CommerceWealth is an offshore broker, located in Beachmont Business Centre, St. Vincent and the Grenadines. The main thing this broker aims for is to set high standards that will build the most valuable experience. According to their words, four main things set them aside from the rest — reliability, professionalism, excellence and meeting expectations.
Our first impression of this broker was nothing but positive. Still, we have enough experience to know that first impressions can be wrong and that’s why we do not have high hopes at the beginning. Also, there is one thing that surprised us — comments from the people who traded here. Approximately 80% of those comments were negative and to be honest, it had been a long time since we saw so many unsatisfied people. This is the first red flag that made us reconsider our first impression. So, in this review, we will pay special attention to security, since many people complain that CommerceWealth passes their data to other brokers, which is not an acceptable thing to do.
Also, we noticed that clients have trouble when it comes to withdrawals. Each time someone decides to withdraw funds, errors occur, and transactions are cancelled. For us, this is more than enough to call someone a scammer, but we will give CommerceWealth a chance to prove itself and show us that it is worth our time and money.
Quality of Service
As we already said, the main thing we want to see is whether CommerceWealth has enough safety methods or not. The first thing that we find questionable is one statement in the Terms and Conditions: the company has a right to close or suspend any trading account without the obligation to explain. So, imagine this scenario — you open an account and deposit money and all of a sudden, your account is closed, and you have no idea why, nor can you complain about it because you accepted those terms. Not something brokers want to hear, to be honest.
Another thing that worries us is the fact that there are 15 parts of Intellectual Property and Information in the Terms and Conditions and none of them says that the company (CommerceWealth) guarantees the safety of your information. The only thing that is written is the fact that you need to provide all data, you need to make sure to update that data if any change occurs, etc. Overall, this broker can give all your data to others, while you have to be very careful and update everything regularly. Otherwise, you are breaking the deal.
Now we completely understand those comments from people who got calls from other brokers. If you do not read the Terms and Conditions carefully, you cannot know that CommerceWealth never promised to keep your personal information safe. So, as you can see, security is not something this broker could be proud of and honestly, we doubt that things will get any better in the rest of this review.
The selection of account types is good, we will give them credit for that. Each person has an option to choose between six accounts and the smallest one is named Starter. This account is created for beginners and it has decent conditions (0.01 min. Lot size, account manager and 24h support) but there is one problem. This account requires a $1,000 initial deposit and compared to other brokers, this is a lot. If you are a beginner, you want an account that will allow you the smallest investments, for example, $250 and here, you won’t get that.
Another problem here is the fact that the Classic account, which is supposed to be bigger, has the same trading conditions as the Starter one. The only thing that makes a difference is the minimum deposit requirement and this time it’s $2,500.
With other accounts, you will have similar things. Depending on the account, you can have economic news, technical indicators, fixed pricing, EU private bank account and personal banker. The biggest account is called VIP and of course, it provides you all those benefits this broker has to offer, but you will have to deposit at least $100,000.
Overall, we are somewhere in the middle when it comes to account types. We cannot say we are completely disappointed, but this is not the best offer we have seen. It’s decent but nothing more than that.
Speed of Response
When you go to the Contact Details page, everything looks flawless. There is an option to call them on the phone, send an email or use the Live Chat. Also, CommerceWealth claims to offer multi-language support with a qualified team that works 24 hours, 5 days a week. This looks excellent, but don’t get your hopes too high, reality is completely different.
Since we love fast responses, we used Live Chat to test whether this broker has responsive support or not. Well, we will give you the shortest possible answer — no it doesn’t. We started the Live Chat conversation and we were supposed to chat with an agent called Christina. We waited for a couple of minutes and all of a sudden, a notification appeared, and it said: You have been transferred to Zatchel. So, we waited more and instead of answering, another notification appeared, saying we were transferred to Zoey. In the end, nobody replied to our question.
Although this broker promotes responsive support that is available 24 hours, that’s not something you are going to get. So, if something happens, you are on your own.
The problem with CommerceWealth is that they do not provide specific information. There is a Terms and Conditions document that includes 47 pages and still, within all those pages they will not be specific enough.
That said, we have no idea how long transactions take. The only thing we know is that deposit time may also vary from the method and the amount of deposit, and the processing time can take much longer than usual due to geographical events and holidays. Is this enough? Not at all, but it’s all we are going to get.
Withdrawals are processed within one to five business days, but they may be delayed due to incomplete withdrawal forms or information, holidays, and internal errors. Combine that with all those comments from people who never managed to withdraw funds and you will get one crystal clear red flag.
It’s time to talk about finances for a little bit, to see how much this broker charges for transactions. First of all, there is a maintenance fee if you keep your account inactive for a year or more. Aside from that, the Company can levy any transaction due to processing fees and payments that occur with your account. Also, there are processing fees, settling commission fees, withdrawal and transaction fees, etc.
As you can see, this is a long list and we didn’t even finish it. But we have bigger problems than that. CommerceWealth mentioned all those fees, but this broker omitted one thing — the price. You won’t find a single commission price on the website, and there is not a chance to find that out. So, you can accept those commissions and after you accept, they will inform you about the amount of money that you have to pay. Do we even have to tell how ridiculous this is?
CommerceWealth is not a broker that has a license, which means it’s not supervised by any regulatory bodies. In other words, if something goes wrong, you cannot complain to authorities because you chose to trade with an unregulated broker.
License is important, that’s a fact, but sometimes we can be satisfied with a broker even if it doesn’t have one. Well, not this time since there is nothing secure about the way CommerceWealth does its business.
Variety of Payment Options
As a payment method you can use Credit Card, Bitcoin or Wire Transfer. This might be the only part where we do not have complaints, since this broker provided enough options for payment.
The Bottom Line
The main problems we have with CommerceWealth are the Terms and Conditions. This is not the document everyone reads carefully, although that shouldn’t be the case. This is the best example of why you have to read those terms because if you accept them at the beginning, there is not much you can do later.
Basically, at every term, the Client is obliged to immediately inform the Company about every detail, while the Company may or may not inform the Client if some changes happen. The best example is the one in the Trading Account section. The company reserves the right to modify, change or replace features of each account at its own discretion and may inform the Client through an email or announcement on the website. But if a client wishes to make any changes, it is obliged to immediately inform the company.
When we combine all of that to the bad service we saw, there is only one thing we can say — you should avoid CommerceWealth for your safety and try to find another place that will respect you much more.