WH SelfInvest Review: Transparency and Regulatory Analysis

As one of the oldest forex brokers on the market, WH SelfInvest definitely has many things to review. Letting clients choose between spread-based and commission-based accounts, proprietary trading platform, and other details were discussed in this WH SelfInvest review. So, let’s start.

WH SelfInvest Regulation and Security

WH SelfInvest is a broker owned by WH SelfInvest S.A. from Luxembourg. The company was established in 1989 and registered with CSSF in 2000. Practically, this is one of the oldest forex brokers on the market. Besides the entity in Luxembourg, the company has offices in France and Germany, regulated by AMF and BaFin. In addition, there are two representative offices in Belgium and Switzerland, regulated by FSMA and FINMA.

Based on this, it sounds like the broker is ideal. But maybe it just sounds.

Fund Withdrawal Issues

We decided to check WH SelfInvest reviews by investors and gather as much information about the broker as possible. For a start, the trading platform WH SelfInvest provides is Nanotrader, a proprietary web-based platform. Anyone who has experience with the financial market knows that using a web trader is not safe and not secure. Especially a proprietary one. The broker designed it, meaning it has the access to all the trades and all the funds. And that’s something you do not want.

Another thing we didn’t like about the broker is the minimum deposit requirement. If you want to start trading with WH SelfInvest, you will need to deposit a minimum of 2,500 EUR, which is rather high. Other regulated brokers allow clients to begin with as low as $100. Also, the broker holds an EU passport but offers leverage of 1:50. As per EU regulations, brokers are allowed to offer up to 1:30 for the Forex market. So, why is WH SelfInvest an exception?

And for the end, the broker offers spread-based and commission-based accounts. But in both cases, the client is overpaying. If you decide to go for a spread-based account, the EUR/USD spread starts from 1.7 pips. If, however, you choose a commission-based account, the spread is 1.0 pips, and the commission is 3.5 EUR. Some other regulated brokers are offering spread below 1 pip in cases of commission-based accounts, just for your comparison.

How Does Online Trading Scam Work?

Usually, online trading scams are following the same pattern. The client is signing up for an ad regarding online trading and getting a phone call from the company. After depositing the funds, the so-called financial adviser pressures investors to add more funds under various excuses. Once the client pays all the funds it can possibly afford to pay, the account is suspended, and withdrawals are impossible.

Beware of the WH SelfInvest scam, such as Platin Markets, MultiBankFX, OMC Markets and never provide your card details over the phone.

Scammed by WH SelfInvest?

If you were scammed by WH SelfInvest, you should know you are not the only victim. And luckily, there is a possibility of getting your funds back. First, you need to file a dispute and request a chargeback.

But what is a chargeback? It’s a way of refunding your card in case you were scammed online. For more details about the chargeback procedure, do not hesitate to contact our support team via chat.