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A poor trading platform is what’s best to describe Well FX. We see a platform devoid of fair trading conditions or an intuitive trading platform. Those who have invested with well-fx.com are fearing the worst.
Here’s more in our detailed WELL FX REVIEW.
The broker doesn’t even have a valid license to operate. Our well-fx.com review exposes the red flags you will encounter on the platform. That includes high-risk trading positions due to the high leverage imposed by the broker.
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The broker claims to be the best ‘partner program’ for all wanting to earn a stable income. With claims starting in 2021, Well FX is claiming to be the fastest-growing brokerage in the region.
These unfounded claims have no tangible evidence to back them. All we have is a broker ailing with customer complaints. We have piled up a few reasons that make the broker an utter scam. These include;
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With the above red flags, it’s clear why the forex trading community reserves its interests. FX is a red flag and enjoys no backing from any expert or skilled broker. That means the broker is a no go zone for traders.
Despite being a sleazy broker, you do get to use a world-class trading platform. There’s a reason why MT4 and MT5 are the best terminals for trading. These include;
These are the reasons why traders prefer MT4 and MT5. You can download the Meta trader on any device and start trading immediately. MT4 is compatible with all devices.
The broker claims to offer two accounts, one a demo account and the other a standard account. It only means the broker provides one live account for all trading purposes. Here’s a closer look at each of the two accounts on offer;
Demo
You get a demo account with a base currency of USD. There’s no minimum deposit with leverage set at 1:500. It’s a buy/sell demo account with no actual trading features. You don’t even get the MT5 implemented on the platform.
Standard
It’s the real account with spreads starting from 0.7 pips. Leverage remains the same at 1:500, with members not earning any commissions per lot. The base currency remains USD, with the broker failing to list the acceptable minimum deposit.
From what we can see, the broker fails to offer transparency on the acceptable minimum deposit. Newbies should learn that the acceptable minimum deposit set by regulators is $250. However, some regulated brokers accept as low as $10.
The broker takes advantage by calling members and urging them to deposit a higher value. You get a promise of increasing your chances of winning if you deposit more. The moment you do, the broker moves to block accounts.
Leverage is another issue with Well FX.
You don’t expect a valid broker to contradict the regulatory framework regarding acceptable leverage. The maximum leverage on forex assets remains at 1:100 in most jurisdictions. In the United States, retail traders get maximum leverage of 1:50.
If you thought partnering with this broker was a plus, think again. The broker fails to release commissions earned by affiliates. Well-fx.com is only interested in taking advantage of your connections.
Before you partner with any broker, ensure the broker gets a pass from the trading community. In addition, the broker should allow withdrawals. Failure to do so will see you lose all credibility in the eyes of those you directed to the platform.
Don’t expect any contact or support from the broker. All you get is a broker not willing to offer much in terms of live communication with members. The contact us page is a messaging platform where members can leave messages.
Members expect the broker to respond within one business day. Unfortunately, that’s not the case here; the broker fails to offer much accountability and transparency. These are the facts surrounding the broker in terms of contact.
You will even face a blockade if you send emails concerning withdrawals. Members who sent emails waiting for withdrawal confirmation are in awe. The broker deleted their accounts with no way of logins in.
WellFX accepts bank and wire transfers. After depositing your funds, the funds may or not appear in your trading account. Funding your account with this broker is a huge gamble. There’s no way of engaging with the broker in terms of accountability.
Withdrawing funds from the platform remains the biggest challenge facing members. Unfortunately, no member gets to withdraw funds from the platform. And that’s just the issue with this broker. All you get is a broker not able to offer much creativity.
Well FX fails to get a permit from regulators to offer liquidity services. The broker also mentions no such undertakings on the platform. A genuine broker will post copies of their certificates for all to see.
That’s not the case here; the anonymous and unregulated broker fails to get a broker’s permit. And that leaves members at a loss. The broker may decide to introduce harsh trading conditions. No regulator will come to the aid of the broker.
Before you sign up with any broker, ensure you check with regulators. Confirm whether the broker is valid or not. These steps ensure the broker you chose is ideal and offers genuine services.
Sign up, deposit funds, trade, and fail to withdraw funds. The broker doesn’t even allow members to withdraw the principal amount. We expect the broker to go underground or close the shop with complaints rising.
Your funds are far from safe with a broker who fails to offer much creativity. In addition, the broker fails to cover insurance for deposits made by the public. Segregation of accounts is also out of the question with the broker.
From what we have seen, it’s best to steer clear of this broker.
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