WardenVC is a very strange broker. The company says it is based in Portugal, but the only language available on its website is German. There are, of course, a lot more serious problems with the broker. It isn’t regulated, and neither are its Terms and Conditions. This means that you should stay away from the company. If you want to learn more, or if you have money with the company and want to know how to get it back, read on. This review has all the information you need about the broker.
The WardenVC and the safety of funds
WardenVC is not a regulated company, and what’s worse, it comes from the Marshall Islands, which is one of the shadiest places to do business offshore.
The problem with that country is that it doesn’t regulate its Forex markets at all. This makes it very easy for scammers to set up shop there so they don’t have to answer for the schemes they run. You should never trust a broker from the country, at least not until there are more rules in place.
Portugal is a part of the European Union (EU), and as such, it has to follow a set of rules that are the same everywhere. These rules are meant to protect small businesses and get rid of scammers. Companies that do business there have to get a license, which means they have to have more than 730 000 euros in the bank. Once they have a license, brokers have to report every day on trades that are open and trades that are closed. This is to stop them from manipulating the market in any way.
WardenVC is not one of these highly regulated brokers, though. The company can’t be one because it goes against the EU policy on leverage. Retail traders can use up to 1:30 leverage, but WardenVC lets them use up to 1:200.
WardenVC software for trading
WardenVC gives you access to a distribution of the Metatrader 4 platform. However, as you can see in the screenshot below, its server is broken.
This is a shame because MT4 has a lot of powerful features that have made it the industry leader. WardenVC also has a web-based platform, but it doesn’t have most of those features. In particular, there is no sign of automated trading. Here is a picture of the platform:
The actual trading conditions on the platform aren’t great. The spreads are too wide, moving between 3 pips for common FX pairs like EURUSD. In the meantime, the 1:200 leverage is more than what the EU and most other regulators allow. Still, it is well known that unlicensed companies offer higher leverage amounts in order to get more clients, without caring about the safety of those clients.
How to pay and get money out of WardenVC, and how much it costs?
Credit cards can be used to make deposits at WardenVC. The good news is that Mastercard and Visa both let you file a chargeback within 540 days of a payment. The bad news is that you will definitely need one, but WardenVC does not have its Terms and Conditions available. This means the broker can take advantage of the client and charge as much as it wants for its services.
How does the scam work?
WardenVC is definitely up to no good. Here’s how its plan works:
First, someone opens an account with WardenVC. To do this, they have to leave a phone number, which the scammers will then use to call around the clock and demand deposits. The victim will be forced to give more and more money until they figure out what’s going on or run out of money. When that happens, the scammers will just stop talking to them and move on to someone else.
What to do when scammed?
First, you should get new copies of any IDs, credit cards, etc. that the scammers got their hands on. Also, get rid of any software for a remote control that they made you put on your PC.
Then you would need to call your bank and ask for a chargeback. But if a recovery agency contacts you and asks for payment up front for its services, it is almost certainly another scam.
Lastly, don’t be afraid to leave a comment below telling us about your experience with WardenVC. This will help bring attention to the scam and stop it from spreading.
You may also like, SpeedyExchange review 2023 – 5 things you should know about speedyexchange.com – Scam
The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘xBTCh,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
This article is syndicated automatically through a third-party agency from ForexIndustry.com.
To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/07/wardenvc-review-2023/.