Fxwavers Review – Is this Broker a Scam?

Fxwavers Review

Online trading has continued to garner a lot of popularity in the last few decades, so when you decide to dip your toes in the financial markets, you will find them flooded with online brokers eager to cater to you.

Of course, each company will tout its services and claim to offer you the ultimate trading experience, but that is obviously not possible.

You have to learn to take everything with a grain of salt because many of these brokers are scams and are just trying to lure you with their false promises. This Fxwavers review sheds light on one such company.

It is easy to believe the promises they make, especially when they are what you want to hear. But, you have to bear in mind that this is just how these fraudulent companies have ripped off so many people and you do not want to suffer the same fate.

The reason for the high number of victims is that either people are not sure of what to look for in a brokerage, or they do not bother with research and just sign up. But, you should remember that it is always a good idea to get to know the company you plan on committing to.

After all, it will be a long-term relationship and you want to have a smooth trading experience, which can only happen if the brokerage is the right fit.

Moreover, getting to know the company can also help you determine if you are dealing with a legitimate firm, or just another scam. This can save you from a lot of problems down the road. With some companies, it is not that simple to figure out, as in the case of Fxwavers because they do a good job of hiding who they really are.

You will find that Fxwavers makes some big promises like offering people a better way to trade and security of funds. However, when you research the broker, you will not find anything that can help back up these claims.

Instead, you will come across a number of problems that show that Fxwavers is nothing more than an elaborate scam. What are they? Let’s begin your research:

Licensing and regulation

You can find both licensed and regulated brokerages in the market, as well as their unlicensed and unregulated counterparts. But, opting for the former is the right way to go when you do not want to take the risk of getting scammed.

This usually happens when you choose brokerages belonging to the latter category. Plus, they may not be able to offer you the same security and quality that you can get from licensed and regulated ones.

Thus, before signing up with any broker, you should always check their license and regulatory status. You will discover that Fxwavers claims to be based in California, United States, and this is one of the top regulated countries in the world.

In order to operate from there, the brokerage should have a license from the Commodity Futures Trading Commission (CFTC) and be a member of the National Futures Association (NFA).

However, when you check the online registers of these regulatory authorities, you will not find Fxwavers listed anywhere.

This shows that the brokerage is either not based in the United States as it claimed, or it is operating illegally from the country. Both of these situations point to one conclusion; you are dealing with a scam broker.

Trading platform

The most vital feature that is offered by an online broker is its trading platform, which you have to use for the most part because it is used for executing trades, performing analysis and pretty much everything else.

It is a given that every trader wants to have access to a cutting-edge and sophisticated trading platform that also offers them advanced trading tools for profitable trading. Hence, it is very reassuring to find that Fxwavers is offering a powerful trading platform, but does it really deliver?

Unfortunately, you will find that this is just another claim that Fxwavers makes because what you do find on their website is a trial and unbranded version of the MT4 trading platform that has been taken directly from the developer’s website.

It has absolutely nothing to do with Fxwavers and you can access this trial version on your own by visiting the MetaQuotes website. Essentially, this means that the brokerage does not have a trading platform at all, so it cannot fulfill its primary purpose.

Minimum deposit requirement

You need to know how much you have to deposit for opening an account because not everyone wants to start with big investments, especially when there are risks involved. You will come to know that Fxwavers is asking for a minimum deposit of $500 to open an account. On the surface, this may not seem like much, but it is a problem.

This is because nowadays most brokers are allowing their clients to open their accounts for as low as $10, which makes this quite excessive.

Secondly, the minimum deposit that Fxwavers is asking for is twice the standard amount of $250, which is usually found amongst brokers. This is also a common practice of scams because their goal is to get as much money as possible from their victims.

Payment methods

The deposit policy of an online brokerage is also worth checking out because you want to ensure that your money is secure and that you can get it back whenever you want. This is not going to be the case with Fxwavers because when you go through their payment methods, you will find that it only offers you crypto coins as a payment option.

You can make deposits in the form of Bitcoin, Ethereum and Tether at Fxwavers and your payments will be final. This is because crypto payments do not come with the option of chargeback, yet another reason why they are popular amongst scammers.

Final Answer

Given the holes in the story that Fxwavers is telling, you can conclude that this brokerage is indeed a scam.