Reason to avoid: Offshore license
Listed Date: November 18, 2018
Top 3 Regulated Forex Brokers
Beware Welkron is a Non-Regulated broker. It is NOT SAFE to trade.
- Company name: WBB CONSULTANCY SA
- Registration/license: St. Vincent and the Grenadines
- Registration/license requirement: USD 2,000
Welkron is a Forex and CFD broker. The company is owned and operated by WBB Consultancy SA that claims to be registered in St. Vincent and the Grenadines. However, the Financial Services Authority (FSA) of St. Vincent and the Grenadines does not issue any licenses for forex trading nor does it regulate, monitor, supervise or license international companies, which engage in such activities. In addition, the terms and conditions of the company state “the Company is not regulated in any jurisdictions and that the Services offered are not regulated within the territory of Saint Vincent and Grenadines”, which means the broker cannot guarantee the safety of the clients’ funds and cannot offer the same level of protection as other regulated entities. It is a common case for most of the offshore-registered brokers, that is why we always emphasize on avoiding such companies.
Also, the website supports Russian language and there is a copy of the terms and conditions in Russian. It seems like the broker has been targeting Russian residents. To sum up, all the mentioned facts show that Welkron broker cannot be trusted and might be one more fraud company. Instead, we recommend investing only with the brokers regulated with well-known reliable authorities, such as the Financial Conduct Authority in the United Kingdom. All clients of FCA-regulated brokers are protected by the Financial Services Compensation Scheme up to GBP 50,000 per person, in case the company goes bankrupt. Check the list of the FCA-regulated brokers here.