Beware! Wealthpros365 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.

 

Wealthpros365 presents itself as an award-winning forex broker based in a leading global financial centre. But even a basic fact check disproves these claims. Wealthpros365 is not an authorised financial services provider and you should not trust it with your money under any circumstances. In this review, we’ll show you how to tell the legitimate brokers from the fake ones, using Wealthpros365 as an example.

Wealthpros365 Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
Wealthpros365
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

The first obvious problem with Wealthpros365 is that it is impossible to know who is behind this website. Nowhere is a company name mentioned, including in the text of the Terms and Conditions.

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

Wealthpros365 provides an incomplete UK contact address.

To offer brokerage services in this jurisdiction, a company needs a licence from the Financial Conduct Authority. But there is no licensed broker using the Wealthpros365’s trading name and domain in the regulator’s database.

Financial authorities in another European country, Greece, have issued a warning to investors that Wealthpros365 is not an authorised broker.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK. As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK.

Wealthpros365 Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Wealthpros365 platform
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

While not a true broker, Wealthpros365 has its own trading software. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

Wealthpros365 Trading instruments

CurrencyStocksIndicesCryptoCommodities
Wealthpros365
XMYesYesYesNoYes
FP MarketsYesYesYesYesYes
Octaxxxxx

In the Wealthpros365 trading software, we see instruments from multiple classes – currency pairs, CFDs on stocks, commodities and cryptocurrencies. Brokers that are really based in the UK are not allowed to offer crypto derivatives trading to retail traders. So this is further proof that we are dealing with a scam.

Wealthpros365 Spreads and cost of trading

Wealthpros365XMFP MarketsOcta
Spread EURUSD0.60.61.20.9
Spread GBPUSD0.61.31.5x
Spread USDJPY0.61.31.5x

In the Wealthpros365 trading platform, we see a pretty low spread of 0.6 pips. But Wealthpros365 does not provide straightforward information on the trading parameters. Therefore, it is not clear if there are additional commissions and fees.

Wealthpros365 Maximum leverage

ForexStocksCryptoGoldIndices
Wealthpros365400:1100:110:1100:1100:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

Wealthpros365 advertises leverage up to 1:400, which also indicates that this is not a licensed broker. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Wealthpros365 Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Crypto24 hours24 hoursFee depends on crypto

Wealthpros365 says it supports multiple payment methods, but on the deposit menu the only option is cryptocurrencies.

This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Wealthpros365 Minimum deposit

Wealthpros365XMFP MarketsOcta
Minimum deposit€250$5$100$100

An extremely high minimum deposit of 5000 EUR is indicated in the descriptions of the types of accounts. A more reasonable minimum of 250 EUR/USD is set in the deposit menu. But you should know that for 50 or even 5 USD you could open a trading account with a leading global broker.

Wealthpros365 Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
Wealthpros365Not specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

Wealthpros365 states that the withdrawal must be made in the same fiat currency in which the deposit was made – but as we have seen, the only deposit option is cryptocurrencies. So it’s not clear exactly what the withdrawal terms and fees are.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *