Abstract：Did your Weltrade account earn you profits only to be cancelled by the broker on claims such as trading abuse? Did you fail to open or close orders due to stuck charts? Did you notice an unaccounted fund deduction? Users have been constantly reporting these issues on broker review platforms such as WikiFX. This Weltrade review examines user allegations and provides you with an overview of the company's regulatory structure.
Did your Weltrade account earn you profits only to be cancelled by the broker on claims such as trading abuse? Did you fail to open or close orders due to stuck charts? Did you notice an unaccounted fund deduction? Users have been constantly reporting these issues on broker review platforms such as WikiFX. This Weltrade review examines user allegations and provides you with an overview of the company's regulatory structure.
ContentsElaborating on the Weltrade Broker CFD Market Access
Weltrade is a multi-asset CFD brokerage firm that allows you to invest in forex, stocks, commodities, metals and indices. The company allows copy trading that enhances traders' experience using the strategies adopted by successful traders. Both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms available for Weltrade users.
Forex Pairs Available for Trading
The platform lets you trade in over 40 currency pairs. Some of these include:
- AUD/CAD
- AUD/CHF
- AUD/JPY
- EUR/AUD
- EUR/CAD
- CHF/JPY
Stocks You Can Trade on Weltrade
You can invest in stocks of some of the world's most renowned companies. These include:
- Adobe
- Alibaba
- Amazon
- AmericanFX
- Apple
- BNP
Indices Available for Trading
The Weltrade platform helps you trade a wide range of indices, including:
- AEXEUR
- AXJAUD
- F40EUR
- GEREUR
- JPXJPY
- SPXUSD
Where Can Metal Traders Invest Using the Weltrade Platform?
- Gold
- Silver
- Platinum
- Palladium
Commodities Available for Trading
Weltrade Account Types
Weltrade offers five trading accounts - Micro, Cent, Pro, SyntX and Raw Spread - to align with different user needs. The table below details the specific trading conditions associated with each account.
Entry to Weltrade is affordable across accounts, with the minimum deposit requirement set by the broker ranging from USD 1 to 100. The spread aspect is mixed, with Micro and Cent accounts having spreads beginning from a very high point. The high leverage of up to 1:2000 can help you acquire a wide market position by demanding a very low margin. However, the potential downside risk of account blowups in a volatile market cannot be ruled out.
Top Trading Allegations Against Weltrade
Investigating Profit Cancellation Claims
Users from Pakistan and South Africa complained about illegitimate profit cancellations, claiming that the broker used vague clauses and claims like bad faith trading to wipe out profits from the platform. While both traders refused to believe that they had committed any trading abuse, they highlighted that the brokerage firm did not provide any trade log that supported its profit cancellation action. Here are multiple Weltrade reviews on this critical trading matter.
Examining a Suspicious $531 Withdrawal from the Weltrade Account
A client from Peru alleged an unaccounted deduction of $531 from his trading account balance of $534. According to the user, the $531 was marked as a withdrawal on the Weltrade login. Check this transaction record-backed user claim.
A $10 Deposit Failed to Show on Weltrade Login
A South African trader accused Weltrade of failing to show the $10 deposit on the login dashboard. According to the user, the amount was deducted from the payment wallet. However, it allegedly failed to appear in the user's trading account. Despite contacting Weltrade customer support, the trader could not receive a satisfactory reply, according to the complaint. Take a look at the complaint screenshot below.
Stuck Chart & Copy Trading Error Allegations
Thailand-based users have reported struggling to open or close trade orders due to stuck charts. However, the graver complaint was the alleged issue arising out of copy trading. Portfolios of several users were affected by this issue. While some clients received compensation, others could not, according to multiple Weltrade reviews reported on WikiFX, a leading forex broker inquiry tool.
Weltrade Login Issue & Fees Upon Withdrawal Unfreeze
A trader from the United Kingdom claimed to have left trading after doing it for a while, after depositing $5. The user reportedly failed to log in via the MT5 platform despite several attempts. This prompted the trader to place a withdrawal request, which was allegedly denied by the broker on the grounds of money laundering. The user further claimed that the broker charged fees. The entire incident reportedly led the broker to delete the trading account, according to this Weltrade review.
Alleged KYC Verification Issue
A Malaysian user claimed an unsuccessful KYC verification with Weltrade. The review shared by the trader claimed that it was due to a name mismatch. According to the user, the account was created via a Google account, where his name was found to be different. The user highlighted the lack of options to update the name on the Weltrade platform. The client shared this negative review after suspecting that the situation would never improve.
Is Weltrade Legit or a Scam? Read This WikiFX Report
While the user complaints may be disturbing, the broker has one verified forex license from the Financial Sector Conduct Authority (FSCA). The licensed entity and the license number, according to this regulation, are Weltrade SA (PTY) LTD and 50691, respectively. Its licenses from the National Bank of the Republic of Belarus and the Financial Services Commission (FSC) have been revoked, according to the WikiFX report. The user trust score sits at a low of 3.73 out of 10.
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