WDC Markets is a broker that promotes trading in Forex, Stocks, Commodities, and Indices. They offer three types of accounts tailored to different trading needs. However, a concerning aspect is the absence of a Demo account option, which is typically offered by reputable brokers. Read this complete WDC Markets review to know more about WDC Markets scam activities.
Curiously, the registration form for all three account types is identical, requesting personal details such as first and last names, email address, phone number, country, and account currency (EUR or GBP). Upon completing the form, we did not receive a success message nor an email confirmation, raising another red flag. Instead, we were immediately directed to the client area with the Deposit interface opened, which further raises concerns about the transparency and credibility of the broker.
Website – https://wdcmarkets.com/
Website Availability – No
Address – First Floor, Mandar House, Johnson’s Ghut, P.O. Box 3257, Road Town, Tortola, British Virgin Islands
Warning – Financial Conduct Authority (United Kingdom), Comisión Nacional del Mercado de Valores (Spain)
Regulated – Unregulated, Blacklisted
Domain Age –
| Domain Name | wdcmarkets.com |
|---|---|
| Date Registered | April 19, 2022 |
| Domain Age | 1 year, 3 months, 5 days, 17 hours, 25 minutes, 44 seconds |
Is WDC Markets legit or a scam broker?
WDC Markets operates with complete anonymity, as evidenced by their Contact Us page that only provides a UK phone number and an email without any physical address. To verify their legitimacy, we decided to cross-check the broker’s authorization with the UK regulator, the Financial Conduct Authority (FCA). Surprisingly, the FCA’s database search yielded no results, indicating that the broker is not authorized by the regulatory body.
In our investigation, we discovered that WDC Markets has been subject to warnings issued by both the Spanish financial watchdog, Comision Nacional del Mercado de Valores (CNMV), and New Zealand’s Financial Markets Authority (FMA). These warnings serve as substantial evidence of the broker’s dubious practices and lack of regulatory compliance.
WDC Markets Review: Trading Software
The broker provides a web-based trading platform that they boast about using lofty terms like “award-winning” and “superior platform with cutting-edge functionality.” However, upon our evaluation, we found ourselves less than impressed. The software appeared quite basic, with limited features and an underwhelming design that did not meet our expectations.
WDC Markets Review: Deposit and Withdrawal Methods
The broker offers a limited selection of payment transaction methods for deposits, encompassing only credit/debit cards and bank wire transfer. Regrettably, popular and trader-preferred payment methods like PayPal, Skrill, and Neteller are neither mentioned on their website nor supported in the client area. In fact, within the client area, we encountered issues with the payment options. The one displaying VISA and MasterCard logos returned an error message, indicating technical difficulties.
The alternative payment option utilizes a Cypriot payment solution provider, Praxis, for credit card processing. It’s important to note that WDC Markets imposes higher minimum deposit requirements compared to what regulated brokers typically ask from traders. Credit card deposits necessitate a minimum of 250 EUR/GBP, while wire transfers mandate 500 EUR/GBP. Such elevated deposit thresholds may pose a barrier to entry for some traders when compared to the industry norm set by regulated brokers.
Is safe to invest with WDC Markets?
WDC Markets claims to be owned by FTG Solutions LTD, a company based in Tallinn, Estonia, but officially registered in the British Virgin Islands. In Estonia, forex brokers are required to be licensed by the local Finantsinspektsioon or the Estonian Financial Supervision Authority (EFSA). However, WDC Markets does not hold any such license from these regulatory bodies.
Dealing with an unregulated broker like WDC Markets poses significant risks as the safety of your investment solely relies on the integrity of the individuals operating the company. Based on our experience, most unregulated brokers are often associated with investment scams, making it crucial to steer clear of WDC Markets and similar entities.
WDC Markets Review: Conclusion
WDC Markets operates as an unregulated Estonian forex and CFD broker, and its credibility is notably low. Engaging with such a brokerage involves significant risks, including the possibility of commingling company funds with client funds, potential platform manipulation, and the likelihood of the broker refusing withdrawal requests, ultimately leading to the disappearance of clients’ funds.
If you have fallen victim to a scam involving Global FX Crypto or any other fraudulent broker, there is a solution available to you. You have the option to file a complaint against these scam brokers, seeking assistance from our experts in the fund recovery process. Simply fill out a complaint form on our website to initiate the process and receive a free consultation from our team of experts.
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