Avalon-WM review – 5 things you should know about avalon-wm.com

Avalon-WM review – 5 things you should know about avalon-wm.com

Rating: 1

Beware! Avalon-WM is an offshore broker! Your investment may be at risk.

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Avalon-WM might look the type, but it definitely does not walk the walk. This is another broker that relies heavily on visuals, and not nearly enough on bringing services to its users.

Registering was easy and a familiar process in that we have reviewed hundreds of unregulated brokers that use the same account creation tool as well as the same user area plus web trader.

Speaking of web trader, Avalon-WM has one, and it does give us all the necessary trading conditions. The web trader itself is at the center of the client portal, with all other sub-areas accessible through a small menu.

From the trading software we learn that users can trade with crypot-based products, indices, and commodities. There is a significant lack of forex currency pairs, and we can say with assurance that Avalon-WM focuses more on the crypto side of things. The leverage is maxed out at 1:20.

The website of the broker is available in English, and there are no other languages.

AVALON-WM REGULATION AND SAFETY OF FUNDS

The regulatory information provided by the broker is confusing to many, and is all over the place. There are three very unrelated things that the company claims, and not one of them is true!

First of all, the broker reveals that the registration address of its holding company is in Estonia, and the claim itself states that Avalon-WM provides virtual currency exchange services from the Estonian address. Estonia is where the first address is said to be, but Avalon-WM provides no proof of it being incorporated there, nor it being regulated there. We can say for sure that Avalon-WM  is not licensed in Estonia.

The next company address is in Iceland, and the firm claims this to be the official address. The authority in charge of regulating the relatively unpopular Icelandic FX sector falls to the Financial Supervisory Authority (Fjármálaeftirlitið or FME). Safe to say, it does not regulate the broker. Therefore, if Avalon-WM is located there, it surely is not licensed there.

Finally, terms and conditions are proclaimed to be governed by the Marshal Islands laws, which is not true. First of all, there is no proof of this, and second of all the Marshall Islands have no FX regulator, and therefore Avalon-WM is operating there FX services illegally.

In conclusion, it is safe to say that Avalon-WM is not regulated and is a risk to all investors!

Any UKEUUS, or Aussie-regulated broker is your best hope of getting back on the trail and avoiding scams. Investing, and even dealing with unregulated brokers is both a waste of time and money! Licensed brokers tend to the need of their users, and provide a safe and fair trading environment, accommodated with all the necessary tools to bring clients a superb trading experience. Not to mention that the FCA and CySEC, offer reimbursement schemes that see users getting covered for any losses should their broker fall into insolvency.  The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.

AVALON-WM TRADING SOFTWARE

Remember this trading software? Even if you don’t, we have you covered here, not that there is something important that you are missing.

This trading software is one of the best ones that scammer brokers use, which by modern legal FX standards still makes it quite useless, but nevertheless.

There is enough here to keep a user busy for some time, but after a certain level of proficiency is reached the client will surely start to feel underwhelmed and ultimately bored with this one.

AVALON-WM DEPOSIT/WITHDRAW METHODS AND FEES

This is what we took from the user are concerning payments. The only actual payment method is a BTC wallet, which technically means that there is no minimum deposit requirement.

Withdrawals, on the other hand, happen through credit cards, a BTC wallet, and a bank transfer. However, this is against FX regulations which state that the deposit and withdrawal methods should be the same in order to prevent money laundering on top of other fraudulent practices.

According to the website, it takes 5 days to process a withdrawal request. The website also reveals that there are withdrawal processing and handling fees, but in typical unregulated brokerage fashion Avalon-WM has not disclosed what these fees actually are.

We have no doubt that Avalon-WM is a riks to investors. Do not waste your time with this firm!

HOW DOES THE SCAM WORK

The scam works very easily. Users are lured by online ads that promise unrealistic, and therefore unattainable things. Then they are redirected to the investment schemer website, and from then on the manipulation begins.

First, users will be asked to provide contact details so that the broker can directly contact them and ask them for payment. But this is not done directly; there are scripts upon scripts with psychological tricks and tactics that lead to users being charmed into investing.

These tricks range from all the imaginable to the impressive. What the main goal is to keep the user invested in the scam, and deposit at least once!

After a while, each user will feel the pressure and will want to withdraw. This is where the last line of defence of the fraudulent broker will deploy, cutting the user from his or her funds by means of shutting down the account, stalling clients, or simply shutting the website. The scammer will do everything not to let you withdraw!

WHAT TO DO IF SCAMMED

File for a chargeback with your credit or debit card provider. It’s the surest way to get your money back, although it is not set in stone. MasterCard and VISA have a chargeback period of 540 days.

Bank transfers are harder to trace and are most like lost for good. Although, certain banks might have a special plan-of-action ready for scammed users, so be sure to check with your local bank for more info. It is also a good idea to change your bank account password and user name.

Crypto investments are lost for good. The only way to get them back is if the broker itself reimburses the money back.

Do not trust recovery agents that promise to return your lost money without ever giving any technical details. These are separate fraudsters that will ask a commission for the “service” and will alter disappear without a trace!

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