Every aspiring investor out there needs certain trading equipment to achieve financial success. The WRC1.com broker claims to provide everything from sophisticated software to premium education. This WRC1.com review investigates just how true that is, so read on and keep your guard up at all times.
| Regulated by: | FSC (Mauritius) |
| Is This Company Safe? | Since it operates under weak regulatory supervision, this firm cannot be considered safe! |
| Known Websites: | wrc1.com
worldcapital1.com |
| Have Warnings from: | N/A |
| Registered in: | Mauritius |
| Operating since: | 21.06.2023. |
| Trading Platforms: | MT5 |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | $250 |
| Deposit Bonus: | No |
| Trading Assets: | Forex, Crypto, Commodities, Stocks |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Contact our legal team if this company refuses to release your funds. |
Questionable Offshore Regulation
The WRC1.com regulation is unfortunately difficult to either prove or disprove. The website should be owned by GMBB Investment Ltd, an entity licensed by FSC Mauritius.
While the mentioned firm does indeed hold an FSC license, it’s impossible to verify that they operate the site in question. One of the limitations of offshore regulators is that they do not offer full insight into corporate information.
Furthermore, the same website contains a piece of information that does not hold up to scrutiny. Namely, the payment service provider should be another entity, GMBB INVESTMENTS CY LTD, which is allegedly regulated by CySEC. Searching the actual CySEC database for the firm, however, yields no results.
There are several other domains that mention the same parent companies. These are worldcapital1.com and nrdx.com, both with the same sort of unverifiable data.
We’ve dealt with many fraudulent companies such as Zonda Crypto that use confusing information like this to deceive victims. While the WRC1.com broker may indeed be legit, the loose regulation coupled with conflicting corporate data means we do not recommend their business.
Who Uses The Service?
The WhoIs domain registrar shows that the wrc1.com site was first launched in June 2023. The residents of these nations form the main client base of the company:
- United Arab Emirates
- South Africa
- Qatar
- Saudi Arabia
Much of the advertising is done through social media. We can see different profiles on all popular platforms, including Instagram, LinkedIn, CrunchBase, and YouTube to mention a few.
The WRC1.com forex provider also takes full advantage of a dedicated WhatsApp channel, much like Axiance we reviewed some time earlier.
Positive Scores Overall
With two separate domains, the pages for any WRC1.com reviews are doubled as well. This certainly introduces another layer of confusion in the evaluation of the company, no matter the positive ratings the broker enjoys.
So far, we’ve found two separate pages for wrc1.com and worldcapital1.com on SiteJabber, and another double page on TrustedReviews as well. On TrustPilot, the score is the average 3.8 stars out of 11 total reviews so far.
It’s important to mention that bogus firms use fake testimonials posted by review seller networks to boost their reputation. If you suspect any foul play from this forex trading firm, contact our legal experts.
Fees Hidden in Legal Papers
Legal documents tend to mention several types of fees. For example, there’s a 3% plus 0.25 cents fee per deposit, with additional handling fees per each payment, which aren’t revealed.
There are also application fees of 50 EURO/USD/GBP that are charged on every new account registration. Inactivity fee is charged after 60 days and it raises from 160 to 500 EUR/USD/GBP.
As for the trading conditions, only leverage of 1:500 is revealed, while spreads are only given for VIP accounts and they start at 0.6 pips on EUR/USD.
Not a Typical Bonus Scheme
Instead of offering cash rewards on deposits or first-time investments, the company offers so-called cashback. The idea is to allegedly reward traders with a small amount $7-$10 per each lot traded. The exact condition for withdrawing this cash reward is not known.
There’s also monthly rewards for most active and successful traders, but that remains wrapped in a veil of secrets, too.
Trading Features Overview
While the advertisements on the site certainly seem enticing, we encountered a few difficulties when trying to access the trading area. Without checking the information first hand, any adverts are for naught.
Nearly all hoax sites use false advertising as one of their primary methods of deception. Keep this in mind should you consider investing with this firm.
MT5 Trading Software
The main trading software with this company should be the industry standard MT5 program.
That’s all fine and dandy, but while doing research for our WorldCapital1 review, we couldn’t gain access to it. The existence of this app, thus, remains unverified.
App For Mobile Devices
The company has launched their own proprietary software. It is available on AppStore and GooglePlay, but it does not seem to be very popular.
So far, the software has been downloaded around 1,000 times, with an average rating of 4.6 which is not too bad.
Asset Information
The amount of available instruments allegedly reaches over 300. That’s highly questionable, as dubious brokerage platforms don’t often present realistic data. Here’s the listed groups of tradable products:
- Forex – EUR/USD, USD/CAD, USD/NZD
- Crypto – BTC, ETH, XRP
- Shares – Tesla, Meta, Amazon
- Commodities – Oil, Silver, Gold
Overcomplicated Registration
Setting up a new account might be difficult due to regional restrictions.
Even if the service is available in your country, you can’t sign up without a phone verification. That way cons to obtain your personal information easily and proceed to push you into investing.
All WRC1.com account types offer something attractive like signals and guaranteed trades to support the illusion of premium conditions. Deposit requirements per each package are not known, only the names:
- Classic
- Bronze
- Silver
- Gold
- Diamond
Lackluster Education
At first glance, the education materials seem to be top-notch. However, only the most basic of the classes, such as how to read candlesticks and an introduction to terminology are available for the general public.
The rest require a valid account which we could not obtain. From what we’ve seen so far, though, the quality of education classes and their order leave a lot to be desired.
Payment Methods
Allegedly swift and instantaneous, monetary transactions are available via the following channels:
- Credit cards
- Bank Wire
- E-wallets
While the website says that deposits are free, legal papers say otherwise. That only means that hidden WRC1.com withdrawal terms and taxes probably also exist, so there’s nothing this portal claims that is trustworthy.
Who Assists Clients
At first, judging from how the website brags about the diligence of their staff, it seems as if there really is a client support office contactable via:
However, after several tries, it doesn’t seem like anyone plans on answering our repeated inquiries. That doesn’t quite instill trust, does it?
What To Do If You Suspect Illicit Conduct
Some of the legal aspects of this company are more than enough to raise a few eyebrows. With poor overall features and a difficult login procedure, this firm is far from what we’d consider to be a reliable brokerage.
We never recommend investing with offshore companies, as they are likely to abuse their poor regulatory conditions. Should you need help recovering assets from this entity, feel free to contact our legal professionals.
FAQ Section
What is WRC1.com?
It’s an offshore forex broker that suffers from poor transparency, and a lax licensing framework.
Is WRC1.com Legit?
While the company is only regulated in an offshore environment, it is potentially unsafe as it engages in false advertising strategies.
How to Withdraw Money From WRC1 Broker?
Contact customer support and request a withdrawal. If this fails, contact our expert team through the live chat on our site.
Source:
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