GreenWaveX Forex Broker

General Information Founded in 2022, GreenWaveX is a newly-established forex broker registered in Marshall Islands, offering its clients access to a series of trading instruments, such as currency pairs, commodities, indices, stocks and more. A total of six trading accounts are available on this brokerage platform and the maximum leverage that traders can use is up to 1:500. Is GreenWaveX safe to trade with？ GreenWaveX has disappointed us when it comes to regulations. This broker has been confirmed to be outside of the purview of any regulatory bodies. In this way, its regulatory status on the WikiFX website has been classified as “No License” and it receives a quite low score of 1.11/10. Forex and CFD trading involving margins contains a high level of risk, and before you decide on which forex broker to use, it is advisable that you go to the WikiFX website to check out a brokerages regulatory information. Market Instruments GreenWaveX claims that it offers diversified range of more than 300 trading assets. Different types of trading instruments, such as Foreign Exchange, a series of CFDs on Commodities, Indices, Cryptocurrencies, Stocks, and Precious Metals are all available through this brokerage platform. Account Types A total of six account are available with the GreenWaveX platform: Standard, Islamic, IB, Green, ECN and NAIRA. The Standard account is perfect for novice Forex traders or those who only trade occasionally, with an initial deposit of $50. If you're an experienced retail trader, you might want to try out the ECN Account that offers low spreads. The minimum deposits for these four trading accounts are: the Islamic account from $3,000, the IB account from $10,000, the GREEN account from $50,000, and the ECN account from $100,000. A special trading account set by this broker, the NAIRA account, requires a quite low initial deposit of ₦10,000. Spreads & Commissions Spreads and commissions are set in the end by trading accounts. Spreads offered by the Standard account, the Islamic account, the IB account are relatively high, with the Standard account from 1.2 pips, the Islamic account from 1.3 pips, the IB account from 2 pips, while another three trading accounts offers relatively competitive spreads, with the GREEN account from 0.7 pips, the ECN account from 0.1 pips, and the NAIRA from 0.1 pips. Leverage When it comes to leverage, a key red flag with GreenWaveX is that it permits traders to use leverage of up to 1:500, which is significantly higher than the levels regarded appropriate by many regulators. Since leverage can amplify gains as well as losses, it is important for traders to choose the proper amount that they feel most at ease. Trading Platform GreenWaveX only grants its IB trading account holders access to the Web MT4 trading platform, whilst traders with other accounts can only use a web-based trading platform. Deposit & Withdrawal There are several payment processor logos shown on the homepage of GreenWaveX website, including VISA, MasterCard, Bank Wire, USDT, and more. With further instruction on its deposit and withdrawal part, we have no idea what payment options work with this brokerage house. Customer Support The GreenWaveX official website is available on multiple languages. However, traders can only reach out to this brokerage house about any questions or concerns they may have about their accounts or their trading through an email it gives: support@greenwaves.com. Or you can follow this brokerage on some popular social media platforms, such as Facebook, Twitter, Instagram, Linkedin, TikTok and Youtube. Risk Warning There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you. The information presented in this article is intended solely for reference purposes.