WBankn: myths and reality
WBankn is a company with four years of experience and more than 300,000 active accounts. However, its history hides many contradictions, which we will discuss further.
Analysis of WBankn’s legal documents
The broker’s official portal is still in its infancy, not all sections are filled:
It’s strange that in 4 years the company did not have enough time to complete work on the website, which is its business card? It turns out that wbankn.com was registered back in 2014, but it remained empty for a long time. Only at the end of last November was it updated. Crafty scammers simply bought an old domain to dishonestly increase the age of their company. However, the mistake is that the legend contains information about only 4 years of activity.
At the bottom of the website, it is stated that WBankn is registered in Cyprus and even has a legal address. The company has also published license numbers obtained from:
- CYSEC (Document Number 685/16), Cyprus
- IFSC (Document Number 55/21/NR/48), Belize
- FSC (Document Number C6101576899), Republic of Mauritius
Checking these licenses with financial commissions in Mauritius and Belize is meaningless, as companies registered in Cyprus do not fall under their jurisdiction. In essence, scammers could attribute a dozen more licenses from various regulatory bodies.
The number mentioned in the legend, supposedly issued by the Cyprus Securities and Exchange Commission, was checked. The result was predictable. There is no license with this number in the CYSEC database! WBankn misleads regarding the regulation of its activities and the desire to work honestly.
Review of WBankn trading conditions
The pseudo-broker claims to have access to 150+ financial instruments (currencies, metals, stocks, commodities, etc.), and the daily turnover on its own platform is $85 million. There are no reviews confirming WBankn’s successful operation because it is another scam aimed at deceiving beginners.
The scammers are so impatient that they did not even provide a demo account. The minimum deposit amount in the project is $1,000. The following account types are available:
- Start. Minimum deposit – $1,000. No specifics about trading opportunities. Only instant order execution and leverage 1:20 are indicated.
- Progressive. To open such an account, you need to top up the balance with a minimum of $25,000. It differs from Start by having leverage 1:50, the ability to invest in PAMM accounts, no swaps, and access to trading metals, cryptocurrencies.
- Premium. Minimum deposit – $50,000. Leverage 1:100, deposit insurance, no swaps, personal manager, personal PAMM account, access to trading indices and ETFs.
The choice of payment methods is limited. Withdrawal and deposit of funds are possible only through electronic wallets, with their names not specified.
Reviews from real WBankn clients
Recently, there were no reviews about WBankn on Russian or English forums. However, the recent days have brought changes. We found such a review on the social network VKontakte:
Questions arose:
A former client describes in detail the scam scheme used by scammers:
Scam methods in WBankn
In addition to the scam scheme mentioned above, scammers resort to other methods. For example, when requesting a profit withdrawal, fraudsters may ask to pay additional fees and taxes. Even if a client fulfills all the requirements, not a single cent will be returned to them! This method is just a way to drive naive traders into a debt pit and extract everything from their wallets.
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Conclusion of the WBankn review
Relying on successful trading with WBankn is unreasonable. It is limited to playing the lottery, where the chance of winning is extremely low. The company presented here is a typical scam, created hastily, as evidenced by the poor design and content of the website.
WBankn blatantly misleads about the duration of its presence in the market, the presence of various licenses, and the favorable terms of cooperation. The absence of reviews works in favor of scammers who continue their scams with impunity. Be careful, do not become the next victim on their list!
