This W2FOREX Review Sheds a Light on the Complete W2FOREX Scam
W2FOREX is yet another fraudster in the vast ocean of Forex scammers. They claim to have strong regulatory backing, but it turns out it is all fake. Read our W2FOREX Review, to see how we uncovered this scammer and why you should stay away from them. Let’s go!
|Reliable Broker Must Have
|Transparently displayed in the disclaimer or legal documents
|Within your legal jurisdiction – local regulator
|Saint Lucia, Montenegro
|Your country or the country whose license applies in your legal jurisdiction
|The older the domain – the higher the possibility the company is trustworthy
|Domain should be from local or international zones, no .xyz, etc.
|Financial Authorities Warnings:
|Email: [email protected]
Phone: +38 267 464999
|Phone, email, social media, web form
|Is withdrawal possible:
|Transparent fees – list of spread and commissions
|If Active on Social Media:
|Often present on social media
Like with any review we do, we start with regulation. W2FOREX claims to be registered in Saint Lucia and Montenegro, which are the countries you do not see too often in these reviews. Nonetheless, we checked their registers and have to report W2FOREX is not regulated by either of the two.
When you are looking to invest, you want to find a broker that can provide you with protection in terms of your money. A broker without a license cannot do this, which drastically lowers our trust in them.
Some parts of the W2FOREX trading environment can seem appealing at first, but as soon as you dig deeper, you will find the truth.
One of the better areas is the tradable instruments section. Those include Forex pairs, commodities, world stock exchanges, and parities, among others. The leverage is 1:400, which is high, although more advantageous traders might like it.
Their minimum deposit is $100, which is not too bad, but you can open an account with a reliable broker for as little as $1. You have four account options:
- Standard – $100
- Silver – $500
- Gold – $5,000
- VIP – $10,000
However, you noticed that we did not mention anything about the trading platform yet. This is because we do not know much about it, which is a huge red flag! From the little bits and pieces in various sections on the W2FOREX website, we learned you can possibly expect a web-based trader, but we were not able to confirm this.
Legitimate brokers do not hide anything from the public, especially vital information like the trading platform traders can use. This is yet another sign W2FOREX is a scam and that you should avoid them.
|Standard – $100
Silver – $500
Gold – $5,000
VIP – $10,000
|Financial Instruments On Offer:
|Forex (USD/EUR, CAD/AUD, etc.)
Commodities (gas, oil, cocoa, etc.)
Indices (US100, FTSE, etc.)
Stocks (Apple, Meta, Tesla, etc.)
Parities (EURUSD, USDJPY, etc.)
Crypto (Bitcoin, Litecoin, etc.)
World Stock Exchanges (RUS50, SPA35, etc.)
|5% referral commission
|Education or Extra tools:
Is This Broker Safe?
W2FOREX does not have a license, which means you cannot trust them with even a cent. Unregulated brokers do not provide you safety in any way, leaving the door open for them to walk away with your money without any repercussions. One of the reasons we advocate you only deal with licensed brokers is that you can go to the authority regulating them and ask them for help if the broker does something mischievous.
Trader Reviews – Sharing Experiences
Unsurprisingly, W2FOREX does not have many clients and, therefore, there are not many trader reviews online. We did not find them on Trustpilot, which is an indication it is not a legit broker.
The experiences we encountered were mostly negative. One victim wrote an extensive review:
“In just two months, a so-called investment expert duped me into losing trades, wiping out my entire $27,000 savings. I decided to take legal action against the company because I felt duped, and now I’m in an international legal battle. They pretended to be based in Cyprus, but they were actually channeling funds to a Turkish real estate firm.”
You can see the real effects of this scammer’s actions in the following comment:
“This experience has been financially and emotionally devastating. I gave this “expert” my hard-earned money in the hopes of a better future, only to be betrayed and left with nothing. I want to warn others about these deceptive practices and seek justice for myself and others who have been duped.”
How Does the W2FOREX Platform Reach Clients and Who Are They?
Through exhaustive research, we found that this scammer mostly targets people in these regions:
- The Netherlands and
Since it does not have a license to provide trading services in any of the aforementioned countries, we urge you to stay away from this shady broker.
If you want to find a reliable broker that won’t pull the wool over your eyes and steal your money, contact us today! We will answer any questions you might have on our free consultations and get you started in Forex the right way!
Deposits and Withdrawal Methods
W2FOREX accepts only two types of payments:
- Credit cards
Transferring money via cryptocurrencies might not be a good idea. This method provides anonymity to brokers and those payments are very hard to trace, so avoid them whenever you have the chance.
Additionally, W2FOREX claims to have variable spreads, which means the amount of fees you pay constantly shifts depending on what you are trading.
Reasons To Avoid This Company
We can give you a 101 reason to avoid W2FOREX, but we will only focus on the most important one – their license. No license means extreme risk for you and you do not want to expose yourself to any more danger than is necessary. The Forex market already comes with many risks and a broker should be there to minimize them, not increase them.
We do not even have to get into the W2FOREX trading environment because of the lack of regulation. The broker also deliberately avoids disclosing vital info and it is clear that you would not be able to trust them with anything because of their fraudulent business tactics.
Our Safe Trading Experts’ Opinion of W2FOREX
In our W2FOREX review, you saw the real face of this scammer, exposing their lies and deceptions. You can now use this knowledge when you research other brokers until you find the right one for you. But this does not have to be a long process.
We know a lot of great brokers, all you need is to send us a message. We will help you with everything you need to know, and the best thing is – it’s all free of charge!
Is W2FOREX Legit?
No, W2FOREX is not legit. It claims to have a legitimate license, but this is not true. You should not trust unregulated brokers, especially those that also lie like W2FOREX.
How do I start forex trading?
Our advice is to expand your forex knowledge first. Read up on the subject, watch educational videos, and study the market. Next, you want to find a reliable broker, and we can assist you with that. We will consult with you and make sure you make the right choice, all free of charge.
How can you help me choose the best forex or crypto broker?
The best thing we do for you is personalize the offer. We analyze your needs and skills and then make our suggestions based on that.