Wallax is a relatively new online trading platform that has recently caught the attention of many traders. While the platform offers a wide range of financial instruments for trading, including forex, stocks, and cryptocurrencies, there have been numerous reports of scamming by this broker. In this article, we will review Wallax and analyze whether it is a trustworthy broker or a scam.
Is Wallax a Licensed Broker?
The first red flag is that Wallax is not a licensed broker. It is not registered with any regulatory body such as the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC). This lack of regulation makes it difficult to hold Wallax accountable for any malpractice.
Why Should You Not Trust an Unlicensed Broker?
Unlicensed brokers are not bound by any regulatory guidelines, and they do not have to follow any standard procedures to protect their client’s interests. This lack of oversight can result in numerous problems such as delays in withdrawals, hidden fees, and even the loss of your entire investment.
Can Wallax Be Trusted?
Given that Wallax is an unlicensed broker, it is challenging to determine whether it can be trusted or not. The platform does not provide any information about its ownership or management, and its customer support team is not very responsive.
What Do Traders Think About Wallax?
Based on our research, most traders have negative opinions about this website. Many traders have reported losing their investments due to dubious trading practices such as sudden price spikes and manipulations of the trading platform. Additionally, the withdrawal process is cumbersome, and many traders have reported delays in receiving their funds.
Scammed by Wallax? – Talk To Our Experts:
If Wallax has scammed you, it is essential to speak to our experts. We can provide you with a free consultation and service recommendation to recover your lost fund.