Wilford Trade is a broker offering trading in Forex and CFDs instruments.
They claim to offer “trust accounts” which earn interest if traders can deposit at least 50K.
Trade-able assets include Forex, stocks, commodities, metals and futures on a leveraged account starting 1:1 to 1:1000.
It is not usual for brokers to offer leverage of up to 1:1000 unless they are an unregulated broker.
Wilford Trade is incorporated in the offshore location of Saint Vincent and the Grenadines. It is the trading name of a company called WilfordTrade Ltd.
The broker is purportedly offering MT4 platform for trading in addition to copy trading.
They claim that “this is a simple and secure choice containing everything you need for successful trading”.
This broker appears to offer two account types with spreads starting 1.8 pips and zero commission.
To qualify for the VIP account status, Wilford Trade requires traders to deposit at least $50,000.
In addition to this, a VIP trust account at WilfordTrade broker is entitled to earn an annual interest of 20%, which is just too good to be true.
With an unregulated broker such as this one, none of the promises found on the sales page can actually be relied on.
If you want to trade Forex or CFDs, we recommend opening a trading account with fully regulated brokers.
We shall explain why later in this Wilford Trade review.
Wilford Trade review
This broker was actually founded in September 2018 and are also affiliated with a phony broker called Grand Capital.
You can see negative reviews of Grand Capital and its subsidiary websites, GrandCapital.ru and GrandBroker.com on FPA.
Some parts of Wilford Trade’s website are in Russian language, which makes us doubt whether this company is registered in the said location.
Moreover, this broker does not offer services to residents of the United States and Japan for the obvious reasons….. the SEC would consider it a felony for any broker to offer financial services without a regulator’s license.
Trading account features have not been disclosed and so we’re not able to list them here. However, they claim that minimum deposit for the trust account is $200.
Also, Wilford Trade does not appear to offer MT4 for web trading since users are required to download the software directly from their website.
We’re not sure if there are any advantages of attempting to sign up and trade with this broker.
The reason we think so is because the promises made by this broker cannot be fulfilled.
A word on commission, spreads, leverage and swap
Wilford Trade does not charge commission in either of the account types.
However, they state that the minimum spreads is 1.8 pips. Regulated brokers who provide similar financial services charge spread starting 0.8 pips for a pair like EURUSD.
So Wilford Trade is definitely an expensive broker to trade with. Most traders will not find these conditions pleasing.
In terms of commission, some brokers charge commissions while others don’t.
Although it’s not necessarily bad to charge commission on trading accounts, brokers must specify how they will accommodate traders of the Islamic faith.
In addition to this, the broker does provide very high leverage which is not suitable for less experienced traders.
Forex brokers charging this amount of leverage include FXTM, Just Forex, FX Glory, Alpari and RoboForex.
We don’t have experience with any of the above Forex brokers. However, reviews from many clients who feel frustrated say that a Forex broker like RoboForex is a scam.
While leverage is good because it gives more buying power, it can also ruin your account.
Recommended leverage for beginners and intermediate traders should be between 1:100 and 1:200.
But if you’re experienced, you can go for 1:500.
Also, keep in mind that brokers in the EU are now being restricted on what leverage they can provide. These brokers typically provide up to 1:500.
EU is home to some of the toughest financial watchdogs. If a broker is based in EU countries, they must be regulated by the FCA or CySEC.
Wilford Trade review: Regulations
No matter how attractive this broker’s website seems, traders will need to remember that WilfordTrade is not regulated by any financial watchdog in their country of jurisdiction.
Regulated brokers are required to keep their clients’ funds in a segregated account which means funds are seperated from company’s own operational capital.
Secondly, regulated brokers are required to be part of a compensation fund which assures traders that they will be compensated in case the company becomes insolvent.
Traders can deposit and withdraw in a number of ways.
Wilford Trade is accepting Visa and MasterCard, Bitcoin, Perfect Money, Yandex Money, MegaFon, Exmo etc.
This appears to be the only advantage of using this broker.
This broker does not appear to be very popular.
However, one website by the name maxitreid.com exposed them by highlighting a story of how Wilford Trade scammed its clients.
The images are in Russian language and so we’re not able to gather the exact details of how the alleged fraud happened.
You can see screenshots below.
Being that Wilford Trade is an unregulated broker, traders will run into all kinds of problems if they sign up.
Secondly, spreads are very very high. You cannot choose to trade in such conditions when other brokers charge less spreads while they’re still regulated.
And of course this broker is purporting to offer trust accounts that earn interest of up to 20% annually.
We don’t trust unregulated brokers who purport to offer banking services as well.
Thanks for reading this Wilford Trade review. Leave your comments.