Why is it not worth working with CommerceWealth?
By The Forex Review - 30 / March / 22 540
Dominick Bell
The broker CommerceWealth, operating in the UK, is a fraudster with a bad reputation.
When we get to the official website of CommerceWealth - commercewealth.com , then we will find that this company offers Forex trading services in the UK. In addition, CommerceWealth provides services for trading activities.
We analyzed the CommerceWealth website, got acquainted with the terms of operations, tried to get demo access to the software, studied the availability of documents, the region of registration of the company.
With the help of this information, we will figure out: CommerceWealth - fraud or not?
In addition, we will explain to you how not to fall into the trap of scammers, about their working methods. We will provide the necessary data to keep the investment safe.
The CommerceWealth organization is located in an offshore zone
A serious call that indicates that CommerceWealth is a fraud – the state of registration. The company is officially registered in the Republic of the Marshall Islands, which is already suspicious, since it operates in the UK. Offshore regions attract the attention of scammers due to the lack of legislation and supervision.
Also, this country does not have the rights to work in the Forex financial market.
In addition, when our employees tried to find the legal address, mentions of the owners and management commercewealth.com , then could not detect anything.
This suggests that commercewealth.com - a shadow online broker, working with which can result in significant monetary losses.
Lack of data on CommerceWealth organizers
After analyzing the official website, we have not been able to find plausible information about the directors of CommerceWealth. No physical or legal address, no phone numbers or other ways to get in touch.
Most likely, this means that the current owners are trying to hide information about themselves in order to avoid punishment for crimes. Even if it is possible to identify one of the managers of CommerceWealth, then everything will end with this, and the organizers of the fraudulent company will remain at large.
At CommerceWealth, the official website - commercewealth.com, works less than 30 days
On the website commercewealth.com it is said about the serious experience of operations in the Forex market.
The most common way to study a site is to obtain data about its domain. Most often, they indicate the age of the domain's existence, the contact details of the owner.
In this case, the CommerceWealth domain exists for less than one month, and all data about the individual who owns it is classified. Another evidence that the management of CommerceWealth is trying to remain anonymous.
Such a desire can be understood, but not when it comes to a company working as an intermediary between a trader and the Forex market.
At the same time, themselves commercewealth.com they assure their potential users that they have been effectively operating on Forex for many years.
Commercewealth.com there is no demo period
It is a common practice for brokers to give users a test version of their programs so that they can get acquainted with the interface, try their hand at trading on the Forex market with a fake currency.
Unfortunately, on the official website of CommerceWealth, we did not find any mention of the trial period, the opportunity to try rograms.
Probably the organizers of the CommerceWealth organization are simply not going to give users demo access to paid software, since someone is able to suspect something is wrong.
Online Broker commercewealth.com conducts activities with a negative balance
Legal organizations that operate in the Forex financial market do not use a negative account in their activities. By law, the user of an online broker is not able to spend more than he currently has on the balance sheet. In cases where the account still goes into negative, the loan will have to be repaid not by the client, but by the organization that offered the services.
In accordance with this, official online brokers do not use a negative account in their activities.
And yet, commercewealth.com provides its clients with trading with a negative balance, that is, on credit.
Why is this necessary?
In order to drive a trader into a loan and extort a loan from him. This is one of the most popular methods of fraud used by bandits.
If this has already happened, you need to remember that scammers do not have the opportunity to recover finances in accordance with the laws of the UK. Absolutely all methods of influencing users are criminal. The most that scammers are able to do is to bother with calls, send threatening messages.
With commercewealth.com it is impossible to work, because attempts to negotiate will result in losses.
CommerceWealth operates with a credit ratio of 1 to four hundred or more
Already now, it becomes clear that CommerceWealth are scammers. Nevertheless, we will point out another nuance, namely the existence of an excessively large leverage.
The credit ratio is the ratio of the money of customers and online brokers at the conclusion of a transaction. This makes it possible to conduct large trading transactions for users who do not have the appropriate finances available.
In order to protect the clients of the Forex market, in civilized countries, laws provide for the use of a credit ratio with a maximum ratio of one to thirty, in rare cases 50.
At the same time, CommerceWealth applies a leverage of one to four hundred for trading activities in the Forex financial market.
This ratio is allowed in Switzerland, because companies registered in this country enjoy high confidence. However, CommerceWealth is not registered in this power.
In fact, CommerceWealth cannot work on Forex with such a credit ratio, due to the high risk for users. Actually, this is used to force the trader not only to transfer as much personal money as possible, but also to drive him into debt.
Local CommerceWealth offices
It is considered solid for a firm to have local branches in developed countries, even if the work is carried out only in the UK. So CommerceWealth tells us that in addition to many awards, there are local representative offices in England, Australia and other civilized countries, as well as thousands of competent specialists.
It is quite simple to check the presence of these representative offices. After all, there are specialized structures that regulate the actions of Internet brokers. In Britain it is FCA, in Australia it is ASIC.
Accordingly, a law-abiding company must have supporting papers from data or other structures that will prove their right to provide services for trading in the Forex financial market, regulate the level of responsibility.
However, after checking specialized websites, our specialists could not detect them. Which once again confirms our suspicions.
For registration on commercewealth.com need to transfer personal data
As we reported earlier, CommerceWealth does not have a demo period and, accordingly, to gain access, you need to immediately transfer the minimum payment to the CommerceWealth bandits. In addition, access to your personal account commercewealth.com , it is possible only with the successful completion of identity verification.
This means that CommerceWealth requires its users to transmit data such as:
- Information about an individual;
- Data on the permanent place of residence (receipt for communal services);
- Information about the place of work, qualifications, experience.
In addition, at the first payment, fraudsters can gain access to bank account information.
As a result, this information may allow bandits to hang a loan on a gullible trader, or to carry out other criminal actions.
Since for registration on the site commercewealth.com , you need to send your personal data, our specialists have not yet gained access to the CommerceWealth personal account as well as programs for transactions on the Forex market.
Reviews about CommerceWealth
An important point of exposing CommerceWealth is the analysis of customer reviews.
A thorough study of the search results in search engines allowed us to obtain the following data:
- The main part of the mentions and reviews of CommerceWealth on the Internet is fake. These are the same type of positive reviews and comments of a custom type;
- All real reviews about CommerceWealth are negative. Our experts were unable to find reliable reviews from users commercewealth.com, which mention a decent profit, effective trading.
- Negative mentions are associated with criminal acts, theft of finances, artificial creation of debt.
Therefore, real reviews about CommerceWealth indicate that this online broker is a fraudster.
Contact Information and official CommerceWealth Papers
After analyzing the information on commercewealth.com our experts have seen a lot of dubious digital papers that can be easily made using a graphic editor. They are not confirmed by official companies, which means they cannot be trusted.
If an online broker is not affiliated with regulatory organizations, then its users simply have nowhere to turn for help.
On the "Contacts" page, our experts identified a phone number. It turned out that it had already been used by an illegal Internet broker. There are also many reviews on the web about fraudulent activities related to the phone number indicated on commercewealth.com .
Withdrawal of money from commercewealth.com
Are you going to make money with the help of an online Forex broker? Make sure that you can take money from him.
After analyzing the user agreement on the CommerceWealth website, we did not find any available information about the ways to withdraw the earned money. In addition, our experts found a description of the penalties for the lack of account activity, while there was no data about their amounts. Since scammers do not work in the official field, it is impossible to protest these levies.
That is, if the user has completed cooperation with CommerceWealth, they can alarm with calls and write messages demanding to pay a fine.
How does CommerceWealth operate?
The method of searching for users, which uses CommerceWealth, is also alarming.
Fake accounts on social networks are used for advertising, in which non-existent people broadcast about how they quickly managed to get rich by performing operations on the Forex market using CommerceWealth. Fakes put on display expensive cars and houses, travel to resorts and other signs of a well-off life.
Non-existent people promise a quick income, for which you do not need to study or put a lot of effort.
When a client gets in touch with scammers, CommerceWealth employees talk about the possibility of instant earnings, and in addition about the unique features of their services, which will make it possible to instantly make a big profit.
After that, all sorts of tricks are used to make it possible to get as many deposits from the client as possible. So, for example, you can create fake profits to provoke you to give away more funds.
When the work on Forex will be in the negative, the manager will offer to invest more in order to close the negative.
The employees of CommerceWealth act according to the methods developed by professional manipulators. They analyze customer data in order to put pressure on weaknesses, get more deposits.
One way or another, everything will lead to one of two options:
- If you want to withdraw finances before you find yourself in debt, you will be charged, the balance will be frozen, and everything will be done to force you to transfer more;
- When you allow the bandits to drive the account into debt, threats will fall, criminals will begin to demand return the fake loan.
An additional method to make a profit for CommerceWealth can be the transfer of your confidential data to third companies. We assume that, as a result, it is possible to buy comprehensive information about you for a moderate amount of money on an anonymous service on the darknet.
It is likely that as a result of this, various scammers, sellers, etc. will begin to write to you more often. You should also wait for calls from accomplices of CommerceWealth, who will begin to offer a "refund" of the lost money, of course for payment.
Since CommerceWealth does not operate in the official field and keeps anonymity, then commercewealth.com it will not be possible to force them to bear responsibility under the current legislation in the UK. The bosses of the fraudulent company are carefully hidden and in the best case, police officers will be able to capture one of the "administrators".
Should I believe CommerceWealth?
No way!
If you plan to give the bandits finances, then transfer them to charity.
In short, we will voice the evidence that says that CommerceWealth are criminals:
- Absence of an official residence permit;
- There is no test period;
- Lack of information about the owners of the company;
- The phone number is noticed in criminal frauds;
- Negative score;
- Leverage is more than one to 50;
- Negative reviews;
- False data on the site.
This concludes the CommerceWealth review. Obviously, CommerceWealth are scammers.
For your safety, we have compiled a blacklist of brokers.
