Investors are always looking to improve their trading and become profitable. Consequently, many forex trading solutions exist in the market. One of the solutions is forex account management. One of the companies offering this solution is Wall Street Traders Club. Wall Street Traders Club boasts of being a fully transparent company to its clients.
However, we have found details that suggest otherwise. The company hides very critical information to its clients. The website does not give any detail as to who is running the operations. Moreover, they claim to be a team of professionals with over ten years’ experience in trading. We cannot verify that this is the truth when we do not know any team members.
We do not understand why they are hiding their identities. If they are real professionals, they would know the importance of introducing themselves to the public. Investors always want to know who is handling their money. They need to do better on this aspect if they want people to take them seriously.
Sadly, this is not the only thing that is wrong with this company. Other aspects make it hard to trust. This review will give you a breakdown of the company to show you why you should not invest your money.
In the meantime, if you are looking to make real money, try the best Forex account management companies. They will give you professional services without compromise.
Wall Street Traders Club Review
When it comes to forex account management, it is crucial to have an experienced team running the operations. However, we have no idea what experience the team at WSTradersclub.com has. They boast of having experts in their group but have nothing to show for it.
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The company claims to have over 200 investors as clients. They give a few reasons why these people choose them. Among these reasons are trust and transparency. However, both of these are thrown out of the window when the team does reveal their identities. This is an account management company. At the very least, investors should know whose hands they are putting their assets in.
At least the company says where they operate from. They give their address as 40 Wall Street, New York City, New York 10005. If they want people to trust them fully, this is the way to go. They need to disclose everything about who they are and their trading histories.
On a good note, though, the company does offer reliable customer support. Clients can contact the company via email on [email protected] Additionally, they can call the company on +13056000909. A phone number is very crucial in a company offering this type of service. Clients will want constant updates on their account status and market events.
Pricing and Service Breakdown
To get started with the company, you need to first set up an account with one of their recommended forex brokers. The brokers include Pepperstone, IC Markets, Forex.com, and a couple of other popular brokers.
Once you set an account with the recommended brokers, you have to make a deposit. The minimum deposit required to enjoy the services is $5,000. Then, clients give access to their account to one of the company’s account managers. The manager is only permitted to trade on behalf of the account. Their job is only to trade and keep track of the profits. The company charges a 50% performance fee from profits made.
Wall Street Forex Club develops a model portfolio for each investment option following the investment manager’s recommendations. The company says that this makes the process hassle-free. However, what we do not understand is who Wall Street Forex Club is. It seems the company is making mistakes on their own name. Such lack of attention to detail is worrying. We do not know how we can trust such people.
Wall Street Traders Club provides a statement of their trading strategy. They say they use an algorithmic trading approach developed using extensive quantitative research, analysis, and testing. Additionally, they say that they utilize a fully automated scalping strategy. Further, they use a semi-automated price volatility strategy.
This is a very brief description. It does give an idea of the market setups they look out for in their operations. However, not many people will be able to tell what they are talking about. Not everyone knows what scalping is. For the sake of inexperienced traders, we would like to see them offer a more in-depth description of the trading strategy.
Providing impressive trading results is key if you want people to trust your services. However, this section is where we have the most problems with Wall Street Traders Club. Wstradersclub.com a link to Forex Factory and Myfxbook accounts to showcase the trading performance of the company.
However, these links do not lead us to active trading accounts. The Forex Factory account was last active on November 17th, 2019. On the other hand, there is no data to display on the Myfxbook account. We do not understand what is going on here. Why would a company provide links to accounts that are not active?
The purpose of providing a performance record is for transparency. However, what this company provides works against this purpose. The only thing we are left with is more questions. The company is clearly hiding something from clients.
Either way, we do not have a record of the company’s trading performance. Even companies that only provide back tests are better off in this case. As it stands, this company has nothing to showcase their performance.
What are Customers Saying about Wall Street Traders Club?
There are a few reviews about the company and its services on Forex Peace Army. Most of the reviews are negative, and the company has an abysmal 2.82-star rating out of 5. Most of the customers are complaining about the performance of the company.
We feel we have enough to say that this company does not perform as well as they want you to think. This is probably why the links they provide do not lead us to active trading accounts. Moreover, the company does not seem to take any responsibility for their performance.
When replying to traders on the FPA forum, they give too many excuses. But none of the excuses makes them any better. They should work to improve their performance instead of giving excuses. As it stands, they cannot compete with other companies offering similar services.
At this moment, we feel like we have enough details to say that Wall Street Traders Club is not a company worth investing in. They operate in such a manner that makes them hard to trust. They conceal their identities and yet claim to be professionals.
This lack of transparency is inexcusable. Furthermore, they do not provide a record of their trading performance. The links they provide do not lead to active trading accounts. We do not like such tricks.
As far as we can tell, the company does not produce great results as they want you to think. The customer reviews provide enough information for us to reach this ruling.
All in all, there are better companies that will offer you better services. Stick with the best Forex account management firms to save yourself some trouble.
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