Updated on January 5, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Welkron due to the issues we've identified.
Is Welkron Scam or Legit Broker? ▲
Engaging in Forex trading with Welkron is deemed unsafe. The brokerage is licensed under the jurisdiction of St. Vincent and the Grenadines, a location notorious for its offshore status. Such a designation implies an absence of strict oversight by the regulatory authority, granting the broker excessive operational freedom. The concern with brokers regulated by the SVGFSA is their lack of stringent regulatory measures. This lax environment fails to provide the essential safety nets necessary for secure trading.
About Welkron
Registered in: St. Vincent and the Grenadines
Type of License: Offshore License
Is Welkron safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
Welkron is identified as a broker specializing in Forex and CFDs, operated by WBB Consultancy SA. The firm purports to hold registration in St. Vincent and the Grenadines. It's noteworthy, however, that the Financial Services Authority (FSA) of St. Vincent and the Grenadines does not extend its licensing or regulatory oversight to forex trading activities or to international companies engaging in such practices. Furthermore, Welkron’s own terms and conditions concede that it is unregulated in any jurisdiction and that its services do not undergo regulation within St. Vincent and the Grenadines. This disclaimer signals an inability to safeguard client funds or offer regulatory protections on par with those provided by more rigorously regulated entities. The prevalence of such disclaimers among offshore-registered brokers underscores the risks associated with engaging with these entities. The broker also appears to target Russian-speaking clients, as evidenced by the availability of Russian language options and specific documentation on its website.
In conclusion, the trustworthiness of Welkron as a brokerage is highly questionable, and it may very well be another deceptive operation. Our advice strongly leans towards investing with brokers under the oversight of reputable and dependable regulatory authorities, like the Financial Conduct Authority (FCA) in the United Kingdom.
Our latest findings indicate that Welkron’s website is no longer accessible, signaling a cessation of its trading services. Despite this development, we urge traders to remain vigilant and steer clear of any future offers or engagements with this broker, as the risks previously identified persist.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Welkron Review 2024
