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Windsor Brokers Review: Spreads, Withdrawals and Platform Tested

Broker Reviews editorial team
Broker Reviews editorial team Broker research desk
9 September 2025
Updated 28 July 2026
23 min read

Windsor Brokers has been trading since 1988, one of the oldest names still operating in retail forex. We opened a live Prime account, funded it with $500 and spent four weeks testing the platform, costs, withdrawals and support across February and March 2026. We found a stable, long-established broker with genuinely competitive spreads on its no-commission account, held back by a platform line-up that has not moved on in a decade and an instrument range well below the market.

Disclosure: we may earn a commission if you open an account through links on this page. It does not change our scores, our ranking, or anything we write about a broker. Read how we make our money.

Overall rating6.9/10
Founded1988
HeadquartersLimassol, Cyprus
Main licencesCySEC (Cyprus) 030/04, FSA (Seychelles) SD072, JSC (Jordan) 18/01855/1/3, CMA (Kenya) 156
Minimum deposit$50 (Prime account)
Spread from0.0 pips (Zero account)
Maximum leverage1:500
Instruments250+
Swap-free availableYes
Retail loss rate80.2%
Windsor Brokers website homepage
Windsor Brokers’s own website, captured while we were testing the account.

Pros and cons

Longevity is the first thing anyone notices, and it is not nothing — a firm operating continuously since 1988 has outlasted most of its contemporaries. But age is not a substitute for a current product, and our testing found a broker strong in some places and clearly dated in others.

What works:

  • A 37-year operating record with no proven fraud case and no licence withdrawal
  • A CySEC licence (030/04) issued in May 2004, carrying Investor Compensation Fund cover up to EUR 20,000 for clients of the European entity
  • Prime spreads that beat all three competitors we benchmarked, at 1.2 pips on EUR/USD sampled between 10:00 and 15:00 GMT
  • No inactivity fee at all, which is unusual — several competitors charge monthly once an account goes quiet
  • Swap-free accounts on Prime with no substitute administration charge, applied within one business day when we asked
  • A $50 minimum on Prime, low enough to test the broker without committing much

What does not:

  • Around 250 instruments, against more than 1,000 at XM. The crypto line-up is five pairs, where XM lists over 30
  • MetaTrader 4 and nothing else — no MT5, no proprietary platform
  • The Zero account needs $1,000 and charges $8 per lot round turn, above the $7 charged by Equiti, XM and IC Markets on comparable accounts
  • A Trustpilot score of 3.2 out of 5, with recurring complaints about slippage on stop-loss orders
  • A mobile app that trails newer competitors on analysis tooling, with store reviews citing notification failures and slow price updates

Company information

Windsor Brokers was founded in 1988 by Nicolas Abu Aitah, starting as a small family brokerage with five employees and a handful of clients. The principal legal entity is WB Trade EU Ltd, formerly Windsor Brokers Ltd, registered in Cyprus under company number 119081. The registered office is at 53 Spyrou Kyprianou Street, Windsor Business Centre, third floor, Mesa Yitonia, 4003 Limassol, Cyprus.

Growth has been steady rather than explosive. Headcount passed 70 in 2007; today roughly 170 people work out of the Cyprus office alone, with teams in Jordan, Kenya and Seychelles, serving clients in more than 80 countries. The Amman office opened in 2019 alongside a local licence from the Jordan Securities Commission, and it is not a nameplate — phone support runs through it.

That longevity carries real information. A brokerage founded in 1988 has traded through the 2008 financial crisis and the 2015 Swiss franc de-peg, both of which crippled or closed well-known retail firms. Surviving those suggests conservative risk management, though it says nothing about the future.

ItemDetail
Legal name (European entity)WB Trade EU Ltd (formerly Windsor Brokers Ltd)
Founded1988
HeadquartersLimassol, Cyprus
FounderNicolas Abu Aitah
Company registration number119081 (Cyprus)
EmployeesApproximately 170 in Cyprus, plus teams in Jordan and Kenya
Countries servedMore than 80
OfficesCyprus (head office), Jordan (Amman), Kenya (Nairobi), Seychelles
InstrumentsMore than 250

Who this broker suits (and who it does not)

Windsor Brokers fits a specific profile: a trader who values institutional stability and European oversight, trades mainstream forex and metals, and needs nothing beyond MetaTrader 4.

If that describes you, the case is decent. Over the week we spent on the platform we saw no outages and no server connection problems, and the Prime spreads we recorded were the tightest in our four-broker sample. The $50 entry point lets you form your own view of the execution before committing meaningful capital, the absence of an inactivity fee means a dormant account does not quietly drain, and opening took a single day from registration to full activation.

It suits you much less well if you want breadth. A trader looking for a wide instrument menu, particularly equities or crypto, will find 250 instruments restrictive and five crypto pairs close to a token offering. If you want MT5, depth-of-market data or a modern proprietary platform, Windsor does not have one, and high-frequency traders will do the arithmetic on the $8 round-turn commission and find cheaper options.

The swap-free option matters for anyone holding positions overnight without financing charges. Windsor offers it on Prime with no compensating administration fee, where several brokers replace overnight interest with a flat monthly charge that costs more.

Licensing and regulation

This is the section that matters most, because the entity you sign with determines what protection you actually have. When we checked in February 2026, Windsor Brokers operated through five legal entities across five jurisdictions.

RegulatorJurisdictionLicence numberLegal entityTier
CySEC (Cyprus Securities and Exchange Commission)Cyprus / EU030/04WB Trade EU LtdTier 2
FSA (Financial Services Authority)SeychellesSD072Windsor Brokers (SC) LtdTier 3
JSC (Jordan Securities Commission)Jordan18/01855/1/3Seldon Investments LtdTier 2 (regional)
CMA (Capital Markets Authority)Kenya156Windsor Markets (Kenya) LtdTier 3
IFSC (International Financial Services Commission)BelizeNot publishedWindsor Brokers BZ LtdTier 3

Each licence was checked against the relevant regulator’s own register at the time of testing. The CySEC authorisation, 030/04, was issued on 20 May 2004, so the firm has operated under European supervision for more than twenty years. It brings the standard CySEC package: Investor Compensation Fund membership covering up to EUR 20,000 if the firm fails, negative balance protection, and segregation of client money from company money.

CySEC is a tier-two regulator, and the distinction is meaningful. It is not the FCA, ASIC or BaFin, and its enforcement resourcing sits below theirs. It is a genuine European authorisation with real consequences for the firm, but it should not be read as equivalent to a top-tier licence.

The practical point is the one traders most often miss. Under WB Trade EU Ltd you get the full CySEC framework. Under the Seychelles or Belize entity you do not — no Investor Compensation Fund cover, and a much thinner supervisory regime behind it. Windsor also publishes no licence number at all for the Belize entity, a transparency gap on an otherwise well-documented licence set. Check the entity named on your client agreement before you fund an account, not after.

On whether Windsor Brokers is genuinely licensed: yes. Every number above was verified against the regulator’s official register during testing, and the firm did not appear on any official warning list published by the major regulators at that time.

Opening an account and verification

We opened our account in February 2026 and the process was straightforward. Registration asks for name, email, phone and country of residence, followed by the appropriateness questionnaire required under the regulations, covering prior trading experience, source of income and intended investment amount.

Identity verification needs two documents: proof of identity (passport or national ID) and proof of address (utility bill or bank statement no older than three months). We tried depositing before verification completed and could not — Windsor enforces full verification before any funding. Mildly inconvenient, and unambiguously the right policy.

Verification took about eight working hours. Documents submitted in the morning were confirmed the same day before close of business, faster than the two to three business days several competitors take. The client portal handles document uploads, withdrawal requests, balance monitoring and the opening of additional accounts.

Account types

There are three live account types, differentiated by minimum deposit and by whether you pay through the spread or commission.

FeaturePrimeZeroVIP Zero
Minimum deposit$50$1,000$25,000
SpreadFrom 1.0 pipsFrom 0.0 pipsFrom 0.0 pips
Commission (forex and metals)None$8 per lot round turn$5 per lot round turn
Maximum leverageUp to 1:500Up to 1:500Up to 1:500
Minimum trade size0.01 lots0.01 lots0.01 lots
PlatformMT4MT4MT4
Swap-free optionAvailableOn requestOn request
Dedicated account managerNoNoYes
One-to-one analysis sessionsNoNoYes
Trading CentralLimitedLimitedFull

Trading live on Prime, we saw actual EUR/USD spreads between 1.0 and 1.4 pips in normal conditions — respectable for a zero-commission account, though not the tightest available anywhere. Zero starts at 0.0 pips, but the $8 round-turn commission pushes the all-in cost above brokers charging $6 or $7 for the equivalent product.

VIP Zero requires $25,000 and drops commission to $5 per lot, adding a dedicated account manager, one-to-one sessions with Windsor’s analysts and full Trading Central access. It also pays a return of up to 2% on the trading balance, which is uncommon in this sector. Swap-free conversion is standard on Prime and available on request elsewhere; when we asked, it was applied within one business day.

Fees and trading costs

Spreads

We sampled spreads repeatedly across February and March 2026 on a live Prime account, recording during normal liquidity between 10:00 and 15:00 GMT, and benchmarked them against the comparable no-commission accounts at three competitors.

InstrumentWindsor PrimeEquiti StandardAmana ClassicXM Standard
EUR/USD1.2 pips1.4 pips1.4 pips1.6 pips
GBP/USD1.5 pips1.8 pips1.9 pips2.1 pips
USD/JPY1.3 pips1.5 pips1.6 pips1.6 pips
AUD/USD1.6 pips1.7 pips1.8 pips1.8 pips
USD/CHF1.5 pips1.6 pips1.7 pips1.9 pips
Gold (XAU/USD)28 cents32 cents30 cents35 cents
Oil (WTI)5 cents4 cents5 cents5 cents

Windsor was tightest on six of the seven instruments we sampled, losing only on WTI. Spreads widened noticeably around major economic releases and at the Asian open after the weekend — EUR/USD went past 3 pips during the US employment data release in February 2026. That is industry-wide behaviour rather than a Windsor-specific problem, but it matters if you trade the news.

Commissions

Prime charges nothing beyond the spread. Zero charges $8 per standard lot round turn on forex and metals; VIP Zero charges $5. Indices, commodities and share CFDs trade commission-free on every account type.

The $8 figure is above market. Equiti charges $7 per lot on Premier, XM $7 on Zero, and IC Markets $7 on Raw Spread. On a handful of trades a week the difference is trivial. On thirty lots a week it is $30, every week, and that compounds into a real drag for an active trader.

Overnight financing

Swap charges on forex track global interest rates and apply daily to positions held past 00:00 server time, with a triple charge on Wednesdays to cover the weekend. We found Windsor’s swaps close to the market average — neither an advantage nor a drawback. Traders who need to avoid financing charges entirely can convert to the swap-free account.

Deposit, withdrawal and inactivity fees

Deposits are free on every method. Withdrawals carry small charges: $3 by card, $3 via Neteller, and 0.8% via WebMoney. Bank transfers may attract correspondent bank fees outside Windsor’s control. One clause is worth reading: Windsor reserves the right not to absorb withdrawal costs on accounts with insufficient trading activity, so depositing and withdrawing without trading can cost you more.

There is no inactivity fee of any kind, which is a clear win. For comparison, Evest charges $75 after two months of dormancy and XM charges $5 a month after 90 days. Overall the cost structure is around average for a CySEC-regulated broker, tilted towards the low-volume trader: Prime is genuinely competitive, Zero is not.

Desktop platforms

Windsor Brokers runs on MetaTrader 4 exclusively, across all account types — a desktop download for Windows and Mac, plus a browser-based WebTrader that needs no installation.

MT4 remains capable software: solid charting, a deep indicator library, and Expert Advisor support for automated strategies. Testing the desktop client, we found performance stable and chart loading quick, with no crashes or data gaps over the period.

The exclusivity is the problem. In 2026 there is no MT5 and no proprietary platform, which rules out MT5’s expanded order types, its more advanced depth-of-market display, and access to exchange-traded instruments. Competitors including Equiti and XM offer MT4 and MT5 side by side, often with a proprietary web platform on top. If your strategy depends on anything MT4 cannot do, this is a hard stop.

WebTrader ran smoothly with the core charting tools intact, but it does not support Expert Advisors — automated traders need the desktop build.

Mobile apps

There are two mobile options: Windsor’s own app and the standard MT4 mobile client, both on Android and iOS. Windsor’s app held a 4.1 out of 5 rating on Google Play from roughly 1,800 ratings when we checked in early 2026.

The proprietary app works as a full client portal — account management, deposits, withdrawals and position monitoring — with a reasonably modern design. It is weaker on technical analysis than newer competing apps, so most users will run MT4 mobile alongside it for actual trading; MT4 mobile executed orders at speeds comparable to the desktop build. Store reviews flag notification failures and occasional lag in price updates, which we did not hit consistently but which appear often enough to mention.

CriterionDetail
Apps availableWindsor proprietary app plus MT4 mobile
Operating systemsAndroid and iOS
Google Play rating4.1/5 (approximately 1,800 ratings)
Deposit and withdrawal in appAvailable
One-click tradingAvailable

Trading tools

Windsor Brokers lists around 250 instruments. That covers what most traders use day to day, but it is a narrow menu by 2026 standards.

Asset classCountExamples
Currency pairs44EUR/USD, GBP/USD, USD/JPY, plus majors, minors and exotics
Share CFDs105Apple, Microsoft, Amazon, Intel and European equities
Global indices14Dow Jones, DAX, FTSE, Nikkei, China 50
Precious metals5Gold, silver, platinum
Energy3Brent crude, WTI crude, natural gas
Agricultural commodities6Coffee, sugar, soybeans, wheat, corn, copper
Cryptocurrencies5BTC/USD, ETH/USD, LTC/USD, XRP/USD, BCH/USD
ETFs6Assorted funds
Treasury instruments4US Treasuries, German bunds

Forex coverage is the strongest part, spanning majors, minors and a decent set of exotics. Share CFDs cover the large US and European names; index and commodity lists are adequate.

Crypto is the obvious weakness: five pairs against XM’s thirty-plus is not a competitive offering. Note also that everything here is a contract for difference. Windsor does not offer real share ownership, so buying Apple through this platform means trading the price difference rather than holding stock, with none of the rights that come with it; that needs one of the brokers offering real share dealing.

Order execution

We placed more than 50 trades on the live Prime account across February and March 2026. Through the European and US sessions in normal liquidity, market orders filled close to instantly with slippage of 0.1 to 0.3 pips.

Slippage widened noticeably around major economic releases and at the market open after a weekend. On one trade during a US data release we recorded 1.2 pips of slippage on EUR/USD — within tolerance for a high-volatility window, though slightly worse than we have measured at other brokers under comparable conditions.

That connects to a recurring theme in Trustpilot reviews, where slippage on stop-loss orders is the most common complaint. One reviewer alleged slippage ran against them on stops but never in their favour on take-profits. We did not see that asymmetry clearly, but 50 trades is not enough to rule it out.

Windsor operates a market maker model and an STP model depending on account type and market conditions, meaning the firm may be the counterparty to some of your trades. Most CySEC-regulated brokers work the same way, but traders who specifically want direct liquidity provider access will prefer a pure ECN venue.

Deposits

We deposited $500 by Visa. It took under a minute, credited to the trading account instantly, and cost nothing.

MethodProcessing timeFeeMinimumCurrencies
Visa / MasterCardInstantFree$50USD, EUR, GBP
Bank transfer1–3 business daysFree$50USD, EUR, GBP
NetellerInstantFree$50USD, EUR, GBP
SkrillInstantFree$50USD, EUR, GBP
WebMoneySame dayFree$50USD

The funding menu is short — cards, bank transfer and three e-wallets is the whole list, with no Apple Pay. Every method is free from Windsor’s side, though your own bank or payment provider may apply a charge.

Withdrawals

We requested a $200 withdrawal to the Visa card on a Tuesday at 10:00 GMT. Windsor processed it the same business day, as its published policy commits to, but the funds took a further three business days to reach the card — four business days in total from request to money in hand. That is orderly rather than fast, and the delay sits with the card networks rather than the broker.

MethodInternal processingTime to arriveFee
Visa / MasterCard1 business day3–5 further business days$3
Bank transfer1 business day3–7 further business daysCorrespondent bank fees
Neteller1 business daySame or next day$3
Skrill1 business daySame or next day$3
WebMoney1 business daySame day0.8%

Windsor applies a same-source withdrawal rule: money deposited by Visa must return to that card up to the amount originally deposited, with anything above payable by bank transfer or e-wallet. This is standard anti-money-laundering practice, but it means the fastest route out is not always available to you.

Our withdrawal completed within the stated window. Some traders report delays in specific cases, typically tied to incomplete verification documents or disputes over promotional bonus terms — both avoidable by finishing KYC before you fund and reading bonus terms in full before accepting.

Customer support

We tested every support channel during February 2026. Live chat was fastest: used on three separate occasions during business hours, it averaged about two minutes before reaching an agent, and straightforward queries on account terms and verification requirements were resolved quickly and correctly.

Email was slower. A detailed question about swap-free account terms took roughly 12 working hours to come back. The answer was thorough, but the turnaround has room to improve, and some Trustpilot reviews report waits of up to three days. That did not happen to us.

Phone support runs through the Amman office during business hours and connected immediately, which is a real advantage for complex account or withdrawal problems. The limitation across all channels is that coverage is 24/5, not 24/7 — a weekend problem waits until Monday.

ChannelAvailabilityAverage response (our testing)
Live chat24/52 minutes
Email24/512 working hours
PhoneBusiness hours (Amman office)Immediate

Research and education

The education section covers the ground a beginner needs and stops shortly after. Video courses run through trading fundamentals, technical analysis, fundamental analysis and risk management; reviewing several, we found the material sound and clearly presented but not deep enough to hold an experienced trader’s attention. Webinars run regularly, presented by Windsor’s own analysts and covering weekly market analysis, trading strategy and platform training, alongside a daily and weekly market report series.

Trading Central is available in limited form on Prime and Zero and in full on VIP Zero, producing automated technical analysis, trade signals and expert commentary. It is useful as a second opinion and dangerous as a primary decision input — the signals carry no better track record than any other automated system.

Measured against the field, Windsor’s educational content is above average but narrower than XM’s structured, level-graded academy. There are no interactive learning tools — no quizzes, no trading simulators — which several newer brokers now provide as standard.

Fund safety and protections

Windsor Brokers applies four layers of client money protection, which is what you would expect from a CySEC-licensed firm. Client funds sit in bank accounts segregated from the company’s operating money, so they do not form part of the firm’s assets and cannot settle its debts. Negative balance protection applies to all clients, capping losses at your account balance even in a violent market move — relevant given the 1:500 leverage on offer. The European entity, WB Trade EU Ltd, is a member of the Cypriot Investor Compensation Fund, covering up to EUR 20,000 if the firm cannot meet its obligations. Windsor also states it holds an insurance policy covering client funds up to $5,000,000, beyond the regulatory minimum.

ProtectionAvailabilityDetail
Segregated client fundsAll entitiesSeparate bank accounts
Negative balance protectionAll entitiesLosses capped at account balance
Investor Compensation FundEuropean entity onlyUp to EUR 20,000
Insurance policyAvailableCover up to $5,000,000
Supervisory reportingCySEC, FSA, JSCPeriodic reporting to regulators

The qualification matters more than the list. Protection varies by entity, and clients under the Seychelles or Belize companies receive no Investor Compensation Fund cover. If fund safety is your primary concern, confirm you are onboarding to WB Trade EU Ltd. Whichever entity you use, no brokerage is risk-free — spreading capital across more than one account is a basic precaution rather than paranoia.

Verdict

Windsor Brokers scores 6.9 out of 10 on the six-category framework behind all our broker reviews. It is a long-established, properly licensed broker whose Prime account is competitively priced, held back by a product range and platform stack that have not kept pace.

The strengths are real: 37 years of continuous operation, a CySEC licence held since 2004, spreads that beat three named competitors on six of seven instruments sampled, no inactivity fee, swap-free accounts with no substitute charge, and a $50 entry point.

The weaknesses are equally real and mostly concentrated in one place. MT4 as the only platform in 2026, roughly 250 instruments against 1,000-plus at XM, five crypto pairs, an $8 round-turn commission above the $7 market norm, a 3.2 Trustpilot score driven substantially by stop-loss slippage complaints, and a mobile app that lags on analysis tooling. Card withdrawals took four business days end to end.

This English edition scores lower than our original Arabic publication, which rated the broker 3.8 out of 5. The difference is the scoring model, not a change in the findings. Our Arabic framework carried a seventh category for Arabic-language trader experience at 15% weight, where Windsor scored strongly on the strength of its Amman analyst team. That category does not exist in the six-weight rubric used here, so the weight redistributes towards platforms and execution — the broker’s weakest area — and the total falls accordingly. Every underlying measurement is unchanged. You can see how the six categories are weighted in our rating methodology.

Consider it if you want institutional stability and European regulation, trade mainstream forex and metals, and are content with MT4. Look elsewhere if you need instrument breadth, crypto, MT5, or the lowest cost on a raw-spread account.

Risk warning: 80.2% of retail investor accounts lose money when trading CFDs with Windsor Brokers. Leveraged products carry a high risk of losing your money rapidly. Consider whether you understand how CFDs work and whether you can afford to take that risk. Never trade with money you cannot afford to lose. Nothing in this review is investment advice or a recommendation to trade.

Is Windsor Brokers trustworthy?

Is Windsor Brokers a scam?

Based on our checks, no. Windsor Brokers has been CySEC-regulated since 2004 under licence 030/04, with a 37-year record showing no proven fraud case and no licence withdrawal, and it did not appear on any official regulator warning list at the time of our testing. The caveat is the one we have made throughout: distinguish the CySEC-licensed entity, WB Trade EU Ltd, from the entities operating under the same brand in lighter-touch jurisdictions.

Can I actually get my money out?

In our direct test, yes. A $200 card withdrawal requested on a Tuesday morning was processed the same business day and reached the card three business days later. Reported problems cluster around incomplete verification documents and disputes over promotional bonus conditions — both avoidable.

Why is the Trustpilot score only 3.2?

The recurring theme is slippage, particularly on stop-loss orders. One reviewer claimed slippage moved against them on stops but never in their favour on take-profits. We recorded 0.1 to 0.3 pips in normal conditions and 1.2 pips during a US data release, and did not observe that asymmetry across our 50-plus trades. Our sample is too small to disprove the claim, so treat it as an open question.

Does the regulation actually protect me?

It depends entirely on which entity holds your account. Under WB Trade EU Ltd you get segregated funds, negative balance protection and Investor Compensation Fund cover up to EUR 20,000. Under the Seychelles or Belize entities you get segregation and negative balance protection but no compensation scheme. CySEC is also tier two rather than a tier-one authority like the FCA, ASIC or BaFin, a meaningful step down in supervisory intensity.

Frequently asked questions

What is the minimum deposit at Windsor Brokers?

The Prime account starts at $50, which is the entry-level, commission-free account. Zero requires $1,000 and VIP Zero requires $25,000. We opened a Prime account with $50 without any difficulty.

Does Windsor Brokers offer swap-free accounts?

Yes. Swap-free trading, which removes overnight financing charges, is available on Prime with no substitute administration fee, and on request for Zero and VIP Zero. We requested the conversion and it was applied within one business day, with no restriction on which instruments can be traded. Whether CFD trading meets any particular religious or policy standard is a judgement for you and your own adviser; what we can confirm is the product mechanics.

How long do withdrawals take?

Windsor processes requests internally within one business day, and arrival then depends on the method. When we tested in early 2026, a card withdrawal took three further business days to land, four in total. Cards are quoted at 3–5 further business days, e-wallets at same or next day, and bank transfers at 3–7 further business days.

What is the difference between the Prime and Zero accounts?

Prime is spread-only from 1.0 pips, with no commission and a $50 minimum. Zero starts at 0.0 pips but charges $8 per lot round turn and requires $1,000. For anyone with a small balance, Prime is the better structure. A high-volume trader may come out ahead on Zero, though the $8 commission is above what several competitors charge, so run the numbers on your own volume first.

Which platforms does Windsor Brokers support?

MetaTrader 4 only — desktop for Windows and Mac, browser-based WebTrader, and MT4 mobile for Android and iOS, alongside Windsor’s own account-management app. There is no MT5 and no proprietary trading platform. WebTrader does not support Expert Advisors, so automated strategies require the desktop client.

Does Windsor Brokers charge an inactivity fee?

No. Windsor charges nothing for a dormant account, ahead of brokers such as Evest, which charges $75 after two months of inactivity, and XM, which charges $5 a month after 90 days. Deposits are also free on all methods, though withdrawals carry small charges.

Can I buy real shares through Windsor Brokers?

No. The 105 equity products are contracts for difference, so you trade the price movement rather than owning the underlying stock. If you want actual share ownership with the rights that come with it, this is not the right broker.

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