Wealth Way – Is It Safe or a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Wealth Way- DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
Wealth Way has made its name known as a CFD brokerage that is based in London, UK. Allegedly operating under Wealth Way Inc. Limited, this company is in the business of offering multiple trading account types.
To give it credit, Wealth Way indeed provides access to the platform MetaTrader 5 and its seemingly better-than-average trading conditions. With a minimum deposit requirement of $100, it’s no wonder a lot of traders have decided to give this brokerage a try.
So, we know what you’re thinking: is Wealth Way actually worth investing your money in?
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.wealthwayinc.com/
Founded: 2017
Regulations: Not Regulated
Languages: English
Deposit Methods: Bank Wire, MasterCard, Visa, Skrill, OK Pay, Neteller, PayZa, DIXI Pay, CASHU
Minimum Deposit: $100
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Forex and CFD
Trading Accounts an d Conditions
Wealth Way has made its name known as a CFD brokerage that is based in London, UK. Allegedly operating under Wealth Way Inc. Limited, this company is in the business of offering multiple trading account types.
To give it credit, Wealth Way indeed provides access to the platform MetaTrader 5 and its seemingly better-than-average trading conditions. With a minimum deposit requirement of $100, it’s no wonder a lot of traders have decided to give this brokerage a try.
So, we know what you’re thinking: is Wealth Way actually worth investing your money in?
We’ve dug deep and made our own inquiries and research to find out if this is, indeed, a company that you may want to do business with. Keep reading to learn more about the pros and cons of Wealth Way.
Wealth Way – Advantages
All things considered, there are quite a number of advantages to working with Wealth Way. Some of the benefits that this brokerage provides are its access to MetaTrader 5, free demo available, accessibility, low minimum deposit, and its information library. We explain each of these benefits further below:
Access to MetaTrader 5
When it comes to trading, the platform being used plays quite an important role in facilitating the whole process. MetaTrader 4 and 5 are two such coveted platforms in the field. Right now, these are the top trading terminals in CFD and Forex trading. The fact that Wealth Way gives us access to this feature-heavy and comprehensive platform makes quite a positive case for this brokerage option.
Free demo available
Another advantage to Wealth Way is that it offers a free demo to traders who are on-the-fence about choosing it. Through this test-drive, we are given a good idea as to the trading options and other perks that come with an account in Wealth Way.
Accessibility
Wealth Way takes claims to offer offers VPS service too. This means that traders can easily access their dashboards even when on-the-go.
Low minimum deposit
At $100 as a starting deposit, Wealth Way seems to offer one of the lowest minimum deposit in the industry. However, they do not disclose the withdrawal fees involved, so we’re not quite ready to make the ruling about this yet. If Wealth Way were to provide more details on the matter, then that would be better.
Information library
Another benefit of working with Wealth Way is that it gives traders access to a wealth of information about the industry. It offers Forex webinars and other pertinent materials that can school you in the ins and out of the whole trading business. But that’s not all–you will also have your own personal account manager once you open an account through this platform. You’ll be able to read and watch the latest market trends, gain firsthand analysis on the behavior of the market, and so much more.
Wealth Way – Disadvantages
As you’ve previously read, there are actually quite a number of advantages to opening an account and trading with Wealth Way. However, we have discovered one thing that might just offset all of the benefits: it is not properly licensed.
So here’s the thing, sure, Wealth Way does seem to be packaged in such an appealing and beneficial way. However, as we should, we’ve decided to investigate further to see if it is really a brokerage that we can confidently recommend to our readers.
The answer: No, you should not open an account with Wealth Way.
The Financial Conduct Authority (or the FCA) is the regulating body for brokerages in the UK. However, upon checking in their online registry, Wealth Way (nor any variation of its name) does not seem to be listed in the list. If it were, indeed, licensed and regulated by this financial monitoring body, their company should be listed there.
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.
With trading scams rampant online these days, it’s just not quite worth the risk to start a partnership with Wealth Way. Despite its low initial deposit requirements, you may still be condoning a scam. Not to mention, if things did go haywire, and there has been a misappropriation of funds, there won’t be much you can do about it.
In industries where money and assets are involved, adhering to a regulatory framework is of utmost importance. Sure, the legalities may seem inconvenient at times, but these strict rules are the very things that are keeping traders from falling victim to scam tactics enforced by some companies.
To be honest, other than this major setback, there really isn’t much disadvantage to this brokerage company.
Conclusion
Upon investigation, we’ve discovered that Wealth Way does provide pretty good trading conditions. Not only does it have a low initial deposit scheme, but it also allows traders to get a feel of the product first by offering a free demo. Not to mention, it gives us access to MT5 as well, something only legitimate brokerages can offer.
However, here’s one important thing lest we forget: Wealth Way is not registered. Not only that, but it has made traders believe that they are too.
This lack of regulation means that although this brokerage does come with plenty of perks, it is not authorized to function in the capacity that it is functioning in now. This is illegal and it puts tremendous riks on those who choose to put their trust in this firm.
This is why we suggest that you simply take your business elsewhere and find another viable trading option that is actually worth your money.
Wealth Way
Pros
- Access to MetaTrader 5
- Free demo available
- Accessibility
- Low minimum deposit
Cons
- Not Regulated/ Lies About Regulation Status
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.
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