WeFinancial

Investigating WeFinancial: A Comprehensive Review

Have you encountered an online CFD broker, WeFinancial, and decided to open a trading account there? Congratulations, you’re about to become another victim of this scam project. After losing your money, you’ll soon be sharing reviews about how you fell for promises of the best trading conditions and stories about a next-generation trading platform. We’ll try to protect you from this and show you why you should have nothing to do with this platform.

Overview of WeFinancial

How can you tell if a broker is operating fairly or planning to misappropriate traders’ funds? To begin with, you need to carefully examine information published by the company on its official website. Let’s see what founders have to offer.

Broker History

WeFinancial provides a very brief and vague summary of its history. Creators do not mention any dates, merely mentioning a team’s formation with an ambiguous phrase “Long ago.” There’s no mention of any specific dates or significant milestones.

However, a homepage has a provided place for wonderful statistics. They attempt to tell visitors that over 2 million users from 35+ countries have chosen to work with WeFinancial, conducting more than 150 million transactions, resulting in a turnover about $670 million. These figures are impressive, but can they be trusted? Throughout this review, we will attempt to determine just that.

Wefinancial.io Website

Unfortunately, on the official website, the design seems to have won over the content. The website, with its main video banner and animated blocks, does look appealing. However, the data contained in these blocks is closed to zero. Lavish praise about themselves without any substantiation cannot be considered genuinely useful information.

This sentiment extends to the vast majority of other pages, not just the homepage. It’s unlikely that a potential client would find pages like a glossary or an alphabetical list of tradable assets with their operating times beneficial. Actually, only two pages on the entire WeFinancial website seem to warrant attention:

• Trading Accounts, which lists account types and trading conditions for each of them.
• Contact Us, where you can find information on how to get in touch with support managers.

Registration Process and Personal Account

Registering a new client account with WeFinancial takes literally 1 minute. To create it, you need to fill out a simple form with a few fields:

• Personal data (name and surname, residence country).
• Contacts (email and phone number).
• Password.

To complete, it’s also necessary to read and agree to the “User Agreement” and “Risk Disclosure”. It’s mandatory to confirm that a new client is not a resident of the United States, including for tax purposes.

A choice of countries from which registration is allowed was interesting. For example, along with Germany and France, Cyprus is absent from the list, but almost all other EU countries and the United Kingdom are included. Greenland somehow made it onto the list. It includes almost all Middle Eastern countries, and some Asian-Pacific states, but no representatives from South and Latin America. Overall, the list is quite strange, and we couldn’t understand the logic behind this selection.

An approach to security is not entirely clear. WeFinancial does not verify the user-entered data during registration. When it comes to a personal account, there’s no verification of contact details or personal information either.

In Withdrawal, Refund & Cancellation Policy, Terms & Conditions, the company notes that users need to go through verification. However, wording like “may require” or “may request documents” implies that the firm checks  them by request.

There’s no separate Personal Cabinet in WeFinancial. All its functions are integrated into a trading platform. As one can see, there are provided:

• Several pages for working with a client’s profile: editing personal data, changing passwords, and setting up event notifications.
• Account depositing.
• Withdrawals.
• Monitoring of open positions and viewing trading history.
• Generating reports for periods.
• Viewing statistics and generating codes to participate in a referral program.

The decision to combine the functions of trading and non-trading operations is, at the very least, questionable from a security point of view. However, as we have already seen, the safety of customers’ money is not a priority for WeFinancial. Perhaps the reason is that this scam broker appropriates traders’ money as soon as their account has been funded. Therefore, no point in taking care of virtual funds that will never be paid to users.

Trading Platform

Surprisingly, you can access WeFinancial’s trading platform even without registration. However, in this mode, its functionality is limited, and full access is only available after authorization. Unfortunately, even after logging in as a registered user, the terminal doesn’t get any better.

Its main shortcomings are easy to see:

• Multi-chart mode is not supported, making it ineffective for trading multiple instruments.
• There’s no place in the terminal window to display open positions; you can only see them on a separate page by accessing the corresponding function. Moreover, price charts are not displayed.
• Platform settings are not saved, so you have to reconfigure them after each login.
• The terminal often loses connection, and a session’s idle time does not exceed 10 minutes. In both cases, it involves a lengthy process of loading dynamic pages and updating data on them.

In short, it creates real problems for traders. They cannot react promptly to changes in market situation, resulting in missed profits or direct losses. WeFinancial is interested in precisely this.

Contacts

Although ‘Contact Us’ has become one of the two useful pages on considered website, there’s not much information on it. Managers suggest contacting them to address issues:

• Via email: support@wefinancial.io, legal@wefinancial.email.
• Using a contact form.

Unfortunately, you won’t get ‘here for you’ service. The broker with two million clients simply lacks the means to even rent an office with a phone. Such an absence of phone numbers and company addresses on the website serves as confirmation.

Analysis of Services Offered by WeFinancial

We encountered a useless official website, a repulsive trading platform, and a company without an address or phone number. Does anyone still believe in the broker’s existence? Let’s take a close look at its offerings for traders.

Funding and Withdrawal

On WeFinancial’s dashboard, they only offer two methods for depositing funds: using credit or bank cards and cryptocurrency transfers. Using of cryptocurrency transfers is quite logical – scammers attempt to remain anonymous and avoid disclosing payment details.

When depositing via cards, they also try the same trick. A recipient’s payment details remain hidden. Judging by the absence of 3D-secure labels (such as Verified by VISA), it seems that money is transferred to a private individual rather than a corporate account. Therefore, safety and honesty in financial transactions with WeFinancial can be forgotten.

Trading Conditions

The brokerage organization offers traders a choice between six types of accounts:

• Trial.
• Secondary Income.
• Managed Portfolio.
• Retirement.
• Heritage.
• VIP.

About trading terms for each tariff, WeFinancial owners prefer to say as little as possible. From these very brief comments against the backdrop of huge pictures (again, design triumphs over content), traders can only learn:

• Minimum deposit size for each type is from $250 for Trial to $250k for Heritage.
• Allowable leverage varies from 1:200 on the initial tariff to 1:400 on the senior one.
• Number of available arbitrage trades for account owners, ranges from 1 to 3.

It appears that all other conditions are not considered important. Indeed, for scammers, what matters is how much money customers will bring them, not the terms under which they will lose it.

Unique Features

WeFinancial also has a unique offering – a VIP program. To become a participant, one can only join by invitation from the broker, and they should be funding with an amount exceeding $250,000. Depending on deposit size, the VIP program has three levels:

• Money Manage: 250k – 500k USD.
• Finance Masters: $500,000 – 1,000,000.
• Wealthy Rise: $1,000,000+.

Differences between them can only be learned from the company’s employees. However, we believe that the main distinction lies in the degree of regret clients will feel after losing such a substantial sum to scammers.

Is WeFinancial Trustworthy and Reliable?

The website and offerings for traders, while substantial, are only indirect indicators that we are dealing with scammers. More significant evidence can be found in the most important data, such as legal registration and licenses.

Assessing Legitimacy

WeFinancial has managed to not mention any data for legal entities on its official website. Where they are established and in which jurisdiction they operate remains a matter of speculation. The only place where a mention can be found is in “Governing Law” section of “Terms & Conditions.”

As we can see, here, it’s mentioned that relations between parties are governed by the law of Saint Vincent and the Grenadines. We would like to remind the creators of this document that it would be a good idea to know how to spell the name of the country correctly. We will also verify the accuracy of this information.

There were no records of WeFinancial found on the registry of the local financial regulator SVGFSA, which, while not regulating or licensing activities of CFD brokers, registers financial services. This means that the organization is not registered in Saint Vincent and the Grenadines. It should be understood that there’s no incorporating in other jurisdictions either.

A project without legal entity cannot obtain any licenses. Accordingly, it operates illegally with all traders.

Established Track Record

Another fact that requires verification is the broker’s time in existence. Checking a domain’s age using Whois service can easily assess this.

So, checking shows that the domain was registered on June 1, 2023. During writing this review, the platform has only been operational for 3 months. This suggests that the platform’s staff are marketing geniuses who managed to attract over 2 million users to their project in that time. However, there’s a more plausible explanation – statistics provided by WeFinancial are nothing more than fake.

Implications for Traders

It seems we have managed to prove that WeFinancial is not a broker at all. The project was not created by any officially registered company and operates without any license. Owners provide false legends to traders and offer to trade on a poorly functioning platform. This is enough reason to never consider these scammers, let alone send them any money.

Strengths and Weaknesses