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WerForex Review: Werforex.com Forex Scam Exposed

WerForex Review: Werforex.com Forex Scam Exposed

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WerForex (Werforex.com) is another bane CFDs and Forex scam to hit the lucrative trading world. We are Forex is purporting to offer a robust and secure trading platform to anyone willing to sign up. With a well-designed platform and good marketing slogans, users have signed up without a second thought. And this is where we must expose this scam platform. Make sure to read this detailed and honest WERFOREX Review.

WerForex Review

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WerForex Review

What we noticed with this platform is the huge number of complaints from European investors. As fate would have it, the platform is full of victims who signed up due to the empty claims. At the time of signing up, they would be called by account managers and asked to deposit more funds. After time went by, some of these members decided to call it quit and withdraw their funds. And this is when all hell broke loose as their accounts were closed and the funds disappeared.

Thanks to our years of trading experience, we know how to spot these scams from a mile away. We will be revealing some of the dirty tricks to watch out for in the online trading industry. The first feature scam artists use is empty claims and promises. Any platform with insane profit margin claims and 100% return on profit guarantees is a scam. Avoid such insane platforms.

About WerForex

According to the disclaimer at the footer of their homepage, the site is under the WerForex brand. No one knows which brand there are talking about as there is no recognized brand with such a name. We contacted major company registers in the European region and none recognized this platform. With a fake company name, it makes it hard for victims to track these scam artists.

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Another disturbing feature with this platform is anonymity. The level of anonymity with this platform is scary. Since the company is unknown, no one knows the CEO or CFO of their mother company. We also don’t know the names of the founding members of this website. What this means is that the platform is a hoax straight from the scam’s manual book. Stay away from anonymous online investment platforms.

Is WerForex licensed or registered?

No proof of this platform ever holding a valid license exists on the web. We also contacted leading regulatory bodies to try and confirm whether the platform is truly licensed. Some of the institutions we contacted include ASIC, CONSOB, CySEC, FCA, FSA, and NFA. None of these bodies has ever heard of this platform. WerForex is not licensed nor regulated by any reputable regulatory body on the face of the planet.

A way to know the platform is bluffing is lack of any information regarding their license credentials. The entire website does not have any information regarding their license or registration number. You would expect a platform which is offering real trading services to have some form or license details. Lack of any documents to prove their authenticity is enough to cement the fact that WerForex is a scam. Stay away from this platform or else risk becoming another of their victim.

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Advantages of WerForex

There is no trading advantage of dealing with an anonymous and unlicensed platform. With complaints coming from every corner of the world, you should refrain from this platform. No user is able to withdraw funds even if they have a balance on their accounts. When the platform decides to close shop, members should not expect any compensation. Lack of a compensation scheme is proof WerForex is a scam.

Disadvantages of WerForex

Account types

WerForex Account Types

WerForex is furnishing users with three account types to choose from. These accounts are listed as Micro, Standard, and VIP. Members are forced to deposit $500 in order to start trading with Micro Account. For Standard account holders, they must deposit $2,000 which is unfair. The two account types mentioned share the same features with each other, there’s no notable difference.

Customer Support

You would expect with today’s technology that platforms have live chat to help speed up communication. The platform chooses to use emails and a phone number which is not convenient. Emails make it hard for users to get quick response and the platform has one phone number. The phone is ever busy and no one picks it when calls go through. This is a classic example of a scam setup with no clear communication details.

Demo Account

WerForex offers users with a rigged demo account which produces insane profit margins. The demo account will produce over 98% successful trades even for someone with no clue on trading. What this does is give an impression to investors that the same will be mirrored with a real account. And this is where investors go wrong by signing up hoping to make a killing. Depositing funds is all what these scam artists are after even creating a rigged demo account to fool investors.

Payment Methods

Once you check how their payment methods work, you will realize this is a scam. Depository and withdrawal channels are Credit and debit card. Their payment method’s page suggests that deposit and withdrawals are automatic. After asking a lot of members, depositing is automatic, withdrawal is never going to happen. These scam artists simply want users to think the process is easy and fast. Far from it, this is a scam website with the intention of stealing from anyone who signs up.

Safety of funds with WerForex

How can funds be safe with a platform which is totally anonymous and has no reputation? With complaints from all over the world, authorities will soon take action. Once the platform is shut down, members will not get any compensation. Segregation of accounts is another problem facing members of We are Forex.

Scam or legit

WerForex Trading Features/Platfroms

Evidence is pointing to this being another Forex scam. Avoid signing up with this platform or any interaction with their so-called account managers. Mark all their emails as spam and never click on any links sent by their email marketing team. Whoever signs up with WerForex is bound to make losses of immense proportions.

Verdict

We will add this to our scam blacklist and ensure our readers know the repercussions of signing up.

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Wishing every investor and newbie the very best, safe trading.

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