WaveSolutions Review: All the Lies Behind This Scam Broker

As financial markets continue to expand globally, investors are faced with an array of options for trading platforms and brokers. Not all providers are created equal. In particular, offshore brokers like WaveSolutions have garnered a reputation for being risky due to their lack of regulatory oversight and compliance.

With a presence in both the United Kingdom and the United States, WaveSolutions operates in two heavily regulated markets. This makes it imperative for traders to assess the brokerage’s legitimacy and safety. Sadly enough, WaveSolutions fails to obtain the necessary licenses to offer legit trading services onshore, leaving investors vulnerable to scams. In this detailed WaveSolutions review, we delve into the reasons why this offshore broker is risky.

Regulation of WaveSolutions and Fund Security

The world of trading can be a cutthroat business. However, not all brokers are created equal, and the allure of potentially high returns can cloud a trader’s judgment. One such example is WaveSolutions, an allegedly offshore provider run by the same name company, registered in the Marshall Islands. But before you jump into the deep end with WaveSolutions, it’s crucial to understand why this broker is a red flag waving in the wind.

Firstly, the Marshall Islands’ financial authority, GLOFSA, doesn’t regulate or cover WaveSolutions. This raises significant concerns about the legitimacy of the firm. Without proper regulatory oversight, WaveSolutions’ regulatory claims are nothing more than an illusion, leaving traders exposed to potential scam losses. As a trader, you need to exercise caution and do your due diligence before investing in such a non-transparent brokerage.

On the flip side, legitimate onshore providers with a valid license, preferably Tier 1, are the safer bet. Regulators like the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Swiss Financial Market Supervisory Authority (FINMA), Federal Financial Supervisory Authority (BaFin), and Spanish National Securities Market Commission (CNMV) are among the top regulatory bodies with the tightest conditions. 

In Europe, the European Securities and Markets Authority (ESMA) is the leading dog authority that dictates the rules for all other EEA zone regulators.

There Is More to This

ESMA requires brokers to have a minimum operating capital of 730,000 EUR. It ensures clients are entitled to compensation of up to 20,000 EUR if the broker goes insolvent. In contrast, WaveSolutions’ unregulated status in the FX & CFD trading field should give traders pause before investing. Despite WaveSolutions’ legitimacy claims, the absence of proper regulation is a red flag.

Since August 2022, WaveSolutions has provided services to traders from the UK, US, and Portugal. However, traders should weigh the risks carefully before trusting their money to this offshore entity. And remember, it’s crucial to stay informed and exercise caution when dealing with firms like WaveSolutions. 

Trading Platform of WaveSolutions: Is it Reliable and User-Friendly?

Having access to reliable and user-friendly platforms is essential to success. Sadly enough, some brokerage firms, like WaveSolutions, play a cunning game when it comes to their platforms. On the surface, WaveSolutions promises clients two of the most advanced platforms in the industry – MT4 and MT5. However, the reality is quite different.

Upon closer check, traders will find that the software available on WaveSolutions’ website is just a trial version of MT5. This is directly taken from the platform’s producer MetaQuotes. It’s a clever yet cruel ruse to lure potential victims into investing with the brokerage firm. With such a limited offering, traders are left wondering if WaveSolutions’ trading platform can truly deliver the results they need to succeed in the financial market.

Also, WaveSolutions only offers WebTrader, which may not be enough to satisfy more experienced traders. While WebTrader is a web-based platform, it doesn’t offer the same functionality and customization as MT4 and MT5. This can be a significant disadvantage for traders looking to fine-tune their trading strategies and capitalize on market movements.

So, while WaveSolutions may promise clients a solid platform, the reality is far from it. With only a limited trial version of MT5 available and the lack of options, traders may be at a significant disadvantage when trading with WaveSolutions. As such, it’s crucial to consider all aspects of a brokerage company before investing. 

WaveSolutions – Account Types Available

We discovered that WaveSolutions offers two trading accounts – a Micro account with a minimum deposit of $250 and a Premium account with a minimum deposit of $1,000.

However, when compared to other licensed brokers on the market, the minimum deposit at WaveSolutions seems quite steep. You can see, there are numerous licensed brokers that offer a micro-account for just $10.

Since WaveSolutions is an offshore broker, it doesn’t follow the same leverage restrictions as licensed brokers. As a result, the broker offers a cap of 1:500 leverage, which can be too risky, particularly in volatile markets. High leverage can lead to significant losses, and traders must exercise caution when trading at such high leverage levels.

Note: WaveSolutions and CryptoGo365 share many similarities as they are both unregulated brokers with a history of scamming their clients.

Deposit and Withdrawal

It’s been brought to our attention that WaveSolutions has been touting a dubious funding list on their site. Apparently, they accept credit/debit cards, wire transfers, and even crypto. 

However, upon closer review of their T&C, we uncovered a shocking 30% minimum withdrawal fee (not to dip below 80 bucks). We mean, seriously, what kind of madness is this? It’s downright outrageous, even for a sketchy offshore broker.

How the Scheme Was Implemented

It’s a jungle out there when it comes to scammy brokers. They’ve got a whole arsenal of tricks up their sleeves to take advantage of traders. One of the most common signs of trouble is encountering withdrawal issues. These shady brokers often make it difficult to access your own money.

But that’s not all. Oh no, there are also strange and unreasonable fees. They might even call them something innocuous like “withdrawal processing fees”, but make no mistake, these bogus charges can exceed a whopping 20% of your funds.

So be vigilant, and don’t fall prey to these sneaky tactics.

There are many brokers that are notorious scammers. Some of them are CMTPRO, Bitchain, and OceanFX. 

WaveSolutions Summary

WaveSolutions is an offshore broker operating in the United Kingdom, the United States, and Portugal. The company does not have proper regulatory oversight, causing a red flag for traders. 

The broker is registered in the Marshall Islands, and the Global Financial Services Authority (GLOFSA) does not regulate it. Unlike legit onshore providers with a valid license, WaveSolutions has no minimum operating capital or compensation if it becomes bankrupt. Overall, traders should exercise caution when investing in WaveSolutions. 

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