Wall Street Traders Club is a Forex account management group focused on trust, expertise, and transparency. They feel that their approach sets them apart from other account managers as they believe in strict risk management and investment criteria. Today we will be providing a review, and letting you know if this group is meeting our expectations.
Located at 40 Wall Street, New York City, New York 10005 this managed account firm started in September, 2017. According to their company page, their team is made up of 12 professional Forex traders. This is a solid number, but we have been unable to verify the identity of any of their traders. When investing upwards of $5000, we want to know the name and reputation of every single trader that’s part of their team. Maybe that’s asking too much, but that is the type of transparency we are expecting from services like this one. Hopefully, they consider adding more information about their team, as their company page is in need of increased detail regardless.
To get in touch with support, traders can email email@example.com, or call +1.305.600.0909.
Wall Street Traders Club Review
The Wall Street Traders Club team is promising “professional management of your investments.” There are four reasons they advertise as to why traders choose them ahead of their competitors. Here are those reasons:
- All accounts are handled by professional Forex traders.
- All of their professional analysts have over 10 years of trading experience.
- They have over 200 clients currently using their services.
- They promise transparency and the ability for each client to track the trading process.
These are all great reasons, but we don’t feel that they are currently hitting the benchmarks for any of them. They spend a great deal of time leaning on their professional Forex trading team, but they do not verify any of their identities. So, at this point we really have to take their word that the service is run by professionals. The same goes for their promise of having 200 clients, because it is unproven. As for transparency, we will go over this more in the trading results section of the review.
What this all amounts to is that the service is making a lot of promises, but aren’t backing them up with verifiable proof. We have seen other managed account services take a similar approach as you can see in our reviews of Managed Forex Hub, Zeno Forex Trading and Noor FX Managed Fund.
Currently, the Wall Street Traders Club team is using an algorithmic trading approach with a “focus on developing trading models and strategies based on market price volatility.” They utilize fully automated scalping, and semi-automated price volatility strategies as the main methodologies when trading their client accounts.
There are only a few sentences about their approach, but this is more than most managed accounts provide, so they deserve a decent rating in the strategy category. Obviously, we would like to see more but it is nice to see that they are providing specifics that we can actually chew on.
In order to get a better rating, we would like to see some trade samples with video explanations. This would give us a really great idea of what they look for, and how much knowledge they have of the Forex markets. Generally, trade examples are saved for Forex Indicators but we find them helpful in any area when we are trying to determine the skill level of a trading group.
- Type: Managed Accounts
- Price: $5,000 Investment
- Performance fee: 50%
- Strategy: Scalping & Price Volatility
- Founded: 2017
For traders interested in signing up with the Wall Street Traders Club, a $5000 deposit is required. This deposit can be with six different brokers, made up of Pepperstone, Forex.com, ICMarkets, Dukascopy, Oanda, and Lmax Exchange. After the deposit is made, traders have to give access to the analysts to trade on their behalf.
There is also a performance fee, which is “50% of any new profits made, based on a High Watermark on accounts less than 50,000 USD.” If the account starts to lose funds, then the funds “must be recouped before new incentive fees are paid.”
The Wall Street Traders Club website provides traders with a performance page linking to Myfxbook and Forex Factory. They tell us that these “graphs show a sample of our trading performance in real-time for true transparency.” Yet, if you click on either of the links, it appears that no accounts are currently active. The Myfxbook profile is available, but there are no trading results present. We don’t know if this means that they abandoned the service, if their accounts got blown up or they just stopped using verified results. In any event, it’s not a good sign.
While there are some positive aspects, we don’t feel comfortable recommending the Wall Street Traders Club managed account service at this time. We are seeking out more transparency in many different areas including their identities, trading results and more. Once these aspects are resolved, we will revisit the review.
Thanks for stopping by, and please leave a comment with your thoughts.