The expert trader would not waste their time with Wellfin. This is a dangerous venture that is only targeting those with inadequate experience in the market
Wellfin is a company that has a taste when it comes to building a beautiful interface. The platform is trading forex, binary, indices, energy, commodities, cryptos, and stocks. They promise clients huge profits. Unfortunately, if you consider joining the venture, we suggest you hold your horses and read this review.
We have enough reason to believe this is a dangerous Ponzi scheme. Whenever you come across entities offering Binary options, there is a high need to be cautious, especially if the company is not reputable. This is a venture that does not have a license.
Wellfin claims it has over 500 tradable instruments. The trading conditions are also considered to be at the forefront. The platform is also offering educational programs to customers. It is great to educate investors, but we cannot validate the material clients get of high quality.
The broker has tutorials in the form of articles. Additionally, they conduct webinars and seminars. Traders can also use a free demo account. The problem with scammers is that they will appear as though you are winning through their simulation. You will deposit funds and open a live account only to attain undesirable results.
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Wellfin advertises tight spreads. They also allegedly execute trade fast. The company tries its level best to remain relevant in the market. Their success comes from embracing technology. The broker also guarantees it protects traders against severe risks.
They accept all forms of traders, and it does not matter whether you are experienced. The entity deploys various strategies to win orders, but they do not bother to disclose even one of them. Traders will benefit every time the managers make profits.
It would help if you kept in mind that the case also applies to the losses. Wellfin claims investors have full access to their accounts. Sadly, no evidence shows this scheme is leading in the industry. Investors that join the broker with the hope of revolutionizing their financial status are in for a rude shock.
The entity only cares about itself, and traders are the least of their problems. As long as their narrative remains vibrant, the firm may pay out customers. However, once the Ponzi scheme realizes no money coming into their business, they will shit down the whole operation.
Wellfin Trading Conditions
Wellfin purports it is a trading company; however, the venture does not have trading software. The only available thing is a chart. If this is a serious forex broker, then it should avail a MetaTrader firm. We do not know the trading conditions that the venture provides.
Therefore, the leverage and spread of the platform are unknown. They, however, may promise risky limits that are unrealistic only to attract new clients. Trade with legit forex entities that offer a leverage of 1:30 or 1:50.
Withdrawal and Deposits
Wellfin leaves out critical information regarding the withdrawal and deposit. The payment methods like wire transfers, cryptos, and PayPal are listed. Traders are going to have a hard time getting back their money. All these options are futile and cannot be reversed. The company does not even have a legal document. This is a dangerous entity. They will most likely not handle the withdrawal request of investors.
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Investors can only reach the customer via live support. The platform is operating from St Vincent and the Grenadines. They also have an email address, but the broker provides no phone number. It could be because they do not have enough money to hire a professional team.
The location of this scheme is a major red flag. Offshore ventures exit the market abruptly without notice. Your money will be trapped in their system. If you provide your ID, you expose yourself to more hazards. The authority cannot pin down Wellfin as it is an anonymous firm.
They thrive in discreteness. It is also unwise to trust such people with your money. They will defraud and devastate you till you give up. Watch out and find a platform that understands the importance of hiring professional support.
Registration and Regulation of Wellfin
The entity brags it is globally regulated. It mentions FCA, CMB, and KNF. Some of these bodies we hear for the first time. Therefore, they are offering their services legally.
It is a bold claim coming from them, but the venture does not even care to mention the regulatory watchdog that granted them the license. After doing thorough research, we realized that the firm is a self-regulated venture. Fund safety is a luxury that you should not expect from such a broker.
Additionally, the venture can misuse customer data without their knowledge. Offshore firms disappear from the market without notice. Wellfin does not meet the required capital to have a license from the FCA. Moreover, the scheme fails to provide the parent company and the people that are behind the entity.
Transparency is a requirement that is mandatory for all watchdogs. This venture does not segregate users’ funds, and this is a big red flag. To be on the safe side and enjoy several benefits, we suggest you find a genuine scheme in the market that you can use for investment purposes.
Wellfin has a client’s testimonial section on their platform. Traders appreciate the help that the entity provides. One investor allegedly used the firm’s ES exchange and made a huge profit by buying Google Weekly calls. The stocks went from 55 cents to $5. He learned that the prices even went higher later. Therefore, he urges the venture for guidance in the future to generate more ROI.
Others state that despite the market being populated by scammers, the sales representatives of this company are unlike any other. The account managers are professional and experienced in the field. Even though the market is volatile, the team is always winning trades. There are several other positive reviews.
However, if you are a keen investor, you will notice that there is no single negative feedback. The venture cherry-picks information to lure in more naive customers. The reviews are also in statement form. There is no social media link or pictures of the alleged successful clients.
Fraudsters tend to use false information to manipulate and trap more victims. They do not care about making anyone rich. We suggest that you check for testimonials from third-party websites. The safety of your money should be your main priority.
No expert trader would waste their time with Wellfin. This is a dangerous venture that is only targeting those with inadequate experience in the market. There is no evidence of payment, and the firm will only leave you high and dry. If you want to trade successfully, then we suggest you stick to reputable firms.
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