WaveSolutions Review: Stay Away From This Broker
WaveSolutions Review, As far as the WaveSolutions current domain’s activity goes, it’s evidently done for. The downside of that is the funds they’ve collected from customers have probably also vanished for good.
We can never be sure these con artists would stay put though. You can expect a new domain to show up soon, with an even better offer. If that happens, you should be prepared. This WaveSolutions review will tell you everything you need to know about this offshore swindler. Learn their methods in time, so you don’t let them cloud your judgment.
|Company||Wave Solutions Ltd|
How Are You Safe at WaveSolutions? Regulation and Security
Safety is an unknown concept in the WaveSolutions business policy. A fake license didn’t fool us. Upon checking its validity with the local regulator, it appears it was completely fabricated. That means WaveSolutions is not only an offshore financial services provider but also an unlicensed one.
After finding out their license was a lie, we went on a quest to determine if they perhaps have another. Our hopes and search were in vain, as the databases of FCA, ASIC, CySEC, NFA, IIROC, and BaFin have no info on this firm.
Getting a license isn’t at all easy. That’s because, for the sake of safe and fair trading, the regulatory conditions are set very high. This refers to the Tier 1 regulators we’ve mentioned in the previous paragraphs of this WaveSolutions review.
Note some of the licensing criteria enforced in the EU and UK, the most heavily supervised areas:
- Beginning investment of at least 730 000 EUR/GBP
- Segregation of deposits through separation of the clients’ bank accounts from the broker
- Negative balance protection and leverage ratio of 1:30 maximum
- Compensation funds
- Prohibition on bonuses
- High transparency
- Transaction reporting in due time
Several simple comparisons point at the obvious fact that WaveSolutions doesn’t follow any of the protocols described. For example, protection at WaveSolutions isn’t guaranteed through segregated bank accounts and transparency. That’s one thing this broker severely lacks.
Another one is the absence of negative balance protection while the leverage is set at horrifying 1:500. Imagine your exposure to the risk of loss under this strategy! The single conclusion to draw from this is that WaveSolutions is not legitimate and doesn’t have a license of any kind.
An Overview of Trading Software
A similar trading software which we had a chance to see at Finero, is also present at WaveSolutions. Its simplicity might come off as appealing to beginners.
Unfortunately, except for the very basics, this distribution doesn’t have anything complex and more sophisticated to offer. All the automated and social trading commands, as well as advanced indicators and customizations, are absent.
Our only thought related to WaveSolutions web trader is that it’s deliberately chosen to be easily modified and controlled by the scammer. The promises of MT4 and MT5 were just empty words.
WaveSolutions Account Types
Even though WaveSolutions isn’t explicit about the featured packages, we managed to dig out the types. Apparently, the broker offers only two accounts that differ in regard to pricing, instruments, and deposit demands. Both accounts offer a leverage of up to 1:500. The trading instruments the traders can buy and sell are forex, CFDs on commodities, and shares.
These are the accounts available:
- Micro account – $250
- Premium account – $1000
Funding Procedure at WaveSolutions
The brokerage offers funding solutions like:
- Credit and debit cards
- Wire transfers, and
Due to not being able to open a new account with WaveSolutions at the moment, we can’t verify if the broker indeed supports these methods. It’s much more likely for them to only accept crypto deposits for their anonymity. Just like another dubious broker, we’ve reviewed before – Perlybit.
What caught our attention is the bizarre withdrawal fee of 30%. No one in their right mind should invest with a brokerage house that charges this much. That’s why it is so important to thoroughly read the Terms and Conditions before agreeing to anything.
How is the Scam Carried Out?
The same methods we detected at Finaguide are the ones that WaveSolutions also practices. Amazingly friendly and helpful agents, that contact you in whichever way they can, are persistent and overly nice until you deposit. They don’t even ask for much – only $250. But it’s certainly not enough and you will be constantly pestered to invest more.
Statistics shown in the trading terminal are only encouraging. The nice dream breaks into pieces when you attempt a withdrawal. The trading platform suddenly turns all your investments into losses and the broker is very sorry for it but it’s time to end the deal; unless you can deposit again. Your circle in hell is on a constant loop and recovering your funds seems like a far cry when WaveSolutions adds endless fees and conditions.
WaveSolutions only has a single purpose – to defraud traders and earn a quick profit. The broker is simply a fraudulent construct and not the real deal. That’s why we insist on you avoiding such firms. Their domain might not be operational at the moment, but there are so many others of a similar type.
Researching when it’s due and contacting authorities can save you from a potential financial disaster. So, before any investment decisions, big or small, check the registers of local regulators and Tier 1 licensing bodies.
FAQs About WaveSolutions Broker
Is My Money Safe with WaveSolutions?
No, this site is not supervised by any institution and therefore doesn’t pay attention to respecting regulatory standards.
Does WaveSolutions Offer a Demo Account?
A trial account with virtual funds isn’t available with WaveSolutions. Only two types of live accounts.
What Is The Minimum Deposit at WaveSolutions?
The minimum amount of real cash you have to invest with WaveSolutions is $250.