Thinking of getting into business with Wealth Pact? Here is what you must know about this broker. Carefully read this review to find out if wealthpact.com is the trading platform you will want to trade with.
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About Wealth Pact Broker
Wealth Pact is an offshore brokerage company with a lot of promises for traders. The address of the broker states Everdene House, Deansleigh Road, Bournemouth, BH7 7DU, UK.
The broker offers different account types like Silver $10,000 , Gold $50,000, Platinum $100,000, Diamond $250,000 and SMSF (Self Managed Super Fund) unlimited.
In spite the trading instruments Wealth Pact claims to offer, traders must know they are dealing with an unknown broker whose regulation claim is false.
wealthpact.com: Reasons to Avoid This Broker
wealthpact.com is a platform with no financial authority overseeing its financial services. The regulation claims are not legit as Financial Conduct Authority, UK does not recognize this brokerage company.
Another red flag we noticed on wealthpact.com is that there is no demo account for traders. If traders can’t test Wealth Pact broker on a free account, how then can we know the viability in the forex market.
Since this broker does not offer money back guarantee, trading on any account type is a clear risk. This is a warning for forex traders to avoid losing money with this broker.
Withdrawal and Deposit
Withdrawal process
Wealth Pact presents us with the following information concerning the withdrawal fee. See below.
Wealth Pact places an inactivity fee of $100 deduction on a dormant account of 12 months. It also charges $50 on an inactive account of 21 days.
This is just a way to reap you of your money and also frustrate the withdrawal process.
Minimum Deposit
The minimum deposit Wealth Pact recommends is $250 according to the FAQ. Also, the payment methods on wealthpact.com are Credit card, Wire transfer and more. You should not consider making any payment with this broker in the first place because it is a risk. So beware!
Wealth Pact Platform
Wealth Pact operates as a Web based trading platform. The refusal to make use of industry standard such as MT4 or MT5 that are widely accepted for trading is one of the reasons why you should avoid this broker.
Wealth Pact leverage is mentioned 1:100 and can be increased to a high ratio. It is advisable you don’t consider doing that. In fact, it is against the regulatory leverage set by FCA, UK.
In spite the attractive offers Wealth Pact broker presents, we can’t find a free account for traders to test the platform before considering a deposit.
Wealth Pact Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. The licensed and regulation claims are false and must be avoided.
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Conclusion: Is wealthpact.com a Reliable Broker?
No, wealthpact.com is not a reliable broker for traders and because of that, you are advised to stay away from this broker.
The scam is on the wall for forex traders to avoid crossing path with wealthpact.com because its claimed license and lack of transparency are red flags.
Therefore, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
