Wastrad.com Review: this is the website of a Forex broker that uses none dealing desk and is based in New Zealand. Is it safe to trade with Wastrad? Read this review to find out important details about this broker.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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Wastrad mentions that it is operated by Solidarity Markets NZ Ltd, a company based in New Zealand. Forex trading in this region is under the regulation of a top European commission, the Financial Markets Authority (FMA). We found that the broker is not licensed by this authority. There is mention of the clearing and billing services being provided by the SMFX Ltd, a UK based company. This too is an unlicensed company.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Wastrad
The Wastrad Forex broker trading platform is simple and easy to use. It comes with the necessary tools and trading conditions are transparent. Details of customers are well protected through top security measures.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Wastrad Trading Platform
The brokerage gives traders access to the MetaTrader 4 trading platform. We usually readers and traders are advised to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are many (minor and major) currency pairs, precious metals, major indices, and crypto coins. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is 1:200 and while this may seem generous, it is not advisable for beginners. High leverages can lead to huge loss of funds even when you know the market very well. Spreads are from 1.3 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Wastrad
The means of making deposits and withdrawals with the Forex broker are VISA, MasterCard, Bank Wire Transfer, Neteller, and Skrill. We are encouraged that e-wallets are named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required to trade with this broker is $50 which is within the average of $100 – $250 common among legit brokers. Withdrawal fees are not stated but the broker mentions that it reserves the right to impose them at any time.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Wastrad Licensed?
No. Wastrad is not a licensed brokerage. The website discloses this information and also mentions that it is not permitted to target New Zealand residents.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
There is no mention of how clients are to contact the broker or its customer care service.
The broker is not licensed and there is no means provided to contact the customer service, this gives it a low rating. However, the trading conditions are encouraging. MetaTrader trading platform is supported and the minimum deposit requirement is affordable.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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- Supports MetaTrader Platform
- Affordable Minimum Deposit Requirement
- Good Trading Conditions
- E-wallet Transactions Are Allowed
- Not Properly Licensed