WageFX is a copy trading and managed Forex account provider that claims to use proprietary AI protection to generate 1% daily ROI.
This would mean that WageFX is generating at least 30% monthly returns.
Unfortunately, these numbers are hard to produce on a consistent basis. I’ve not come across any copy trading service that has managed to produce this kind of return before.
Even our best recommendations here produce consistent returns but not like what this vendor is promising.
WageFX is providing this service from their web address, WageFX.com. The vendor appears to be new to this marketplace as my efforts to conduct a background search on this website did not yield fruits.
For example, their who.is identity is hidden, plus WageFX.com domain history cannot be traced on the Waybackmachine platform.
This could mean that the people who run the website would like to maintain some privacy — something that does not go well with the community since money is involved and we would only like to trust a vendor that is 100% transparent.
Now that we don’t know the whereabouts of WageFX as a company and the people that run it are also anonymous, our review will focus on deconstructing their statements to let you know whether your investment capital will be safe in their hands.
The service is intended to provide copy trading and managed accounts from Trusted Traders who are carefully vetted for emotional control and superior risk management.
WageFX believes that they can preserve our capital and even compound it in a way that our capital can grow in the long term.
The company also claims that they are trading for both companies and individuals using their safe manual and AI trading tools.
They would want us to know that their results are myfxbook verified and that the traders who run the service have 5+ years of experience.
While vendors tend to make these promises for the sake of attracting customers, it is always good practice to introduce these traders rather than telling us about the experience of anonymous people wanting to manage our capital.
WageFX copy trading service breakdown
When it comes to managed trading accounts, one is always interested in knowing upfront what the fees would be and whether the service would deduct fees based on high watermark principle.
According to the FAQ section, WageFX will deduct 30% from your profits and if there is a loss, they will continue trading until the account is recovered. No fees will be charged.
While this is fine and dandy, the vendor fails to tell us whether high watermark principle will be used. This system is always working in your favor and all decent managed Forex account providers use it.
Here’s a breakdown of the service and what you should expect from WageFX:
1.Minimum deposit…….. unknown
2.Trading strategy…. mix of manual and AI tools
4.Withdrawal timeframe… anytime
One thing that we have to take note of is that this vendor does not provide information about their manual trading strategy.
This information should be made available for investors to read and make up their mind.
Is the 1% daily return real?
I got a chance to look at this vendor’s myfxbook account.
They currently have two portfolios called WageFX Growth AI and WageFX safe AI.
The first trading strategy is doing very poorly as the account is reading -76% as at the time of writing this review.
The second strategy is not that profitable as monthly return is just 1.67% as opposed to the projected 30%.
Furthermore, this account is no longer being traded. The trading sample is between 24th of February and 22 of April 2021.
Being a copy trading service, I was expecting them to show us results from their main trading account where all the other trades are copied from.
But this is not so. I am unable to prove that this service can produce the promised 1% daily return.
Furthermore, I don’t see how profitable this copy trading service can be given than their live trading account is no longer active.
While the website of WageFX is attractive and professional-looking, their myfxbook account suggests that their profitability is questionable.
The vendor has done a good thing to include these results for some transparency. But we would like to know their traders and the kind of experience they have since their myfxbook account does not tell us much.
At the moment, this is a service I cannot recommend as I didn’t proof of their supposed profitability.
I can’t tell whether it’s a scam or not but all I can say is that WageFX is not what their website purports them to be.