Wastrad Review Is Wastrad.com Legit Or Scam

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Wastrad Review: Is Wastrad.com Legit Or Scam?

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.

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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.

Support

There is no mention of how clients are to contact the broker or its customer care service.

Conclusion

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

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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Wastrad review – Is wastrad.com scam or good forex broker?

Wastrad is a forex and CFD broker based in New Zealand. They offer a variety of trading instruments, including forex pairs, precious metals, indices and crypto coins with a choice of three account types leverage of up to 1:200 and the MetaTrader4 platform.

Account type Min. deposit Max. leverage Spread s
Standard Account $50 1:200 1,3 pips, floating
Prime Account $50 1:200 0,2 pips + 4.4/side per lot
Elite Account $50 1:200 0 pips + 3.5/side per lot

Unfortunately the broker is not regulated and they explain this by telling their clients, that because they do not offer financial services to New Zealand citizens, they do not have to register with the local financial regulator.

This is a strange logic, especially since Wastrad obviously targets customers in the European Union, which is a heavily regulated market and where brokers are obliged to have a legit license. So if you are considering whether to deposit your funds with Wastrad, we suggest that you read the following review first.

Wastrad Advantages:

We should admit that leverage as high as 1:200, as offered by Wastrad might be attractive to many traders, who are willing to risk a somewhat more aggressive trading strategy. And since most regulators throughout Europe, the U.S., Canada, Japan and now even Australia capped the maximum leverage allowed for retail traders to levels well below 1:100, the only brokers still offering higher leverage are precisely brokers regulated in New Zealand and South Africa or unregulated brokers like Wastrad.

A wide selection of trading instruments

Wastrad offers over 90 trading instruments, among which major and exotic currency pairs, precious metals like silver and gold, major indices and some crypto coins. Still, if you would like to trade the crypto markets, we would suggest that you check our list of regulated brokers, trading with bitcoin CFDs:

This is a major issue. We understand that Wastrad is owned and operated by the New Zealand based Solidary Markets NZ Ltd, but all clearing and billing services are provided by SMFX Services Limited, which is based in UK. And as we noted, neither the broker nor the companies behind it are licensed and authorized, as they should be, to provide financial services on heavily regulated markets like the European Union, including the UK, Australia, Canada, Japan or the U.S.

And because all payments with Wastrad are processed in the UK, and because they offer trading accounts in Euro, it is rather obvious that they are trying to do exactly this, to attract European customers – something completely illegal as they are not authorized by the Financial Conduct Authority (FCA) in the UK, or any other official financial regulator in the broader EU for that matter.

Besides, trading with unregulated brokers like Wastrad has always been extremely risky as quite too often they are simply involved in scam.

Here you may check our list of brokers regulated by the FCA in the UK, where, by the way, your funds will even be insured for up to 85 000 GBP:

Skrill not available as payment method

Despite the fact that Wastrad displays the logo of Skrill on its homepage, as we proceeded with our registration it turned out the popular e-wallet is not among the payment methods they accept. And this is notable because of the new anti scam policy adopted by the money transfer company. According it Skrill partners only with regulated brokers, and as we already established Wastrad does not have a license to provide financial services whatsoever. Here for example you may check our list of brokers, accepting payments with Skrill:

Despite the seemingly attractive trading conditions Wastrad is not a broker we can recommend for one simple reason – they are not regulated and that means they are completely unaccountable for the fate of your funds. Once again, here we will repeat our general advise to trade only with brokers, regulated by reliable financial watchdogs like the FCA in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) – the three most popular regulators on the retail forex market.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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