WebTrader has been flagged by Financial Services Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
The only good thing about WebTrader is that they remind you why regulation matters. I found them through a podcast recommendation. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Easy to use platform|Fast deposits|Automated trading options|Easy withdrawals
Cons: None so far|Mobile app could be improved
For anyone considering WebTrader, please be aware that this company has been flagged by Financial Services Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction
I want to warn everyone about WebTrader. They have been flagged by Financial Services Authority as an unauthorized entity. I wish I had checked before investing. They use high-pressure sales tactics and fake testimonials. Once you send money, getting it back is nearly impossible.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
Tried to withdraw my funds from WebTrader and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Pros: Professional looking website
Cons: Blocked my account|No legitimate license|Fake returns
I experienced a security concern with my WebTrader account and reported it immediately. Their response time was inexcusable for a financial platform. It took them four days to acknowledge my report and another week to actually address it.
Pros: Dedicated account manager|Risk management tools|Easy withdrawals
Cons: Minimum deposit could be lower|Live chat only during business hours
KYC with WebTrader is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Dedicated account manager|Personal attention
Cons: No fractional shares
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. WebTrader recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Multiple order types|Two-factor authentication|Fast execution|No hidden fees
Cons: Account statements could be more detailed
I found this company through a friend who recommended it. Before investing, I checked various regulatory databases and found that WebTrader has been flagged as an unauthorized entity. I informed my friend immediately. Please always verify with official sources - a quick search could save you thousands.
Pros: Website looks legitimate on the surface
Cons: Not registered with regulators|Unrealistic promises