Is WeFinancial a Scam? The Facts You Need to Know

WeFinancial is a CFD project with a medium level of trust. The fundamental trading conditions are unprofitable, and the quality of the software is bad. This dealer’s trading platform is characterized by rather low liquidity. Customer reviews turn out to be overwhelmingly negative. Some people directly call this company a scam. Let’s see whether this company is one or not.

Highlights

Key WeFinance Trading Features

Wefinancial.io provides access to the following account types: Trial, Secondary Income, Managed Portfolio, Retirement, Heritage, and VIP. Each account type differs by trading conditions, additional services, and privileges. However, there is no complete clarity regarding spreads and commissions, and most of the advertised services are not available.

The minimum initial deposit is $250 and increases gradually. Ultimately, the amount exceeds $250,000 for premium accounts, and for VIP clients the deposit amount is individual. The general rule is that customers must pay for certain privileges and bonuses.

As mentioned above, WeFinancial does not provide any details on spreads. The information is missing from the main page, in personal accounts, and in posted digital documents. Nevertheless, it is known that the leverage ratio equals 1:400. Regulatory bodies consider this level of margin illegal. Thus, clients are exposed to a great risk of making unprofitable trades and getting into debt with the company.

The main conflicts with the broker’s trading conditions are manipulative in nature: information about spreads and commissions is hidden, leverage is artificially increased, and CFD trading is associated with additional risks.

Overview of Available Trading Instruments

The brand on wefinancial.io supports stocks, commodities, cryptocurrencies, indices, and currency pairs but does not declare the exact number of assets. As one would expect from a scammer, it does not reveal that. Also, there are only a few instruments available within the web-based terminal.

It is also necessary to pay attention to the nature of CFDs. Financial derivatives are traded by users who do not own them. Trading such instruments includes a number of challenges: conflicts of interest, high financial losses, and more.

Wefinancial.io Trading Platform Analysis

The overall quality of the WeFinancial trading terminal leaves much to be desired, as evidenced by its typical interface and primitive design. Only a desktop version is supported, meaning trading via smartphones or tablets is impossible.

Using WebTrader leads to various issues, such as order execution delays, fake asset quotations, lack of indicators and advanced functions. Liquidity issues are also present, as the company does not conduct transactions on interbank markets.

Additional Services

Clients of wefinancial.io have access to various additional services, although many privileges require an account upgrade. One of the basic services includes account manager assistance. The platform also promotes proprietary webinars, arbitrage strategies, and professional tools.

An accelerated withdrawal option is available for deposits exceeding $100,000 which is just insane. Additionally, a VIP program offers customized partnership conditions, bonuses, and exclusive events. VIP account holders are promised zero spreads, instant transactions, and minimal commissions.

The administration of the broker has the right to credit bonus funds, depending on the user’s status and activity. These funds must be worked off in order to be withdrawn, forcing the trader to carry out a certain number of transactions with an individual volume.

Fee Structure. Are You Paying More Than You Should?

WeFinancial doesn’t have a deposit fee except for the standard banking service costs. The minimum withdrawal amount is $250, and the commission is 1% but not less than $30 and not more than $300 of the sum. Withdrawals are allowed only after verification and compliance with the bonus rules.

Information about trading commissions is not provided. Some accounts that require larger deposits promise “low-fee” benefits, but exact figures are not specified. This is completely consistent with the company’s fraudulent policy and its very attitude towards CFDs.

Legitimacy of WeFinancial

The dealing center, operating on wefinancial.io, is not licensed in Europe or anywhere else. The administration doesn’t care about this; at least there are no links to regulatory bodies anywhere on the website.

The only reference to a higher authority that we could find was in the Terms and Conditions. It is stated that all relations between clients and wefinancial.io will be governed by the laws of Saint Vincent and the Grenadines. By the way, this document is presented in pdf format, which in itself makes it difficult to find the necessary information. Moreover, the name of the country is written without capital letters, and we have a strong feeling that this is also done deliberately with the aim of leaving customers without any clues to regulation.

In any case, such a precaution is unnecessary, because the SVGSFA registry does not have any records about WeFinancial. This legal entity literally does not exist. This red flag indicates the firm’s unreliability. Investing funds is unsafe, and refunds are unlikely. Additionally, despite advertising multiple deposit methods, managers are reported to be urging new customers to transfer funds exclusively in cryptocurrency.

The Broker’s Past and Present

WeFinancial is a regular low-level broker that has appeared on the market quite recently. A Whois domain name check confirms these suspicions; the company was brought into existence in early 2024. Naturally, this affects the quality of service and the security of trade. Also, the website of the firm does not contain any verifiable information about its achievements and history of operations.

Conclusion

We do not recommend cooperating with wefinancial.io. The brand has no license in Europe and no offshore regulatory certificate. Trading conditions are also not very good: only CFD instruments, high leverage, and no negative balance protection. Customer reviews are also negative; moreover, there are direct accusations of fraud.

Weighing the Pros and Cons

Common Questions