WaysTrade Review – Dirty Offshore Scam Full of Red Flags

Waystrade (SV) Ltd is a company incorporated in St. Vincent and Grenadines. According to the company, they are in the business since 2010. However, the website domain only exists since 2021.

But also, the company registration number indicates their registration in 2021. These and many other irregularities you can discover in this detailed WaysTrade Review.

Legal info: Is WaysTrade Legit or Scam?

With headquarters in SVG and CFD trading services, you can’t expect them to be regulated there. Since the FSA is not issuing trading licenses anymore. But even without taking a look at the Tier 1 regulatory database, you know this company is a scam. Simply because of trading conditions and their overall offer. Anyway, we checked FCA, BaFin and ASIC databases as the last hope. But WaysTrade.com is not there.

Who are WaysTrade victims?

Since 2021 the company offers trading services worldwide. However, they don’t hesitate even to target countries with strict regulations. In this case, their scammed traders are mainly coming from:

• Turkiye
• Cyprus
• United States

For a company that allegedly exists since 2010, they have very few followers on social networks. For example, the Facebook page only has 12 followers and Instagram around 17 hundred. If you went through different issues with the broker, feel free to share them with us. Ultimately, you might get advice from our expert team about refunds.

Leverage, Commissions, Spreads and Fees

In general, trading conditions presented by the WaysTrade scam broker are useless. Mainly because they are not regulated and all conditions might change without prior notice. Nevertheless, company offers leverage of up to 1:400. While European regulators allow maximum of 1:30 and in the US you can get 1:50.

When an unregulated broker tells you that you get spreads from 0.3 pips, you know it’s most likely way higher. Without proper licensing, they are not obligated to comply with what they say. Also, the company only mentions zero commission on deposits. However, withdrawal fees and other commissions are not disclosed.

WaysTrade Trading Features

In general, interesting features nowadays are the ones that make your  trading easier. In this case, the WaysTrade scam broker offers copy trading. But with many irregularities seen so far, it’s questionable how reliable those services are.

Is WaysTrade legit?

No. The company is misleading traders on every corner. Without adequate licenses and missing terms and conditions, it’s highly possible you won’t get any money out. Also, the broker offers bonuses with a very cheesy bonus policy. In case that company decides that you are abusing or misusing the promotion, they have the right to terminate your account. What a nonsense!

Available Trading Assets

With scam brokers like WaysTrade, tradeable assets are the least important. However, it’s good they have a wide range of options. Such as: 

• Forex
• Commodities
• Indices
• Shares
• Cryptocurrencies

Account Types

Generally speaking, account types should give you certain advantages for depositing more money. But with WaysTrade you can only get high leverage and shady spreads. There are 4 account types: 

• Standard                   $100
• ECN                         $1.000
• ECN Pro                   $3.000
• Ways COPY              $500

Mobile Trading App

Another key fact about this scam broker is the missing dedicated mobile app. They miss the app in general, but the mobile app is a huge downside. Instead, you can only access your account via proprietary web-based software. But those accounts with scam brokers are eligible for manipulation. That’s why you should use cTrader or MetaTrader with licensed brokers.

Demo Account

Even though the company claims to offer a demo account it’s not the case. In fact, that’s just another tactic to extort your contact details. Because for a demo, you have to register first. Thus, you get insight into the platform, but no virtual funds are added.

Education

As for education, they have quite a poor one. Only trading-related articles are available on the Education page. But if you were looking for educational videos, e-books or live sessions you should start looking for another broker.

You might as well check our BoldPrime and Canz Trades reviews for more clarity about trading offers.

WaysTrade Withdrawal

Important to realize is that the company doesn’t have transparent terms and conditions. Not to mention the withdrawal policy. Therefore, processing time, withdrawal fees and minimum withdrawal are mysterious with WaysTrade broker.

With such brokers, you can expect different issues during withdrawals. Mainly inadequate verification documents, non-existent fees and taxes or any other reason they make up.

Customer Support

Support working hours are not revealed with WaysTrade company. Even though contact options are surprisingly transparent, we wouldn’t rely much on those. You can get in touch via phone, e-mail, online contact form, WhatsApp and Telegram. Be aware, that the last two are end-to-end encrypted and have disappearing messages. Try getting them on a video call for proof if they are legit or not.

Key Information To Consider About WaysTrade?

Primarily, the company is not regulated anywhere. Due to missing regulations, they can have risky and even non-transparent trading conditions. Also, the company claims to operate since 2010 while its website exists since 2021. So, many irregularities are found with this broker and the best choice would be to avoid it.

But if you already got caught, no worries. Our specialized team can advise you on further steps and even about a refund if needed. Depending on the payment method you have different solutions. But to find out more, you can book a free consultation with our team. Get in touch today!

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