Webcometrade Review: Webcom eTrade A Definite Scam?

Webcometrade Review: Webcom eTrade A Definite Scam?

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A software vendor based in India, Webcom eTrade ( review is out after weeks of investigations. On their homepage, they claim that Webcom Trading School is a subsidiary of WebCom E-Trade. The school focuses on delivering training on Forex trading markets. With a boring homepage, one can’t help but notice the lack of professionalism with the vendor. Unfortunately, this platform is also known for scamming traders, mostly in Asia. The review is about most issues raised by complaints from victims.

Webcom eTrade Products

About Webcom eTrade

To help traders make money quick, the trading school was created. The vendor claims that their training is highly practical and focuses on Forex and International markets. There are auto robots sharing products that the vendor claims to help traders make money. These robots share signals, forex tips, and other features. Their main selling point is having Goldmine software that is hailed as a game-changer. We have seen this type of promotional message before, and it does not sound convincing.

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Webcom eTrade is another line of online scam products that takes advantage of newbie traders. By claiming to offer a high-quality training program, investors flock to this website. After providing the training services, the students are sold a rogue trading robot. After weeks of training, their efforts are rewarded with a robot that makes losses. It is the norm with anyone who signs up with this trading school. And this is the reason behind this post; we have to protect all traders, even those based in Asia.

Assets covered by the vendor

From the look of things, the vendor is only interested in Forex metals. There is no mention of any other assets apart from Gold and Silver. We should assume that the platform’s owners lack experience in other available and lucrative trading instruments. And this is why we must expose the use of this trading platform. Goldmine software is a program that has not been tested by experts. Another issue with the software is the lack of transparency regarding how it works.

Business owner

Webcom eTrade team

Anonymity is a dangerous feature when it comes to online trading products. The vendor is based in India, and they claim Mr. Sudhanshu Malhorta is the proprietor. He claims that the idea of this program was not to make money but educate his countrymen. Although the concept of this platform seems noble, there are some loopholes. We don’t get to see the actual person in action. There are numerous pictures of people but no detail of who the real owner. And this makes us question the legitimacy of this trading platform.

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Comments from users of the training program

Investors should note that scam artists will do anything to make their products appear legit. And in this case, hire webmasters to post positive reviews about the platform. There are two or three posts that hail the platform. Readers should note that these are posts and not actual comments from users. When it comes to the existing comments from users, there are a lot of issues with the platform. Most of the comments from users point to a platform that offers no trading advantage. The members are angry that the robot made them lose their entire deposits.

Domain insights

We checked with domain checkers to determine when precisely the platform went live. And the information shows a platform that has been available for over ten years. The actual date of the registry is 5th August 2010. It means the vendor has been operational for more than ten years. It is enough time to get a few positive comments from users. All this time and there have been no positive outlook from traders. It only means that the platform is not well received by investors in Asia.

Features of Webcom eTrade

The platform claims to have robots that have an accuracy level of 80 percent. For what’s worth it, the accuracy level is fair if only these robots produced desirable results. The problem with these robots is that the vendor fails to explain how they work. Most of the robots don’t come with any mentioned features, which are a problem. Investors are forced to work with a robot that is not known. Before committing funds to any online investment platform, ensure you fully understand the platform.

License and Registration of Webcom eTrade

There is a regulatory body in India that checks trading mentorship programs and products. Both the Security Exchange Board of India and Reserve Bank of India have not heard of this platform. And this proves that Webcom eTrade is yet to receive a permit to operate in India. The victims felt the effects of having no registration. These users are in no way able to recover funds from the vendor. Without a valid license, the vendor is not obligated to offer insurance cover to deposits made.

Webcom eTrade Background and History

With a vendor that has not complied with international laws, there are a lot of risks involved. We have questions in regards to how they offer their trading to international students. The vendor is violating the rights of traders to have quality trading education. After an investigation revealed that the robots are faulty, the vendor should be investigated for fraud. Such websites should be brought down as there is no way of protecting investors. And this is the reason why we have to expose this lousy platform.

Pros and Cons of Webcom eTrade

Available assets

Webcom eTrade is furnishing users with three trading software products. The three include Trade Goldmine Analysis, Trade Goldmine Max, and Trade Goldmine NFX. All these robots have not fulfilled the intended purpose of helping investors. The vendor makes a bold statement that the Trade Goldmine brand gives 95 percent accuracy on different market conditions.  Some of the claims that the vendor puts out are that the robots work on 26 technical parameters.

Contact and support

Contact and Support

When you think of contact, the first thing that comes to mind is live chat. The website is not availing this option to users. What is clear is that the vendor is unable to produce any valid communication options. They have listed an email and phone address, which is ineffective. Once you send an email, users have to wait for days to get a response. The phone number is ever busy, and users fail to get a hold of support. And this is another reason to stay away from the platform.

Results and trading performance of Webcom eTrade

A good platform will offer their live account results for all to see. With a third party able to recover validate the results, one can then go ahead and use the products. The problem with this vendor is they fail to produce any valid credentials. These vendors have been trading in the online trading world for long without posting their results. We hope to see their effects on FX Blue and myfxbook. Without these results, the vendor remains to be a huge problem for investors.

Scam or Legit Webcom eTrade

After checking all angles, it is clear to see that Webcom eTrade is a scam. Stay away from the platform or else risk losing your entire funds. We hope that authorities will shut down the vendor before he claims another victim’s funds.

Bottom line

There is no way we will be recommending a vendor with no trading results. The vendor lacks the proper credentials to run a forex trading school.

There are unique trading tools that work well for expert and newbie traders. Go for experienced forex bots that are reliable and transparent. These bots have a recurring user base, thanks to protecting client investments.

Our team wishes everyone a safe trading experience.

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