A new broker like Wintrademarkets.com believes they can beat the most established ones, yet they fail to distinguish their service from the rest.
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For example, promotion materials on the Wintrademarkets website appears too generic by stating the obvious.
For example, they claim to provide the usual 100+ instruments for trading.
They’ve listed their tradeable instruments as follows:
FX, Indices and Commodities like EURUSD, Gold, Oil, NASDAQ and all the others.
They also proclaim that maximum leverage would be 1:100 with tight spreads and no hidden fees.
Execution time would be 200ms.
A demo account is provided for our practice as well.
However, it is not clear whether the demo is meant for unlimited use or restricted to a certain duration of training.
The broker is operating out of the St. Vincent and the Grenadines island, and this is a major concern because the area is largely considered an offshore with weak Forex trading regulations.
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What does Wintrademarkets.com offer?
As always, brokers like Win Trade Markets will offer the usual financial instruments for trading with the only difference being in the software they’re using to facilitate trading.
Throughout the Win Trade Markets website, the broker did not mention anything to do with the usual MT4 and MT5 trading software.
My presumption is that the broker is actually not supporting either of the two trading software.
Some screenshots on their website also suggest that this is a rather strange trading platform which we’ve never seen or used before.
I don’t know how they plan to compete with mainstream Forex brokers who offer both the MT4 and MT5 software for trading.
Traders have come to love these two because of their excellent charting capability, compatibility with EAs and indicators among other impressive features.
WinTrade Markets also claims that they provide an e-learning center, a knowledge base and an economic calender.
They believe that these tools are valuable to learners. However, a click on the link to their e-learning center is leading us to another website written in Portuguese language.
This website is charging $79 monthly to gain access to the so-called “3 eye crow” method.
The method teaches how to combine and trade effectively using flow of orders, price action and fundamentals.
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In my opinion, $79 per month is just too expensive for a trading course, and there’s no guarantee that the learning material will help traders make money consistently.
Wintrademarkets offers 3 account types for trading.
The following is a table highlighting the features of the respective account types:
|Pro||$5 per lot||0.2||$5,000|
The broker is heavily promoting their Pro account type as opposed to the other two.
They take their time to list all the features of their pro account while ignoring the other two accounts.
We don’t know what the trading conditions for Basic and Standard accounts look like since they’ve only discussed their professional account type in details.
This gives the impression that the broker is encouraging traders to sign up for a professional account, meaning they’ll be depositing not less than $5,000.
This is a bad move, considering that there are a lot of concerns holding back this broker from becoming a fully trustworthy Forex trading company.
Wintrade markets and their regulatory status
I don’t expect brokers from St. Vincent and the Grenadines to have a serious financial regulator overseeing their operations.
In fact, all of the brokers that I’ve reviewed from this region in the past are neither regulated nor licensed.
This region is also a safe tax haven for criminal financial institutions that don’t want to be at loggerheads with the government.
The fact that Wintrademarkets chose to setup base here means they couldn’t meet the very stringent regulatory requirements that protect investors.
For example, this broker cannot prove to any serious regulator that they can cover you in case the company goes under.
When you choose their pro account type, your $5,000 will be going straight into the company’s operational capital reserves as opposed to a segregated account.
They also lack serious quality standards, which is yet another reason why they’ve opted for an office in the St. Vincent and the Grenadines.
The parting short here is that never trade with an unlicensed broker.
Who’s behind this broker?
One of their webpages has listed emails of multiple executives of the company.
The CEO is allegedly called Clayton Gomes. Chief Operating Officer is called Eduardo Fontes.
The list is quite long, so I can’t publish everyone associated with this company here.
While this is a good move which makes the company to look “legit”, names alone don’t tell us much.
There are many Clayton Gomes on the internet. How do we tell which one the broker is talking about?
Another thing is that Wintrademarkets could be using fake names, just to add a veneer of legitimacy to their website.
The broker would have solved this problem by providing the LinkedIn profiles of these individuals.
This broker is quite new to the world of trading as they’re barely 1 year old.
Check their who.is to confirm so.
We tend to rely on well-established Forex brokers with at least 5 years of existence.
The problem with this broker is that nobody seems to be using their service at the moment.
They’ve failed to market their service, which means customer feedback or complaints will be hard to come by at this time.
I wouldn’t consider trading with them. I feel too scared to give a new broker my $5,000.
Wintrade markets seems to be less concerned about whether or not they should be having a license.
Also, their location tells a lot about them.
Why would I trust an offshore broker, especially one with zero client feedback? I develop cold feet!