Wallarmax Review

WALLARMAX REVIEW CONTENT:
GENERAL INFORMATION
REGULATIONS AND LICENSING
ACCOUNT TYPES
TRADING SERVICES
CONCLUSION

General Information

  • Broker Name: Wallarmax
  • Broker Type: Indices, forex, cryptos, commodities, shares
  • Country: UK
  • Operating since year: 2020
  • Regulation: –
  • Address: 60 Cleveland St, Fitzrovia, London W1T 4JZ, United Kingdom
  • Broker status: Active

Customer Service

Trading

  • Trading platforms: Wallarmax Webtrader
  • Trading platform Time zone: –
  • Demo account: Yes
  • Mobile trading: –
  • Web-based trading: Yes
  • Bonuses: –
  • Other trading instruments: –

Accounts

Silver account

  • Minimum deposit ($/€/£): 250
  • Maximal leverage: 1:30
  • Spread: From 1.3
  • Scalping allowed: –

Gold account

  • Minimum deposit ($/€/£): 5,000
  • Maximal leverage: 1:30
  • Spread: From 1.5
  • Scalping allowed: –

Platinum account

  • Minimum deposit ($/€/£): 50,000
  • Maximal leverage: 1:5
  • Spread: From 0.1
  • Scalping allowed: –

A general overview

Wallarmax is a brokerage which offers their financial services in several realms. With them, you can invest in indices, forex, cryptos, commodities, and shares. That is a very large section of the financial market. As such, it does seem rather over-ambitious. This is especially true considering the fact that this is such a little-known brand. If we were to go by the copyright date on their website, they founded the company in 2020. We also cannot find any reference to the website anywhere else on the web. No reviews of any sort.

Wallarmax Website

This is especially strange considering they claim to be an “international Market Leader”. It seems quite likely an international market leader would be easy to find out about on the internet. You would also believe that they would have been around for at least over a year. Offering so much with so little reputation does seem rather shady.
All this leads to the sneaking suspicion that Wallarmax is a scam broker. However, we shall go into more detail shortly.

The website looks professional enough, but there is a lot left to be desired. They seem to, at first, offer just the financial sectors we just mentioned.

Trading CFDs

However, they also give disclaimers on CFDs on the lower half of their page. There is no separate section on CFDs, though. The rather confusing layout of the website is something we will discuss further on. Another thing we will have to mention later is how certain buttons send you to web pages you would not expect them to.

Regulations and Licensing

There is, unfortunately, a lack of information on any regulation. Without a regulator, you do not know if you can really trust a company. You do not know if the company has applied, but their services were too poor to pass. Neither do you know if they applied for a regulator at all. In the second scenario, it could be the case that the brokerage is not even trying to pretend to offer such services. This further raises suspicions that we are dealing with a scam. They also mention no names of the individuals they employ. This is a poor sign, as you do not know if you are dealing with professionals in the field.

Account Types

There are a few account types that Wallarmax offers, and they are not too strange at first.

Wallarmax Review: Account Types

The spread they offer does not seem. Their leverage is also not the best, but not the worst either, being at 1:30.
There is really not much variation when it comes to the accounts. This can be a bit strange, as you would expect the heftier accounts to offer a lot more. Especially considering the price differences here. However, it is the price differences where things really get strange.

There is seemingly no differentiation between dollar, euro, and pound deposits here. You would expect a company dealing in financial services to realise the problem here. Setting a flat fee for all these currencies allows people to easily set their minimum at the lowest possible point.

This is a very troubling sign for any broker. Combine these with what we’ve seen before, and there is certainly reason to worry. Wallarmax being a scam broker seems more and more likely.

Trading Services

In terms of trading services, they do not have a wide range. The only thing they offer is their own Wallarmax Webtrader. Using the custom webtrader of this company does not seem advisable. Especially considering what we have seen so far. There is no direct indication if they offer their services on mobile. There are some pages on the website mentioning MetaTrader 4. It says you can use it if you please, and describes it. However, it does not really directly indicate if you can use it with their service. There is some of the confusion we talked about earlier regarding their website.

Another point of confusion is the demo account. They do not really mention the demo account anywhere, except for one specific area.

Wallarmax Address

There is a mention of it here, under their address. Can’t see it, why don’t we help you?

Demo Account

So, there is the mention of the demo account. Nowhere else have we found information on it. This account seems to be an afterthought. That is, if there is a demo account at all. Or they have really designed their website very poorly.
This does not bode well for the brokerage either.

Customer Service

They offer a few emails to contact the company with, for varying purposes. They also offer a phone number. However, as before, no real names of individuals.

The issue with their customer service is the languages they offer. They presumably offer English, as this is the default language of their website. They do not mention any other language though. There is a button in the corner for changing the language though.

Customer Service

However, pressing this just redirects you to the sign-up page. This is worrying as it implies the company only cares for getting people to sign up for their services.

Conclusion

Overall then, recommending Wallarmax’s services seems impossible. They are very unknown but seem to offer a lot. They also have no regulator. What’s more, their website is somewhat messy. Therefore, we believe Wallarmax.com is most likely a scam website. We would not recommend anyone use their services.

  • Support
  • Platform
  • Spread
  • Trading Instrument
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