WEBX – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
WEBX - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
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://webxtrader.com
Founded: 2023
Regulations: Not Regulated
Languages: English
Deposit Methods: Stripe, Cryptocurrencies
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: 80+
Types of Assets: Forex, Metals, Energies, Indices, Shares, Commodities, Bonds, Cryptocurrencies
Trading Accounts and Conditions
WEBX offers their clients the following trading accounts:
- Micro Account: The minimum amount for deposit is $100. Spreads start from 1 pip and the leverage is 1:1000.
- Premium Account: The minimum amount for deposit is $5,000. Spreads start from 1 pip and the leverage is 1:500.
- Webxcopy Account: The minimum amount for deposit for the Strategy Provider is $2,500 and $1,000 for the Follower. Spreads start from 1 pip. The leverage is 1:400.
- Zero Spread Account: The minimum amount for deposit for this account is $10,000. The leverage is 1:500. Spreads start from 0 pips.
- Islamic Account: The minimum amount for deposit for this account is $5,000 and spreads start from 1 pip.
WEBX – Advantages
Despite going through this broker’s website in detail, we could not find any advantages in trading with WEBX.
WEBX – Disadvantages
Here are the reasons why it would be dangerous to trading with WEBX:
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Lack of Regulation
According to the information on their website, WEBX is owned by, and their content is provided by a company called webx solution (SV) Ltd & WEBX SOLUTION Ltd. The broker also claims that this company is incorporated in St. Vincent and the Grenadines as in International Business Company. In the same statement, the broker offers a Company House UK registration number (05190853).
There are some major red flags here that clearly tell us that WEBX is not regulated.
First, being incorporated in St. Vincent and the Grenadines means nothing for a forex broker. This is because the FSA – the Financial Services Authority – of that nation does not regulate forex and binary options brokers. This means that even if you are legally registered in SVG, you are not authorized to offer forex and other related financial services. You still need to be regulated by another financial authority.
The second issue we have is the implication that this broker is regulated in the UK. The broker provides us with a Companies House UK incorporation number. We checked the Companies House online register, there is no broker or company by this name listed with them. The registration number provided by WEBX is fake.
Furthermore, to operate out of the UK, a company needs to be authorized by the Financial Conduct Authority. And WEBX is not authorized to operate in this country; there is no record of this broker or their parent company with this authority.
All in all, we can safely state that WEBX is not regulated at all and as actually lied about their regulation status. This makes this broker a scammer for sure.
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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Lies About Trading Software
WEBX has also lied about their trading software. On their website, this broker claims to offer their clients their proprietary trading platforms – the WEBX Trade Terminal, the WEBX Android Terminal and the WEBX IOS Terminal.
Here is what we really found: the links provided by this broker are downloadable links. You can download either on to your desktop or your Android or IOS mobile device. However, when we clicked on the links, we got a message that the content is not safe to download – that is most probably contained a malware. So, we did not go any further.
Added to this, once we registered for an account and checked our client area, we could not find any link to download or access any kind of trading software.
This means that this broker does not have a working or real trading platform to offer their clients. Which makes WEBX a scammer.
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Issues with Trading Conditions
When you go through WEBX’s trading conditions, they look quite detailed. But here are all the tiny red flags that tell us that we are dealing with a scammer.
The minimum deposit of $100 for the basic account is within normal range, until you realize that that normal is shifting now. There are more and more excellent brokers who are allowing their customers to open accounts for a minimal amount such as just $10. When you compare it to that, then WEBX’s minimum amount does not look too good.
The spreads also look excellent at 1 pip. However, the broker clearly has not mentioned their total cost of trading. The total cost of a trade is the spread plus the commissions. WEBX has not mentioned what commissions they charge per trade. So, we do not really know whether their actual cost of trade is competitive or not.
As for the leverage ratio, at 1:1000, it is abnormally high. Countries like the UK (which seems to be the jurisdiction this broker is targeting) allow brokers to offer a maximum leverage of 1:30. Anything more than that is illegal. So, this 1:1000 leverage clearly reveals WEBX’s scam!
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Issues with Payments
On their website, WEBX displays the logos of multiple payments providers – Visa Secure, Visa, Maestro, MasterCard, Wire Transfer and so on. However, when we checked their payment portal, we found out that there are actually only two payment options available – Stripe and cryptocurrencies. Stripe is an online platform that processes credit card payments.
The lack of payment options is another indicator that we are dealing with a scammer. Regulated brokers offer their clients as wide a range of payment options as possible. With scammers like WEBX, you are offered a limited set of options. And when you try to make payments through them, you will find error messages until the only options left open to you will be the cryptocurrency option.
Crypto payments are the most popular with scammers since these transactions are all permanent and untraceable. So, once you make that payment, there is no way to trace that money or the entity!
Conclusion
WEBX is yet another scammer and therefore cannot be trusted. Do not invest your funds with this broker.
WEBX
Pros
- None
Cons
- Lack of Regulation
- Lies About Trading Software
- 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.
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