Commercewealth.com is an offshore, false broker website you should be wary of. Your funds are definitely not safe if you trade with this broker. Read this review about Commerce wealth brokers to find out why this is so.
Forex trading is one fast growing business of the 21st century. It is sad, however, that this ever-growing online market is heavily plagued by so many scammers. Due to this, it has become our job to review various websites that claim to be forex brokers, then help you tell which is real or not. The following review will tell you all you need to know about CommerceWealth Brokers.
About Commerce Wealth Brokers
Commercewealth.com is the website of a brokerage company located in St. Vincent and the Grenadines. They claim to trade in over 100 currency pairs, commodities, indices, commodities and various crypto currencies. Commercewealth brokers also claim to offer On-The-Go trading using mobile apps with their MetaTrader 5 trading platform.
Commercewealth, according to their website, offers clients a whooping 1:400 leverage and have traded with over 20k clients. They also say they offer interest-free Islamic account services that are Sharia law compliant. But is any of this true, or just too good to be so?
Why You Should Be Wary of commercewealth.com
Commerce wealth brokers have an average looking website. They seem to offer relatively fair terms of trade too. After a deep look at commercewealth.com however, here is why we think otherwise.
Commerce Wealth Withdrawal and Deposit Policy
Commerce wealth brokers have two controversial minimum deposit amounts on the website. $100 on their FAQ page, and $5000 on their account information page as the Starter Account deposit. We are still finding it hard to determine which is the bigger red flag; the fact that there are two minimum deposit amounts on the website, or that the latter is literally 50 times what any legit broker should charge.
Commerce wealth also doesn’t forget to add a lot of other cliche shady broker terms. For example; withdrawal processing could take up to 5 working days (should be 1 day), minimum withdrawal (there should not be a minimum), and a bunch of other non-specified fees.
Honestly, commercewealth.com does not lack for red flags as long as you know where to look.
CommerceWealth Trading Platform
The trading platform offered by commercewealth.com is the MetaTrader 5. This is a surprising plus to them considering the reputation of MT5. We usually advise readers to trade with brokers who use the MetaTrader 4 or MetaTrader 5. The MetaTrader 5, also known as MT5, is arguably the best trading platform on the forex market currently.
Something that does tick us off a bit is the fact that no demo account is provided. This is absurd because the presence of a demo account to help familiarize with the marketplace is one of the biggest advantages of the MT4 and MT5 trading platforms.
Any legit broker will grant you access to a demo account to help you gain virtual experience for your trade. Stay away from brokers who do otherwise.
Commerce Wealth Licensing and Regulation
As earlier stated, Commercewealth Ltd. is a company located in St. Vincent and the Grenadines. St. Vincent and the Grenadines (SVG) is a very popular forex offshore zone. This is because the SVGFSA does not regulate forex brokers, hence making the location a breeding ground for illegal brokers.
Commerce wealth brokers being located in SVG, is alone enough to deduce the fact that they are NOT REGULATED as forex brokers. Consequently, this means they are illegal and should not exist as brokers.
CommerceWealth Brokers Review Conclusion: Is commercewealth.com Legit?
No. Commercewealth.com is a confirmed scam. They are not licensed to operate as a broker by any agency. We cannot recommend them to you, and we advise you deal with a transparent broker who’s licensed by a reputable agency such as the FCA or CySEC.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!