Watel (www.wttkemarkest.com) is a Contract for Differences (CFD) brokerage firm, with its official website domain registered on June 3, 2024. It primarily provides trading services in financial derivatives such as stocks, futures, crude oil, gold, cryptocurrencies, and forex to retail and institutional clients. The broker does not offer services in jurisdictions where it might violate local laws or regulations.
Company Registration Information and Regulatory Status:
According to the public information on Watel's official website (www.wttkemarkest.com), this broker is described as "the American subsidiary of Japan's Watel, headquartered in Tulsa, Oklahoma. It provides retail and commercial banking services to the Midwestern and Southwestern United States. It is one of the top 50 financial services companies in the United States and the largest financial services company in Oklahoma." However, the homepage of the website states that its headquarters is in Australia and its subsidiaries are authorized and regulated by the Australian Securities and Investments Commission (ASIC) with license number 488828.
Upon verification, no entity named Watel was found on the ASIC website, and the license number 488828 belongs to STAR FUNDS MANAGEMENT PTY LTD. Therefore, Watel is essentially a scam broker with no actual company entity or regulatory oversight.
Additionally, the design and content of Watel’s (www.wttkemarkest.com) website are identical to those of other scam broker websites such as DML Markets, SXHJAS, TNFL FX, ABUSA, Hengtuo Finance, and VTPTRADE.
Account Opening Process:
To open an account with Watel, visit the broker’s official website, click "Register" on the homepage or in the top right corner to go to the account registration page, fill in the required personal information like name, email address, and set a login password. Once submitted, the account will be successfully registered. After logging in, identity verification is required before deposits and trading can commence.
Trading Account Information:
Watel's official website only discloses information on spreads, trading leverage, margin call/stop-out levels, and contract sizes. Information on account types, trading commissions, minimum/maximum trading volume, maximum open positions/orders volume, and minimum price precision are not provided.
- Spreads: Floating spreads
- Trading Leverage: 1:100—1:500
- Margin Call/Stop-Out Levels: 100%/50%
- Contract Size: 1 lot = 100,000 currency units
Trading Platform:
Watel claims to offer a trading platform called ST5, supporting web and mobile operations. It is said to include over 50 technical indicators and intraday analysis tools, suitable for advanced traders. However, clicking on the mobile download link on the official website directs users to an App Store application named ERGHERTHG, while the Google Play download link does not work.
Deposits and Withdrawals:
Watel's official website does not clearly disclose the supported deposit and withdrawal methods, fees, or minimum withdrawal amounts.
Summary:
Traderknows reminds investors that Watel (www.wttkemarkest.com) is a scam broker website with unclear registration and regulatory information and is suspected of false advertising. The website’s contact option is limited to email, making it extremely restrictive. Its website design and content use the same template as other scam broker websites like DML Markets, SXHJAS, TNFL FX, ABUSA, Hengtuo Finance, and VTPTRADE. Traderknows advises investors to choose brokers with transparent information, strong regulation, and a good reputation to avoid unnecessary financial losses.
Currently, this broker is labeled as "Suspected Fraud" on Traderknows.
