Wavestrader – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Wavestrader - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://wavestrader.io
Founded: 2024
Regulations: None
Languages: English, Polish, Spanish
Deposit Methods: Credit Card, Debit Card
Minimum Deposit: $2,500
Free Demo Account: Not Provided
Number of Assets: Unknown
Types of Assets: Cryptos, Currencies, Stocks
Trading Accounts and Conditions
Wavestrader offers their clients 6 different types of accounts:
- Micro: The initial deposit amount is $2,500.
- Standard: The initial deposit amount is $5,000.
- Advanced: The initial deposit amount is $15,000.
- VIP: The initial deposit amount is $50,000.
- Elite: The initial deposit amount is $250,000.
- Platinum: The initial deposit amount is $1,000,000.
The broker does not specify the trading conditions for each of the account types. However, when we checked their trading platform, we found out that the major currency pairs had spreads of 0.0 pips, but commissions are not mentioned anywhere, so we do not know the real cost per trade. The leverage is not mentioned at all, and other trading conditions are also omitted.
Wavestrader – Advantages
There are no advantages to trading with Wavestrader.
Wavestrader – Disadvantages
Wavestrader is a scam broker that is untrustworthy. Here is all the evidence that proves our claim:
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Unregulated Broker
Wavestrader claims to be based in Switzerland (the broker provides an address in that country as proof). Even the phone number provided is Swiss. However, the broker omits to give us the name of their parent company and their licensing details.
This is a red flag that tells us that this broker cannot be trusted. A legitimate broker would ensure that all these details would be clearly spelled out on their website. When this kind of information is missing, it is a clear sign that things are not right with that broker.
Despite these signs, we went ahead and checked for this broker’s regulation status with the Swiss financial authority, the FINMA (Financial Market Supervisory Authority). We did this by checking the FINMA’s online register where all brokers regulated by the authority are listed. We found out that Wavestrader is not listed with the FINMA. And this means that this broker is unregulated.
An unregulated broker is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Warning Issued by CNMV
We are not the only ones to have noticed that Wavestrader is operating without a license. The Spanish financial regulator has also issued a warning against this broker. According to the warning by the CNMV (Comisión Nacional del Mercado de Valores), Wavestrader is operating in Spain without permission and that the broker has been blacklisted by them in their country.
When a broker is blacklisted in this manner, it is clear proof that they are scammers and that all traders would beware of them.
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Issues with Trading Platform
Wavestrader claims to offer AI trading on their platform. That is the only thing the broker mentions about their trading software. When we checked their live software, we found out that what Wavestrader really offers is a very poorly constructed trading platform that barely functions.
The platform is web-based and very generic, with hardly any trading tools in place. Basically, you cannot do much more than buy and sell a few of the listed assets.
When a broker offers such a poor-quality trading platform, it is yet another clear sign that that entity is a scam operation. No legitimate trader would offer such a trading platform to their clients.
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Issues with Trading Conditions
Another red flag that tells us that Wavestrader is not a broker to be trusted is their trading conditions – or lack thereof. This broker only tells us their minimum initial deposit requirement, which is a massive $2,500 for their basic account. A point to be noted here is that most other legitimate brokers will offer account openings for between $100 and $250, and there are world-renowned brokers who also allow for these openings for less than $50.
Next a spread of 0.0 pips is too low. A broker would end up with losses piling up if these were the real spreads. Unless, of course, they made up with large commissions per trade. But Wavestrader does not even tell us if they charge commissions or not. This lack of information is another sign that we cannot trust this broker.
The leverage – the risk – has been omitted, as have the rest of the trading conditions.
When a broker does to clearly spell out their trading conditions, we can safely say that we are dealing with a scammer.
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Issues with Payments
On Wavestrader’s website, we see the logos of multiple payments providers advertised – Visa, MasterCard, PayPal, Sepa, Bitcoin, Tether, Ethereum, and Revolut.
However, when we checked their payments section, we unable to find out what payment methods were actually available. Every time we tried to fund out account, we would meet with a technical error.
This is a common tactic employed by scammers. When you encounter an issue while trying to make a payment, you are required to get in touch with the broker. They then call you and get your card details and force you to make a payment. They specifically target novice traders who do not know how the system works.
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Issues with Withdrawals
Another issue we encountered was the lack of information about Wavestrader’s withdrawal policy. We are not told anything – the withdrawal request processing time, the withdrawal amounts, fees or taxes for withdrawals and even if there are any conditions for withdrawals.
Scammers keep this information from their customers so that when traders try to withdraw their funds, they are met with changes in policies that ensure that they will never be able to withdraw their funds.
This is the reason why traders must go through a broker’s legal documents – their terms and conditions, privacy, AML, KYC and withdrawal policies before they sign up with that broker.
Conclusion
Wavestrader is not a trustworthy broker. This entity is a scammer and should be reported.
Wavestrader
Pros
- None
Cons
- Unregulated Broker
- Warning Issues by CNMV
- Issues with Trading Platform
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more