WaytoTrade – Is It a Broker to Keep Off?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
WaytoTrade - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2021
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://www.waytotrade.com/
Founded: 2019
Regulations: Unregulated
Languages: English
Deposit Methods: Bank transfer, Credit card, and Bitcoin
Minimum Deposit: N/A
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Bonds, Commodities, Crypto, ETFs, Forex pairs, Indices, and Stocks
Trading Accounts and Conditions
WaytoTrade offers five types of trading accounts to interested investors. Below, you can see the capital requirements for each account and the trading conditions to expect.
- Silver
Minimum deposit: $10,000
Leverage for forex: 1:100
Leverage for stocks, crypto, commodities, and indices: 1:1
Margin loan: N/A
- Gold
Minimum deposit: $50,000
Leverage for forex: 1:200
Leverage for stocks, crypto, commodities, and indices: 1:2
Margin loan: 25%
- Platinum
Minimum deposit: $100,000
Leverage for forex: 1:200
Leverage for stocks, crypto, commodities, and indices: 1:3
Margin loan: 50%
- Diamond
Minimum deposit: $250,000
Leverage for forex: 1:300
Leverage for stocks, crypto, commodities, and indices: 1:4
Margin loan: 75%
- Corporate
Minimum deposit: $1,000,000
Leverage for forex: 1:400
Leverage for stocks, crypto, commodities, and indices: 1:5
Margin loan: 100%
WaytoTrade – Advantages
WaytoTrade offers absolutely no advantage to investors.
WaytoTrade – Disadvantages
We found several signs of WaytoTrade being a scammer. Below are the details to why we say so.
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Unregulated and unknown entity
The website stipulates that it’s based in the UK and is owned and operated by a company called WAYTOCX LIMITED. However, upon checking the merits of this broker, there is no way that the Financial Conduct Authority will provide a license to a shady entity such as this one.
Moreover, when we verified the contact number and email they have stated on their website, we found out that the contact details are not registered in the UK. It is then easy to rule out that they are only using a dummy office address to look legit, but in fact, they are an offshore unregulated broker.
Furthermore, this broker accepts investors from all parts of the globe. Sadly, they don’t provide any fund safety programs to their investors. Having said, anyone is exposed to several risks when trading with an unknown broker like them.
Since they aren’t regulated by any licensing authority, they may cease to exist anytime. If this happens, there’s no way you will be able to retrieve or even trace your money because of their anonymous nature, and nobody will be able to come to your aid.
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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Suspicious withdrawal and deposit methods
WaytoTrade failed to disclose the minimum amount you can deposit or cash out. What’s more shady is that there are no terminal payments available for verification to the public. In order to venture with them, you need to contact them via an email and their support team will guide you on your next steps. This shows that they aren’t transparent with their operation and are hiding many things.
There is, however, a section for withdrawal methods which include bank transfer, credit card, and Bitcoin. Moreover, there’s no mention of any withdrawal fees. This is risky because they might have hidden charges that may overwhelm you in the future. In addition, in its withdrawal policy, it says that withdrawal requests will be processed around 5 days.
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Very high capital requirements
The capital requirements for opening an account with WaytoTrade are very high. The smallest amount you can invest with them is $10,000, while the highest is $1,000,000. These amounts are way too high compared to the standard industry requirement. Many regulated brokers only ask a minimum of $10 to start trading. While this amount may not give you significant gains, it’s a good amount for traders who want to practice and enhance their trading skills.
Moreover, it seems like this broker only targets investors who are willing to risk a huge sum of money. This is a clear indication that they are only after the gains and don’t care about their investors’ welfare.
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Uses the same website template as those proven scammers
There were several brokers that have been proven to be scammers such as Ecoinsvip. The said broker has ripped off so many investors with their fraudulent operation. Interestingly, we see the several similarities between Ecoinsvip and WaytoTrade, especially in their website templates. Scammers like them claim that they’re offering a demo account, but when clients give it a try, they are only redirected to a client portal that forces them to open an account. This is a sure sign that this broker has a hidden agenda which they don’t want to expose.
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Playing safe and avoids accountability to your losses
On its Terms and Conditions section, it was stipulated that WaytoTrade reserves the right to modify, suspend, remove or add to the website’s content, and any loss that you’ll incur as a result of the changes made will not be their responsibility. They added that they’ll do this without any notice and that you won’t have any claims against them for this regard. This statement is very risky on your end because if they decide to cease operation, then there is no way you will get your money back nor trace where it went.
Conclusion
WaytoTrade is an unregulated and unknown broker that you must keep off from. They provide false information such as the source of their license, as well as their business address and contact information. Moreover, they are not transparent with their payment methods and trading platforms. We highly suggest you stay out of this scammer broker or else you’ll only lose your capital.
If you want your funds to be safe, only trust brokers that are regulated by either the FCA or CySEC, the authorized regulatory bodies of the UK and EU, respectively. Both authorities follow a very strict set of rules that obligate brokers to follow. In addition, they also require brokers to participate in fund safety programs that enable investors to receive payment in case of bankruptcy or inability to fulfill financial obligations.
WaytoTrade
Pros
- None
Cons
- Unregulated and unknown entity
- Suspicious withdrawal and deposit methods
- Very high capital requirements
- Uses the same website template as those proven scammers
- Playing safe and avoids accountability to your losses
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.