Leading the Russian Marketspace
The Forex Market is spread across the globe. While we don’t see many global players, many regional champions are dominating their respective sectors. Weltrade is one of these champions, and it successfully leads the Russian marketplace.
Weltrade is a Seychelles based forex broker. It was launched in 2012 and has established itself in just six years. The company has won several accolades for best customer support and forex services. It is a subsidiary of System Forex. The company mainly targets the Russian market and has representative offices in Russia, Thailand, Belarus, and Ukraine.
What it Offers?
Weltrade offers 43 different currency pairs, CFDs, Stocks, Indices and Precious metals. Fixed spreads are two pips, and they float from 0.5 pip. The minimum deposit is $25. The company is known for introducing the PAMM system; it lets clients invest their money in trading projects of successful managers.
There are several loyalty schemes; the company even offers five different trading platforms.
We found the following issues with Weltrade:
- Manipulates Spread
First, we would like to company the company uses low spread to make more profit. The only thing worse is spread manipulating, which is one of Weltrade’s expertise. Spread is different between Bid Price and Ask Price in a currency pair, let’s say EURO/USD.
The price is 1.1500; broker will offer 1.501 to buy or sell it at 1.1499.
- Deletes Profit
The company mingles with their user’s accounts and deletes any record of profits. If you care to search about this company, you will find a community outcry where several people have claimed they’re after they made a successful trade, the company somehow vanished the trading history, and their profit amount was no longer in their account. This is an ill practice, and we condemn it.
The company shows fake trades and lures you to make the transaction. However, when you enter the trade, the trade values change. This is called Requoting in the trading world. Unfortunately, there are
Too many instances where people claim this company has robbed them. This has become more of a habit, and we don’t like it.
Weltrade used to be one of the most respected brokers. It had won several accolades for excellent customer service. However, we see the company has changed the way it operates and is now trying its best to milk their clients for every penny they have. In easy words, they now only focus on robbing people.