Our Welzone Review exposes why welzone.co is a scam. Despite the broker’s attempt to lure investors with large bonuses, all these are traps. Those who have invested and traded with WELZONE know what happens next.
Here’s our candid welzone—co review.
With an enticing website, one may sign up believing welzone is a legit broker, far from it. But, unfortunately, the enticing features are mere traps for brokers to fall for. And that’s the bitter truth regarding this broker.
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Welzone claims to be an international online broker dealing with CFDs. The broker claims to give users access to over 500 tradeable instruments and a barrage of advantages. But, far from it, that’s not what the broker offers.
We have a broker keen on ensuring no one can enjoy the fruits of trading on the platform. Members have been complaining about withdrawal requests not being honored by the broker. And the broker is nowhere to answer these allegations.
As a trader, you would want an accountable and reliable trading partner. These are brokers who ensure there’s legitimacy in what members offer. Instead, we are dealing with a broker whose interests only align with their arrogance.
Those who have signed up and face withdrawal issues can only hope for a miracle. The broker seems to be exiting the market, as signs show a foreclosure on the way. What’s next for members of the welzone.co platform?
Before you invest with any online broker, we recommend doing due diligence. You have to weigh the pros and cons before anything else. Try and read welzone reviews and find out what the community thinks of the broker.
The broker claims to offer a world-class trading platform, which is not the case. It’s an unstable web trader that’s unlikely going to help traders make informed decisions. We have a broker who is not keen on offering legit trading services.
When looking for a reliable broker, choose one that offers dependable trading terminals. These include MT4 and MT5 trading platforms. With either of the two, you get many trading tools that help improve your trading skills.
MT4 and MT5 offer over 50 technical indicators and fundamental analysis tools. You get charting tools and a chance to customize the terminal to suit your trading style. These are the features that help make trading easier for traders.
Another reason the two are ideal is the option of accuracy in signals on offer. For example, some robots offer automated trading for newbies. In addition, you get news alerts that are up-to-date with either of the two terminals.
You won’t profit from trading with this broker. Not in your wildest dreams. These are brokers who don’t care about the welfare of investors. There are several reasons that we flag down the broker.
Withdrawing funds from the platform remains the biggest challenge facing members. No one gets to withdraw funds from the platform. There’s no evidence of any withdrawal for the past six weeks.
And that means the broker is not honest and doesn’t provide a transparent trading platform. No member has come out heaping praise on the broker. And that’s why we have to expose the broker’s meager features.
There are four accounts to choose from standard, silver, gold, and VIP. What is interesting is the high minimum deposit required, even with the most basic account. Here’s a closer look at each account;
Standard
You must deposit a minimum of $10,000 to get started with this tier. Spread starts from 1.5 pips with a leverage of 1:200. Members get a bonus of 30 percent and a personal account manager.
Silver
For the silver account holder, there’s a minimum allowed deposit of $25,000. Features are the same as the standard account; expect leverage of 1:400.
Gold
Gold account holders must deposit $50,000 to get started with this account. Spreads start from 0.8 pips with leverage of 1:500. Members get a promise of a 100 percent bonus.
VIP
With the broker also targeting institutional investors with this tier, a minimum deposit of $100,000 is required. Spreads start from 0.0 pips, and leverage remains at 1:500.
These accounts have an insane minimum deposit requirement unmatched by any other broker. Regulators agree to a minimum deposit of $250 to protect members. Remember, the broker blocks withdrawals, even for the principal amount.
There’s also the issue of high leverage, which the broker claims to set at a minimum of 1:200. Regulators, too, have set the acceptable leverage at 1:100 for all trading instruments. The broker seems to surpass the set leverage.
In the United States, retail traders enjoy maximum leverage of 1:50. High leverage puts your trading position at risk. You won’t get far with this leverage, as the broker only wants to take advantage of the situation.
The broker claims to offer over 30 percent bonus to anyone who signs up. You have to ask yourself what’s in it for the broker. These are not accurate trading features, as regulators warn of such features.
With high bonuses, the broker aims to entice members to deposit more. Traders deposit funds hoping to get more trading deposits after investing. Little do they know the broker only wants their deposit to fund their projects.
There are five classes of trading instruments available on the platform. These include commodities, cryptos, forex, indices, and stocks. You can trade food products with energy in addition to commodities.
The broker pairs are leading cryptos against each other. You won’t find any cryptos paired against major currencies. This is because forex assets are not that enticing. The broker offers major currency pairs only.
Indices available include those from Asia (Hong Kong), Europe (FTSE 350), and the United States DAX. Stocks on the brokerage include those from leading companies in manufacturing and tech.
Don’t expect any contact or support from the broker. There’s no live chat, and the support page has a message board. The broker makes sure there’s no return address provided. And that means the broker doesn’t want any contact with members.
Welzone doesn’t enjoy any compliance as we don’t even know their area of jurisdiction. The broker fails even to list a copy of their license if there’s any. An anonymous and unregulated broker is the last thing you would want.
Ensure you sign up with regulated brokers that offer much in terms of accountability. These are brokers that provide legit trading services in terms of fair conditions. The broker of choice must have records on the regulator’s registered portal.
There are several funding methods listed, including bank and wire transfers. The broker also accepts bitcoin payments. Withdrawal is, however, not even mentioned on the platform.
Your funds are far from safe with this broker. Please stay away.
The best way to avoid such brokers is to check and confirm a broker’s compliance. Please stay away from welzone.co.
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