Wealthyfinancetraders Review: A Fallen Scam
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Wealthyfinancetraders Review
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Regulation
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Fund Safety
Summary
Furthermore, in the Terms and Conditions page, Wealthyfinancetraders mentions that they operate under the laws of Belize, Central America. Such contradictions show that the broker is questionable. Without a regulated broker, you will not enjoy negative balance protection, and the broker doesn’t have a segregated account.
This broker wants traders to believe that they can easily accumulate wealth. However, in forex trading, there is no such thing as making money easily. This is a false idea that many scammers try to sell. Wealthyfinancetraders is an excellent example of a scam forex broker.
This broker exhibits all the hallmarks of a dubious enterprise. As a trader, the safest approach is to work only with recognized, honest, and transparent crypto brokers.
Scam forex brokers are unwilling to undergo the rigorous process of obtaining a legal operating license. They take shortcuts, and many operate in offshore jurisdictions because they know that in those regions, the laws are not stringent, allowing them to operate with impunity.
There are many legal mechanisms to protect forex traders from exploitation by greedy forex brokers. However, ultimately, the onus is on the trader to ensure that they work only with registered companies.
About Wealthyfinancetraders.com
A look at the broker’s website reveals that you can trade shares, currencies, crypto, indices, and commodities. One notable aspect is that the broker offers a 50% welcome bonus to all traders after making a deposit. Although this may sound appealing, many scam brokers use this scheme to lure traders into opening accounts with them. However, many financial regulators do not allow it. If you deposit through crypto, you get a 65% welcome bonus. The broker wants traders to deposit via crypto because they know these transactions are irreversible and untraceable.
The company also offers a referral bonus where a trader earns $25 when a new customer deposits $100. These are all common red flags used to identify a scammer. When we checked whois.com, we learned that the broker registered their domain in January 2024, and it will expire in 2025. Hence, its operations are ephemeral because they are scammers who want to exit the market before investors discover their schemes.
Contact Details
To reach the broker, you can use email or LiveChat. However, when we tried the chat option, we realized that they asked for the email address before responding. We also noted that the phone number was conspicuously missing. This is a major red flag. Any serious forex broker knows the importance of having reliable contact details. Instead of just giving a location, the trader should know even the room number where the broker is located. In case of an inquiry, communication becomes easy.
Wealthyfinancetraders Regulation Status
The broker is located in London, England, according to the contact details they have given. Being a UK-based broker means they should be under the watch of the Financial Conduct Authority (FCA). We checked the FCA database but could not find the broker.
Furthermore, in the Terms and Conditions page, Wealthyfinancetraders mentions that they operate under the laws of Belize, Central America. Such contradictions show that the broker is questionable. Without a regulated broker, you will not enjoy negative balance protection, and the broker doesn’t have a segregated account.
In case the brokerage faces financial hardships and goes bankrupt, all the money will be lost. If you want to invest in financial instruments, you must always check if the broker has the necessary licenses. This is the only way to ensure your capital is protected.
Wealthyfinancetraders Trading Conditions
Wealthyfinancetraders offer leverage of 1000:1. This is suspicious because, in the UK, all regulated brokers should not exceed the 30:1 leverage. Therefore, this broker cannot be operating legally in the UK.
The broker has not indicated the spread, making it difficult to gauge their suitability. We observed that the minimum deposit is $5,000, and they only accept Bitcoin as the method of payment. This is concerning because crypto transactions are irreversible and untraceable. The broker doesn’t care about retail traders with little capital.
Final Verdict
Wealthyfinancetraders is a scam. They have outlined some benefits of trading with them, including bonuses, to dupe traders. There are so many inconsistencies about this broker that it’s hard to trust anything they say.
However, there are many registered, honest, and trustworthy crypto brokers in the market today. We advise that if you want to engage in forex trading, invest with them. Although they may not offer welcome bonuses like other scammers, you can trade peacefully, knowing that all your money is safe and the broker is transparent.”
