Whitley Trading – Can You Trust Them?

Website URL: https://www.whitleytrading.com/

Founded: N/A

Regulations: Not Regulated

Languages: English

Deposit Methods: Visa, Bank Wire, MasterCard

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Option Trading, Metals, Energy, Agricultural, Currency Trading, Crypto Trading

Trading Accounts and Conditions

There is no information given on Whitley Trading’s website about the types of accounts it offers its clients. There is also no information with regard to trading conditions.

Basically, we could not find anything about how a person can trade on this broker’s platform.

Whitley Trading – Advantages

While we have found too many red flags while assessing this broker, there is one advantage that traders could have when trading with this broker:

• Range of Trading Instruments

Whitley Trading offers a wide range of trading instruments to its clients. You get more than 60 different forex markets to trade with, and you also get a variety of other asset classes, such as indices, stocks, metals, agriculture and energy.

Besides these, this broker also claims to offer trading in cryptocurrencies, futures and options.

Whitley Trading – Disadvantages

Before you sign up with this broker on the basis of the range of trading instruments they offer, it would be a good idea to find out why it would be detrimental to you to invest with them. Here are the disadvantages to trading with this broker:

• Lack of Regulation

Whitley Trading claims that it is owned and operated by two companies – Whitley Trading Group and Whitley Trading Inc. Both these companies have addresses in two locations – Auckland, New Zealand, and Buenos Aires, Argentina.

To be able to offer financial services in New Zealand, a broker needs to be regulated by the FMA (Financial Markets Authority). The broker also needs to be incorporated in New Zealand.

However, when we checked the FMA’s online registry, we found out that this broker was neither incorporated, not was it regulated by the financial watchdog of New Zealand.

What this basically means is that this broker is operating without authorization. This also means that your funds are at risk if you opt to trade with this broker.

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• Blacklisted by New Zealand’s FMA

While investigating this broker’s regulation status, we uncovered something even more worrying than its lack of regulation. We found out that New Zealand’s FMA has actually blacklisted Whitley Trading as it is not listed on the Financial Services Providers’ Register and that it has not been incorporated in their country.

Furthermore, the financial watchdog also states that this broker’s listed address is invalid; the address does not exist.

This clearly shows that this broker is a scammer and that if you trade with them, you are sure to lose your money.

Brokers can make a lot of claims on their website, just like Whitley Trading has done. However, a lot of times, these claims are simply lies designed to trick unwary traders into investing their hard-earned money with them.

This is why we strongly advise all traders looking for new brokers to carry out background checks before putting in real money. It’s a simply matter of going to the financial watchdog’s online registry and verifying whether the broker is actually regulated or not as it claims.

• Unrealistic Promises of Profits

Whitley Trading promises its clients that you will get consistently high profits – no matter what. This is a huge lie, since most traders lose money on speculation.

Regulated brokers are required by law to publish data on the percentage of their clients that have lost money while trading on their platforms. Generally speaking, the industry average of losses per broker ranges between 70% to 85%. Translated, this means that 70% to 85% of all traders lose money while trading, with many of them losing their entire deposit.

So, there is no broker that can promise the kind of profits that Whitley Trading is guaranteeing. Another indication that this broker is a scammer.

• Offering Managed Accounts

Whitley Trading also offers to manage their clients’ accounts. For these accounts, the broker states that it will focus on commodities trading for their clients.

This is a huge problem since it is a conflict of interest. Brokers by their very nature are market makers, which means that they profit when their clients lose money on the market. So, if a broker is offering to manage their clients’ accounts, they are creating a conflict of interest, as it would be in their interest to ensure that their clients lose money.

• Trading Platform Non-Functional

This broker promises steady returns to its customers because it claims to have created a proprietary trading platform, which it has named TraderPro. The broker claims that its platform has won awards for its performance.

However, when we registered an account on their platform, what we found was far from impressive. Instead of a working platform, we were shown a simplistic dashboard and there was no real platform available.

All the charts on that dashboard had been imported from the famous third-party market data provider, TradingView.

Another lie by this broker, which should tell you that it is best to avoid them completely.

• Lack of Demo Account

We were forced to register for an account because Whitley Trading does not offer its clients a free demo account to test the waters. This is another strategy common among scammers, since they don’t want traders to see what they’re actually getting until they have already put money into this broker’s so-called platform.

Conclusion

We can say with complete certainty that Whitley Trading is not a broker that you can trust. This broker is clearly a scammer. Its website is claims that are actually just complete lies.

We would recommend that you stay away from Whitley Trading and look for another, regulated broker to deal with.

Whitley Trading

2.3

User Experience

2.8/10

Payment Options

2.0/10

Security

2.2/10

Support

2.3/10

Reputation

2.1/10

Pros

• Range of Trading Instruments

Cons

• Lack of Regulation
• Blacklisted by New Zealand’s FMA
• Unrealistic Promises of Profits
• Offering Managed Accounts
• Trading Platform Non-Functional