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Whitley Trading Review: Whitleytrading.com Banned Broker

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Whitley Trading Review: Whitleytrading.com Banned Broker

Whitley Trading (Whitleytrading.com) is another crude Forex trading scam that has caused heartache to investors. WhitleyTrading is claiming to be a platform that best deals with commodities. Investors are asked to invest in their future with this trading platform. All you have to do is open an account and start the dream. It sounds too good to be true. Read this genuine and honest WHITLEY TRADING Review for more details.

Whitley Trading Review

About Whitley Trading

The quoted services provided by Whitley include proprietary research, retirement planning, and tax strategies. Whitley Trading is selling itself as a platform that is able to handle unique trading requests. These claims and promises are used by the scam artists behind the platform to lure investors. The members who signed up are now crying fault over the mistreatment of funds. None of the members who reached out have been able to withdraw funds. Staying safe is paramount when investing online, that’s why you need, reliable and top rated brokers.

WhitleyTrading is also professing to have an award winning technology platform. The award their platform gets is having an untested platform. Members have been complaining of slow execution speeds. Scam artists will do or say anything to try and make their platforms appear legit. And this is the reason why we must expose the trickery used by these scam artists. Read on to find out the traps set for unsuspecting investors to fall into. Stay away from Whitley as it is another proven and banned online Forex trading platform.

Assets Involved

According to their homepage, the platform even offers BTC trading chart. They fail to mention the type of Cryptocurrency trading that is offered. Do they offer Cryptocurrency against major currencies? These are questions you can’t get answers to as they fail to have an effective Contact page. Other notable commodities include CFDs and Forex. All in all, they have stated to offer Bonds, Commodities, Forex, and Indices as their main assets. Still, it doesn’t warrant investors to sign up with an unapproved platform.

Business Owner

Whitley Trading is claiming to have been founded by a group of talented people. They fail to mention the names of the developers behind this platform.  And this is a huge problem as it means we are dealing with an anonymous trading platform. Anonymity is a dangerous partner to have in the Forex trading world. Any anonymous investment platform should be shunned. Scam artists hide behind anonymity as they ensure recovery of funds is next to impossible. And this is the situation most members are facing with Whitleytrading.

Domain Details

According to the trusted domain register whois.net, the website was recently created. Records show the website whitleytrading.com was created on 31st July 2019. It makes the platform less than a year old going to this publication date. Claims of being in the industry since 1998 are false. Whitley is claiming to be founded in 1998 which is a huge lie. Scam artist quote dated years to try and sell their reputation. Thanks to domain registers, we can ascertain when the platform was created.

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License and Registration of Whitley

Whitley Trading FMA Warning

The Financial Markets Authority has issued a warning to investors regarding this platform. Whitley Trading is NOT LICENSED OR REGISTERED to offer any trading services. The entity name Whitley Trading Group is not incorporated in New Zealand as stated in their website. These scam artists are using false information to entice investors to sign up. Investors sign up thinking that the platform has been licensed by the regulator. With this concrete statement, it is clear Whitley is a fraud.

We had to check with other regulatory bodies in the region to confirm our fears. ASIC does not have a platform licensed under this name. The regulator claims to be on its way of issuing their statement regarding the platform. With the platform being banned from offering trading services, it is clear their services are wanting. Complaints have reached authorities and action will soon be taken. Expect the website to be shut down soon as it is a fraudulent platform stealing from unsuspecting investors.

Limitations of Whitley Trading

Whitley Trading Account Details

The account details are missing from their homepage. It is still not clear whether the platform offers a single account type. Whitley Trading is not furnishing traders with valuable information regarding account features. We still don’t know the acceptable minimum deposit required to open an account. Since the platform offers CFDs and Forex, they should quote the leverage and spreads available. Investors should know the industry has set $250 as the acceptable minimum required deposit.

Contact and Customer Support

Whitley Trading is not using efficient communication services. The problem with this platform is they prefer email which is at times, a problem. We also noticed their contact page and entire website has no phone number. And this is proof we are dealing with scam artists. Scam artists fear the backlash they would receive from authorities and victims. They don’t want to be contacted or traced. Stay away from platforms which fail to offer live chat support. The problem with emails is the broker may decide never to respond to certain emails.

False Claims

When it comes to using false claims, nothing beats Whitley Trading. The platform claims to have over 3,000 clients on their homepage. The number jumps to 5,000 when you visit their about us page. Scam artists will quote numbers just to fool investors into believing the platform is global. These numbers are a huge lie since a lot of victims are newbies who recently created accounts.

Payment Options

Another disturbing feature with Whitley Trading is they fail to mention their payment options. We expect the platform to mention their depository channels out in the open. And this is a huge problem as victims have been given different bank accounts to deposit funds. Members have been promised their funds will reflect on the accounts which don’t materialize. With such features missing, recovery of funds is next to impossible.

Trading Terminal

WhitleyTrading is unclear on which trading terminal members will use after signing up. A screenshot from one of the victims shows the platform uses a custom-built platform. The problem with custom built platforms is they never pass the required tests. They are either too slow or lack adequate security features. Lack of DDoS protection and SSL encryption is evident from the platform.

Safety of funds with Whitley Trading

Whitley Trading Trading Charts

One thing is for sure, Whitley Trading is not able to properly secure funds. Without accounts, it means segregation of accounts is far from possible. Members of this platform have been depositing funds straight to owner’s bank account. The platform is pooling funds in one account which makes it impossible to recover funds. These scam artists have created a scam platform which clones a trading platform.

Scam or legit Whitley Trading

After checking all facts, it is clear we are dealing with a rogue trading platform. Whitley Trading is a cloned website which is openly stealing from anyone who deposits funds. Warn your family and friends from joining any of their affiliate programs. Mark all their emails as spam and resist clicking on any of their links.

Bottom line

Adding this platform to our scam blacklist will ensure our readers are protected against the scam.

Kindly read our reviews and get to know more on online trading products and services. Stay safe and use industry recommended and transparent Cryptocurrency trading robots.

We wish everyone the very best.

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