Welkron Review

Is Welkron Scam or Legit Broker?

It is not safe to trade with Welkron. The broker holds a license from St. Vincent and the Grenadines, which obviously is an offshore zone. The authority does not properly oversee the international brokerages, which means, that the broker is free to operate however it wishes.   

• The issue with the SVGFSA-regulated brokers is that it is not one of the strictest regulatory bodies in the financial world. Its regulatory rules and conditions are rather lax, thus, not providing the necessary safety.

What is Welkron?

Welkron is a Forex and CFD broker. The company is owned and operated by WBB Consultancy SA which 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 client's funds and cannot offer the same level of protection as other regulated entities. It is a common case for most offshore-registered brokers, which is why we always emphasize avoiding such companies.
• Also, the website supports the Russian language and there is a copy of the terms and conditions in Russian. It seems like the broker has been targeting Russian residents.

Welkron Review Conclusion

To sum up, Welkron broker cannot be trusted and might be one more fraud company. We recommend investing only with brokers regulated by well-known reliable authorities, such as the Financial Conduct Authority in the United Kingdom. ATraders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

Welkron Update

We found that the Welkron website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.