WaveFX Trading Review: Scam Forex Trading Software?

WaveFX Trading is a vendor peddling video training courses, charting software and Forex EAs.

The service wants to help traders take their skills to the next level but somehow can’t prove it.

This is why it can’t be included in our list of the most recommended trading services.

In addition to this, WaveFX Trading would like to empower your future with Forex.

They claim that WaveFX Trading can be utilized by students who want to take advantage of the vendor’s years of knowledge and software development experience.

wavefx trading review

They provide 3 types of products which include Forex trading basics, Forex trading strategy and Membership.

The service was launched in September 2019 at wavefxtrading.com but does not appear to be popular.

In addition to this, the owner of WaveFX Trading is unknown. Their experience can’t be verified and so is their location.

However, their Facebook page suggests that they are running another website called electrofx.com.

Still there is no proper introduction on that website about who they are, what their experience is and where the service is being operated from.

This anonymity is not a good sign, and even if we wanted to trust WaveFX Trading, we would be a little bit hesitant.

With regards to this, our review will help you make a decision as to whether or not the service is worth it.

WaveFX Trading review

The service is created to serve newbies and experienced traders.

Beginners are advised to click the tabs for Forex trading basics and Forex trading strategy.

However, if traders want to join the service straight-away, they are encouraged to click on the membership tab where they will be redirected to the membership plans.

The Forex trading basics and strategies offered by WaveFX Trading consist of learning materials that are free to consume.

This is a good place to start if you’re new to trading and you wouldn’t want to invest on a trading or mentoring course upfront.

Nevertheless, I find that this material is a bit cumbersome to go through.

If you’re new to trading, you will really need patience to consume it.

So this is where the best automated trading and investing products and services come in.

WaveFX Trading Membership plans

The service is providing 3 membership plans as follows:

1.WaveFX Trading Basic……. $499.99 (lifetime subscription).

2.WaveFX Trading Full………$524.99, then $49.99 monthly.

3.WaveFX Trading Full (professional)…..$849.99, then $499.99 yearly.

Basic membership will provide a video course, custom charting software, price action indicators, a trade manager, forum access and email support.

The second and third membership plans are more or less the same, providing traders with the following features:

1.Live trading room

2.VPS server

3.Live room account (no idea what this is)

4.Custom charting software

5.Tick data backtesting

6.EA group collection (No idea what this is

This service is not cheap to access by any means, so the vendor must surely provide us with genuine reasons why they believe they are different from the competition.

Most chatroom services for Forex trading provide access for a small monthly fee, and there is never an upfront fee except the monthly subscription.

So this fee model is definitely weird.

Given that WaveFX Trading is not a popular service and does not wish to introduce the vendor, many traders would frick out at the idea of paying for the service.

Probably this is the reason they have free training. It is to entice students to ultimately pay for the subscription.

But we also have to consider the details of the products and services including past performance if any.

This is the only way WaveFX Trading can prove to the community that they are seriously into empowering your future with Forex.

Trading Strategy

Since this vendor is providing an expert advisor called The One EA, we expected them to provide us with a detailed strategy guide.

A charting software is also offered. We expect them to provide a short video sample showing us how the software works.

As it is right now, WaveFX Trading is only making it clear that they provide Price action based trading indicators with their membership plans.

Their indicators uses a couple of other indicators in addition to demand and supply zones.

The vendor has even provided a couple of screenshots showing their price action indicators in action.

While we appreciate this, we’d like to get a proper strategy insight for their other trading products and services.

WaveFX Trading results

What I did not see is a results or trading performance page.

A service that claims to provide premium software and video course with membership should definitely show us what their products have achieved.

We just don’t want to spend hundreds of dollars on a product that has zero documented results.

What I expect is a myfxbook account where I can see the performance of their EA and do a proper data analysis.

What I want to see is the overall return and drawdown.

And of course a myfxbook account would help us know who the owners of WaveFX Trading are and whether they are actually professional traders.

This is the most disappointing finding in a review like this.

Generally, this vendor is just investing on a professional website and a bit of marketing, hoping that the community won’t ask these questions.

I have a feeling that for them to compete better, they will need to add verifiable results for their products and services and not rely on testimonoals.

Nobody will ever post a negative testimonial on their site. So these cannot be transparent.

Conclusion

I’m not going to recommend WaveFX Trading because the service lacks the level of transparency that is expected of a professional trader and software developer.

We want to do a proper analysis of their EA but the strategy and trading performance are nowhere to be found.

While the vendor might think that they are saving time, they are actually hurting their bottom line (which is to sell membership).

We don’t trust this service either. Thanks for reading.

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