Waterman Bates offers an easy way to start trading. Unfortunately, most scam projects promise that you can easily start making money in the financial markets even without knowledge and experience. Therefore, we do not trust such promises at all. Let’s check what this company is and what reviews traders write about it.
- Waterman Bates General Information
- Registration and Client Portal Review
- Waterman Bates Trading Conditions
- Account Types Review
- Trading Platform
- Waterman Bates — Deposit and Withdrawal of Funds
- Additional Options
- Is Waterman Bates a Scam?
- Legal Information and License
- Watermanbates.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Waterman Bates General Information
|Address||60 Paya Lebar Singapore|
Registration and Client Portal Review
The official website of Waterman Bates looks quite attractive at first glance. However, after studying it in more detail, we understood that the administration used a typical template to create it. Hundreds of brokers use the same. Additionally, there is only English on the platform. That means that the broker hardly belongs to the popular and international ones. We should note the abundance of self-praise here. Only the advantages of this company are listed everywhere on the site. At the same time, there is too little information about the legal entity.
What surprised us the most was the registration process. The problem is that Waterman Bates simply does not give the ability to create an account. You can only log in to the Client Portal. Usually, in such cases, that indicates the excessive closeness of the broker.
As a rule, you can get an invitation link to open an account only after contacting the manager. Or you can register on the platform if you are invited as a member of the referral program. In any case, neither is good. Honest brokers never hide the registration process.
Waterman Bates Trading Conditions
The trading conditions at this broker also did not particularly gladden us. In fact, there is nothing special about its services. However, excessive requirements are imposed on traders.
Account Types Review
Waterman Bates provides several types of accounts. However, the minimum deposit here is quite high. Let’s take a closer look.
|Account Type||Minimum Deposit, EUR||Commission||Additional Services|
|Gold Member||250,000||0.50%||Customer Support
Assets on Demand
As we have already noticed, the minimum deposit at Waterman Bates is huge. Usually licensed brokers do not set such restrictions at all. It’s hard to imagine that a beginner would want to risk such a sum without knowing anything about trading.
The fact aggravates the situation that the broker does not even have a demo account. With such a deposit, it is immediately offered to trade on a real account. Worse, the first three account types are actually no different. The services of a personal manager do not cost 20 thousand euros. It is completely unclear to us why Waterman Bates has such requirements.
In premium accounts, you will get a little more service. Among them will be analytics services, signals, and even processing applications for money withdrawals out of turn. However, there are also such ridiculous things as advanced CDCs. It seems that this broker just invents non-existent services to seem more solid. At the same time, the conditions do not specify what size of the spreads and what leverage is offered to clients.
The Waterman Bates trading platform also remains a real mystery. Since registration on the site is not possible, we were unable to see what kind of software Waterman Bates offers for trading. The website only states that it is a web trader. There is also a mobile trader that you can download to your smartphone.
Waterman Bates — Deposit and Withdrawal of Funds
There is a section in the Terms and Conditions in which the rules for deposits and withdrawals should be described. However, the link to this section does not lead anywhere. How to fund your account at Waterman Bates is another mystery. And we like this broker less and less.
Even though Waterman Bates did not bother to put the registration form in order, it requires verification from clients. Everything is standard in this part. You will need to send proof of identity, address of residence, and the legality of the origin of funds. So, you will need a color copy of your passport, ID card or driver’s license, utility bill, and a bank account statement.
As we understand from the description of the accounts, additional services of Waterman Bates include education and market analysis. However, the qualifications of the analysts who work here are not confirmed by anything. The whole team is completely anonymous. Education is offered in several ways. You can read ebooks yourself. Waterman Bates also offers to participate in webinars and one-on-one sessions with a mentor.
Is Waterman Bates a Scam?
A completely anonymous broker on whose platform it is impossible to register without an invitation raises suspicions.Let’s check whether it is possible to cooperate with Waterman Bates without fear.
Legal Information and License
No legal information is published in the Terms and Conditions. It is completely unclear with whom the trader enters into an agreement. Besides, hiding such important data is a violation of the law. Judging by the logo, we can conclude that the management company of this broker is Waterman & Bates.
Really, there is such an organization in the UK registry. However, the types of activities are not brokerage services. The company is engaged in management consulting activities other than financial management.
The fact further worsens the situation that this company is not on the FCA register. All brokers must be authorized there. Otherwise, they provide services illegally. Waterman Bates does not have a license to work.
Watermanbates.com Domain Info
Please note that the real Waterman Bates was incorporated in 2019. Meanwhile, checking the domain showed that it was registered quite recently. The site was created on October 31, 2022. That means that the broker is simply posing as another legal entity. That is a fairly common fraud scheme.
The contact details look ridiculous. Waterman Bates provides phone numbers with Canada and UK codes. However, the office is located in Singapore. And this is even though the scammers pose as an English company. By the way, you are unlikely to get through to these phone numbers. Managers either ignore calls, or phone numbers are invalid.
An important detail that we would like to draw your attention to is the presence on the site of such a program as AnyDesk. Many scammers use it to get to your personal data. In any case, do not download it to your PC or smartphone. Never give access to your data to third parties. Only scam brokers use this program. They lie that it is needed to help you understand trading. In fact, they steal your personal financial information.
Pros and Cons
- Education and other additional services.
- The minimum deposit is too high.
- Trading conditions are not fully described.
- No registration.
- A small real term of work.
- No license.
- Negative reviews.
Frequently Asked Questions (FAQ)
The company writes that it offers CDC trading. The detailed description of the trading conditions states that the broker offers only CFDs as assets.
The broker sets very high requirements for the minimum deposit. According to the terms, you will need to fund your account with at least 5 thousand euros.
No, it’s not safe. Waterman Bates is a scam broker that pretends to be a real company.