WellFX Review: Read Our Review And Save Yourself From Getting Scammed
We had a similar case as this one in fivoro. These unlicensed offshore brokers must be stopped and we intend to do that by exposing as many of them as possible.
Thus, the WellFX Review is the perfect reading material if you’re on the fence regarding this platform. Please read our text and arm yourself with the knowledge of detecting cyber scam brokers.
Why Well FX Cannot Possibly Be Considered Legit
There are several reasons why Well FX cannot be considered a legit broker. The most obvious would be that the provider is not regulated.
Let us explain how we came to that conclusion, which will serve you in the future when doing research on brokers. In the table below, you will find more arguments against Well FX.
|Broker name||Reliable Broker Must Have|
|Legal name:||Well Together LLC||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Offshore Broker||Within your legal jurisdiction – local regulator|
|Registered in:||SVG||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2021-09-29||The older the domain – the higher the possibility the company is trustworthy|
|Website:||well-fx.com||Domain should be from local or international zones, no .xyz etc.|
|Financial Authorities Warnings:||N/A||None|
|Contacts:||Phone, email, social media, web form||Phone, email, social media, web form|
|If withdrawal is possible:||Highly unlikely||Yes|
|Fees:||Zero (allegedly)||Transparent fees – list of spread and commissions|
|If Active on Social Media:||Active||Often present on social media|
|Investor Protection:||No protection||Compensation fund|
WellFX is a brokerage run by an offshore company called Well Together LLC, based in Saint Vincent and the Grenadines (SVG). This is bad news because Forex trading is not regulated in SVG, per the website of the local Financial Services Authority (FSA).
That is why well fx com cannot be trusted. The website also mentions an office in Thailand. We checked the register of the Thai Securities and Exchange Commission but did not find the company there, meaning it has no authorization to operate in that country. Instead of unreliable platforms such as WellFX and networkfsi, find a legit provider licensed by a reputable regulator.
Top-tier regulators such as the FCA (UK), CFTC (US), ASIC (Australia), CySEC (Cyprus), BaFin (Germany), etc. require brokerage companies to possess a large minimum operating capital (i.g. 730,000 EUR or 20,000,000 USD), offer clients negative balance protection, segregated funds, and even a compensation scheme (i.g. up to 20,000 EUR in Europe).
Well FX Profile
|Account types:||Demo, Standard|
|Financial Instruments On Offer:||
|Minimum Deposit:||10 USD|
|Education or Extra tools:||N/A|
WellFX offers the famous MetaTrader 4 trading platform. If legit, then it is a huge advantage as MT4 is arguably the best platform in the industry. However, scammers are known to put up an illicit or demo version of top-notch platforms to fool traders so be careful.
When it comes to trading instruments, this broker offers Forex currency pairs and CFDs on popular assets such as stocks, indices, and commodities. Keep in mind that WellFX has no Forex trading license.
The leverage cap is extremely high – 1:500, which is a double-edged sword that often leans toward the losing side. Spreads are around 0.7 pips for the Standard account and the commissions are zero, allegedly.
Is This Broker Safe?
No. The reason is that WellFX is not licensed to provide trading services. There is no financial market regulator overseeing the business of this broker, creating the perfect conditions for a scam.
We assume that WellFX manipulates the platform by fixing spreads and inserting order delays to make the trader lose money. The broker claims to offer a demo account so be sure to try that out first before investing real funds. You will see for yourself if something looks fishy but if you ask us, we would avoid this platform altogether.
If Well FX embezzled your money, we can help you recover it. Book your free consultation with us today.
Trader Reviews – Sharing Experiences
We did not find many reviews for this broker, only a few. These reviews are positive but still, there are only two of them. A legit broker would have much more positive feedback. This trader suggested the same thing we did – try out the demo account first.
… Great platform as well with competitive spreads. I love to use its generous trading leverage to increase my trading flexibility, so exciting! Anyone who are just coming to this platform, however, I would suggest that you should use a demo account to test out its trading environment in case that you did not get a good trading experience here.
- WikiFX user, March 23, 2023.
How the Well FX Platform Reaches Clients and Who Are They?
According to godaddy.com/whois, the well fx com website domain was created on September 29, 2021. Since then, the broker has mainly been offering unlicensed services to traders from the following countries:
Well FX is particularly interested in Thai traders and even claimed to have an office in that country. But, as we mentioned, the company is not authorized by the Thai regulator to provide financial services.
As for the US and Germany, these are among the top five most heavily regulated domains in the world when it comes to trading. An unregulated broker such as WellFX has no business there and definitely does not comply with the demanding regulations.
Deposits and Withdrawal Methods
Well FX promises “the most convenient payment methods”. These include the following:
- Credit/debit cards;
- Wire transfers.
The good thing about these methods is that they can be reversed. If you deposited via credit/debit cards, you can request a chargeback at the bank within 540 days. Wires can be reversed via a recall.
The minimum deposit is 10 USD. Although it isn’t much, you could be reckless and invest much more, thus risking it. We would like to know more about the deposit and withdrawal fees but Well FX did not even provide a single legal document. There are no policies.
Reasons To Avoid This Company
The obvious reason would be the fact that Well FX is based offshore and that the broker is not licensed to provide Forex trading services. The fact that there are only two reviews to the broker’s name is also a con. Not providing any legal documentation whatsoever is a huge red flag as well.
Although the minimum deposit is somewhat lower than what other brokers require, this platform is still not worth your valuable time and effort. Nothing compares to brokers licensed by Tier 1 regulators such as the FCA or the CFTC so we recommend you turn in that direction. Avoid dubious brokers such as Well FX or profitlevel.
Having withdrawal issues with Well FX? We can help you retrieve your funds.
Our Safe Trading Experts’ Opinion on Well FX
Well FX is an offshore trading platform based in SVG. This broker has been active since 2021, offering unlicensed Forex and CFD trading services mainly to traders living in the US, Germany, and Thailand.
The platform is not reliable, which is why we do not recommend you trade on it. If you lost money to the WellFX Scam, contact us for help by booking a free consultation with our team. We will gladly guide you through the chargeback process.
Book your free consultation today and start the chargeback process.
Is WellFX Regulated?
WellFX is based in SVG, a domain in which Forex trading is not regulated. WellFX has no trading license.
Which Trading Platforms Does WellFX Offer?
WellFX offers MT4, the best trading software in the industry. Although this platform is great, it cannot make up for the missing license.
How To Withdraw From WELL FX?
If the broker refuses to perform your withdrawal request, call us. We will assist you in recovering your hard-earned funds.