Whalestep Review – Regulations, Shady Conditions, and Much More
Whalestep Review – Regulations, Shady Conditions, and Much More

The Whalestep company is allegedly incorporated in the United Kingdom. The official name presented in the registers is Whalestep Corp Ltd. Since its registration in July 2023, the company has been providing fund management services and administration in financial markets.

But Whalestep regulation seems to be non-existent. If that’s the case, everything falls down the drain. To find out what the case is, read our Whalestep review carefully.

Regulated by: No regulations
Is This Company Safe? No
Known Websites: Whalestep.net
Have Warnings from: N/A
Registered in: UK (allegedly)
Operating since: 2023
Trading Platforms: Web trader
Maximum Leverage: 1:100
Minimum Deposit: N/A
Deposit Bonus: Not avaialble
Trading Assets: Cryptocurrencies, Forex, Commodities, Indices, Shares
Free Demo Account: Not available
How to  Withdraw from This Company? Considering quite mysterious trading conditions and lack of regulations you can expect a wide range of withdrawal problems. If any occurs, our refund specialists offer you a free first consultation. Don’t hesitate to contact us if you want to get your funds back!

Legal info: Is Whalestep Legit or a Scam?

Luckily or unfortunately, whatever you like, the Whalestep scam is quickly exposed. Since the company claims to be registered in the UK, it must have a license. Primarily issued by the Financial Conduct Authority (FCA) for trading with UK residents.

They do not have an FCA approval or any other Tier 1 regulation. For instance ASIC, BaFin or CFTC. With this in mind, traders can’t expect any funds protection measures. In the first place, the compensation scheme, which is quite important for traders.

Who are Whalestep clients?

According to the UK Companies House, the Whalestep investment firm has been active since July 2023. Since then, they have been mainly targeting European countries. For example:

  • Poland
  • Hungary
  • Slovakia
  • Czechia
  • Ukraine

So far, nobody is talking about this firm. Therefore, be the first one to leave a comment. Let us know what your experience is, and we can analyze your case and offer you refund advice. Also, we invite you to check our eXcentral review for more trading tips.

Leverage, Commissions, Spreads, Fees and Taxes

One of the first signs of this scam is the company’s leverage. As it seems, traders get leverage of 1:100 while in the UK, the limit is 1:30. Even the European Securities and Markets Authority (ESMA) requires companies to provide a maximum of 1:30.

With excluded negative balance protection, you can definitely expect a lot of issues. Primarily the risk of getting into debt. Not to mention that without precise fees, spreads, and commissions, you can face unexpected costs. All in all, there is nothing to regret if you don’t try it.


In general, the company doesn’t reveal any bonus offers. But that doesn’t mean they don’t have it. In either case, you have to always check the bonus policy first. Otherwise, you might face uncomfortable situations where you can’t withdraw funds.

Whalestep Trading Features

Practically, all the trading features with this brokerage are hidden. Therefore, before you sign up with them, you don’t know anything. But once you sign up, it’s already too late. The calls are starting. Anyway, you won’t miss out on anything if you skip their offer and look for licensed firms instead.

Trading Platforms Available

Most traders prefer trusted third-party solutions like Meta Trader. Even the cTrader is a favorable option. But when you see only web-based software in the offer, you better run.

Even though the data is driven from reliable sources, live profits and losses, fees, and margins might be manipulated. Consequently, everything becomes questionable. In fact, that’s exactly why we always recommend licensed firms.

Available Trading Assets

Another key fact is that the company doesn’t reveal its offer transparently. None of the tradeable assets are revealed. Therefore, you have the option to risk investing or be patient. In any case, you can expect major instrument classes like:

  • Currency pairs – USD/GBP, EUR/AUD
  • Commodities – gold, silver
  • Shares – Tesla, nVidia
  • Indices – S&P 500, NASDAQ
  • Cryptos – BTC, LTC

Account Types

Surprisingly, this investment firm is not revealing any investment plans. Neither do they mention the minimum deposit requirement. Whatever it is, if you still want, for some reason, to try their services, pay with the card. Otherwise, you won’t have a chargeback option.

Mobile Trading App

Companies without proprietary or third-party software often don’t have iOS and Android apps. That’s exactly the situation with Whalestep brokerage. Which is a huge disadvantage for any firm. To find out why that is, make sure to check our ROinvesting review.

Demo Account

Hiding trading conditions, features, and costs is a very common strategy with scam firms. That’s why they don’t even have a demo account. Otherwise, all those flaws would be visible to everyone. Yet, with Tier 1 licensed firms, you have all kinds of risk-free options available. But primarily, a demo account.


Regardless of the offer the company presents, none of its features can be trusted. Especially if they offer any education. In general, only educational programs from licensed institutions can be considered reliable. If you keep learning from swindlers, you will just learn how to throw money away.

Whalestep Withdrawal

Another key fact about this company is that the withdrawal policy doesn’t exist. Neither do they reveal the payment options. So, why trust any firm that is not transparent with you? There’s not a single reason.

Especially when the company lacks regulations and transparency. Firstly with withdrawal processing time and fees. Thus, that’s exactly where you can expect most manipulations. Be aware of non-existent fees or taxes with unregulated brokerages. Very often, these are made up under pressure to extort the last money from a client.

Customer Support

Even though the contact options like phone numbers appear legitimate with this company, don’t bite it. Considering too many misleading facts and hidden details, these might be VOIP services. 

Anyway, there are four numbers available from different European countries. Besides, you can contact them via e-mail. Yet, some advanced features like live chat and Skype are not available.

Key Information To Consider About Whalestep

In the first place, the company is operating from the United Kingdom without regulations. None of their services are transparently presented to new customers. Which might make anyone wonder if those are legitimate. In addition to that, trading conditions remain mysterious, and the leverage of 1:100 is not something to brag about.

All in all, too many things that could go wrong. Since nobody talks about this brokerage, be the first one to share more details. Leave a comment below or contact us directly. Ultimately, our chargeback experts can advise you if you have withdrawal issues. Don’t hesitate because the first meeting is free of charge.

FAQ Section

What is Whalestep?

Whalestep is an unregulated company operating since July 2023 from the United Kingdom.

Is Whalestep a Legit Investment Opportunity?

Whalestep is not a legitimate opportunity. Primarily, their services are not regulated by any trusted authority. But also they are not transparent, unlike other UK-regulated brokers.

Can I Recover Money From an Investment Scam?

Definitely. Yet, the process depends on the payment method. To avoid any mistakes and apply for a refund properly, we suggest you contact our refund specialists.


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