Warren Bowie & Smith (WBandsmith) is a forex broker that claims to offer a variety of trading services, including CFDs, forex, and commodities. However, there is a growing body of evidence that suggests that WBandsmith is a scam.
Company Overview
WBandsmith’s website claims that the company is headquartered in London, England. However, there is no evidence to support this claim. The company’s contact information is also hidden, making it difficult to reach them.
The WBandsmith website does not list any of the company’s executives or staff. This is another red flag, as legitimate brokers typically disclose this information.
Services or Products
WBandsmith claims to offer a variety of trading services, including CFDs, forex, and commodities. However, the company’s website does not provide any detailed information about these services.
There are also no trading fees or spreads listed on the WBandsmith website. This is another red flag, as legitimate brokers typically disclose this information.
License and Regulations
WBandsmith is not regulated by any major financial authority. This means that the company is not subject to any oversight or regulations, which makes it a risky proposition for investors.
Why Dealing With An Unlicensed Broker Is Risky?
There are several reasons why it is risky to deal with an unlicensed broker. First, unlicensed brokers are not subject to any oversight or regulations, which means that they can operate with impunity. This means that they can engage in fraudulent or unethical practices without fear of repercussions.
Second, unlicensed brokers are not required to keep client funds in segregated accounts. This means that your money is not protected in the event that the broker goes bankrupt or disappears.
Third, unlicensed brokers are not required to provide customer protection measures such as negative balance protection. This means that you could lose more money than you invested if the market moves against you.
Legal Warning Against WBandsmith
The Financial Conduct Authority (FCA), the UK’s financial regulator, has issued a warning against WBandsmith. The FCA has warned that WBandsmith is not authorized to provide financial services in the UK and that it is likely to be a scam.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Client Feedback
There are several complaints about WBandsmith online. Some users have reported that they were unable to withdraw their funds from the broker. Others have said that they were contacted by WBandsmith’s representatives who pressured them to make a deposit.
Feedback About Their Trading
There are no reviews of WBandsmith’s trading services online. This is a red flag, as legitimate brokers typically have a number of positive reviews from their clients.
Feedback About Their Customer Service
There are also no reviews of WBandsmith’s customer service online. This is another red flag, as legitimate brokers typically have a good reputation for their customer service.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by WBandsmith or another unlicensed broker, there are a few things you can do. First, you should file a complaint with the FCA. You can also contact your bank or credit card company to dispute the charges.
You can also seek help from a financial recovery company. These companies specialize in helping people who have been scammed by forex brokers.
You also can submit your case through our website form. Our experts will evaluate the case and will schedule a free consultation call. During the call, you will get some recovery service recommendations, access to premium education resources, and professional guidance.
Final Thought
WBandsmith is a scam broker that should be avoided. If you are considering trading with this broker, reconsider your decision. There are many legitimate brokers available, so there is no need to take the risk of dealing with an unlicensed broker.
