Werforex is an offshore-based forex broker that provides three trading accounts. The leverages, spreads and minimum deposits offered are higher, and it uses the MetaTrader platform. The offers made by this broker looks attractive. But, we strongly suggest reading this Werforex review before making your mind to invest in this broker. Traders will benefit immensely from this review. Read the full Werforex review here.
The most attracting fact about Werforex is that it provides the MetaTrader Trading platform. The MetaTrader trading platform highly respected in the trading market. It has many useful features such as Expert Advice, Charting of many markets and Market Indicators, Automated Trading Bots, and much more. The MetaTrader is so trusted that 80% of the traders use it. Also, MetaTrader is available on all the operating platform.
The Cost of Trading is the prime concern for many traders. The available spread of 1.5 pips on USD/EUR foreign exchange pair is attractive and can be seen on a demo account available. But such a higher spread can make trader bankrupt within minutes. The two companies mentioned on the official website are Technology Investment LTD, and Global Marketing LTD registered in the Marshall Islands.
The most worrisome aspect of this broker is its confusing corporate information. Both of the companies, as mentioned above, are red-flagged by Bulgarian Finacial Regulators. Also, the Bulgarian local body, the Financial Supervision Commission, refuses registration of this broker. All of this leads us to believe that the Werforex is an unregulated broker.
Furthermore, the initial minimum investment required to open a basic account is $500. This amount is more than what the legitimate broker charges for providing the same facilities on a basic account. The broker also applies transaction limits to the traders and has many transaction or withdrawal fees. The information about how much this broker charge is unknown but its terms and conditions reads out loud “All amounts you withdraw subjected to the transaction limits and any processing fees for deposits and withdrawal method that we notify you.” Also, the Marshall Islands-based firms have a reputation for being a scam broker, and this fact should not be neglected.
Is Werforex scam or legit?
Since the beginning of the research for Werforex for this particular review, we came across many discrepancies in its claim and reality. The broker is unregulated, and also companies behind this broker are already red-flagged by Bulgarian local financial body. The Marshall Islands-based brokers have low credibility. Also, the trading conditions are fairly attractive, but withdrawal is limited with added fees. In our view, the broker under consideration is a potential Australian trading scam. Traders will suffer a loss if they do business with Werforex.