Beware! WBFinances 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 are reviewing a dirty scam that will positively rip you off if you deposit. We are certain about it because there is solid evidence confirming it’s a fraud. There are other alarming facts about this broker, too, and we’ll share all that you need to know about this sham in the full WBFinances review.
WBFinances REGULATION AND SAFETY OF FUNDS
WBFinances claims to be a UK broker licensed by CySEC, which is a pretty inconsistent piece of information. Nevertheless, we researched the Cyprus authority’s register only to find that there is no License No. 458/88, so WBFinances brings forth fraudulent information to deceive the public. Your funds will be in danger if you deposit there because that’s a scam scheme.
WBFinances also claims to be Mauritius regulated, but as soon as we discovered it’s a fraud, we didn’t waste time checking the local regulator about licenses. However, online we spotted truly disconcerting stuff- plenty of positive reviews about the broker, most of which very similar indeed. They apparently work hard to entice people into their scheme, so you have to be really cautious. Trustpilot can be helpful, but in this case, you’ll get led astray and end up being scammed if you believe in the positive feedback there.
As WBFinances is a scam, you’d better see the EU brokers and British brokers topping both lists. The Europeans offer high-grade security and protection guaranteed by deposit insurance funds created to reimburse clients in case of insolvency or fraud. If things go wrong, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. If you are eligible to open an account with European FX companies, you can safely go for it.
WBFinances TRADING SOFTWARE
WBFinances’s trading software is web-based and downright fraudulent. We’ll concisely explain why we claim so. It’s web-based, can’t offer any features valuable, and the spreads present a massive problem. Actually, there aren’t any because you can reveal the Buy or Sell price only if you switch to the Buy or Sell panel accordingly. There is only one price at a time visible, so the broker may as well manipulate it and increase the spread. That’s evidence of a scam! Nevertheless, most of the time, the EUR/USD spread was around 2 pips, but we can’t guarantee it would be the same if you deposit and start trading with real money. WBFinances is a scam anyway, so you’d better find brokers offering better platforms.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe and deliver upper-class software. The MT distributions are packed with sophisticated tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps. MT is definitely the best choice for traders.
The maximum leverage is 1:500, an overly risky ratio prohibited in the EU, which CySEC brokers can’t provide for their clients. Yet another proof that WBFinances is a scam. Now, we’ll share a paragraph about leverage because the concise information within can help you quickly spot questionable brokers as soon as you see their offers.
It is dangerous and accordingly regulated by most of the respected financial authorities worldwide. For example, EU, British and Australian brokers‘ clients are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. Most of the high-leverage FX companies are unlicensed, and we urge traders to be cautious when it comes to leverage.
WBFinances DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with WBFinances is $250, which is a tolerable demand, but many legit brokers offer accounts starting from 5 to 10 dollars, so it’s not worth wasting your time with this fraud. The funding method is Bitcoin only. There are two ways to deposit- direct Bitcoin transfer, or you have to create a wallet, buy coins and then send the sum to the broker. That’s a scam plan because Bitcoin transactions are anonymous, final, and impossible to get any refund. You’d better be sceptical about brokers asking for cryptocurrencies only.
While talking about funding, we can offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred choice. The companies on top of both lists are adequately regulated, and you won’t face scammers.
Next, we got on to even more evidence of a scam. WBFinances doesn’t have legal documentation, which makes their business illicit. Documents such as T&Cs, User Agreement, Client Agreement, you name it, serve as a contract between both parties and designate the trading provisions applied. Clients can’t form a legal relationship with brokers unless they submit back a signed copy of such a document. So, there is no information about withdrawals, fees, inactivity procedures, bonus provisions etc.
Overall, WBFinances is a scam scheme we just exposed, and you should steer clear of it, notwithstanding there are loads of positive reviews you can encounter online.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s a process. In the typical scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the initial deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the trading accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
However, the problem starts when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened so that they can give you instructions and help, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!