This article will begin by stating that Wealth Standard Xchange has already been reviewed, however, it did so under a different domain name and with some substantial alterations.
As the first African American-owned Forex and cryptocurrency exchange, it has shown that it is adept at capitalizing on certain social ills.
They claim that Black Wall Street is back, so we don’t see the need for any other criticism.
Other than that, it’s still dodgy Forex, which is unsafe for investors.
In the entire Wsxpro.com review, we’ll explain why we think this is the case.
1. WSXPRO.COM REGULATION AND FUNDS SAFETY
Wsxpro.com is a property of WSX LLC, a dubious offshore business registered in St. Vincent and the Grenadines where the SVGFSA local regulator does not currently supervise Forex brokers and has not said that it would do so in the near future.
Given that, we can certify that Wsxpro.com is just another unregulated offshore broker that is completely unaccountable, which means that they might easily take your money after you deposit it.
We can’t really tell if Wsxpro.com is indeed owned by African-Americans or not because the LLC businesses incorporated in SVG have obscured ownership.
Worse yet, the total lack of transparency undermines accountability even more because it is extremely difficult, if not impossible, to identify the broker’s true owner and their motivations.
Furthermore, since offshore businesses like WSX LLC are not required to provide access to their accounts or submit financial statements and reports, once you deposit with Wsxpro.com, your money would just vanish without a trace, making refunds virtually impossible.
And in this specific instance, it would be completely impossible because Wsxpro.com has another trick up its sleeve that makes deposits disappear, but we’ll cover this in more detail later.
For the time being, keep in mind that the brokerage under review is unregulated and anonymous, so making a deposit puts your money at risk.
Because of this, it would be far better for you to use brokers who have licenses from reputable agencies, such as the FCA in Britain or CySEC in Cyprus.
Both regulators uphold the strictest supervisory requirements and mandate that brokers keep client funds separate in local banks, ensuring that clients won’t lose their money in the event of a mishap.
The segregation enhances transparency, expedites withdrawals, facilitates chargebacks, and generally aids in preventing fraud.
Furthermore, deposit insurance funds provide additional safety for customers of European FX firms.
While CySEC guarantees up to €20 000 in compensation, British protections even go up to £85 000 per individual.
You can consider your money safe if you deposit with properly regulated brokers because there are additional measures for customer protection in place as well.
2. WSXPRO.COM TRADING SOFTWARE
All MetaTrader 4 distributions, including those for desktop, mobile, and online, can be delivered via wsxpro.com.
Expert traders favor MT4, a cutting-edge platform that presently dominates the industry in terms of volume traded, for its many complex features, including Expert Advisors, trustworthy indicators, and superb charting tools, to name just a few.
Wsxpro.com carries additional risks because the majority of the ratios are too risky for the majority of retail clients when opening a Demo account with virtual money with leverage levels ranging from 1:1 to 1:500.
Think twice before making a deposit because regulators in the EU, UK, and Australia have capped leverage at 1:30 while doing so at 1:50 in the USA.
However, the trading costs were also disclosed by the platform, which were acceptable — the EUR/USD spread typically ranges from 1 to 2 pips.
Customers of properly regulated brokers from Britain or Europe will pay less per traded lot because the industry standard is 1 pip or less.
Additionally, Wsxpro.com charges commissions for trading, making its service even more expensive—an additional justification to look for better opportunities.
Other Article: Why Do Forex Traders Need A Trading Plan?
3. WSXPRO.COM MEANS OF DEPOSIT AND WITHDRAWAL AND FEES
Wsxpro.com is a low-deposit broker, which is normally advantageous for traders.
The minimum deposit requirement is $25 to start an account, which seems to be highly competitive.
However, as you can see from the screenshot below, the business only accepts Bitcoins, which is a sign that it’s a hoax.
One of the most recent scams involves convincing victims to purchase bitcoins so they can deposit with them because chargebacks are then rendered impossible.
Since Bitcoin payments are anonymous and irreversible, you can consider digital coins that you deposit to be lost forever once you make them.
As we previously mentioned, Wsxpro.com has another way to make money vanish. Beware!
With regards to withdrawals, we didn’t find anything noteworthy aside from the assertions that Wsxpro.com doesn’t charge transaction fees.
We are finished with this section because no additional fees are mentioned nor are there any additional conditions affecting the withdrawal clauses.
4. HOW DOES THE FRAUD WORK?
Since Wsxpro.com is an unlicensed offshore brokerage, it might as well be a scam.
We’ll now demonstrate how con artists exploit unsuspecting victims to steal their money.
Therefore, if fraudsters obtain your contact information, you will receive a call promising you the moon and the stars if you deposit right now.
And to win trust, these thieves frequently pose as employees of respected organizations such as banks, governments, financial institutions, and other well-known businesses.
If you don’t recognize the warning signs, you might end up depositing fascinated by the scammers’ fake commitment because they will be confident in what they say.
The fraudulent game, however, really starts once you send the money.
Once the con artists have the desired deposit, they will manipulate prices and fabricate false reports to make you feel like you are winning, tricking you into starting to think big and considering larger deposits.
The con artists will then keep asking you to increase your investment amount and will make up tales to get you to keep making deposits.
But eventually you’ll be determined to withdraw some cash, and the con artists will demand that you make another deposit because, in their words, there are taxes and fees that you need to pay.
You’ll likely realize something is amiss at this point, and the con artists will just stop returning your calls and emails once the scam is too obvious.
5. WHAT TO DO IF YOU'RE SCAMMED
As the scammers may have obtained your details, it would be best if you first called your bank to let them know, and then deactivated your card to minimize any additional dangers.
Then, alert the financial authorities, submit complaints, contact the police, and don’t forget to spread the information online so that others are also made aware of the specific fraud.
However, it’s important to take your time trying to get your money back because many fraudsters set up chargeback companies to double-scam victims.
Finally, even though we recognize that being scammed is a terrible experience, we urge you to tell others about it.