Here's another platform to avoid, WolfCFD (wolfcfd.com), as it faces criticism for blocking withdrawals. Members have been facing a hard time trying to withdraw funds from the platform. And that's just the tip of the iceberg, and the platform also seeks to sell your banking data. There have been several threats to some members after receiving calls from hackers. These came after Wolf CFD sold their information to third parties. Here's more in our detailed WOLFCFD REVIEW.
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WolfCFD claims to be an Intraday trading platform on the about us page. The platform's goal is to make trading simple and transparent to all classes of traders. Unfortunately, that's not the case, as most members find it hard to navigate through the platform.
The mission part of Wolf CFD is to make it a global corporation. Thanks to the treats members face once deposits are complete, we don't see that happening. No one has come out heaping praise on the platform.
And that's why we have to raise the red flags found on the platform. These are the features that make investing with wolfcfd.com a risky affair. As a result, several members are now facing the risk of having their bank balance exposed by third parties.
We have seen plenty of such platforms before. But unfortunately, these platforms heap praise on themselves and fail to deliver. The problem with such platforms is that no one tries to investigate them further. As such, the platform takes full advantage.
There's no background and history of the platform on their about us page. Wolf CFD wants us to take their word for it. The overall website design is faulty as the platform tries to have all information on one page.
Before you invest in any platform, experts recommend researching it first. Then, try and get to see what makes the platform tick. That's the best way to keep ahead and protect yourself from such ruthless platforms.
WolfCFD seems to offer one account type for all trading activities. However, there's also no mention of these accounts or the features available. And that poses a problem to members as accounts are open to interpretation.
There are several issues with Wolf CFD which might drag for a while. One of them is the account fails to mention the good deposit to start trading. The platform will take full advantage by trying to fleece every penny possible.
These are the red flags most members don't fail to spot. If the platform were transparent, they would set a minimum acceptable deposit. That's why regulators have agreed to a minimum sufficient deposit of €$250 in all jurisdictions.
We have to highlight the account features set, another missing mark. The platform pays little attention to crucial account features. Members don't know the acceptable leverage on the trading assets.
There's a chance the platform changes leverage depending on the trading asset. We also suspect the platform offers maximum leverage of 1:500. That's putting your trading position at risk as you're bound to lose more.
High leverage only profits expert and skilled traders and is done minimally. No one wants to put their position at risk due to high leverage. The only entity that benefits from high leverage is the platform.
Despite claiming to have a demo account, there's little to suggest the demo account works. The demo account doesn't integrate any trading platform. You only get a buy/sell option which is not right in the eyes of traders.
There's an affiliate program to try and attract as many investors to sign up. The affiliate program offers a commission of 25 percent. It seems like a positive way to earn passive income. However, before you join in, you need to understand the consequences.
For one, the platform doesn't release any commissions to members. Secondly, the platform is only interested in your connections. It will block them once it has more members and soon fade away.
Some risks come with investing or becoming an affiliate of such platforms. First, these platforms will put your reputation down the drain. That's why no professional affiliate wants to partner with the platform.
You get five classes of trading instruments available on the platform. These include commodities, crypto, forex, indices, and stocks. The commodities to find include crude oil, natural gas, sugar, etc.
Despite claiming to offer crypto trading, little is available on the matter. We expect the platform to provide leading cryptos such as Bitcoin, DOGE, Ethereum, Litecoin, and Ripple. The platform pairs them against each other.
Forex trading is rife at the platform as it's the main activity. You get to trade major and minor currency pairs. These include AUD, EUR, GBP, JPY, USD, etc. Unfortunately, there are no exotic pairs investors can use to spread risks.
Some of the indices to find include NASDAQ and S&P 500. Indices play an integral part for day traders. The platform also claims to offer unbeatable conditions for intraday trading. You also get to trade on the world's biggest stage.
Stock trading has been around for decades. The platform offers company stocks from all sectors, including the manufacturing and textile industries. Some of the stocks include those from Amazon, Apple, and Google.
There's a 20 percent bonus available on the platform. The bonus might appear appealing, but it's a well-laid trap. You won't get to withdraw a dime unless you pay back the bonus in full.
That begs the question, why offer the bonus in the first place. Instead, the platform seems to provide loans and term them as bonuses. Regulators warn investors from signing up with platforms that fail to offer such features.
No information is available as to who owns or runs the platform. And that makes investing with WolfCFD a high-risk option. However, without knowing who is responsible for funds, your chances of withdrawal are low.
Even recovery agents don't have what it takes to recover funds from such a platform. There's nowhere to start as the owner funnels funds to offshore accounts. That's why investing with wolfcfd.com is a risk.
There's no direct contact with staff members on the platform. Despite having a WhatsApp feature, it's managed by a bot. The platform does its best to limit communication with actual staff members.
We see a platform that will only call you when asking for more deposits. Once you do so, the calls stop coming in. The phone number listed rarely goes through, especially when you deposit and start trading.
Don't expect any safety of funds from a platform failing to offer reasonable trading conditions. The platform doesn't segregate accounts or offer insurance cover for deposits made. There's no regulatory body that protects members from such entities.
WolfCFD does not comply with trading regulations. There are no documents to prove that the platform complies with regulatory standards. That's why it's unsafe to trade and invest with Wolf CFD.
Please stay away from the platform or risk losing your funds.
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