William Partners is a forex and CFD broker that has been operational for less than a year as of publishing this report. In this short period, they have grown their user base rapidly and there are a lot of controversies about them as well. The management side of this brokerage is unknown and their policies are somewhat concerning to say the least.
They are unregulated and people who deposit with them are going to be exposed to immense unjustifiable risks. This broker does support the MT4 platform, but things like spreads, commissions and swaps are not revealed to the traders unless they sign up for an account with them.
All in all, they don’t radiate any kind of credible vibes and some of the traits they show raises very deep concerns. Trading by itself is a risky venture and that’s exactly why you should always choose a regulated broker to ease into the journey. If you are inclined towards depositing with this broker, then put a hold on the decision immediately, read the following content and then decide.
Are William Partners Fully Licensed?
Usually every broker in the realm of forex and CFDs share the details about their incorporation and provide ways and means of verifying their legal status. Transparency is a positive sign and any entity which adores it is most likely to be a legitimate provider.
At Cyber Scam Review, we have been reviewing brokerages for a long period of time, but we never came across a platform that outright refuses to talk about their parent firm like this platform does. Simple put, they are an unregulated firm and they provide little to no safety cushion for the retail clients. They don’t have segregated bank accounts and if something pushes them towards bankruptcy, then they are free to flee away from the scene with all of the investor’s money.
Clearly, the way this firm is setup is not favorable for the clients in any way which is why you are better off without them? We couldn’t find any feedback about them and as a result, we cannot say anything about their support team. If you are looking for their contact details, then check out the list below.
- Address – William Partners Company, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960
- Phone – +4162 674 67 27
- Email – support@williampartners.com
William Partners Trading Platform
William Partners supports the crowd favorite MetaTrader 4 platform. If you are a fan of custom tools and indicators, then you will have no issues using this brokerage, but when it comes to things like spreads and leverage, the conditions are not that favorable. For starters, the leverage offered by this brokerage is capped at 1:50 which is good enough for most experienced traders and the spreads are unknown.
They do not offer demo accounts which means we cannot gauge their execution speeds and other metrics such as swaps. On the bright side, they do offer Islamic friendly accounts and people who hold associated beliefs can utilize that specific facility. At this point, our only two options are to either give them the benefit of the doubt or assume that they are good enough only for swing traders.
Both the scenarios mentioned before are way too out of the league given the traits displayed by this platform and we strongly discourage anyone from depositing with them for obvious reasons. After all, they can’t expect us to blindly believe their words, right? In short, the only good thing about them is the fact that they support the MT4 platform and all the other things are intentionally kept mysterious by them.
Account Types and Conditions
The minimum account funding required on this brokerage is steep compared to their regulated counterparts and it starts at $500. There are mainly 4 account types and each one has its own set of merits and demerits. The base account currencies supported by them are Eur, GBP and USD. Note that negative balance protection is given to all the account types and given the current volatility in the markets, that is a feature which is appreciated by newbie traders.
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Nowadays, many high end brokers offer trading alerts in order to enable people stay updated about the markets according to their needs. This platform is not that sophisticated and their web trading platform is not that impressive by any means. According to their platform, they claim to offer 5 risk free trades, but the metrics behind that are not explained so we don’t know the ways of utilizing it. All in all, there isn’t anything particularly practical or must have kind of features provided by them.
Payment Methods
The payment methods supported by them are numerous and we have listed them below. $500 is the entry barrier to open an account on this platform and for VIP accounts the minimum funding required can go upto $150,000 which is absolutely ridiculous to say the least.
Minimum withdrawal amount is also kept confidential by them and according to their FAQ section, it will take anywhere between 5 to 10 days for them to process the withdrawals. Their processing time is way too long and in order to apply for withdrawal the user has to complete the verification process.
There are few modified types of bonus offers available on this brokerage and for your own safety never dare to accept them. Remember, there is no such thing as free lunch and whenever you are being offered something of value, there is a plot somewhere in the equation.
- VISA
- MasterCard
- Skrill
- Neteller
- Trustpay
- Euteller
- Sofort
- Giro Pay
- Neosurf
- Ticker Surf
Trading Academy
Thanks to the stimulus checks, many people are trying to try out their luck in the markets and over the last couple of months retail brokers have witnessed a dramatic surge in the number of new clients. As many newbies are flooding the internet, it is crucial for their success to be educated or else the chances of them making money will be slim to none.
Many brokers saw the gap in the trend and are doing their best to bring value to the clients. We browsed through the free section and the information we found were not exactly valuable and it was too basic in our books.
Traders can find better educational content by Googling relevant topics and with the way things are unfolding with the internet, if you search long enough, most things can be found for free. The information provided in their modules does cover certain fundamental and technical concepts. However, at the end of the day it doesn’t leave it’s audience with any kind of solid blueprint.
News and Economic Calendar
On their homepage, we did find a dedicated news section and an economic calendar. The news updates provided by them are pretty standard and if you are a day trader or a scalper, then it is of utmost importance for you to keep an eye on them.
There are few market analysis articles present on their platform, but as there is no detailed report of past performance, we cannot gauge them in any way. Economic calendar featured by them is decent and it lets you know all the details about the scheduled news events ahead of time. It is nice to see brokers making an effort to help retail traders and we can assure you that this trend is here to stay.
User Reviews
Truth is impossible to hide and in today’s online world, it is only a matter of time before the reality surfaces to the top. Unregulated forex brokers usually have a lot of bad reputation online because of their operational model and the conflict of interest. Most offshore firms will loot their clients and eventually, the user base will expose the truth on niche forums to expose the ugly side of the trading industry.
On the flip side, people do share positive reviews as well and most of the time, it will be regarding the regulated firms and exchanges. William Partners hasn’t yet earned a spot on any major forum and the available data isn’t sufficient to derive any kind of judgement. If you are keen on opening an account with them, then kindly wait till more data popups up and then re-evaluate your decision.
Affiliate Program
This platform offers a unique kind of affiliate program that is suitable for every day clients if they choose to take advantage of the offers. Any client of this brokerage can bring a friend on board and get paid handsomely for it. The commission structure is not made public, but using industry averages, the commission for every new member introduced to the broker might be around $300 plus.
We are not against affiliate programs or any other kind of promotional activity, but we strongly suggest you to look in the other direction if you ever come across any content that exaggerates their abilities and has referral links attached. After all, shady marketers are present everywhere on the internet and one needs to be very careful while navigating their space. If you are interested, then you can get in touch with their support team for more information.
High Pressure Sales Pitch
Unregulated and offshore brokers are known to employ high pressure sales pitches to make people deposit more money into their accounts. They will talk you into it and they will surely say all the enticing things to convince you to stick with them. However, as time goes on they will slowly erode the accounts on purpose and will leave their clients with no money.
Once they are done with blowing the account, their approach towards the client will change and eventually, they will block them out. So, if you are being presented with some kind of make money trading opportunity, then do not accept the offer without understanding the risks involved. As a rule of thumb, if anyone promises you above 15% annually, then chances are it is a scam.
Lost money to William Partners?
The number of fake exchanges and fraud brokers on the web is rising every year and the pandemic hasn’t slowed the trend in any way. However, thanks to some clever companies that have access to sophisticated tracking tools, it is comparatively much easier to trace the flow of funds than ever before. If you have lost money to William Partners platform or to any other trading related schemes, then apply for a chargeback immediately(if applicable).
In case if you have made the payment using other methods, then get in touch with our team via the contact form on our site and we will gladly do all the daunting analysis for you. As soon as we receive the details, we will get back to you within 48 hours and show you the best ways of getting the funds back.
Conclusion
William Partners is a broker who displays a lot of red flags. The trading conditions they provide are not mature enough for a lot of people and the flaws present in their platform are many. As there are several regulated brokers that bring practicality and security of funds to the table, we suggest you to skip using this brokerage and to stick with reputable names in the sector.
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