WANDTFX is a CFD broker with a domain registered on March 5, 2024. This broker mainly provides investment services in trading markets such as forex, digital currencies, metals, energy, futures commodities, and indices. It does not offer services to countries and regions where it might violate local laws or regulations.
Company Registration and Regulatory Status:
Public information on the WANDTFX official website shows that its registered entity in Colorado, USA, is WANDTFX GROUP LIMITED, with a company registration number of 20201686588. The broker claims to be regulated by the U.S. Financial Crimes Enforcement Network (FinCEN) and the National Futures Association (NFA), with an MSB number of 31000266776221 and an NFA ID of 0562742.
Upon verification, a registered entity named WANDTFX GROUP LIMITED can be found in the Colorado Information Marketplace and the U.S. Financial Crimes Enforcement Network (FinCEN), with registration numbers consistent with the information provided on the broker's official website. However, no regulated company with NFA ID 0562742 was found in the National Futures Association (NFA).
Furthermore, the mission of the U.S. Financial Crimes Enforcement Network (FinCEN) is to protect the financial system from illegal use by strategically employing financial authorities and collecting, analyzing, and disseminating financial intelligence to combat money laundering, related crimes (including terrorism), and promote national security. It has lower constraints on normal financial derivatives trading.
Therefore, WANDTFX is essentially an unregulated fraudulent broker website.
Trading Instruments:
WANDTFX offers a variety of trading products, including forex, indices, metals, commodities, and cryptocurrencies in CFD trading.
- Forex: Forex trading involves the exchange of different currencies and is known for its high liquidity, allowing traders to profit from exchange rate fluctuations.
- Indices: Indices trading enables speculation on the performance of entire markets or specific industries without trading individual stocks. By exploring popular indices, diverse trading opportunities can be discovered, and potential returns can be enhanced with high leverage.
- Commodities: Commodities trading covers key resources in global markets, allowing traders to buy and sell various raw materials, including metals, energy, and agricultural products.
- Precious Metals: Precious metals trading involves buying and selling gold, silver, platinum, and palladium in financial markets. Due to their scarcity and industrial uses, they are typically considered a means of preserving value and hedging against inflation.
- Stocks: Stock CFDs (Contracts for Difference) are derivative products that allow traders to speculate on the price movements of individual stocks without owning the underlying assets. These products allow traders to profit from stock price movements without holding the underlying assets.
- Cryptocurrencies: Cryptocurrency trading offers digital currency enthusiasts the opportunity to profit from high-volatility assets.
Account Opening:
Upon testing, the account registration portal on the WANDTFX official website is incomplete, and the account registration page cannot be opened properly. Thus, account opening with this broker is currently not possible.
Trading Account Information:
WANDTFX offers users two types of real trading accounts: STANDARD ACCOUNT and ECN ACCOUNT.
STANDARD ACCOUNT:
- Trading Platform: WANDT
- Execution Speed: Instant execution
- Products: Commodities, futures CFDs
- Maximum Leverage: 1:500
- Spreads: From 1 pip
- Trading Commission: 0
- Minimum Deposit: 200 USD
ECN ACCOUNT
- Trading Platform: WANDT
- Execution Speed: Instant execution
- Products: Commodities, futures CFDs
- Maximum Leverage: 1:500
- Spreads: From 0 pips
- Trading Commission: 6 USD per lot round turn
- Minimum Deposit: 200 USD
Trading Platform:
WANDTFX claims to offer a proprietary trading platform, including web and mobile versions. The web trading platform is incomplete and cannot be opened properly, while the mobile version offers software named Proket.
Deposits and Withdrawals:
WANDTFX supports deposits and withdrawals through Mastercard, VISA, NETELLER, Skrill, and bank transfers.
Conclusion:
Traderknows reminds investors that WANDTFX is actually a scam broker website with no valid regulation. The website does not disclose a genuine company operating address and does not provide any contact information. Investors are advised 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.
