WalFlo – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
WalFlo - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://walflo.com
Founded: 2022
Regulations: Unregulated
Languages: English, Russian, Spanish, German, French, Polish
Deposit Methods: Bitcoin
Minimum Deposit: $1,000
Free Demo Account: Not Available
Number of Assets: Not Specified
Types of Assets: Currencies, Metals, Commodities, Stocks, Indices, Cryptocurrencies
Trading Accounts and Conditions
WalFlo offers its clients the following trading accounts:
- Beginner: The minimum deposit is $1,000. Leverage is set at 1:20.
- Experienced Investor: The minimum deposit is $25,000. Leverage is set at 1:50.
- Professional Trader: The minimum deposit is $50,000. Leverage is set at 1:100.
Spreads on the broker’s platform started at 0.3 pips for the EURUSD. However, commissions and fees were not specified.
WalFlo – Advantages
We could not find anything that could be considered an advantage when trading with this broker. WalFlo is best avoided as it has all the hallmarks of a scammer.
WalFlo – Disadvantages
Given below are all the reasons why we consider WalFlo a scammer:
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Unregulated Broker
In the footer on its website, WalFlo claims to be based in Starnberg, Germany. In the same paragraph, the broker also claims to be regulated by the UK’s FCA (Financial Conduct Authority), Belize’s IFSC (International Financial Services Commission) and the Republic of Mauritius’ FSC (Financial Services Commission). The broker also provides what look like license numbers for its so-called registration with the IFSC and the FSC.
The problem is that in their Terms and Conditions section, WalFlo states that they are governed by the laws of Vanuatu, which makes them an offshore broker.
We checked the FCA’s, IFSC’s and the FSC’s online registers to verify WalFlo’s claims of being licensed with them. We found out that no broker by this name is listed with any of these regulators. This means that WalFlo has lied about its regulation status. This is the first red flag that points to the fact that this broker is another scammer that everyone should be wary of.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poor Trading Software
WalFlo provides its clients with a very poorly designed, web-based trading platform that has little functionality. Basically, the most you can actually do on this so-called platform is just buy and sell limited instruments.
Legitimate brokers ensure that their clients get the best possible trading platform, since that will be one of their most important selling points. Which is why the best brokers offer the MetaTrader 5 software to their customers. This software offers its users the widest range of tools – automatic trading bots, VPSs that allow your bots to continue trading for you even you are offline, customizable indicators and other tools, etc.
Compared to the MT5, what WalFlo offers is almost a non-functional platform – on that will only fool the most unschooled traders.
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Minimum Deposit Too High
The minimum deposit that WalFlo demands is $1,000. This is ridiculously high, especially when you consider that some of the best brokers in the market allow you to open accounts with them for just $5. And even if you look at the industry average, you can open an account with most regulated brokers with deposit that range from $100 to $250. Thus, even if this broker were regulated and legitimate, we would not recommend dealing with them.
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Unrealistic Spreads
There is no mention of spreads on this broker’s website. We got that information from their trading platform after we registered for an account with WalFlo. The spreads, as we mentioned earlier, started from 0.3 pips.
The spread offered by this broker is extremely low, which is very advantageous for the trader. However, there is no way that a broker would be able to offer such low spreads without higher fees and commissions – otherwise the broker would just bleed money. The problem here is that this broker has not bother to mention the kind of fees and/or commissions they are charging.
Therefore, we can assume that these spreads are only to tempt the less knowledgeable traders into investing with them so that they can then be scammed.
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High Leverage
The maximum leverage this broker offers is 1:100. This figure is much too high. Considering the fact that WalFlo targets clients in the UK and Europe, among other countries, this leverage ratio is also illegal.
High leverage can theoretically yield high rewards. However, the forex market is notoriously volatile, where most traders lose rather than make money. Traders would earlier take on extremely high levels of leverage and then would incur massive losses – losses they could not afford. It is because of this that many jurisdictions placed strong limits on how much leverage traders could be offered by their brokers.
Thus, brokers in the UK, Australia and Europe are only allowed to offer a maximum leverage ratio of 1:30. Brokers in the US and Canada can only offer a maximum leverage of 1:50. Japanese brokers are allowed to offer leverage ratios of up to 1:20 and so on.
Therefore, a leverage of 1:100 is simply another red flag that tells us that this broker is scamming its clients.
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Bitcoin Only Payment Option
Another indicator of a scam is the kind of payment options offered. This broker offers its customers only Bitcoin as a payment option. This is a clear indication of a scam. Bitcoin (and other cryptocurrency) payments are anonymous and irreversible. This means that you will not know where or who your money has gone to, and there is no way to get your money back if you have been scammed.
This is why we recommend using credit or debit card payments while testing a new broker. Such payments allow for the filing of a chargeback in case you are scammed.
Conclusion
WalFlo has a poorly designed website, has a very poor trading software that is almost useless and has very disadvantageous trading conditions. Furthermore, this is a broker that is completely unregulated. All the signs that tell us that this broker is a scammer.
WalFlo
Pros
- None
Cons
- Unregulated Broker
- Poor Trading Software
- Unrealistic Spreads
- High Leverage
- Bitcoin Only Payment Option
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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