Beware! WestonRidge 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.
We give WestonRidge props for at least doing something that not all shady brokers do: to make a good-looking website. However, this feature alone cannot redeem it from its fate as a shady brokerage firm. With all the visuals and seeming promises, WestonRidge still remains a very limited experienced that is dunked in issues and suspicious elements. We have been witnesses to hundreds of other like and, and will continue to reviews other like it in the foreseeable future. Do not be too quick to invest here, for you might regret it later. We urge all users to read the review first, and then decide what to do.
The account opening process was simple, which is always a bad sign that something is up. The resulting user area was clean yet rather limited and straightforward. It’s an interesting blend that both impressed us, but not enough to give us hope for WestonRidge.
However, we did find out, to our surprise, that there were two platforms that we were able to open: the MT4 and a seemingly proprietary web trader. The EUR/USD cost of trade was 1.2 pips on the MT4 and the same on the web trader.
The website reveals that the leverage is supposedly capped at 1:400. The web trader gives us the following financial assets: stocks, indices, forex currency pairs, cryptocurrencies, and commodities.
There was an issue with the MT4 that we will discuss later in the review, that makes the platform irrelevant to the users.
The website is available only in English.
WESTONRIDGE REGULATION AND SAFETY OF FUNDS
Two things: OPM Solutions LLC, the company behind the broker, is operated in Saint Vincent and the Grenadines, but is actually located in Switzerland, out of all places! This is extremely contradictive news.
Swiss Financial Market Supervisory Authority (FINMA) is the official regulator in Switzerland but this isn’t important in our case, because the broker is definitely not regulated by FINMA. Switzerland is the most regulated environment in Europe, making it one of the most regulated areas in the world. It has a dozen or so licensed brokers because of its severe rules.
As for alleged Saint Vincent and the Grenadines registration, it really does not make any sense because the nation does not have a financial regulator, and thus all brokers in the country are unlicensed.
And here we have the truth about WestonRidge. It’s UNLICENSED and therefore a riks to all investments.
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
WESTONRIDGE TRADING SOFTWARE
We were able to open a fully functioning MT4 carrying the name of the holding company of the broker. However, once we logged into the MT4 live trading account on the platform, the servers automatically changed to a different company name, a TradingCorestLtd. So, with that said, the verdict for the MT4 changes, in that WestonRidge doesn’t really have an MT4 of its own.
What we are left with is a pretty limited web-based trading software.
Following are the main features of this trading office: take-profit, stop-loss, pending orders, one-click trading, chart customization tools, and nothing else too special.
WESTONRIDGE DEPOSIT/WITHDRAW METHODS AND FEES
According to the portal area, users can deposit only through a credit card, which is actually a common move by unregulated brokers. The minimum deposit is £250, an average deposit requirement.
The broker allows for credit card withdrawals too. The processing times for all withdrawals are said to be 2 days, and most importantly there are no direct claims to fees but be on your guard for these fees may nevertheless be present, as is common with unlicensed brokers.
Also, please be aware that the broker requires an undisclosed amount in turnover to be traded prior to making a withdrawal request. This is a very common thing that occurs with unlicensed brokers and is also incredibly risky to users.
What we learn from the review is that WestonRidge is nothing special, and is another broker not worth your money and time. All investments in it are at a risk!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!