Broker Review: Wallarmax
| General Information | |
|---|---|
| Broker Name: | Wallarmax |
| Broker Type: | Forex |
| Country: | UK |
| Operating since year: | - |
| Regulation: | None |
| Address: | 60 Cleveland St, Fitzrovia, London W1T 4JZ |
| Broker status: | Unregulated |
| Customer Service | |
| Phone: | 442080891603 |
| Email: | [email protected] |
| Languages: | English |
| Availability: | 24/5 |
| Trading | |
| Trading platforms: | Proprietary |
| Trading platform Time zone: | - |
| Demo account: | No |
| Mobile trading: | Yes |
| Web-based trading: | Yes |
| Bonuses: | No |
| Other trading instruments: | Yes |
| Account | |
| Minimum deposit ($): | $250 |
| Maximal leverage: | 1:30 |
| Spread: | Floating |
| Scalping allowed: | No |
WALLARMAX REVIEW CONTENT:
- GENERAL INFORMATION
- FUNDS TRADING AND SECURITY
- TRADING ACCOUNTS
- TRADING CONDITIONS
- TRADING PLATFORM
- WALLARMAX’S TRADING PRODUCTS
- CUSTOMER SERVICE
- CONCLUSION
General Information
Entering Wallarmax’s website feels like opening up a YouTube video from 2009. As you scroll down, each new section slides shakes or jiggles its way onto your screen. That, along with the general design of the website, leaves a feeling that the broker is cheap.
Looks are seldom the determining factor of quality service, but in our Wallarmax review, you’ll see that aesthetics are the least of the broker’s issues.
Funds Trading and Security
Wallarmax’s website says they are located in the UK. However, that’s written in the customer support section. Scam brokers often open a support office somewhere and then claim that place as their address. We speculate that might be the case, and if it is, it’s another sign that the broker shouldn’t be trusted. Another strong indication that Wallarmax is a scam is that they aren’t covered by any regulatory bodies.
But that’s not all either, moving onto the accounts, you’ll see more proof of the malicious nature of Wallarmax.
Trading Accounts
If you’ve been in the trading world for a while, you’ve probably gotten good at spotting scam brokers based on the accounts they provide. Some of the things to look out for are the lack of a demo account, a starting figure of $250, and large jumps between different account types. And as far as those things go, Wallarmax hits all three.
What’s specific with Wallarmax, however, is that they managed to make their most expensive account look less attractive than the previous one, with smaller leverage.
Trading Conditions
The trading conditions are all over the place, although they’re quite underwhelming altogether. The max leverage you can get is a laughable 1:30, and then it drops to 1:5 when you hit the VIP account type. No, you didn’t read that wrong, it gets worse when you get to the most expensive tier. The situation is similar with spreads, which go from 1.3 to 1.5 to 0.1. At least they almost got that one right.
Trading Platform
Wallarmax uses a proprietary platform, which would make some people think they put in some extra effort. However, a custom platform is just a shortcut scam brokers tend to take. Software like that is usually faulty, unintuitive, or unsecure, often being a combination of those three. On top of all of that, since there’s no demo option, you can’t even see how the platform looks or handles unless you pay $250.
Even with their trading platform, the easiest thing to get right, Wallarmax managed to mess up.
CoinePro’s Trading Products
So far, our Wallarmax.com review should’ve given you the impression that the broker is quite unprofessional and a scam. Their trading products strengthen the first of those two points, as clicking on the results in the unwelcome surprise of a popup ad. That’s a much smaller transgression than them stealing money from people, but it’s so petty that we couldn’t miss mentioning it.
Customer Service
There’s nothing remarkable to say about the customer support at Wallarmax. They organized a phone line, and email like most brokers do. They also have a live chat option, but nobody answers so you can scratch that off. The work hours are unclear, so we’ll just assume it’s the standard 24/5.
Phone: 442080891603
Email: [email protected]
Conclusion
It’s not difficult to conclude from our Wallarmax review that they are a scam. To us, however, it’s difficult to see who they were trying to lure in. The website is cheap, and half the info is missing, while the service they advertise is quite underwhelming. Even if Wallarmax was completely secure, we don’t see why someone would pick them over alternatives.
All in all, it’s good that Wallarmax is so careless since it makes it easy to single them out as a scam. It goes without saying that we don’t recommend using the broker’s services to anyone fond of their money.
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Support
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Platform
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Spread
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Trading Instrument
They don't let me withdraw
They are just after deposits and won’t let you withdraw money. I should know, I have traded with them and become a victim of their schemes.
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Fraud
Avoid this broker company. They are frauds and never pay a profit.
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Bad broker
Not a good trading broker. They never pay profit.
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Avoid this forex broker
It will be better to avoid this broker. They have such great offers which are very enticing but you will surely regret it because trading results are not desirable.
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Do not deal
Negligent and very unprofessional broker. Do not work with them.
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Slow withdrawals
Slow withdrawals. It took them almost a month. Had so many follow-ups.
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Rude and unhelpful
I am not trading with this broker again. They have the worst customer service, very rude and unhelpful.
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Worst trading platform
One of the worst trading platforms. It always has technical issues. It is very confusing and difficult to interpret.
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Unresponsive
I wish customer service is available all day, especially over the weekends. It is very difficult to connect to their customer service and yet their time is limited and they are very unresponsive.
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Scam
It’s plain and simple. Nothing is real, it’s a scam.
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Delayed responses
Delayed responses from customer service. Sometimes they don’t even reply at all.
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Can't withdraw
They are good at tricks. They have convinced me to deposit but eventually Freeze everything. I can not withdraw.
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Unresponsive customer service
Unresponsive customer service. They ignore my messages most of the time.
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Slow withdrawals
Overall, this is a good broker except that their withdrawals have great delays. Very slow withdrawal process, it actually takes weeks before I got mine so I closed my account and look for a new broker instead.
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Poor signals
One of the worst tading brokeres I have traded with. Do not trust their signals.
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