Atwell Review – Understanding the Broker’s Flaws

Atwell Review

In the last few decades, a number of trends have emerged and gone, but one that has remained consistent is that of online trading. Since the concept was introduced, it has only gained popularity because it offers everyone an equal opportunity to access the financial markets and try their luck.

But, your personal experience will depend a lot on the brokerage you choose for your journey. They are your partners in the process, so you obviously want a reliable one, but this Atwell review shows that there are companies with plenty of flaws as well.

Of course, it would not be prudent for you to expect a company to be perfect at everything. Every broker will have some shortcomings, but there are some that are unacceptable. This is because they create doubts about the authenticity of the company.

The markets have had just too many scams for you to risk opting for a brokerage that does not seem to be trustworthy. But, you should not forget that no company will advertise its own flaws.

You are the one who has to dig them up and this can only be done when you are thorough. Rather than just skimming through a broker’s website before deciding to open an account, you should dedicate some time into checking its primary offerings and ensure that there are no such flaws that can result in a poor trading experience, or a scam.

You cannot just accept a broker’s word when they are making promises because if they are fraudulent, they will do their level best to convince you otherwise.

In fact, they deliberately offer features and services that can fool you into signing up with them, which is exactly what Atwell tries to do. At first glance, you will find the brokerage to be quite an impressive one because of a professional website and some big claims. It has also added offerings that people may find hard to resist. Some of these include.

The MT4 platform

The trading platform provided by an online broker is of the utmost importance because this software is crucial for trade execution.

It has to have the right technology and the tools that can help you in making smarter decisions. Of course, the software you are given is at the discretion of the broker and you will come to know that Atwell has chosen to offer its clients the MT4 trading platform.

If you have done any research into trading software, then you will know right away that the MetaTrader platforms are recognized as some of the best ones in the market.

The MT4 is undoubtedly one of the leading ones that can be found, as it boasts cutting-edge technology and is integrated with state-of-the-art trading tools that can help you make well-informed decisions.

But, you should not forget that just because Atwell offers the MT4 platform does not mean that everything is up and up. This is because the software can also be manipulated, so you may not be able to use it properly and can result in poor trading outcomes.

The high leverage

Another perk that Atwell has offered to lure people to its platform include the availability of high leverage ratios. Leverage allows you to trade more than the amount of capital you have, which means you can make higher profits, but it can also lead to higher losses.

Therefore, regulatory bodies in various jurisdictions have limited the amount of leverage that can be offered to retail traders, yet Atwell is offering leverage that goes as high as 1:500, which is just too much.

While these perks are certainly attractive, you will find that the flaws in Atwell can make them hard to digest. What are the flaws? Check them out below.

An anonymous broker

The first and most prominent flaw that you will encounter at Atwell is the fact that the brokerage appears to be completely anonymous. There is absolutely no mention of a license on the broker’s website, which is definitely suspicious because you do not want to deal with unlicensed entities as they are most likely to be scams.

What is worse is that Atwell fails to provide any corporate details on its website and this is yet another concern because you do not know where the company is based. This means that you cannot track it down in case of a problem and it can just vanish into thin air.

No legal documentation

Another flaw that you will come across on the Atwell website is that it does not give you access to its legal documentation. Yes, it does mention them on its website, but when you try to open it, you get a broken link. This is extremely worrying because you do not know the policies and charges of the brokerage.

You have to accept the Terms of Use of Atwell before you sign up with the brokerage, but you cannot access them on the website, which means accepting them blindly and then having the broker exploit you later.

Uncompetitive spreads

A look at the spreads offered by Atwell show that they are as high as 2 pips for the EUR/USD currency pair and this makes it uncompetitive.

Most professional brokers offer very tight spreads that are usually under 1 pip, which allows traders to make solid profits. But, the spreads at Atwell are 2 times higher, or even more, and this means that your profits will be limited.

No refunds possible

The flaws do not seem to end where Atwell is concerned because you will find another one when you check its payment methods.

The brokerage only allows wire transfer payments and this is an issue because these payments are final and there can be no chargeback as in the case of credit cards. This means that once you deposit, your money is gone and you cannot get it back.

Bottom Line

The flaws that you uncover about Atwell show that this brokerage is likely another hoax that has the goal of scamming people out of their hard-earned money.