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WELTRADE makes impression of ideal broker. Is it true?
WELTRADE has been operating in the market for 15 years. It works with traders from 180 countries. Judging by reviews, the broker is widely popular with investors from the CIS countries. The WELTRADE website is well-developed and contains useful information. The broker offers favorable trading conditions, bonuses, and campaigns as well as promises the fastest withdrawal of funds. Savvy traders are well aware that brokers are quite good at advertising themselves and making luring offers. However, let us check whether this information contains at least an ounce of truth.
WELTRADE is another offshore company registered in Saint Vincent and the Grenadines. It is regulated by local legislation. It means that traders will also have to solve disputes there. The broker does not specify the license number and we were unable to confirm its availability.
Identifying the registration address of WELTRADE can hardly be called an easy task. An Internet search for Suite 305, Griffith Corporate Center, PO BOX 1510, Beachmont, Kingstown, Saint Vincent and the Grenadines leads to an office center. At this address, only in Apartment No. 305, based on the data of Digital Cash Palace, 8 brokerage companies are located. WELTRADE is one of them.
A notice has been posted on the Griffith Corporate Center website stating that the company has negative ratings on the Internet due to the numerous complaints. The center provides contacts that people can use in order to inform about fraud or dubious actions of brokers, located in that apartment.
Apparently, many brokers are currently residing in apartment No. 305. Google users constantly bombard the owner of the building with requests about the presence of a particular broker. There are more than 70 such questions that often remain unanswered.
If an offshore registration does not scare you off, then the trading conditions seem pretty decent.
The last sentence is the most interesting one. The broker states that clients can withdraw their money within 30 minutes while in the public offer, the broker indicates that it may take 5 banking days. Notably, if the security service requests additional documents, customers have to wait for 10 days.
WELTRADE claims it works with clients from 180 countries. However, there are few English-language reviews about this broker. The company almost does not get into the ratings and foreign traders avoid WELTRADE.
The lion’s share of its clients are investors from the CIS countries. They leave positive reviews about the broker describing it as stable, reliable, and decent. Nevertheless, even when being showered with praise, negative reviews prevail. Traders complain about complex and long verification procedure, slow execution of orders, rude support service, and refusal to withdraw funds or delays. Clients also stress that the broker often blocks accounts.
As an offshore company, WELTRADE looks quite alright. A well-developed website, favorable trading conditions, long operating history. Yet, the lack of news about the company's activities over the past year and a large number of negative reviews for 2019-2020 make this company rather dubious. WELTRADE can hardly be called a scammer but the offshore regulation and registration in the odd and shady place raise suspicion.
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