Weltex Review 2023 – All We Know About Weltex.co Scam

Weltex is an anonymous financial swindler advertising its services through fraudulent Google Ads campaigns. Once busted by regulators, the company vanished. Since we know better than to believe they won’t return, we’ve prepared a detailed Weltex review for you.

Read carefully and gather some inside knowledge on how to avoid potential scams.

What’s more, please exclude Group 500, QuantumMarket and Fenix Securities from your list of potential platforms to trade. It will save your money, nerves and time!

Broker Status: Unregulated Scam Broker
Broker Regulation: Unlicensed Forex Provider / No Regulation
Scammers Websites: Weltex.co
Operating Status: Active Forex Trading Scam
Blacklisted as a Scam by: FMA, BaFin, CNMV, A-TVP, AMF
Broker Owner: N/A
Headquarters Country: N/A
Foundation Year: 2021
Trading Platforms: WebTrader
Mobile Trading: Not Available – only via web
Minimum Deposit: 250 USD
Deposit Bonus: Available
Crypto Trading: Available – BTC, XRP, ETH
CFD Trading: Yes, you can trade CFDs
Trading Instruments: Forex, commodities, indices, shares, cryptocurrencies
Maximum Leverage: 1:400
Islamic Account: Not Available
Demo Account: No, only live trading accounts
Accepts US Clients: US traders are accepted
Global Fraud Protection Team: Don’t Invest in This Scam Broker!

Is Weltex a Scam Broker Without Regulation?

There’s one simple answer to this question, and that answer is yes. Weltex is a scam broker without regulation. As a matter of fact, we don’t know where the firm was based or who was behind it.

All we know is that they onboarded European residents without complying with regulatory prerogatives. For instance, ESMA, the official EU watchdog, imposed a leverage limit of 1:30, set a minimum capital at over 700,000 EUR, and demanded brokers keep customers’ funds in segregated accounts. 

Here we have Weltex, not offering any information regarding fund safety and allowing leverage up to 1:400. Clearly, it worked against the rules, which resulted in numerous bans we’ll discuss later on.

For now, we’d like to invite you to share any information you may have about this scammer. The more details we have, the better we can pressure authorities to react.

Weltex was an anonymous financial fraud running for over a year. Then, Austrian FMA and German BaFin exposed it, which ended the era of weltex.co scam.

Warnings Against Weltex Fraud

Speaking of bans, we’ve received two. In June 2022, Austrian and German officials warned against Weltex fraud.

According to FMA, this broker is not authorized to carry out banking transactions in Austria that require a license. Yet, it does so. This warning was later republished in Spain, the Netherlands, and Slovenia.

Just three days later, German BaFin issued its own alert regarding the same broker. According to them, the company is violating section 37 (4) of the German Banking Act (KWG) by not having a license to conduct banking business or provide financial services.

This is our final proof of an ongoing scam.

Where Do Weltex Victims Live?

Our analysis of weltex.co domain showed that it was registered in the GoDaddy WHOIS database on the 27th of May, 2021. The majority of victims of this unscrupulous swindler have come from the following countries:

  • Germany,
  • Ukraine,
  • Poland,
  • Austria,
  • India.

While German and Austrian authorities issued their warnings, we’re still waiting for the others. Your story can help us urge them to end this and all future frauds by the same owner.

Weltex reviews we found on Trustpilot confirm plenty of complaints, as the broker is rated poor with 70% of 1-stars.

How Does This Fraudulent Company Find Victims?

As mentioned, Weltex broker advertised all over Google Ads. They used TechmarketingKoala, a fake review page, and Bitcoin Revolution, a fraudulent crypto campaign. The firm was promoted in several languages, including English, German, and Spanish.

Once you click on their ad or submit your details through the review, broker employees will start their sales pitch. Typically, they will tell you some fairy tale about generating thousands of dollars within 24-48 hours. Then, they’ll ask for an initial sum of $250.

If accepted, the scheme will continue through alleged account managers. They’ll add you to Telegram and WhatsApp groups and channels, showing the fake results and profits they allegedly made for other customers. Once they build the relationship and get some trust, they’ll ask for tremendous sums to fulfill your financial dreams.

You could still fall victim through social media even if you never registered to any of these ads. Nowadays, brokers use LinkedIn as a means of contact, knowing it’s a credible business network. They should start filtering profiles a bit better since many scammers are lurking victims through the medium.

What Trading Platforms Are Available?

Let’s talk about the Weltex trading platform. Just like the broker itself, the software is disappointing. It’s only a basic WebTrader without any special features.

Unlike third-party software, such as MT4, MT5, or cTrader, browser-based platforms don’t offer any security. Brokers can manipulate them in several ways, including changing market prices, opening trades you never wanted, or simply stealing your cash.

In case you wondered, this lackluster platform doesn’t have mobile apps, meaning all the login has to go through the web.

What Can You Trade With a Broker? – Trading Instruments

In the unlikely event you still care about the broker’s tradable assets, here’s the list:

  • Currency pairs – EUR/USD, NOK/SEK, GBP/ZAR
  • Commodities – gold, silver, natural gas
  • Indices – NIKKEI225, NASDAQ, FTSE100
  • Shares – Amazon, Google, Apple
  • Cryptocurrencies – BTC, BCH, USDT

While solid, it doesn’t mean anything considering the lack of approval to offer trading services in the first place.

Weltex Demo Account – Can I Trade For Free?

The Weltex Demo account is unavailable, meaning you must deposit immediately. Often, scammers don’t allow you to see their offer so that you wouldn’t see through their fake promises. Instead, they require the money right away, so when you understand what’s going on, it’s already too late.

Don’t worry; third-party platforms, like MetaTrader, offer risk-free accounts directly through their website. Instead of paying even a penny to a scammer, you can test trading safely.

How to Withdraw Your Profit From a Weltex Account?

When it comes to Weltex withdrawal, a broker has some unreal demands. Namely, they require customers to have a minimum of $1,000 for wire transfer payouts and $100 for credit cards. It’s just a way to pressure you to deposit more before being able to request a withdrawal.

Finally, they offer different bonuses, but if you accept any, you must repay the given amount 15 times before being eligible to get your profit. If it sounds like a scam, it probably is.

I Lost Money With Weltex Scam, What to Do?

Being scammed by a financial swindler is nothing to be ashamed of. In fact, it can happen to the best of us. That’s why Global Fraud Protection has made it a personal mission to assist customers with this issue.

Contact us for a free consultation, and our chargeback experts will evaluate your case. Then, we can collect all the information and help you start a dispute for recovery.

All In All, Don’t Let the Scammers Get Away for Free!

FAQ Section:

Is Weltex a Legit Broker, and Should I Invest In It?

Weltex is a scam broker without any valid regulations. If you lost money to this swindler, allow us to help you recover funds.

What Is the Weltex Minimum Deposit?

Weltex broker requires a minimum deposit of $250 to start trading.

Are My Funds Safe With Weltex?

Considering the firm is subject to five regulatory bans, it’s clear that your funds are not safe.

The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘Fox on Law,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.

This article is syndicated automatically through a third-party agency from ForexIndustry.com.

To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/09/weltex-review-2023-all-we-know-about-weltex-co-scam/.

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