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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To be honest, I still don't know if I can really consider this broker a fraud, but certainly, it should not be trusted nor be on your top choices. I had an account at the broker and I kept losing all of my trades until my balance was wiped off. The losses were ridiculous because I still lost even when I was already very careful. I am thinking that my account could have been manipulated.
As far as I remember, Weltrade used to be a great broker. I remember reading a lot of positive feedback towards the company before. But recently, lots of complaints are emerging and even my cousin who has been trading with the company was talking about how the broker refuses to release her funds.
What I learned from my experience with Weltrade is that I should never deal with offshore companies. I knew from the beginning that this broker is an off-shore company but I ignored that because of their lucrative offers. I realized that the first thing I need to consider in any investment is the credibility of the company I'm dealing with.
Right now, I am having a problem withdrawing my funds from Weltrade. I never had any problem with the broker before. This is my first time withdrawing my profits, and I am a little worried because it has already been more than a week but I still haven't received my money.
Weltrade had great trading offers. From account types to trading platforms, one would really be tempted to open an account with them. However, the catch is that the company is not regulated. And to be honest, right now, I am having trouble taking my money out.
I wouldn't be trading with a broker that has significant number of negative feedback. Even when there are some positive reviews, I still will not take the odds because the negative feedback won't emerge if the users were really satisfied with the broker.
I invested a thousand dollars at Weltrade believing that my account manager can magnify its amount. I was promised that my account manager will help me to grow my investment thus, no need to worry about my lack of experience. But then after depositing the money, there was no account manager and after a few days, my account was blocked.
The reason I opened an account at Weltrade is their supposed fast withdrawal transaction. But then when I tried to withdraw my profits, the broker only blocked my account and I never received my money. I also never got to access my account again after that.
Weltrade should not be trusted. I am not sure if the broker has really stopped their operations but if you ever get contacted by them, do not entertain their offers at all. This broker will only steal your money and will threaten you to give them more.
It seems like they are still operating. I still try to contact the to get my money but they never respond to me anymore. I guess I should just give up and all I can do now is warn other investors to stay away from this broker.
Everything that Weltrade said on their website was a lie. They claimed to process withdrawals in as fast as 30 minutes when in reality, there is no way to get your money back. Once you invest in them, there is no way to take your funds back anymore. The broker's intention is only to rob their clients.
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