|Operating Since (Year):||-|
|Address:||60 Cleveland St, Fitzrovia, London W1T 4JZ|
|Trading platform Time zone:||-|
|Other trading instruments:||Yes|
|Minimum deposit ($):||$250|
WALLARMAX REVIEW CONTENT:
- GENERAL INFORMATION
- FUNDS TRADING AND SECURITY
- TRADING ACCOUNTS
- TRADING CONDITIONS
- TRADING PLATFORM
- WALLARMAX’S TRADING PRODUCTS
- CUSTOMER SERVICE
Broker Review: Wallarmax
The first impression you get when you open up Wallarmax’s website is that of a cheap broker. It’s riddled with visual effects that don’t belong anywhere near a professional setting, while the visual elements are often oversized and create clutter. Some elements of their website, like the line containing payment cards, seem copy-pasted from elsewhere and don’t fit in with the rest of the site.
Although looks don’t matter in the bigger picture, there’s a lot more wrong with the broker. Our Wallarmax review will present the broker in more detail, along with all of its shortcomings.
Funds Trading and Security
The security at Wallarmax is horrible at best and non-existent at worst. The broker is unregulated, which is enough of a red flag by itself. However, on top of that, they’ve got a ton of other bad omens, such as poor account typing and obscured information. For example, there’s no info on when the broker started working, although we assume it’s recent due to the low amount of info available online.
If you want to get better at spotting scam brokers, you should take some time and look through Wallarmax’s account specifications. The first thing you should notice is the lack of any sort of demo account, meaning you’ll have to pay to even check out their service. The next is a high cost of entry, usually set at exactly $250. Lastly, there are major price jumps between different account types.
That nearly confirms that Wallarmax is a scam broker, but there’s even more further down the rabbit hole.
The trading conditions you get compared to the price you need to pay are laughable. The max leverage you can get is 1:30, not 300, 30. That’s way below the industry standard, and it gets even worse with the spreads. They start at 1.3, then go to 1.5, and while they do go down to 0.1 when you get VIP status, that costs $50000, and nobody should invest that much with Wallarmax.
Some of the other conditions, such as instant execution and deposit/withdrawal processing sound good but are rarely true.
Although it seems like a proprietary platform would yield extra effort from brokers, in reality, it’s much easier to make a custom piece of software than secure a standard option, like MetaTrader. From our Wallarmax.com review, it should be clear that they’d be eager to cut any corners they could, and as expected, they went with a custom platform.
Proprietary software is often difficult to use and infected with security issues, so it speaks even more towards the broker being incompetent and malicious.
Wallarmax’s Trading Products
While Wallarmax’s trading instrument pages seem good at first glance, they even managed to ruin those. They added pop-up ads when you click on the asset window. While that’s not a huge issue, it’s something that really shouldn’t be happening.
While the support options at Wallarmax aren’t horrible, they managed to show their incompetence once again. Namely, although a live chat is set up, there’s nobody on the other side. So although there should be three major methods to reach them, you can eliminate one.
Wallarmax is a scam through and through, but even a scam should try to attract customers. As it stands, there’s not one quality about Wallarmax that makes them stand out over competitors. The account pricing is insane, and the trading conditions are poor, as we stated multiple times through our Wallarmax review. Avoid the broker and find a better alternative, of which there are plenty.