with scammers. You should avoid at all cost trading via non-licensed brokers!
If you are wondering where to find a legit broker, we can help you by suggesting that you look up some brokers from the well-established jurisdictions, such as EU, UK, Australia and US. There are some safety precautions set in place to guarantee that scammers cannot sneak in. For example in Australia, forex brokers must have an initial capital of 1 million AUD, and in the US it is a lot higher – $20 million. No scammer will put in this much money just to look legit. In EU and UK, similarly, brokers must have an initial capital of no less than 730,000 EUR. In EU and UK, there are compensation schemes set in place to compensate traders in case the broker goes belly up. If the broker is regulated by FCA in UK, then the traders can be compensated by up to 85,000 GBP per person and if the broker is regulated by CySEC, then the traders can be compensated with up to 20,000 EUR. In addition to that, brokers from these jurisdictions must report on a daily basis about their transactions to avoid getting involved in shady deals.
As you can see, these are excellent conditions and you will be well advised to choose a broker from these jurisdictions. You’ll be spoilt for choice of forex brokers if you open any of the links we have provided.
WTPRONIVEST Trading software
The trading platform that WTPROINVEST offers to its clients is a web trader. Below, you can see a screenshot of that platform. In the top horizontal bar, you have the options with trading products and on the left, some trading tools and instruments. In the chart that is in the middle of the screen, you see displayed the fluctuation in price of the EUR/USD currency pair. We can also see the bid/ask price for this currency pair and on the right of the chart we see also the information about the minimum trading amount, the leverage, etc. Below the chart, there is menu with other currency pairs to choose from. For the EUR/USD currency pair, we can calculate that the spread is 3.7 pips which is very wide and disadvantageous. The leverage, too, is high – 1:200 which presents risks for losing big time. We must say that it won’t be a good idea to trade via this platform. For your information, licensed brokers in EU and US have a limit on leverage and it cannot exceed 1:30 for EU and 1:50 for US. These are precautionary measures to avoid traders suffering big loss in transactions. A broker that offers leverage of 1:200 as does WTPROINVEST is not safe to trade with.
As we mentioned already, the web trader offered by this broker is not the best platform to use. When choosing a forex broker, we suggest that you pick up a licensed broker that offers either the MetaTrader 4 or the MetaTrader 5. These are the best platforms so far in the forex trade and they are number one choice for about 80% of the brokers. Both platforms offer excellent trading tools and instruments, such as auto trading option, VPS, trading signals, an app market, code base with customs scripts, a financial calendar, etc. In addition to that, their package of charting and analysing indicators is second to none and it allows traders to analyse the fluctuation in price, make predictions and make profit.
WTPRONIVEST Deposit/Withdrawal methods and fees
To its clients, WTPROINVEST offers 5 trading accounts – Standard, Silver, Gold, Platinum and Pro. The minimum initial account for the Standard account is $1000 which is rather high! Normally, licensed brokers won’t ask for such high initial deposit. The initial deposits for the other accounts are also very high – $10,000, $50,000, $100,000 and $300,000 respectively.
Payment methods are limited to VISA/MasterCard and Bitcoin, as we found out when we opened an account and clicked on the deposit button.
This broker considers any trading account that stays inactive (with no trades being executed) for 60 days as dormant and will impose a fee of $50 each month. The minimum deposit amount is 250 EUR/USD/GBP and for wire transfer it must be over this amount.
In the screenshot with the account types information, you can see that for each account (except for the Standard), the broker offers bonuses starting from 25% for the Silver account and reaching 100% for the Platinum and Pro accounts. You must know that a bonus is a double-edged sword – it looks tempting and you may think that it will help you gain more money. However, you should be aware that it is not a free gift and that in fact, there are some heavy to fulfil requirements. If you choose to accept a bonus offered by this broker, you won’t be able to make any withdrawals unless you fulfil the following: you need to have a required amount of ‘Trader Points’. As per the company’s bonus policy, it means that every 1 EUR/USD/GBP bonus will require 0.2 Trader Points in order to be eligible to withdraw funds. Trader Points are based on trading and every lot that is traded will add 5 points to the trader score. For example, if you receive $100 bonus, then you have to achieve 20 trader points by trading 4 lots.
How does scam work?
A lot of people get scammed everyday, not because they are naive or stupid, but because scammers are inventive and they are masters of manipulation. Often, as you scroll up and down on the Internet or social media, you come across ads for a quick and easy profit which sometimes sound too tempting not to fall into their traps. So you deposit some money into the account and what happens next is the incessant calls of the scammers. First, they congratulate you for taking the first steps towards becoming rich and next, they try to convince you to invest even more money into their ‘profitable’ business. What you probably don’t know is that your money has just gone as a commission to some scammers. And so, you wait and build the sandcastles of your dreams for a better and ‘richer’ future. And you wait, and you wait, for the money to come. But where is it? Now is your turn to call the scammers and to ask what’s going on. They try to placate you and ask you to be more patient. But have had enough and all you want is to get your money back. The scammers kind of promise, but now they are asking you to provide this document or fill out that form, etc., etc., all done in an attempt to delay you from filing for chargeback.
What to do if scammed?
If this happens to you, our advice is to act immediately and if you have paid your deposit via credit/debit card, to file for chargeback which is retroactive cancellation and refund of your previous transaction. Visa and MasterCard give you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.