Weltex is an entirely anonymous online trading brokerage. Usually, when firms hide their own owner and legal jurisdiction, you’re dealing with a scammer. We want to show you what we discovered in this Weltex review without further presuming.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | weltex.co |
| Blacklisted as a Scam by: | N/A |
| Owned by: | N/A |
| Headquarters Country: | N/A |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Available |
| Types of Assets: | FX, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | No |
| Accepts US clients: | Yes |
What About Weltex Regulation?
Weltex is a brand without details. The company hasn’t listed the owner, governing law, or even a phone number to reach them. The only way to contact the firm is via email. From our experience, it can mean that this broker is based offshore, or it’s a typical boiler room looking to extort money and disappear.
Why Must a Broker Have a License?
There are many reasons to look for a regulated company. The main one certainly is funds’ safety. Tier1 regulators such as FCA, ASIC, and BaFin ensure that every Forex firm will have a significant compensation fund to reimburse potential victims. Furthermore, they’re checking all the firms and confirming that your funds are held in segregated bank accounts in reputable banks.
Companies like Weltex follow no rules and your funds are at risk.
In addition to the above, we strongly advise you not to invest inNewFX,FavorTradesandCMCbitsfraudulent brokers.
Traders Reviews About Weltex Scam
If you check the Trustpilot, for example, you will see that the broker has no negative reviews. It’s rated as excellent or great by 3 customers, and all the reviews were written in the same week, November last year. Ever since, there have been no comments. Suppose you’re looking for an honest evaluation from your clients; you’d give them a chance to rate you as a broker. This way, the company seems to have blocked all the reviews, trying to cover up the fact they’re stealing money and operating illegally.
Supported Trading Platforms – Available Trading Software
The broker only provides a proprietary WebTrader. The platform is available from any browser and has several charts and indicators but doesn’t support EAs or social trading. If you want to trade, we always advise MT4 or MT5.
Mobile Trading with Weltex
The firm claims to offer an app for Android and iOS, but it’s based on WebTrader. Therefore, you have no special tools, only a basic TradingView chart.
All About Weltex Accounts
Weltex offers its traders 6 account types.
Accounts differ in the initial deposit, sessions with a certified accountant, and spreads.
Countries Where Weltex Scam Is Active
Our review has shown that the Weltex trading scam mainly targets:
- Germany
- UK
- Spain
- Poland
Weltex Range of Trading Instruments & Markets
Weltex offers to trade in the following markets:
- Currency pairs
- Commodities
- Indices
- Shares
- Cryptocurrencies
Weltex Leverage
The leverage Weltex provides is unregulated, going from 1:100 to 1:400. In the EU and UK, regulators have set a limit to 1:30 or 1:50 for the Forex market and 1:2 for the crypto market. Looking at Weltex leverage, you can already see how the broker is putting you at risk, increasing your chances of losing the funds 10 times more than any regulator approves.
Besides, noted the names of the VideForex, Fin Venture and Xpoken trading scams and avoid them at all costs! By the same token, always analyze the background of online trading companies before investing!
Weltex Deposit and Withdrawal Methods and Bonuses
The company accepts the following payment methods:
- Debit/credit cards
- Wire transfer
The minimum deposit is $250, while the minimum withdrawal amount for wire transfers is $1,000 and for card withdrawals $100. The company claims there are no fees for any withdrawals.
Besides, you’re entitled to a bonus on the initial deposit. Once accepted, you will have to repay the deposit amount 15 times before being able to submit a withdrawal request.
Are You Already Involved With Weltex? – Share Your Story With Us
If you have been scammed by Weltex, don’t get desperate. It’s time to file a dispute and request a chargeback.
But What Is A Chargeback?
This is a way for your bank to reverse the fraudulent transaction. Instead of letting scammers run with your money, you need to take action now. Let’s book a free consultation with our experts and start the process immediately!