Scammed by WellsTrader? If so, we may be able to help you. Our expert team will know if there is a way to assist you. File A Complaint today by filling the form below and get a free consultation today.
What is WellsTrader?
WellsTrader is an unregulated broker similar to CorsairControl Investment, which we reviewed earlier. Problem with unregulated brokers is that they are not reliable and abuse the regulations. Make sure to stay away from them as they are anonymous and that they can disappear any time without notice. Companies providing online brokerage services without a license cannot provide their clients with any sort of protection.
WellsTrader is unregulated and most likely totally illegal, which ultimately means that your funds will be in danger if you deposit! So, yet again, there is another reason to stay away from WellsTrader!
As there is no regulation, the people running the platform can pocket your money while bearing no responsibility for their criminal actions. They can disappear any time without notice. Companies providing online investment services without a license cannot provide their clients with any sort of protection. In contrast, regulated firms are required by law to adhere to a slew of regulations that ensure the safety of clients’ funds. For example, in most jurisdictions, a company will get a license if it meets the minimum capital requirement that varies by country and may also depend on the product specification, business classification and so on.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this broker, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why they are dangerous to deal with.
On top of that, once you click and provide them with your e-mail and contact number they will ring you immediately and promise you anything to make you deposit money with them as fast as possible. Most of the scammers are experienced manipulators and before you know it they’d ask for your bank card numbers to assist you with the deposit. You shouldn’t provide this information. There is also a chance to become a victim of Identity theft, experiencing many more problems consequently.
Depending on the amount of experience people have with brokers, it may be easy to tell what is legitimate and off-base before the problem starts. However, most of you may not be aware that their platform was problematic before you already signed up. If they show any of these signs, either avoid them entirely or look very carefully before proceeding:
🔴 Not regulated
🔴 High fees and commissions
🔴 Not enough information on the website
🔴 Poor communication and refusal to answer questions
🔴 Pushy manner
🔴 Keeps mentioning rules and fees that were not outlined in the contract
🔴 Does not let you withdraw money from your account
WellsTrader Products and Services
WellsTrader is not safe, and we say so because it’s an unregulated platform – these schemes are never secure. They always promise things they won’t deliver, and WellsTrader makes no exception – they claim that customers can earn big money, which is a scam offer seen from any viewpoint! Such promises are ludicrous, and they show that WellsTrader is a suspected scam you should avoid! Beware!
WellsTrader Customer Support
WellsTrader allows you to contact them through telephone contact and email. They do not provide any location data. There is no certainty in the contact information available.
You ought to receive an instant reply to your query, if not fast. Nevertheless, fraudsters cut off communications upon receiving your money. It is improbable to deliver a friendly interface without proper customer relations. Active customer support assists in determining more trust in the company.
Are Funds Safe With WellsTrader?
With such lack of information and WellsTrader being unregulated, funds are not safe. Security of funds is a huge problem with unregulated brokers. A red flag that we noticed is that they are withholding vital information to users. They could go bankrupt from one day to another since there are no banking information about them.
They does not guarantee the security of funds. The safety of your money is a top factor to consider in any platform. Any red flag is a warning you should not ignore. Investing your money with anonymous platforms not only puts your money at risk. Your data may fall into the wrong hands attracting criminal activities during the registration process.
The point at which many of our clients realize they are dealing with a scam broker is when they request to withdraw funds and the broker either won’t allow them or will make it difficult. They may employ the following tactics:
🔴 Will aggressively urge clients to make additional trades. The client often acquiesces because the broker will be quite pushy and make it clear he or she is in control since they hold the client’s funds
🔴 Will charge high withdrawal fees. Many clients will instead try to make more money to cover these high fees and will make more transactions instead of withdrawing
🔴 Cease communication. They may be evasive or simply not communicate at all.
If WellsTrader is doing any of these things to avoid releasing your funds, contact us today.
WellsTrader Review: our Conclusion!
WellsTrader is an unregulated broker to avoid. Unregulated brokers, in particular, are usually operated anonymously. Sooner or later, the service will inevitably close. They usually target traders and investors with little or no experience by promising fictitious investment opportunities. You’d better stay far away from unregulated entities and trade with regulated platforms only.
There is also the insolvency protections that unregulated brokers does not have access if they go bust.
Platforms who are not registered with or regulated by a regulatory organization are considered unregulated. Because they are not subject to any laws or restrictions imposed by financial regulatory organizations, they are free to trade as they see fit. Choosing an unlicensed platform comes with its own set of disadvantages.
If you have been scammed, leave a comment or if you wish to arrange a free consultation with our professionals, feel free to submit your complaint by clicking the button bellow.
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