Wavestrader Review 2024 – CNMV Says This Platform Is Deceptive

Wavestrader is not a legitimate trading platform. In reality, it’s a dubious website promoting illegal services, just like TradeSimple. We have plenty of evidence, from user complaints to regulatory warnings, to support this bold claim.

Therefore, please read our Wavestrader review to learn the truth about this scheme. If you’re a victim, you can recover your hard-earned funds with our professional aid.

Legal Info: Is Wavestrader Regulated?

The website claims this business is based in Switzerland. Yet, no proof exists in any Swiss company register, including the financial regulator FINMA’s database. 

We did more digging and found a regulatory warning against the phony broker issued by the Spanish National Securities Market Commission (CNMV) in May. Per the watchdog, “[Wavestrader is] not registered in the corresponding registry of this Commission and, therefore, [is] not authorized to provide investment services or other activities.” 

The provider is not eligible to operate on the old continent since Spain is part of the European Economic Area (EEA) – which has common market regulations and requires a MiFID passport. Many other Euro authorities also reposted the warning.

Instead of trusting anonymous imposters, we recommend choosing firms regulated by recognized financial authorities like the FCA (UK), CFTC (US), ASIC (Australia), IIROC (Canada), and MAS (Singapore). 

These companies follow strict regulations, ensuring they provide clients with negative balance protection, segregate funds in top-tier banks, and, in some cases, offer compensation schemes.

Who Are Wavestrader’s Targets?

According to WHOIS, the wavestrader.io website domain was created on November 6, 2023. Since then, the virtual crooks have mainly been targeting unsuspecting traders and investors from the following jurisdictions: 

• United States
• United Kingdom
• Canada
• France

All three countries have tough financial rules to guard against online fraud, ensuring their markets are tightly regulated to keep tricksters like AF Group out. Operating without the right approval is illegal, and Wavestrader’s sketchy behavior was flagged on the forums and drew the attention of the CNMV.

Trader Reviews – Sharing Experiences

As mentioned, traders took to forums such as trustpilot.com and scamadviser.com to express their frustrations with the platform. In the Wavestrader reviews, they cite withdrawal problems, hacking attacks, etc. 

“Mostly, it’s the staff involved, or they pass your information to hackers to steal your data or block access to your wallet. Ultimately, you lose all your money,”

– a Trustpilot user stated.

“They are immediately interested when you sign up, they call you urgently, they help you make a money deposit, but when you want to withdraw your profits, no one responds,”

– a ScamAdviser user echoed.

Attention to user feedback is essential for finding reliable companies and dodging scams. Before you dive into any investment, take a moment to hear what fellow traders and investors are saying about the platform. Honest reviews like ours can be your compass.

Which Trading Platform Is Available?

The Wavestrader platform is just a browser-based terminal. The interface is quite underwhelming. While it includes the basics like charts, graphs, and indicators, it lacks the advanced features that serious traders need. The Wavestrader app for mobile devices was unavailable.

In addition, the broker’s shady background and reports of manipulation make the terminal too risky. We recommend avoiding it and opting for a licensed provider that supports reliable third-party software like MetaTrader 4, MetaTrader 5, or cTrader.

These platforms offer advanced tools like automated and algorithmic trading, sophisticated charting, multiple timeframes, live market reports, and expert advisors. They’re a much better choice for anyone serious about trading.

Wavestrader account types

Trading Info – Leverage, Spreads, Commissions

We couldn’t get past the Wavestrader login page, so we have no clue whether the account types are legit. The rest of the trading conditions are a mystery, too. Fees (spreads and commissions) and leverage are unknown, as the site doesn’t disclose specific numbers.

Here’s a tip for leverage trading: don’t jump into it unless you’ve got a lot of experience. High leverage can be super risky and lead to big losses, which is why there are strict limits for retail clients in Europe and Australia (1:30) and North America (1:50).

Can Traders Use a Free Demo Account?

Wavestrader skips the demo account, pushing traders to deposit real money right away. This sneaky move allows tricksters to snatch your funds before you realize what’s happening.

For beginners, starting with virtual funds is a must. Don’t put your cash on the line from the start. Trustworthy brokers always offer risk-free trading, so why gamble with shady platforms?

Deposit and Withdrawal Process

The website lists three payment methods for depositing and withdrawing funds:

• Credit/debit cards
• Wire transfers
• Cryptocurrencies

Depositing funds might be a breeze, but getting your money back? That’s a different story, as many users have pointed out in their reviews. If you cannot get a withdrawal, it’s time to consider other ways to recover your money.

If you paid with a MasterCard or Visa credit/debit card, you can try to get a chargeback from your bank within 120 days of the transaction. For wire transfers, you can attempt to recall the transaction through your bank, but this only works if the funds haven’t already disappeared into the scammer’s account.

Retrieving crypto payments is a whole different ball game. Recovering stolen digital assets is trickier and involves using advanced software like CipherTrace and getting professional help. Fortunately, our team is here to guide you through this complex process.

Key Facts To Consider About Wavestrader

Wavestrader is nothing but a sham targeting unwary individuals from the US, UK, Canada, and France. The Spanish financial authority exposed this scheme last month, alerting domestic traders and investors.

We do not recommend trading on such platforms due to their unregulated status. If you are a victim of the Wavestrader scam, you must seek our professional help to recover your funds! A chargeback is your best option.

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

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