WEBX review 2023: 5 things you should know about webxtrader.com

Beware! WEBX is an offshore broker! Your investment may be at risk.

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WEBX is yet another offshore broker who falsely claims to be licensed. This however can’t simply be the case, as St. Vincent and the Grenadines, where this firm is located, doesn’t regulate forex brokerage activities in general. Don’t trust this impostor broker’s claims as there is nothing true about them. Trading here is totally insecure for a couple of reasons. For example the download link for its software was considered unsafe and there is no WebTrader either. On top of that WEBX offers too risky leverage and shady payment methods. For more – take a look at the following lines.

WEBX Regulation and safety of funds

According to the website, this firm is registered in St. Vincent and the Grenadines, but it also claims to have an office in the UK. What’s more, WEBX claims to be regulated in both countries but that can’t possibly be true. Here’s why.

First of all, St. Vincent and the Grenadines is an offshore zone which doesn’t license forex brokerage activities and that is widely known. This country is full of unregulated, scam firms who don’t follow any rules or guidelines and are not being supervised by any watchdog. Take a look at the warning that was posted by the local Financial Services Authority (FSA):

As you see, WEBX’s claims to be authorized in this country are a straight-up lie.

Furthermore this broker also claims to be licensed in the United Kingdom as it’s “registered in Company House UK”. Now, that statement doesn’t mean anything to be honest. The Company House UK is actually a public register of company information. And even though WEBX is present on its website, that doesn’t mean this broker is authorized, regulated or whatsoever. The actual regulator in the UK is the Financial Conduct Authority (FCA) and after we searched its registers we can assure you that WEBX is not authorized to offer financial services in the UK.

In addition, WEBX claims to offer an “insurance program for a limit of €5,000,000” against all kinds of fraud, as well as a segregation of accounts and negative balance protection. Well, we don’t believe these statements either. As this broker is absolutely illegitimate and it lies about being regulated, we can hardly believe it would follow any rules at all.

WEBX Trading software

WEBX claims to provide its own trading platform that is supposed to be downloaded either on desktop or mobile. However, the download link turned out to be quite insecure so we decided not to install it. And since there was no software in our profile even after we registered, and no WebTrader, we couldn’t see this broker’s platform. However, don’t expect anything spectacular. Scammers very often present either very plain platforms or dysfunctional ones. For a truly unique trading experience, better choose a reputable firm who offers the gold-standard MetaTrader 4 or MetaTrader 5.

WEBX Trading instruments

WEBX claims to offer a standard range of trading instruments – forex, indices, commodities, crypto, shares and metals. Certainly nothing special that couldn’t be seen with legitimate firms anyway.

WEBX Spreads and cost of trading

This broker seems to offer several account types. Below you can see the first one, called Micro account:

Apparently, this account promises tight spreads from 1 pip. There is no data about any commissions though, so be on guard. Plus, as we couldn’t see its trading software, we can’t confirm if this amount is correct or not.

WEBX Maximum leverage

WEBX claims to offer a maximum leverage of 1:1000, which is ridiculous at least to say. Such amounts are proven to be too risky and on top of that are forbidden in most of the countries that regulate forex brokerage activities. To be precise, the limit is 1:30 for the UK and the EU and 1:50 for the US. One more reason why this broker can’t possibly be authorized in the United Kingdom by the way.

Apart from that, when we registered we could choose between leverage starting from 1:100, which is also too much and too risky. So bear this in mind, if you are not interested in trading with such high volumes as a whole.

WEBX Deposit and withdrawal methods

The payment methods this broker accepts turned out to be only two – with crypto transactions or via Stripe – an online platform for credit card payments. Take a look:

Note however that crypto payments can be quite tricky and even dangerous if in the hands of a disreputable firm, which is exactly the case here. It’s just that these transactions are fully irreversible and anonymous, so there is zero chance to retrieve your funds.

Anyway, we don’t think investing here is a good idea, no matter the payment methods.

WEBX Minimum deposit

The minimum deposit here is 100 USD for its Micro account. Now, even though this amount is not too much in general, it’s not typical for micro accounts at all. Usually reputable brokers offer micro accounts for as little as 10 or even 5 USD. So what this firm provides is not that favorable as it seems.

Apart from that the minimum deposit for its regular accounts start from 2500 USD and that’s quite disadvantageous for sure.

WEBX Withdrawal requirements

WEBX claims that there are no withdrawal fees, but we would take these words with a grain of salt if we were you. The reality is that you can expect all kinds of false statements and misleading claims from disreputable brokers like this one. To be precise, what most scammers ask for is around 20% withdrawal fee.

As for the minimum withdrawal amount, it’s said to be 10 USD for bank transfers and 1 USD for the rest of the payment methods. And even though this sum doesn’t seem like a big deal, remember that legitimate brokers don’t ask for a minimum withdrawal amount at all. So this is yet another red light for fraud.

Be extra careful and stay away from such unregulated brokers for your own good!