| 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: | Floating |
| 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
Broker Review: Wallarmax
General Information
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.
Trading Accounts
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.
Trading Conditions
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.
Trading Platform
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.
Customer Service
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.
Phone: 442080891603
Email: [email protected]
Conclusion
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.
Fair but not good
They are one of the reputable forex broker but the actual trading results are not that satisfactory. Just fair but not so good.
Did you find this review helpful? Yes No
Stay away
Stay away from these bad people. They have taken all the money on my bank account.
Did you find this review helpful? Yes No
Cheaters
Cheaters. They do all possible cheats to keep your money. So avoid them.
Did you find this review helpful? Yes No
Poor signals
Poor trading signals. Have just wasted my money and time on this.
Did you find this review helpful? Yes No
Slow withdrawals
Slow withdrawals. There are so many terms and requirements needed.
Did you find this review helpful? Yes No
Not a good broker
This broker has given me so many trading losses. I’ve switched to a different broker, this one is not good enough.
Did you find this review helpful? Yes No
Slow withdrawals
Very slow withdrawal process. It happens to me always during the 3 months of trading with them. Withdrawals have always been my problem.
Did you find this review helpful? Yes No
So much losses
Not worth trading with. I had so much losses.
Did you find this review helpful? Yes No
Unable to withdraw
I am unable to withdraw profit, they block all requests.
Did you find this review helpful? Yes No
Slow customer service
Slow customer service replies. A simple concern would take them almost the entire day to resolve.
Did you find this review helpful? Yes No