Commerce wealth Spreads, leverage, minimum deposit Revealed

WikiFX | 2021-12-05 21:24

Abstract：CommerceWealth is registered in St. Vincent and the Grenadines (SVG), a popular destination for untrustworthy entities which are trying to escape financial, or any other regulation imposed. Commerce wealth brokers being located in SVG, is alone enough to deduce the fact that they are NOT REGULATED as forex brokers. Consequently, this means they are illegal and should not exist as brokers.

　　General Information &Regulation

　　CommerceWealth is registered in St. Vincent and the Grenadines (SVG), a popular destination for untrustworthy entities which are trying to escape financial, or any other regulation imposed. Commerce wealth brokers being located in SVG, is alone enough to deduce the fact that they are NOT REGULATED as forex brokers. Consequently, this means they are illegal and should not exist as brokers.

　　Market Instruments

　　CommerceWealth claims to trade in over 100 currency pairs, commodities, indices, commodities and various crypto currencies.

　　Minimum Deposit

　　The minimum deposit required is 5000 USD with the Starter Account. A huge sum, compared to the rest of the market, in fact, there are too few brokers with similar conditions. It‘s a financial suicide for you to deposit such a huge amount, taking into account that there isn’t demo trading available and the broker itself is registered offshore.

　　Leverage

　　Commercewealth, according to their website, offers clients a whooping 1:400 leverage and have traded with over 20k clients.

　　Spreads & Commissions

　　There wasnt any mentioning about spreads in their account presentation, but on their homepage is a small pricing chart to be found, which shows 3 pips EUR/USD spread in the middle of the London session, too big if compared with the rest of the brokers in the industry.

　　Trading Platform Available

　　CommerceWealth says to offer MT5 trading accounts, no demo trading accounts available, a huge disadvantage and you should stay away from brokers who do not offer such an opportunity. There is always something fishy going on, if you are not allowed to give it a tryout.

　　Deposit & Withdrawal

　　The funding methods listed by CommerceWealth include credit/debit cards, PayPal and wire transfers. Also other payment methods are available in accordance with the clients country of residence. The withdrawals are said to be processed within 1 to 5 business days. The minimum withdrawal sum is 50 USD through wire transfer, bank card withdrawal limits are not specified.