Today, we’ll discuss one fraudulent broker that’s been exposed by authorities. Why? Because we want to help you understand the reasons for the warnings and prevent you from falling into a trap.

And if you’ve already invested? Keep on reading this detailed WellVest.pro review.

Is WellVest.pro Legit?

If there were an award for the vaguest broker, it would easily go to WellVest.pro. On its main page, the company claims to be registered in London, UK. Besides this, we have no other information about the owner or any legal documents whatsoever.

Equipped with the alleged UK address, we’ve searched the FCA register looking for WellVest broker. As you can assume, we found nothing. The same is true for other tier-1 registers such as BaFin, CNMV, CFTC, etc. 

What we did find are warnings. Namely, the Austrian FMA issued an official notice stating that WellVest is “not authorized to conduct banking services in Austria that require a license.” That the same is true in other European countries is confirmed by a growing number of reposts of this warning, including Spanish CNMV, Slovenian A-TVP, and Estonian FI.

Who Are the Victims of WellVest.pro Scam?

Since we have an official confirmation of WellVest.pro scam, we can now check who their victims are. At the time of writing, we found 10 comments on Trustpilot, with an average score of 3.3 stars. There were an equal number of positive and negative reviews, suggesting that the broker is trying to clear its reputation.

In addition to these WellVest.pro reviews, we used our analysis tools. In conclusion, the majority of this broker’s victims come from:

• Greece,
• Italy,
• Spain,
• Germany,
• France.

Leverage, Fees, and Spreads

Another proof that this broker is lying about the alleged address is the leverage. Namely, the UK FCA and other European regulators capped leverage at 1:30 for retail investors. Meanwhile, WellVest.pro offers 1:50 to 1:1000. This is way above the limit and quite dangerous for your funds. With such leverage and without a negative balance protection, your account can easily go to minus, and you’ll be in debt to the broker.

The spreads depend on the account type, with the minimum being 0.0 pips and the highest one starting at 1.5 pips. Other costs and commissions have not been revealed, meaning the brokerage can make up any when it suits them.

WellVest.pro Bonuses

Another thing the European regulators prohibit is bonuses. Scam brokers were abusing them to limit clients’ withdrawals, after which we saw a ban on incentives. And yet, our scammer in question offers a 30-100% deposit bonus, depending on the account type.

Account Types on Offer

You can choose from four WellVest.pro account types:

• Standard – 250 EUR
• Silver – 5,000 EUR
• Gold – 25,000 EUR
• VIP – 50,000 EUR

Each account brings more bonuses, a higher leverage, and additional research and assistance. However, when you know that all those alleged analysts employed by WellVest.pro scam broker are fake, why would you pay these sums?

WellVest.pro Trading Platform

Sadly, this broker didn’t impress us even with their trading platform. Of course, instead of offering an advanced solution such as MT4, MT5, or cTrader, this scam firm chose WebTrader. 

Why? Simply because broker employees can manipulate the numbers. You can see big wins or losses depending on the company’s sales strategy. This is why we always recommend that our readers stick with brokers offering third-party software as it’s more secure.

Since the solution is web-based, there’s no WellVest.pro app for Android or iOS. This broker didn’t really care about your convenience, only the depth of your pockets.

WellVest.pro Withdrawal

According to an FAQ section, the withdrawal is only possible after verifying your account. It means you have to submit your documents and confirm your identity in accordance with KYC standards. While this is normal practice with every trading firm, providing your documents to unregulated brokers can jeopardize your personal data.

The withdrawal request is submitted through the Client Portal using three base currencies: USD, EUR, and GBP. You can use the following payment methods:

• Bank wire,
• Debit/credit cards,
• E-wallets.

It may take a few days to process the withdrawal, whatever that means. Additionally, there’s no information about costs, so you can expect just about anything.

Key Information to Consider About WellVest.pro

Since WellVest broker is unregulated, they don’t need to comply with any policies. Therefore, they can steal your funds and vanish. This is why we suggest that you submit a withdrawal request immediately.

If you have any payout issues, report them to the local authorities. Also, leave a comment below to warn others. Finally, submit your details for a free consultation with our recovery experts. We’ll evaluate your case and find the best solution for a refund. Get in touch now!

FAQ Section