Today, we will take a closer look at Alwasit Company, a brokerage firm that has recently been gaining attention in the trading world. With numerous scam brokers out there, it’s essential to thoroughly evaluate any new broker before investing your hard-earned money. So, let’s dive into this review to determine whether this broker is trustworthy or just another scam.
- Alwasit Company General Information
- Registration and Client Portal Review
- Alwasit Company Trading Conditions
- Account Types Review
- Trading Platform
- Alwasit Company — Deposit and Withdrawal of Funds
- Verification
- Is Alwasit Company a Scam?
- Legal Information and License
- Elwasit.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Alwasit Company General Information
| Website | https://www.elwasit.com/ |
| Phone Number | 971529298657 |
| support@elwasit.com | |
| Address | Emirates / Abu Dhabi – Mushrif – Arabian Gulf Street |
| License | — |
| Minimum Deposit | — |
| Assets | CFDs |
| Leverage | — |
| Trading Platform | WebTrader |
Registration and Client Portal Review
The broker’s official website has several shortcomings. First, it is cluttered with excessive and meaningless content, making it difficult for users to find essential information. The overall design and layout are also subpar, which can leave a poor first impression on potential clients. Additionally, there is a lack of detailed information about the company, including its history, regulations, and management team. The website’s navigation is also convoluted, which can frustrate users trying to find specific pages or features. All of these may lead potential clients to question the legitimacy and trustworthiness of Alwasit Company as a broker.
The registration process with Alwasit Company is a complete joke. It’s way too easy to sign up, and they don’t even bother verifying your email or phone number. This is a huge red flag for anyone who cares about their security and privacy. It means that anyone can create multiple accounts with fake credentials and use them to scam other users or manipulate the markets. Stay away from this broker if you value your money and personal information!
The Client Portal at Alwasit Company is underwhelming, to say the least. It’s a cookie-cutter platform with minimal features that offers nothing of value to traders. Moreover, the portal is slow and unresponsive, making it frustrating to use. It seems like Alwasit Company invested very little in developing a user-friendly and functional portal, which is a major letdown for clients who expect a better trading experience.
Alwasit Company Trading Conditions
Trading conditions are crucial for any trader, as they directly impact the profitability and risk management of their trades. At Alwasit Company, we have carefully analyzed and evaluated trading conditions to provide an informed review.
Account Types Review
Rather, we attempted to analyze the broker’s trading conditions, but unfortunately, we were unable to do so. The website does not provide any information or details about the broker’s trading parameters or conditions. This lack of transparency is concerning for traders as it makes it difficult for them to make informed decisions about whether or not to trade with this broker. Without clear information about trading conditions such as spreads, leverage, and commission, traders are left to guess about the costs and risks associated with trading with Alwasit Company.
Trading Platform
Alwasit Company offers to download a trading platform or use a web trader. Unfortunately, both options are equally bad. The trading platform looks like it was created in the 90s and lacks basic functionality, while the web trader is slow and clunky, making trading a frustrating experience. Overall, the software offered by Alwasit Company is a major disappointment.
Alwasit Company — Deposit and Withdrawal of Funds
Alwasit Company offers several payment methods, including Visa, Mada, wire transfers, and Mastercard. However, it is unclear if there are any fees associated with these payment options, as the website does not provide that information. As for withdrawals, the processing time will depend on the payment method used.
Verification
To start trading with Alwasit Company, clients have to go through a verification process. This process involves submitting several documents to follow regulatory requirements. You have to submit a copy of your passport or government-issued ID, proof of address, and a recent bank statement or utility bill. These documents must be clear, legible, and not older than three months. The verification process can take several business days to complete, and you will be notified of your account status via email. It’s important to note that failure to complete the verification process may result in account restrictions or suspension.
Is Alwasit Company a Scam?
The inaccessibility of information about trading conditions is definitely not a good sign. Let’s try to figure out what’s wrong with this company.
Legal Information and License
Serious concerns arise regarding the legal information of the broker. It appears that creators have trouble keeping their own names straight, referring to themselves as both Alwasit Company and Elwasit Trade. Moreover, there is no legal information, registration number, or any hint of a license provided on their website. The company is not listed on the Abu Dhabi registry either. Based on this information, we can conclude that this broker does not exist in the legal field and is likely a fake company.
Elwasit.com Domain Info
The domain was registered on February 15, 2022. Such a short lifespan of the broker is definitely not a good sign. It indicates that Alwasit Company may not have enough experience in the market, and there is a risk that it may disappear soon, along with the traders’ funds. Additionally, a short lifespan may raise questions about the broker’s reliability and trustworthiness, making it more difficult for traders to trust their investments.
Contacts Review
Contact details are provided in full, but there is no ground office at this address. Also, we have met complaints from traders about this support team. Managers quite often just ignore customers.
Pros and Cons
- None.
- No legal registration.
- No license.
- Short lifespan.
- Opaque trading conditions.
- Negative reviews.
Frequently Asked Questions (FAQ)
The broker offers CFD trading and investments. And these are all the details that are specified in the conditions.
The minimum deposit is not specified. Perhaps the broker’s managers will help to find out this question.
No, definitely not. It is a fake unlicensed broker that is not even worth wasting your time on.
It is a complete scam. They took my money and disappeared without a trace. Stay away from them!
I invested a large sum of money with this broker, and regret it deeply. They have been delaying my withdrawal for months and I’m not sure if I’ll ever get my money back.
Scammers
I signed up for Alwasit Company a few weeks ago, and it was a big mistake. Their platform is extremely difficult to use, and I lost a lot of money trying to figure it out. When I tried to withdraw my remaining funds, I was met with a lot of resistance. They kept delaying the withdrawal process and asking for more and more documentation. I finally gave up and decided to cut my losses. This company is not trustworthy, and I would not recommend anyone to invest with them.
Scammers are everywhere
I had a terrible experience with TowerTrade360. I invested a significant amount of money and was promised high returns, but after a few weeks, I couldn’t access my account. When I tried to contact customer support, they were unresponsive and refused to give me any information about my account. I later found out that the company had shut down and disappeared with my money. It’s clear that this was a scam. But how is it connected with the Alwasit Company? Very simple. These are all horses from the same fraudulent line! Stay away from them.