Beep Waves – Can You Trust Them?

Website URL:https://beepwaves.com

Founded:2021

Regulations: Not Regulated

Languages: English

Deposit Methods:Cryptocurrencies, PayPal, Bank Transfer

Minimum Deposit:$500

Free Demo Account:No

Number of Assets:2,100

Types of Assets:Forex, Stocks, Indices, Commodities

Trading Accounts and Conditions

BeepWaves offers you the following types of trading accounts:

• Classic Account: The minimum deposit required for this account is $500.
• Platinum Account:The minimum deposit required for this account is $1,000.

BeepWaves has omitted to provide information about its trading conditions, except for the fact that it offers a leverage ratio of 1:500. Therefore, we do not know what the spreads or other commissions and fees are.

BeepWaves– Advantages

We could not find any advantages to trading with this broker.

BeepWaves – Disadvantages

Here are all the reasons why we would not recommend BeepWaves to our readers:

• Anonymous and Unregulated Broker

BeepWaves claims that it is based in the United States and offers its clients a regulated trading experience. This claim, however, is a lie. To operate from the US market, a brokerage needs to be regulated by both the CFTC (Commodity Futures Trading Commission) as well as the NFA (National Futures Association). Furthermore, the paid-in capital requirement for a brokerage to get licensed in the US is a whopping $20 million – something most entities cannot afford!

Now, this brokerage has not provided any details about its parent company on its website. There is a Huntsville, Alabama address provided in the Contact Us section, however, if you check for that address, it doesn’t seem to exist at all! So, we don’t have a company name, and we don’t have a real address.

We also checked the online registers of both the CFTC and the NFA to be doubly sure that we had done our due diligence about this broker’s legitimacy. There is no broker or company by the name of BeepWaves registered with either of these two financial authorities.

All of this investigation has revealed to us that BeepWaves is nothing but another scammer out to get unwary traders’ money! It is anonymous, unregulated and it has lied about its regulatory standing!

When you deal with a regulated broker, you are given protection from a financial authority. This means that your funds cannot be mixed with the broker’s – your accounts are segregated. Furthermore, you can also get a kind of insurance where you will be compensated if your broker goes bankrupt or is found to be dealing in fraud. None of these benefits will be available to you if you deal with unregulated brokers.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

• No Trading Software Available

More lies. BeepWaves claims to offer its clients a great trading software, but the reality is that the only thing you will find when you log into your BeepWaves client portal will be trading charts that offer you only information. There is no way for you to make trades on this broker’s so-called trading platform!

What this means is that all you can do with this broker is deposit your money. Once you have done so, there is no way that you can use it to trade further.

• Only Leverage Ratio Mentioned

We could not find trading conditions mentioned anywhere on BeepWaves’ website. Of course, it stands to reason that if there is no trading platform, there wouldn’t really be any need for trading conditions!

The only piece of information this broker offers is a half-hearted attempt at mentioning a leverage ratio of 1:500, which is ridiculously high, especially if it is targeting US clients.

Leverage ratios in the US are also strictly controlled at 1:50. This is done to protect traders from bankruptcy since high leverages, while offering a possibility of high returns, are extremely risky. The nature of the forex market is such that your chances of losing money – especially large sums – are extremely high. Which is why most financial authorities have put a cap on how much you can borrow from your broker.

So, the fact that this broker offers a leverage of 1:500 is just another indication that it is a scam. No legitimate US broker would offer its clients such high leverage ratios.

• High Minimum Deposit Requirement

To be able to an account with BeepWaves, you would first need to make a deposit of $500, which is much higher than the industry average. On the whole, most brokerages –especially legitimate ones – ask for a minimum deposit of about $100 to $250 dollars. And there are also some excellent brokers who require you to deposit as little as just $5 to start trading with them.

Thus, a $500 deposit requirement is unreasonable.

• Poor Legal Conditions

The legal documents are a critical component between a trader and a broker. This is the document that spells out the relationship between the two parties. It specifies the fees, commissions, terms of service, payment policies, the terms of using the trading account and so on that the broker has. And it also specifies the rights of the customer.

A clearly written document is critical for a healthy relationship between the broker and the trader. Scammers such as BeepWaves keep their documents vague so that they can take advantage of traders later on.

• New Domain

BeepWaves claims to have 11 years’ experience in the industry, and that it is one of the biggest CFD brokers in the market.But if you look at its domain, it was creating in January 2021. This clearly tells us that this broker is just lying about its entire history in a bid to attract unwary novice investors.

Conclusion

BeepWaves is just another scammer in the market. It has lied about its legitimacy. It is anonymous. It has no trading software, and vague legal documents that make little sense. And even its domain is absolutely new. This is not a broker that you should ever do business with.

Beep Waves

2.5

User Experience

3.3/10

Payment Options

2.5/10

Security

2.1/10

Support

2.5/10

Reputation

2.2/10

Pros

• None

Cons

• Anonymous and Unregulated Broker
• No Trading Software Available
• Only Leverage Ratio Mentioned
• High Minimum Deposit Requirement
• Poor Legal Conditions