The Wealth Core Review
Table Of Contents
| 🌐 Website | thewealthcore.com |
| 🏠 Company | The Wealth core Ltd |
| 📌 Address | 23 Stasinou Street, 2nd and 3rd floor Engomi, Nicosia 2404 Cyprus |
| ☎️ Phone | +441518081285 +61879148402 |
| support@thewealthcore.com compliance@thewealthcore.com | |
| ⚖️ Regulation | Unregulated, Blacklisted |
The Wealth Core Details
The Wealth Core is an online trading broker owned by The Wealth core Ltd. The company is located at 23 Stasinou Street, 2nd and 3rd floor Engomi, Nicosia 2404 Cyprus.
To contact The Wealth Core, their support team can be reached via phone at +441518081285 +61879148402 or by email at support@thewealthcore.com compliance@thewealthcore.com.
Their website can be found at : thewealthcore.com
It is essential to exercise caution and conduct deep research before engaging with any online trading platform, including The Wealth Core.
To help you make an educated decision, consider checking out our in-depth reviews of two other companies we have recently examined: Gallant Finance and Principle Forsakrings Holdings.
Traders Opinion
The first step to protecting yourself from fraudulent parties online is to do thorough due diligence on the companies and entities that you are planning to send the funds to. In all probability, there have been other traders who have already used the same service, and have expressed their opinions and feedback online on various forums.
Reading reviews from other traders who have experienced The Wealth Core firsthand is crucial in determining the broker's reliability. These reviews offer insights into the platform's functionality, customer service, and overall trading experience, allowing potential investors to make informed decisions.
After conducting some research on various social media platforms (Facebook, Twitter, Instagram), as well as online trading forums, a general theme emerged where users were dissatisfied with their experience with The Wealth Core. Based on this user feedback, it appears that The Wealth Core is not a trustworthy broker, and hence, extreme caution should be applied before investing through their brokerage platform.
There are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances.
How To Withdraw From The Wealth Core?
If your funds are stuck in your The Wealth Core account, you should try to reach out to them first and request a withdrawal by every possible means so that you have proof to show authorities later on if they refuse to process your withdrawal.
Unfortunately, The Wealth Core is not regulated or authorized to operate by any major regulatory authority, which means it will be a difficult process to withdraw from this company if they decide to ignore your request or suspend your account for trivial reasons.
If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means they are unregulated and should be avoided. Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction.
Investing time in research before trying to invest on a suspicious broker can save you from potential losses and unnecessary stress.
Read more about this topic in our dedicated article: Financial Regulation Authorities.
Is The Wealth Core Legit or a Scam?
When researching an online broker, the first and most important step should always be to find out if they have a regulatory license from a financial institution. This will tell you whether they are regulated by a central authority or if you are dealing with an offshore and/or unregulated investment company.
When a broker is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse in the event that your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction.
Some examples of regulatory authorities that issue brokerage licenses are:
- The Cyprus Securities and Exchange Commission (CySEC)
- The Financial Conduct Authority (FCA)
- The Australian Securities and Investments Commission (ASIC)
If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided. Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction.
How Online Trading Scams Work?
One of the most prevalent online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked to the idea of ‘easy money’. Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns. Additionally, other incentives may also be provided to encourage the investor to get their friends and family onboard the platform too.
Once the brokerage believes that they have extracted all available funds from an investor and his/her network, they will then proceed to suspend the account, and the investor will no longer be able to access the funds put in.
Many fraudulent firms will even claim to be domiciled in a regulated jurisdiction, and display fake regulatory licenses and addresses on their websites to try and improve their credibility with unsuspecting investors.
Be careful and verify your information through multiple sources. Constant vigilance should be applied at all times when trying to invest in trading platforms.
More info about trading scams:
Got Scammed by The Wealth Core?
If you have lost money with The Wealth Core, stay calm. It has likely happened to many others, and it its important to learn from these experiences. Do not forget that even the most cautious investors can fall victim to online fraud.
Chargeback Is Your Solution!
The good news is that there is help available. The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – can help you for your chargeback process:
- 24/7 availability: Get help whenever you need it.
- Free consultation: Evaluate your case without any upfront costs.
- Quick processing: Expedite the recovery of your funds from The Wealth Core.
- High success rate: Boost your chances of successful fund recovery.
Relying on a reputable service like MyChargeBack is crucial when dealing with online scams, as the typical chargeback process can often be complicated and time-consuming without the proper guidance.
5 Simple Steps to Get a Chargeback From The Wealth Core
Follow our straightforward guide to efficiently reclaim your lost funds from The Wealth Core with minimal hassle.
Complete the Form: Begin by completing the form above, providing necessary details about your case. This allows the team to understand your situation with The Wealth Core and prepare for the consultation.
Get A Free Consultation: Schedule a free consultation with MyChargeBack team of experts. During this consultation, they will assess your case and offer guidance on the best course of action to recover your lost funds from The Wealth Core.
In-Depth Case Analysis: As you proceed with MyChargeBack, their expert team conducts an in-depth analysis of your case, identifying the optimal chargeback strategy for fund recovery based on your unique circumstances.
Recovery Process: Their team of specialists scrutinizes your case, collects evidence, and negotiates with the involved parties to expedite the recovery of your funds. MyChargeBack team will consistently communicate with you and your bank or card issuer during the chargeback process.
Fee Payment: Upon successful recovery of your funds lost to The Wealth Core, MyChargeBack charges a fee as a percentage of the reclaimed amount. If fund recovery is unsuccessful, no fees apply, except in exceptionally complex cases.
Through these five straightforward steps, MyChargeBack simplifies the fund recovery process, enabling you to reclaim your money from The Wealth Core with minimal inconvenience.
FAQs
Is The Wealth Core a Legitimate Company to Trade With?
Unfortunately, The Wealth Core is not a trustworthy company to deal with, as they are not registered or regulated by any major regulatory authority, such as the Financial Conduct Authority (FCA).
What Are the Risks of Using The Wealth Core?
The risks involved in using unregulated companies like The Wealth Core include the inability to file a complaint with a credible regulatory authority in case of a dispute.
What Should I Do If I Have Been Scammed by The Wealth Core?
First and foremost, report the incident to your local authority department. If no resolution can be reached, there is still hope to recover your funds from The Wealth Core by attempting to open a chargeback case with your bank or credit card provider.
How Can I Get Help for Filing a Chargeback Case?
Since the process of filing a chargeback case can be relatively complex and time-consuming, we recommend seeking assistance from our partner, MyChargeBack, by completing the form provided on top of the page.
In the event of an exceptionally complex case they may require an upfront fee, as building your case will necessitate initial resources. Otherwise, if successful, MyChargeBack will be compensated by retaining a percentage of the recovered funds from The Wealth Core, typically around 20%.
How Can I Avoid Being Scammed Online?
To prevent falling victim to scams in the future, always ensure that you deal with legitimate companies that are fully regulated by major regulators, such as the FCA.
Ibolya Madarasz says:
Acting Wealthcore broker named Francis from Cyprus got me to buy bitcoin, oil, all kinds of exchange monies for $65000 the last of my savings, and one day disappeared with all my “invested” money last year.
Gerard says:
The wealthcore.com took all my money USD 1000 on 10/05/‘22 through their automatic software platform. Mr Ben Jacobs was my account manager +44 7477 830028. He traded Turkish Terra, GBP and BTC. You can check the closed position. Mr Ben stole money through trading platform from thewealthcore.com on 06/05/‘22.
Peter McWilliams says:
These people are questionable Brokers? and not an exchange. I lost AUD $93,000 or USD 74,000 (my entire superannuation savings. I had the trading platform (which is fake) operating on an iPhone and on the internet at the same time and was getting different bitcoin buy and sell values on the two machines yet it’s the same platform. Always cross check with a Legitimate exchange to check prices better still don’t use their system.
If you were silly like me and lured by the term Platinum your initial investment is Euro 50,000 (or approx. AUD$93,000 which will do) and you are meant to get all sorts of services, that I didn’t get. I also had to send my investments in the equivalent of AUD$5000 amounts, one to avoid any local regulatory monitoring limits. They send you an e-mail with a link (like https://mt5apps.com/pay5/2EC67F3B) to download what is software are on a recognised website (which after investigation I found out that scammers like thewealthcore use that website to piggy- back on to hack into your systems and get your passwords etc. I had 10,000 taken from a bitcoin account as they used my password which was only taken from my pc.
BE VERY AWARE OF THIS SCAMMING “BROKERAGE” THEY ARE ALSO ON THE UK WATCH LIST OF THE FINANCIAL CONDUCT AUTHORITY (FAC) FOR providing financial services or products in the UK without our authorisation.
I have reported this to the Australian Competition & Consumer Commission (ACCC) in Australia and they have confirmed that “thewealthcore” and its Trading Platform is a SCAM. Repeat It is a SCAM!!! BE WARNED
Some of the scam tactics they use
1.There was a USD$650 spread on the Bitcoin/USD crypto Sell / Buy. Now this to me seems extremely high. Brokers (like thewealthcore) make money from the trader paying the spread meaning the trader pays the ask price when buying and takes the bid price when selling or shorting. The brokers take a piece or spread on each bid and ask price that they quote. I noted that when entering into a trade under thewealthcore trading platform when there was a spread of US$650 that you instantly went into a negative position on every transaction either buy or sell. Meaning you were already in a trading loss and of course you have to be able to recovery that loss before potentially making any profit or you make further losses. When I raised the issue of the large spread. The spread on the trading platform for my account went back to around a spread of USD$1. Funny that!!! Also, in all of the documentation and information provided on their webpage particularly definitions. The term Spread is not clearly defined. Its’s a SCAM
2. They give you trading bonuses to keep you trading while they take you money. The bonus looks good but there is a catch. You can never really cash them in under your account UNLESS you are able to trade 50,000 times the value of the bonus i.e., US$10,000 bonus x 50000 = 500,000,000 in trade value. Now they credited my trading account with US$140,000 in bonuses which in order to get that I needed to do US$7Billion in trades on their platform. Impossible. They can also withdraw the bonus at any time at their total discretion. So, it’s another SCAM.
3.When you send the funds in bitcoin to thewealthcore, they give you an official receipt that acknowledges a deposit in USD (as your trading account operates in USD). They do not disclose the rate they use for converting the bitcoin into USD. The certificate of receipt is factually wrong as they say you have deposited USD when its fact it was bitcoin. They use a statement like the following which is just crap ““I understand that this document has legal power and is required to sign due to policies against money laundering, and with the requirements of international regulatory organizations and all the major credit card companies to prevent fraud and misuse of personal data.” it looks like something official. It just crap. Other legitimate bitcoin exchanges do not make any such statement when depositing funds for investments. Lures you into believing that the operation complies with some regulations. SCAM
By the way just so you know the parties (The customer & thewealthcore) shall be governed by, and interpreted in accordance with, the laws of Saint Vincent and The Grenadines and you irrevocably submit, for the benefit of the Company, to the exclusive jurisdiction of the courts of Saint Vincent and the Grenadines to settle any disputes. Where is it? A southern Caribbean nation comprising a main island, St. Vincent. Its laws are not consumer friendly!!
4. Level of contact When contacted by the Broker in the beginning it was almost daily contact and by the way you cannot contact them, and they use internet phone calling which cannot be traced or recorded via a telco. Then when your money is dwindled away in bad bitcoin transactions the calls between you broker and you become distant with excuses like I’m busy with trade presentation today ring you later, or I’m sick or the family has covid or can’t talk today, to many market briefs (unhappy smiley). when they had scammed everything that I had put into my trading account they didn’t want to return any communication whatsoever even after contacting the service desk.
5. The e-mail conversations start out very professional however over time the language becomes very very friendly like they have been your best friend for life (That’s just a psychological BS! or otherwise known as reciprocity friendship. It’s a false sense of friendship to make you believe you are friends, trusting, honest etc. Language they used was: Thanks Bro; Love you Brother; Love You: Love you mate. It cannot get any sicker than that. Not Professional AT ALL. SCAM
6. You cannot talk to anyone else other than the broker assigned to you (heaven forbid if you do you get a nasty e-mail that you’re only to deal with him) Even when I asked for them to stop trading, they didn’t and the losses on the trading platform continued.
6A. Whilst your password for your trading account is meant to be only know by you. The Broker knows your password in order to do your trades. There is something wrong with that. They also talk about a robot making a nice profit for us. I didn’t sign up for that.
7. Accounting. Even if your account says that you have equity of X dollars, which is not quite right per their understanding of equity. In the example I gave of being given USD$140,000 in bonuses that made my account show an equity balance of USD$47,000 (and this goes to why it is a fake platform), when I ask to withdraw it I was told that the account without the bonuses was in fact in a loss position of USD$93,000 (more than my investment) because I hadn’t fully earnt the bonuses (see point 2 above) which funny (not) enough was roughly more the value of my investment into this SCAM. Any legitimate bitcoin exchange facility would not allow you to trade losses more than what you had invested. But thewealthcore does!!! SCAM
8. If when pressed to withdraw some profits, they do allow you to withdraw (in my case twice) small amounts (approved by the brokers via online request). It gives you a false sense that you are able to withdraw funds when ultimately you cannot. and I had the benefit of having withdrawal level of tier 2 from my platinum membership whatever that meant.
Finally, this is the true reality of dealing with this SCAM, after I had learnt that I had lost everything and could not face telling anyone and my life being at its’ lowest ever I contemplated suicide and going so far as to write a suicide note and my final farewell & made my final will and testament. I didn’t go ahead then in August but after this scam and the losses I made, my embarrassment, feeling worthless, I became even more depressed that I has lost the lot with the help of (by my loving Bro at thewealthcore who now wanted nothing to do with me because there was nothing more to get out of me) I let my health go and my health deteriorated to the point that I went into a full diabetic coma from which I never recovered, I never got to say goodbye to my mum or my real brother and my life support was turned off 15 days after being admitted into hospital. Thewealthcore SCAM is for a large part responsible for my early death at 62.
I BEG YOU NOT TO INVEST IN THIS SCAM CALLED THEWEALTHCORE. LOOK WHAT IT DID TO ME.
anthony says:
DONT GET SCAMED WATCH OUT
So, on the 20 of February after I didn’t hear from my broker Denis in nearly 4 weeks I put in for a withdraw request for $31,600 USD to close my account, on the 21st a guy rang Leo talked for 1 minute about trades I told him I need to withdraw so on and so on. The Wealth Core opens trades using all of the equity 95% leaving me in a negative position with all my money used, who even does that! and then later that day this company puts 50K in as a bonus without even telling me to support their bulls hit trades they opened, they used their money to fix their mistakes. A guy named Tony rings on the 22nd telling me I need to deposit 50K usd to save my account; he goes on to tell me, how I opened these trades, I didn’t even know what USD/NOK even is till Monday.
Now I Have been trading for a while my broker taught me some stuff he said never use bonuses that was our deal how to TP or SL 101 sh.t, 1 of the 2 trades recovered and was closed on a very small profit less then $500 not interested in making the money, it was closed by me which instantly brought the equity back to 75% , all day these trades nearly closed running at 0.5% no equity, I set a TP for 2k on the 2nd trade as it was improving in an effort to get my money back, then somehow it closes at -28K and I am told I didn’t factor in the spread……. FU.CKEN BULL SH IT it should have closed a 2K in profit at no point -28K was set for a close rate, WHICH LEADS ME TO BELIEVE IT IS A SCAM!!! MAKING SURE I DIDN’T GET MY MONEY OUT
I have photos of all of what I have said to be true
when you get a company bonus this is how they lock your money, and you can’t withdraw you need volume and guess what your money becomes lost. Simple really you lose every time
I want my 31600 USD given back like I asked on the 20th before my account was fuc ked with, I am prepared to get on a plane take my ar.se to your office and acquire my money all means necessary, I will post this on every site to let everyone know what really goes on here, I will stop at NOTHING FUC.KEN BANK ON THAT
WHERE ARE YOU DENIS FUC.KEN RING ME MATE YOU KNOW I WILL FUC.KEN BE THERE
Hit me up if you had the same issue I will purchase your plane ticket or for a small fee I will collect your money while I am there email me on info@ b2lc.com.au
I WILL POST DAILY TO LET YOU KNOW THE PROGRESS