Welzone – Are They Trustworthy?

Website URL: https://welzone.co

Founded: 2022

Regulations: None

Languages: English, German

Deposit Methods: ChargeMoney

Minimum Deposit: $10,000

Free Demo Account: No

Number of Assets: Unspecified

Types of Assets: Stocks, Cryptocurrencies, Indices, Currencies, Commodities

Trading Accounts and Conditions

Welzone offers their clients the following trading accounts:

• Standard: The minimum funding amount to start this account is $10,000. The spreads start from 1.5 pips. Maximum leverage is up to 1:200. Bonus is up to 20%.
• Silver: The minimum funding amount to start this account is $25,000. The spreads start from 1.5 pips. The leverage is maxed at 1:400. Bonus is up to 30%.
• Gold: The minimum funding amount to start this account is $50,000. The spreads start from 0.8 pips. The leverage is maxed at 1:500. Bonus is up to 100%.
• VIP: The minimum funding amount to start this account is $100,000. The spreads start from 0 pips. The leverage is maxed at 1:500. The bonus is up to 100%.

Welzone – Advantages

You will find no advantages in trading with Welzone.

Welzone – Disadvantages

Welzone is a scammer and here are all the red flags that prove it:

• Operating Illegally and Anonymously

The first red flag that tells us Welzone is a scammer is the fact that this broker is operating illegally and anonymously.

Regulated – legal – brokers make it a point to display their corporate and licensing information clearly on their websites. They clearly tell us the name of the company that runs their website. They also provide other corporate details such as their physical addresses, contact numbers, email addresses, and so on. They also provide all licensing and registration information – which jurisdiction they operate in, and which authority has licensed them.

With Welzone, all of this information is missing. We do not know anything about the broker – their parent company, where they are located, how to contact them; nothing. We also have nothing on their regulation status; there is no licensing information provided at all.

All in all, we are dealing with an anonymous and illegal entity – a scammer.

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• Lack of Legal Documentation

The second indication that we are dealing with a scammer is the fact that Welzone has no legal documents on their website.

Legitimate brokers make their legal documents freely available. They usually have a separate section on their website where they clearly list all their legal documents – KYC, Privacy Notice, Terms and Conditions, and so on. Alternatively, they will list these documents on the footers of their websites.

With Welzone, there are no legal documents anywhere on their website. It is only when you register for an account that you are asked to click on the I Agree button to their Terms and Conditions. However, the link to those terms and conditions is broken. When you click on the Terms and Conditions link, nothing happens. Which means that there are no legal documents at all.

This is a huge issue since it is the legal documents that define the relationship between you and the broker and tell you the terms of the services the broker has offered. Without these documents in place, you don’t know what you are getting into. This means that if you sign up with a broker without first reading the legal documents, you can get scammed and there will be nothing that you will be able to do. And that is what will happen to you if you sign up with Welzone since they have no legal documents in place.

• Poor Trading Platform

The third sign that this broker is a scammer is the quality of their trading platform. Legitimate brokers offer their clients the best trading platform possible, since this is their main offering for their services, i.e., their trading conditions.

Without a good trading platform, a broker is pretty much useless – or a scammer. Therefore, brokers provide their customers with software such as the MetaTrader 5 platform. This trading software is one that both novices as well as pro traders can use with ease.

With Welzone, the only thing we get a shabby web trader, a platform with few tools and little in the way of functionality.

• Poor Trading Conditions

After the trading platform, the next most important product a broker has to offer are their trading conditions – the cost of a trade (spreads), the risk of a trade (leverage), types of trade (order execution methods), the minimum deposit requirement and so on.

Brokers attempt to make their trading conditions as competitive as possible while also maintaining a profitable operation.

With Welzone, the minimum funding amount itself tells us to watch out for them. A minimum deposit of $10,000 is so high that it is just ridiculous. The market standard ranges from $100 to $250 and there are a growing number of brokers that allow you to start accounts with them for less than $10.

The spreads this broker mentions are also too high. Market averages are between 0.5 to 1.5 pips, so the 1.5 pips are on the higher side.

Leverages of 1:500 are not only too risky but also illegal in many jurisdictions. And since the language option provided here is German, we can assume this broker is targeting European customers. Here, the leverage is limited at 1:30. Therefore, what this broker offers is risky and illegal.

• Bonuses Offered

Welzone offers illegal bonuses, which come with impossible-to-meet trading turnover targets and hidden fees. Because of the unfairness associated with these bonuses, most regulators have banned them. Therefore, if a broker offers them to their clients, you can be certain that they are out to scam you.

• Issues with Payments

Another clear indication of a scam is the lack of payment options. With Welzone, you have a single payment option – ChargeMoney. This is an obscure and not very reputed payment processor, so you can see that you money is not safe with them. 

Conclusion

Welzone is a scammer and is not a trustworthy broker.

Welzone

2.6

User Experience

2.5/10

Payment Options

3.0/10

Security

2.8/10

Support

2.2/10

Reputation

2.6/10

Pros

• None

Cons

• Operating Illegally and Anonymously
• Lack of Legal Documentation
• Poor Trading Platform
• Poor Trading Conditions
• Bonuses Offered