Wall Index Review – Is this a Fraudulent Broker?

Wall Index Review

There is no doubt that if you want to engage in online trading, it is crucial to choose an authentic and dependable brokerage to do so. Why? This is because not all of the companies that are offering their services in the financial markets fall in this category. No, this is not just about the quality of services that varies, but also the legitimacy. Fraudulent brokerages have become quite rampant, as it is the perfect opportunity for cybercriminals to exploit people and make money. This Wall Index review can shed some light on just how these brokerages operate.

If you reach out to some of the victims of online brokerage scams, you will come to know that most fell into these traps because they did not know how to spot their true nature. These cybercriminals have gotten very sophisticated and deliberately create a package that they know would be hard for people to resist. Plus, they are able to present a deceiving front and if you don’t look too closely, you will not be able to learn their true nature until it is too late. Do you want to learn this lesson the hard way?

Of course, no one wants to do so because it means you would have to part with your hard-earned money and let cybercriminals walk away with it. But, how do you protect yourself? The first thing you need to do is remember that the decision of selecting a brokerage from the hundreds of companies should never be made in a couple of minutes. It is a big decision and should always be made after careful assessment and contemplation. This improves your chances of finding a brokerage that would be the perfect fit for you.

You will learn that Wall Index does not come close because despite its claims of being headquartered in the UK and being a highly innovative, number one multi-exchange trading platform, it has zero credibility. As a matter of fact, there are a lot of aspects of Wall Index that show just how fraudulent the brokerage really is. What are they? You can go over the details below:

It has no license

Checking the license and regulatory status of an online broker can shed some light on their authenticity and legitimacy. A genuine company would not have a problem in obtaining a license from the regulatory authority in the jurisdiction it is based in because it adds to their credibility. A regulated and licensed platform would follow the best practices in the industry and offer quality services that you cannot find on an unregulated one. Unfortunately, you will discover that Wall Index is not licensed or regulated.

As mentioned above, it claims to have its headquarters in the United Kingdom. For a brokerage to operate in the UK, it has to have a license from the Financial Conduct Authority (FCA), which is the regulatory authority for the region. But, a check of its online register shows that Wall Index is not listed. This means that it cannot operate from the UK legally and is either making a false claim, or operating illegally.

Furthermore, you will also discover that Wall Index claims to have an office in Seychelles as well. But, when you check the online register of the Financial Services Authority (FSA) in Seychelles, you will not find the broker listed there either. Likewise, you check the registers of both regulatory authorities for the name CastanCY OU, which is the company that owns and operates Wall Index, but you will not find it mentioned. Suffice it to say, you are dealing with a fraudulent broker because it is lying, or conducting its operations illegally.

Its Terms and Conditions are missing

One of the most important things you need to check about a brokerage are their Terms and Conditions because they outline the kind of charges you will have to pay and all of the fee involved. In addition, they also indicate the policies you would be required to comply with. In short, they dictate the kind of relationship that you and the brokerage would have. This makes them of the utmost importance, so the fact that Wall Index does not have any T&Cs on its website is another indicator of its fraud.

When you try to open the Terms and Conditions’ link on the Wall Index website, it turns out to be broke. Thus, it expects you to blindly agree with their conditions without having any idea of what they are, giving the company free rein to exploit you. They can add hefty fees, put conditions on withdrawal and also incorporate trading bonuses with strings attached.

It does not seem to have a trading platform

A crucial feature that an online broker offers is the trading platform because this software is used for actually executing the trades you want to make and also provides the tools you use at the end of the day. Therefore, it is a major problem when you discover that Wall Index does not seem to have a trading platform at all. They have a funny looking dashboard that is meant to resemble a trading platform in order to create an illusion, but it does not really function. Of course, this kind of tactic is only used by scammers, while authentic and genuine companies would offer you professional platforms like the MT4, MT5, or the cTrader.

It only accepts bitcoins

Looking at the payment options of a broker is necessary because you want convenient and secure solutions, but you will discover that Wall Index only allows you to make deposits in bitcoins. While there is absolutely no issue in buying and selling cryptocurrencies, they have become popular amongst scammers for several reasons. First, they provide anonymity, which makes it easy to get away and these payments are also final, so no chargeback is possible.

What is the Verdict?

Given that there is no license, no trading platform, no Terms and Conditions and no chargeback, it is evident that Wall Index is a fraudulent brokerage.