There’s an alert warning investors from engaging with the Widecfd trading platform. Over the past few days, the platform has failed to allow members to withdraw. And this incensed regulators prompting them to issue a red alert warning. Most pundits see wide CFD (widecfd.com) as a high-risk investment. You need to stay away from the platform or risk losing everything. Here’s what we found out in our thrilling WIDECFD REVIEW.
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There’s nothing to write home about when investing with Widecfd. The platform does its best to hide its background and history. When investing in any platform, first check to see whether the platform has a solid reputation.
Without the background and history, it’s hard to see where the platform came from. The platform even has a lousy website design that’s hard to navigate. So we can tell that getting the information you need needs more perusing the platform.
It also comes with a dark-themed website which is far from fancy. Those who have engaged with the store have claimed the design is awful. No professional or expert would go for a dark-themed trading platform.
Despite that, the platform tries to sell itself as a reliable and reputable trading platform. Far from it, you don’t get to call the shots as the platform trades on your behalf. The robots in question are far from accurate, and the results were wanting at best.
With their goal to cater to traders at all levels, they miss the mark. The platform endured a series of backlash from investors wanting their funds back. Sadly, the platform has no response and decided to block these accounts.
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Before you invest in any platform, experts recommend doing due diligence. Try and find out what makes a platform tick before investing in it. That’s the only way to ensure your trading goes smoothly.
There are three account types available on the Widecfd trading platform. These include Standard, Gold, and Platinum accounts. Each of these accounts targets a different class of traders. The accounts also offer a wide array of features.
Here’s a closer look at the account features;
Hailed as the all-time forex trading account, investors have to deposit $500 to get started. You get partial access to video tutorials with the account having a manager. Leverage starts at 1:200 for all trading assets.
The platform hails the gold account as the perfect account in its form. Members have to deposit a minimum of $10,000 with fully managed accounts. Leverage with the gold account starts at 1:400 for all trading instruments.
It’s the most exclusive account, with investors having to deposit $50,000. The platform mainly targets institutions. Leverage starts at 1:500 with members promised premium daily analysis and signals.
Looking at the accounts, it’s clear that the leverage is way above the recommended amount. Regulators have put a cap on leverage at 1:100 in Europe. In the United States, retail traders enjoy maximum leverage of 1:50.
Another issue with these accounts is that the platform takes over your trading. Once this happens, there’s no way of controlling what happens next. In addition, members don’t get to test the accuracy of the bots and signals provided.
There’s no demo account to test the features and parameters of the platform. A genuine trading platform will provide investors with an active demo account. It helps them get acquainted with the platform.
These are not actual account managers, and our investigation revealed that these are call agents. The call agents earn their commission by convincing members to deposit more funds. So you get a call from them urging you to deposit funds as there’s a lucrative open position.
Once you do so, the account manager disappears. The platform moves quickly to replace the account manager with a new one. Despite attempts to reach out, the platform claims the account manager is on leave.
The platform will insist that you wait for the manager to return, but they don’t. So that’s the last you will see of your funds and hear from the manager. These are call agents hired as part of the cover to make the platform appear professional.
Funds are far from safe as the platform fails to offer negative balance protection. The platform also fails to provide insurance cover for deposits made by clients. That’s why we believe the platform is a huge letdown for investors.
There’s also the issue of the website failing to get ample security. We found the website prone to DDoS attacks since it doesn’t use SSL encryption. There’s also no segregation as the owner keeps all funds in a single account.
There are four classes of trading instruments available on the platform. These include commodities, forex, indices, and stocks. For example, you can trade commodities such as sugar, wheat, and other household commodities.
Forex trading is the core of the platform’s activities. You get to trade against leading currency pairs. However, the platform only offers major and minor currency pairs. You don’t get to spread your risks with exotic pairs.
Indices play an integral part in the day-to-day trading experience of most day traders. Some leading indices include DAX, Dow Jones, NASDAQ, NIKKEI, S&P 500, etc. As a result, you get to trade in the world’s biggest market stage.
Finally, we have stock trading, which has been around for decades. Some of the stocks to find include leading giants in all sectors. These include shares from companies such as Amazon, Apple, Microsoft, Samsung, and Tesla.
The platform offers a 100 percent deposit bonus. Most investors signed up due to this feature. Unfortunately, although it might look like a pro, it’s a con used to move investors to deposit more funds.
After depositing funds, the platform will double the amount. Where does the amount come from, you might ask? The platform has the power to control the account balance and reflect any amount deemed necessary.
Once this happens, the platform will later use the bonus to fleece more funds from you. Members don’t get to withdraw as the platform demands you pay back the deposit. Imagine a client who deposited $50,000. The client now has to deposit the same amount to withdraw funds.
Evergo Ltd is the parent company that CNMV blacklisted. The Company has other dubious trading platforms that were taking advantage of investors. There’s no business registry of the company making Widecfd an anonymous trading platform.
The platform fails to offer any valid documents to prove their case. We also checked with various regulators to try and confirm whether the platform is registered; it’s not.
Don’t expect any contact or support from the platform. It’s one of the reasons the platform is a burst.
Wide CFD is a scam, and please stay away from it as regulators have also listed it as one.
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