Fri. May 14th, 2021

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WallarMax Review (2020): Beware of this Scam

4 min read

Wallarmax.com is one of those broker websites that you skim through for the first time and you think you’ve finally found “the one”. However, a more detailed look at this website reveals that WallarMax broker is just another scam. Read this review to understand why this is so.

With the increase in the popularity of forex trading, the rate at which online scammers appear has also jumped. So in order to keep investors from making mistakes, we have made it our duty to review forex broker websites, then help you tell which one is legit and which one’s not. This review tells you all you need to know about WallarMax Brokers.

About WallarMax Broker

According to wallarmax.com, WallarMax is a forex brokerage company located in London, UK. They claim to trade shares, indices, currencies and various commodities, forex pairs, etc. WallarMax spends most of their pages asking us to give them 100% trust without actually giving us reason to do so. They do not reveal their parent company, who they are or how long they’ve been.

We can’t say we were impressed by what we saw on wallarmax.com. This review explains these things, so you know to stay away from WallarMax broker.

Why You Should Avoid Wallarmax.com

WallarMax is not where you want to invest and carry out forex trading activities. Here are our reasons for this statement;

WallarMax Broker Withdrawal and Deposit Policy

The minimum deposit for WallarMax broker is $250. This is far above the industry average of $100 used by legit brokers. However, payment gateways for making deposits isn’t the usual Paypal or any other popular one. The methods include; Bitxtech, IPayTotal, NeoBankQ, and Pradexx. None of these gateways are used by legit brokers and this makes us raise eyebrows.

An impressive thing about Wallarmax is that there is no minimum withdrawal amount. Clients are free to do whatever they want. But this broker does well to make them pay via other means. For example, withdrawal fees include $50 for bank tranfers, $35 for credit cards and $25 for e-payment methods. This withdrawal also takes up to 5 days to process, a long time compared to the 1 day required by legit brokers.

There are also tonnes of other shady clauses hidden in the terms and conditions, but the worst of all comes where they state that the broker reserves the right to change any section of the T&C without any commitment to inform the customers on their site. This means any charge can be added all of a sudden and you wouldn’t know about it. A common scam broker practice.

WallarMax Broker Trading Platform

The trading platform for Wallarmax.com isn’t one to be satisfied with. They do not offer the MT4 or MT5 trading platforms, which are the most popular and current best trading platforms respectively. There isn’t any legit broker who wouldn’t use at least one of these trading platforms.

The maximum trading leverage on WallarMax broker is 1:30, which is in perfect compliance with the financial laws of the UK, where the broker is located. Don’t be deceived however, this brings us to our final red flag.

WallarMax Brokers Licensing and Regulation

WallarMax Broker claims to be located in London, UK. This would mean they should be regulated by the FCA. However, there is a piece of contradicting information on the Terms and Conditions page; they claim to be operating under the laws of Estonia, which would require them to be regulated by the FI, Estonia. Now this is already a red flag!

Nevertheless, after running a check on both FCA and FI registries, we were unable to find them. We have no other option but to conclude that WallarMax is an UNREGULATED broker.

Conclusion: Is Wallarmax.com a Legit Broker?

No! Wallarmax is a scam broker. They are UNLICENSED brokers, and unregulated by any agency. Hence, your funds will not be safe if you deposit with all. We cannot recommend this broker to you, and we advise you deal with a transparent broker who’s licensed by a reputable agency.

Nevertheless, if you’ve got anything else to say about this broker, do mention it in the comments section.

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!

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