This article is dedicated to an anti-hero in the Forex market - the so-called WestMark broker. This is yet another company that does its best to enrich itself by deceiving its gullible clients. An honest review of the website, activities and reviews of WestMark will help many traders to avoid the negative experience of knowing a professional cheater.
Often, pseudo-brokers are so-called one-day projects that are created and coordinated by groups of scammers. Sometimes one group of scammers has more than one project, designed for different countries of the world. Masterfully using bright advertising, demonstrating demonstrative kindness and emphasizing the desire to make their clients happy, the scammers rub in their trust and then, when the victim "takes the bait", take the money. That's exactly what WestMark does. Read the review and you will see how true it is and what you should pay attention to when choosing a broker to trade the exchange and not to be cheated by another fraudulent non-broker.
Types of trading accounts offered by WestMark
In order to attract the attention of not only newcomers, but also professional investors, who have been trading for many days, the office has prepared an extended offer. We are talking about several investment portfolios.
Packages have different conditions, are available with significantly different amounts of minimum deposits, and offer different functionality.
To become a member of a trading platform with the "Standard" package, a trader whose minimum deposit will be at least $250 can. If the amount available in this package is insufficient, the minimum deposit should be increased up to 5 thousand dollars and move to the "Super" package. The largest minimum deposit requires the "Ultra" plan. Here, the client is expected to deposit $10,000 or more. Each of the packages is questionable.
For example, the amount of deposit stipulated in the so-called "package for beginners" is almost twice the industry standard: the vast majority of companies with a good reputation set the average minimum deposit amount at $100. This indicates that scammers carry out financial operations not directly but through intermediaries. At first glance, this information does not matter to the trader - it is a broker's business. But in fact, when problems occur, it is impossible to prove the fact of money transfer - there is no documentary evidence of work with this broker - no money is transferred to his accounts. The movement of funds is planned on a cleverly designed chain, to confuse the traces in the case of inspections, etc.
The other two trading accounts differ only in the amount of the deposit, offering traders equal conditions for their use.
Whether the website of the swindlers is incomplete or they are too lazy even to describe the trading conditions of the packages, or the swindlers were in a hurry - the reasons are plenty, but the fact remains - a stamped site with low-quality performance, mistakes and cliched phrases.
Carelessness, deception and inattention to their customers. It's a common practice to present a scam project for traders.
WestMark Trading conditions.
The main activity of the broker is cryptocurrency and Forex markets. To date, these are the most popular and, by the way, profitable directions (just pay attention to the size of the minimum deposits).
The platform 24/7 provides the latest news from the financial markets, as well as an economic calendar to understand the value of assets and other events occurring on the exchange.
Traders are promised 24/7 support and up-to-date information from financial analysts.
Looking ahead, it should be noted that feedback from traders who have been "lucky" enough to work with WestMark suggests otherwise.
It is possible to interact with the platform via mobile devices and desktop computers. It is important for con artists to reach as many investors as possible.
When working with WestMark, the only financing method offered is credit/debit cards. Standard payment methods, including Bitcoin, Skrill, Neteller, the platform does not accept deposits. In fact - this is good news for traders, as they get the opportunity to redeem funds in case of problems. But it can also be an indication of the low level of the site and technical preparation of the company.
They charge a $25 fee for each withdrawal plus $10 for bank card processing and $50 for Wire Transfers. This is a real rip-off and it's rare to find such greedy platforms in the online trading industry. As for application processing, it takes 2-5 days to wait for the results of withdrawal request processing.
Probably, a beginner would consider it as a norm, but an experienced trader understands that this is a low quality service. If we talk about the majority of regulated brokers, in such companies you will not face withdrawal limits and commissions, and requests for withdrawal are processed within 2 days maximum.
By the way, the ability to withdraw money from the WestMark platform is not confirmed. Especially since traders in their reviews in one voice speak of fraud.
Avoid the next withdrawal fee (10% withdrawal fee) can traders who fulfill the minimum trading volume - to reach more than 200. The broker does not give any clarifications and explanations on this issue. However, this requirement is strange and not practiced by brokers with a good reputation.
There are no bonuses (i.e. leverage) and other trading incentives at WestMark.cc. This is a kind of plus, because it is extremely difficult to "jump" from the platform when taking the bonus offered - the company requires to deposit an amount equivalent to the bonus accrued and to comply with a number of related (often unfavorable for the trader) requirements. For example, completing a trading volume of 25 times the amount of the deposit plus the deposit.
WestMark by default charges the trader (10%/month deducted) for inactivity. On the platform, an account is considered inactive if there has been no movement for six months. In the practice of trading it is a large commission. Usually the commission on inactive accounts does not exceed $10/month.
Analysis of trading conditions and obvious unprofitable offers for traders is a good reason to refuse cooperation with the shady broker that hides behind the website WestMark.cc.
No screenshots or links to official documents on the website. In the section "About Us", by the way, named in so-called, broken English, there is only information about the year of foundation and the main directions of work.
The foundation of the company was made by a group of scammers in 2010. They present themselves as a "team of professionals". Without going into details, it's true - they professionally deceive traders around the world, leaving a long queue of defrauded investors.
In the Legal Documents section, the pseudo-broker constantly refers to a non-existent license, which appears exclusively in his mentions.
Asking the trader when registering a whole list of documents, including a clear photo of a credit card on both sides, for his part WestMark refers to the norms of financial companies in the UK.
Check for a license on the official website of the British regulator.
What we had to prove. After reviewing the sat and trading conditions, our fears were only confirmed. We are definitely dealing with a fraudster who illegally offers his services for an improper profit.
Let's see what else the domain verification service WestMark.cc will tell us.
On the official site, the company claims to have been operating since 2010. The domain name and therefore the site was registered in 2020.
By the way, there are mentions that it is made in Reykjavik, Iceland.
A lot of inaccuracies and hidden information about the company, its documents and activities.
What is known for sure - scammers who offer to take part in bidding through the project WestMark.cc work without legal documents (licenses, certificates, etc.)
WestMark Reviews online
Despite the assurances of WestMark on their website that they have been operating since 2010, the first mention of this so-called broker in reviews of traders date back to 2020. The period when the website also appeared (08/31 2020).
WestMark.cc is a typical representative of the offices, which are called "fly-by-night companies", i.e. he does not care about reputation. Their goal is not to work in trading for the future. Their goal is to collect as much money as possible fraudulently and to do it as fast as possible.
Our words are confirmed by the ease with which we found reviews in different languages from real traders informing about financial scams of this swindler.
As you can see from the feedback, deceived traders most often focus on the machinations of the company.
Users complain that the broker does not withdraw money. Instead, clients receive promises of swift payouts. However, the company did not make a single withdrawal, as the money flew to fraudsters' offshore accounts.
WestMark clients also write in their negative feedback about regular phone calls from employees who forced (often with rudeness) them to increase the volume of trading and the amount of the deposit. Otherwise the client was threatened to lose all already accumulated funds on the balances.
Customer demands for immediate withdrawal of all funds ended with the blocking of the account, citing technical problems with the site.
All attempts to contact the broker after the occurrence of problems prove to be futile - the scammer simply ignores requests.
Safety and security of funds with WestMark
Capital protection is out of the question with WestMark. The company is operating illegally, so the activity is not controlled by any regulator. The company's website says that they are not responsible for the security of the trading platforms and the safety of their clients' accounts.
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WestMark is an illegal office-fraudster whose aim is to deceive as many clients as possible while it manages to stay on the market. One thing is clear - cooperation with WestMark guarantees disappointment and 100% financial losses.