WSXP broker seems to be targeting German-speaking clients, with the entire website being in this language. However, the firm has no BaFin, AMF, FINMA, or any other Tier1 regulation. Read this review and get all the details about how WSXP targets and scams clients.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | wspx.de |
| Blacklisted as a Scam by: | BaFin |
| Owned by: | N/A |
| Headquarters Country: | Germany (allegedly) |
| Foundation year: | N/A |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | N/A |
| Cryptocurrencies: | Available – BTC, ETH, FTM |
| Types of Assets: | Cryptocurrencies, FX, shares, indices, commodities |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | No |
| Accepts US clients: | No |
What About WSXP Regulation?
WSXP has never entered BaFin or any other commercial register, meaning it’s another fraud on the financial market. The company is allegedly based in Germany but never uncovered the official owner. In addition, any German-based broker needs to have a BaFin regulation to provide financial services legally.
Why Must A Broker Have a License?
Any company that wants to provide legitimate financial services needs to have regulation. The best thing about Tier1 regulators, such as FCA, ASIC, etc., is that licensed firms have significant compensation funds to reimburse potential victims. If you’re dealing with a scammer like WSXP, your funds can quickly vanish with the firm, and tracking them down will be difficult.
In addition, we strongly advise you not to invest in AGM Markets, Weltex and NewFX fraudulent brokers. So don’t fall for these dishonest scam brokers!
WSXP Warnings From Financial Regulators
As the firm pretends to be based in Germany, the official authority body of the country issued a warning against the scheme.
BaFin Investigation – Official Warning
BaFin has stated that WSXP operates without proper regulation. Furthermore, this authority found a link between WSXP and several other fraudulent brands, including EUAktien, EUSchild, SimpleXP, and KryptoInv.
Traders Reviews About WSXP
WSXP reviews are mainly turned towards withdrawals. Since the firm is illicit and operates without regulatory supervision, it doesn’t approve any withdrawal requests, hoping it won’t be penalized. Additionally, account managers are asking clients to download AnyDesk and TeamViewer (links are on the main page), so they can access clients’ online banking and steal everything they have.
What Platforms Does WSXP Offer? – Available Trade Software
WSXP didn’t give much about its trading platform. We can see it’s a proprietary WebTrader, allegedly “one of the most user-friendly platforms on the market.” However, this kind of software can never be anywhere near MT4 or MT5, not by the diversity of trading tools nor by security.
Countries Where WSXP Scams Operate
WSXP mainly targets German and Austrian clients. However, it seems that entire Europe is on their calling list, so be well aware that this firm is a scam and don’t accept any offers for your own safety.
WSXP Range of Trading Instruments & Markets
The broker’s investors have access to 5 major markets, including:
- Currency pairs
- Commodities
- Indices
- Shares
- Cryptocurrencies
With the main focus being on the latest assets.
So, you should avoid Invest Flow forex broker and similar brokers such as Dualix, FundsProMax and Holding Partners.
WSXP Unregulated Leverage
Another proof that this firm cannot be German-based is its leverage. While BaFin has set a limit to 1:30 for the Forex market and 1:2 for cryptocurrencies, WSXP offers as high as 1:400. Usually, offshore firms are entitled to give this kind of leverage, leading us to believe that WSXP is, in fact, hiding offshore and defrauding clients.
WSXP Deposit and Withdrawal Methods
As you already had a chance to see, WSXP cannot brag about transparency. From all we know, the company accepts the following payment methods:
- Debit/credit cards
- Wire transfers
- Bitcoin
They tried to persuade you to purchase Bitcoin through the Binance platform and then transfer it to the company’s wallet. This way, the transaction can hardly be tracked down, helping the broker stay anonymous.
If you’re investing in the financial market, we always advise you to use your credit card since you have up to 540 days to file a dispute for a chargeback.
Scammed by WSXP Broker? – Let Us Hear Your Story
If you find yourself a victim of a WSXP broker, it’s important to understand that you’re not the only one. This firm targets many, and their support has quite a convincing story. However, it’s time to take some steps toward a refund – to file a dispute for a chargeback.
But What Is A Chargeback?
This is a way for your bank to reverse the transaction and recover your money. Contact us via online chat to book a free consultation, and let’s start now. The process is time-limited; we need to move fast!