Want Broker: Professional Review
Want Broker has extensive experience and direct access to financial markets. The company emphasizes that its success is due to trust-based relationships with partners and reliable liquidity providers. But should we believe everything at face value?
On the official Want Broker website, there is an active surge of positive reviews from clients, praising the company. Additionally, we encountered an abundance of standard promotional reviews, leading us to question the reality of the situation. Such aggressive promotion is often characteristic of fraudulent schemes. Therefore, we decided to conduct a reliability check on Want Broker.
What Do We Know About Want Broker?
Purporting to have vast experience in the financial markets, Want Broker, to our surprise, turned out to be a liar. According to whois data, the site was only activated at the end of 2019 and is owned by a private individual (identity hidden).
All of the broker’s contact details are only available in English and are protected from copying, creating additional barriers to verifying the authenticity of the information. All of this appears to be a deliberate obfuscation of negative details. And, to our surprise, these are not just assumptions!
Want Broker states that the company ICAPITALS LIMITED from Saint Vincent and the Grenadines is its counterparty. However, it’s worth noting that the same information is provided by every other offshore broker. There is no registration information available, and verifying them is nearly impossible since the specified jurisdiction lacks a publicly accessible register of legal entities.
It is also worth noting that ICAPITALS LIMITED also operates the company WANT.TRADE, the predecessor of which received a deluge of negative reviews. Based on available screenshots, their website is an exact copy of the Want Broker site. The blatant cloning of a project, rebranded in 2019, speaks for itself.
License and Supervision
Want Broker refers to having certificate №9488107-2018 from FSRS (Financial Services Regulation Scheme). However, research has shown that this is a fictitious regulatory body associated with numerous scam projects such as 500Capital and GDMFX. Additionally, the FSRS office is located in the United Kingdom, where financial market regulation falls under the FCA. FCA is the sole authority in the country with the right to license brokers. The others are “of the wicked one.”
Want Broker also lacks the necessary documents, permits, and licenses from the Central Bank of the Russian Federation to provide services to Russian traders. In case of financial losses, clients cannot rely on the regulator’s support since the user agreement absolves the intermediary of liability for client losses.
Want Broker’s Offers
Want Broker promises access to over 1000 instruments, including trading currency pairs, stocks, futures, and metals. To attract clients, the shady company offers a demo account and a 100% deposit bonus (a practice often inherited from second-rate casinos).
The company claims to partner with leading liquidity providers but does not disclose their names. Considering Want Broker’s dishonest reputation, all of this is a deceptive lure. No reputable counterparty would engage with scammers. According to reviews, transactions are not transmitted to the real market. It’s a typical “kitchen” setup designed to give the illusion of trading.
- “Micro”. Minimum deposit – from 250 dollars. Features: floating spread from 0.01 points, leverage up to 1200x, stop-out 25%.
- “Mini”. Initial deposit – from 1,000 dollars. Has a greater variety of financial instruments than the “Micro” type.
- “Standard”. Requires a minimum of 5,000 dollars to open an account. The only difference from “Mini” is leverage up to 600x.
- “Master”. Minimum deposit – 10,000 USD. Features: leverage 400x.
- “Expert”. Requires 25,000 USD to open. Difference from “Master” – fixed spread.
- “VIP”. Minimum deposit – 100,000 USD. Additional: leverage up to 1:100.
Client Reviews
Real clients in their reviews accuse Want Broker of fraud and theft.
Fraud Scheme
A former manager of Want Broker detailed how the fraud scheme operates in the company. After reading his review, it becomes clear that the chances of successful cooperation with this broker are nil.
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Conclusions
Want Broker is yet another product from blatant scammers trying to mask their activities with positive reviews. Their previous project already failed, so they are trying to extract maximum benefit from the new brand. This is typical fraud! Otziv-Broker strongly advises against dealing with this company.
My experience with Want Broker was highly unsatisfactory. I found their offers to be underwhelming and not at all competitive. It seems they prioritize their profit margins over their client’s financial goals. The customer service was disappointing as it was difficult to get clear answers to my queries. Their user interface was also rather confusing which only further complicated my trading process. Overall, I am just not impressed by their services. Will not recommend it.