Commerce Wealth Broker Review 2021
Commerce Wealth is an offshore brokerage with not a very good reputation when it comes to keeping client funds safe and secure. There is a pretty elaborate façade that aims to mask all the imperfections, but after you start trading with them, you begin to realise that there are too many of these to ignore. Not all of them are apparent upfront, and some even take certain scenarios to surface, however, be sure that you will encounter all of them if you are brave enough to make your first deposit at Commerce Wealth. Join us as we take a deeper dive and uncover all of this brokerages’ pros and cons so that by the end, you get a good idea of whether Commerce Wealth should be avoided at all cost or not.
Tradeable Assets at Commerce Wealth
To be honest, this is probably the only segment that we cannot complain about. The asset offering at Commerce Wealth is excellent. We didn’t do the actual counting, but we find it hard to believe that there are more than 1200 tradable instruments as advertised, but there is certainly a lot to choose from. All of those assets are divided into several categories that include Forex, commodities, indices, shares and crypto. You’d be hard-pressed to find a company share absent from this list and pretty much, at least in theory, you can make a great portfolio at Commerce Wealth. Making trades using that portfolio, on the other hand, comes with its own set of issues, but we will address that in the platform section of this review.
Commerce Wealth Trading Platform Features
If you are to open a brokerage in 2021, you have limited options when it comes to choosing your trading platform. You can either pay for some industry standard solutions such as Meta Trader or you can spend time developing your own platforms. While the latter makes much more sense for newer brokerages, who want to attract customers by providing a technologically superior product. The issue comes when the brokerage doesn’t invest enough time and resources into testing its platform thus making it nearly unusable.
Commerce Wealth offers two options, its own CWTrader and the Web Trader. The first needs to be downloaded and operated from your desktop or mobile device, while the second is available from anywhere, as long as you have an active internet connection. Sadly, neither of these can provide a satisfying trading experience.
When you first load up the CWTrader you will be greeted by an eye-pleasing visuals. While the navigation isn’t always very intuitive, you’ll be able to find your way around in most situations. While most of Commerce Wealth competitors offer plenty of shortcuts, here you will lose a lot of time going back and forth. However, the biggest gripe we had is regarding the platforms’ performance. The visual components seem to be a very heavy burden, and the actual trading executions suffer because of it. When it comes down to it, Commerce Wealth offers no substance underneath the façade, and especially in such a quick-paced industry, it is a crime having to suffer from the exhausting loading times. It seems like every minute of your trading will be spent just staring at the non-responsive screen.
If you think the experience is any better with the Web Trader, you are sadly mistaken. You would think that the absence of most analysis capabilities would speed up the entire process, but in reality, this is not the case. While you do get the comfort of being able to access your account from practically any place on earth, you are still left with a slowed-down experience that fails to compare with most of its competition. We have always been strong advocates of platforms being the key component to any successful brokerage. It doesn’t matter how much fluff there is around it, at the end of the day, if you cannot provide a gratifying trading experience, you fail in this industry. If Commerce Wealth doesn’t make big and quick changes to its structure, we cannot imagine it building a strong trading community.
Account Types Offered at Commerce Wealth
Another common feature is to offer your clients the ability to trade based on their needs, ambitions and budget. Not all traders are alike, and it is important to create several account types with varying degree of perks and an appropriate price tag. Sadly, Commerce Wealth offers no such luxury. Basically, what you see is what you get. And the problem is that you don’t get to see much in the first place. The only information you can get is buried deep in the terms and conditions pages. We always prefer to have more transparency on the website. This way you are assuring your potential clients they are getting into a safe and predictable environment, which is always a huge plus. Commerce Wealth fails to capitalize on this.
The only differentiation they actually offer is the Islamic account, which is set up according to a strict set of religious rules regarding swaps. Outside of that, this brokerage does little to accommodate the different needs of traders. Such little effort is common in scam operations in this industry. Sadly, this is not the only time we suspected there are some malicious doing at Commerce Wealth. The majority of brokerages nowadays are expected to provide a certain amount of educational content. Some of these are only available upon registering and some are made free to anyone who visits their website. Given how much of this educational material is out there on the web, some might feel this is unnecessary, but it serves to show brokerages intent to develop a long-lasting relationship with their clients. Commerce Wealth has no intention of following in the industry path when it comes to education either, so if you are a complete beginner you will be out of luck.
Withdrawal and Deposit Methods at Commerce Wealth
When it comes to funding your account, there is little deviation from the industry norm, and we see that as a positive thing. All the usual methods are to be found at Commerce Wealth, so, if you already have an eWallet, you can make transfers with Bitcoin. If you prefer using the traditional, bank-related methods, you can use credit and debit cards as well as wire transfers. While we had no complaints regarding making deposits, we encountered an issue while trying to withdraw our funds. With no given explanation, our money way trapped for 10 working days. To anyone who knows anything about the world of online trading, you would understand what a nightmare this is. If you care about your money or the ability to make swift changes to your trading portfolio, then Commerce Wealth will be a disappointing choice.
Is Commerce Wealth Team Helpful?
We are sad to report that you should count on little assistance when it comes to Commerce Wealth support team. The only thing that you do get is an illusion of a good system. Their ”contact us” page lists several options for reaching their representatives. You can supposedly get a reply via the call centre, email or the live chat feature. In reality, your only help will be the F.A.Q. page. Live chat is operated by a bot that scans some keywords in your inquiries and forwards you to the appropriate F.A.Q. page. The call centre is located in St. Vincent and the Grenadines and it seems to be severely understaffed. We have spent ages waiting in queue and we failed to get through even once despite checking the time zones and assuring we placed those calls at appropriate times. Finally, we cannot even count how many emails we sent. The nature of our questions was mostly technical, and after waiting for nearly a full week, we were only able to get a response that essentially just forwards us the F.A.Q. page. This came as a big disappointment because the landing page is badly constructed and fail to answer anything but the most essentials.
Shall I Trade with Commerce Wealth?
To conclude our Commerce Wealth review, we have to note once again how many times we felt let down. This happened not only in the trading aspects but in the basic operational ones as well. This was a clear example of how not to run a successful brokerage. The little effort that was put in, was directed in the right places, so in the end, it all just seems like another scam in the sea of others. If Commerce Wealth ever had any intention of running a legitimate business, they need to make a 180 degrees turn immediately, since the way they are operating right now will only discourage anyone from ever trying their offering. Based on what we experienced, we would advise searching for alternatives and staying well clear of this brokerage.