Beware! Westglobalinvestment.com 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.
Westglobalinvestment.com failed to convince us that they are legitimate – if we were you, we would not trust an offshore broker who immediately asks for pictures of your personal documents and who does not offer direct access to a client area or a trading platform. Trading and investing with such companies means taking a huge risk – avoid such questionable enterprises if you do not want to suffer financial losses.
Westglobalinvestment.com REGULATION AND SAFETY OF FUNDS
Westglobalinvestment.com is based in St. Vincent and the Grenadines – we consider this to be a relatively big red flag. The local financial authority of this country only regulates the banking sector and as it has warned investors many a time, it does not supervise the activities of forex brokers and does not impose any laws in the sphere of forex trading. This means that brokers based in St. Vincent and the Grenadines can conduct business in any manner they see fit and would still potentially be able to avoid legal actions. Moreover, offshore companies are not subject to transaction reporting requirements – which makes money transferred to such companies more or less untraceable and enables all sorts of illegal activities such as money laundering, tax evasion, and fraud. And although some legitimate international brokers have also set up offshore branches with the aim to offer better terms to their clients, you can always trace these brokers back to a reputable and reliable parent company. If a broker is offshore by default, their motifs are questionable at best – that is why we would advise you to avoid such companies and turn to brokers licensed in strict jurisdictions.
Brokers regulated in the UK, the EU, and Australia, for example, are usually very reliable. Such brokers are obligated to report to some of the strictest financial authorities in the world and meet many requirements before obtaining a license. They have to prove that they are financially stable by maintaining a certain operational capital – €730 000 in the UK and the EU, and A$1 million in Australia – and potentially more if the broker has many clients. Negative balance protection is always guaranteed for retail clients – this means you cannot suffer losses exceeding the amount of money you have in your account. Finally, all such brokers have to keep client funds segregated from their own in separate bank accounts – if the broker goes bankrupt, you would not lose your deposits because client money and broker money do not mix. This also proves that the broker would not be able to use your investment for its own financial operations – knowingly or unknowingly. All of these protections are not without significance when you are investing a big amount of money – only trade with licensed brokers if you want to trade safely.
Westglobalinvestment.com TRADING SOFTWARE
When we tried to open an account with Westglobalinvestment.com, we were asked to upload pictures of our personal documentation immediately. Never provide scam brokers with sensitive personal information if you do not want to end up a victim of identity theft.
The broker was supposed to send us a verification email so we could activate our profile – that email never came and as a result, we were unable to access Westglobalinvestment.com’s client area or any sort of functional trading platform. We cannot be fully certain that this broker offers any sort of trading platform at all.
We would advise you to work with a broker who offers a user-friendly, highly efficient trading platform such as MetaTrader 4 or MetaTrader 5. Both versions of the software offer not only a full charting and analysis package but also many additional tools and features such as Expert Advisors, VPSs, a Strategy Tester, trading signals, a market for various add-ons, the chance to create your own trading bots and indicators, etc.
Westglobalinvestment.com TRADING CONDITIONS
Since we never got access to an account, we would have to believe the information Westglobalinvestment.com has provided on the website when it comes to trading conditions. Keep in mind that the information such scam brokers offer is often inaccurate and that there might be huge deviations from what the broker claims on the website.
Westglobalinvestment.com offers access to the standard markets – forex, indices, futures, shares, and cryptocurrencies – but would not allow you to trade popular instruments like metals, energies, and other commodities. The minimum deposit amount is just $100 – this is affordable and might seem tempting but just remember that many reliable brokers also offer trading accounts for under $100.
The maximum leverage this broker supposedly offers is 1:1500. Offshore brokers are generally free to legally offer any leverage they decide – unlike brokers in stricter jurisdictions such as the EU, the UK, Australia, and the US who are subject to certain restrictions. Brokers in Europe and Australia can offer up to 1:30 to retail clients, while those in the US could go up to 1:50 on forex majors. These leverage caps exist to protect traders from the dangers of high leverage – namely big, fast losses. With an offshore broker, you could get access to outlandish numbers – which is why it is your responsibility to choose leverage responsibly based on your experience level and knowledge of such products.
Westglobalinvestment.com DEPOSIT/WITHDRAWAL METHODS AND FEES
Without access to an account, we cannot say what deposit methods Westglobalinvestment.com accepts. However, we would like to state once again that this is a fraudulent enterprise created with the sole purpose of robbing you – avoid investing with it altogether.
HOW DOES THE SCAM WORK?
Such scams are not only becoming more frequent but they are also surprisingly effective – which is why the first and most important step if you want to protect yourself from them, is to understand how they work.
You stumble upon a broker on the Internet – that broker promises to make you a rich, successful trader in no time. You are curious to see what forex brokers are all about – after all, you have heard stories of people becoming rich by trading – and provide the scammers with your phone number and email. After that, you would not be left alone before you have deposited – these people are seasoned scammers and will convince you to transfer money in no time.
This will not be enough though – the broker will keep asking for more and more money, and since scammers often manipulate profits and platforms, you might even be happy to invest because you would be thinking that you are turning a profit.
Once you try to withdraw, however, the problems will start – the broker will start denying withdrawals because of certain clauses in the Terms and Conditions, because of previously unmentioned fees and taxes, etc. At this point, you will find out that there is something wrong going on – but the scammers will be long-gone with your money before you can do anything.
WHAT TO DO WHEN SCAMMED?
Do not get desperate and do not employ any so-called “recovery agencies” that promise to track down the scammers and retrieve your money for a fee – this is just another type of scam.
What you should do is notify the responsible authorities in your country and contact your bank to let them know that you have been scammed. Change all your banking passwords and remove all remote access software the scammers had you install under false pretenses – they only wanted access to your computer and your banking systems.
If you have deposited with a Visa or MasterCard card, you might be able to retrieve your money – both card providers allow chargebacks within 540 days of the transaction so contact your card issuer as soon as possible.
Finally, make sure to share your story with as many people as possible to let them know that such scams exist and how they work. This way, others can avoid losing their money in the future.