WestMarket Limited is an offshore broker with a very generic name. The company is also very shady, which is also typical for offshore brokers. Here’s why you should stay away from WestMarket Limited at all costs!
Is a real broker or not?
The company does not have a license for the things it does, even though it says it has an address in London. This is impossible, so WestMarket Limited is lying about where its main office is.
If the company did business from there, it would have to get approval from the Financial Conduct Authority (FCA), which is the UK’s regulatory body. But this is not at all the case, as WestMarket Limited breaks a number of rules set up by the FCA to protect the retail trader.
First of all, WestMarket Limited gives retail traders access to a leverage that is much higher than the 1:30 limit set by the FCA. Second, the broker gives out bonuses, which is another service that the FCA doesn’t allow. We’ll say more about the bonuses, but you’ll see why the regulator thinks they don’t belong on its markets. Lastly, WestMarket Limited gives access to crypto derivatives. This type of asset was banned in the UK, and its brokers can’t even advertise it anymore.
As a broker without a license, company doesn’t follow FCA rules. This means that it can’t give you any of the protections that the regulator requires, like access to guarantee funds and a Negative Balance Policy. You would be better off doing business with a licensed, safer company than with WestMarket Limited.
Can broker help me make money?
No, WestMarket Limited can’t make you any money. It would be better for you to trade with a company that is regulated. That’s not only because the company doesn’t have a license and lies about where it is, but also because it has a Bonus policy that is so evil that it turns bonus money into a way to trick people psychologically!
As you can see, WestMarket Limited gives bonuses that must be turned over at least 40 times the value of the bonus before any money can be withdrawn tax-free. No one could ever reach such a high turnover, and the broker knows it. The only reason it gives out the bonus is to make it hard to cash out.
This does mean that you can get your money back from WestMarket Limited, but it also means that the client has to keep their money in their account longer so they don’t lose a quarter of it for no reason. This is the kind of bad behavior that led the FCA and a number of other important regulatory bodies to ban bonuses and trading incentives outright. And if that weren’t enough.
This fee is 20 euros for withdrawals made with a credit card and 1 percent of the amount withdrawn for wire transfers.
What kind of advantage does broker give you?
WestMarket Limited gives you access to a leverage of up to 1:200. The FCA and most other regulators have banned giving such amounts to retail traders. This means that if you find a broker that gives you access to a leverage that is too high, you are probably dealing with an unlicensed entity that wants to get more clients.
How much do you have to put down as a minimum with broker?
WestMarket Limited has a minimum deposit of $250, which is a lot more than what most legitimate brokers charge these days. Most of them offer micro accounts for $10 or less.
What kind of trading software does WestMarket Limited offer?
WestMarket Limited has a web-based trading platform that is not as good as the industry standard, Metatrader 5, because it doesn’t have most of MT5’s features. For example, there is no automated trading at all.
How can you make a deposit at WestMarket Limited?
Once we signed up for a WestMarket Limited account, we found out that all deposits must go through an account manager. Because of this, we can’t really answer this question. But if you have deposited with WestMarket Limited, we recommend that you learn about the chargeback policy for the method you used to deposit.
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