Beware! WellingtonInv is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
WellingtonInv presents itself as a forex and CFD broker, offering five account types with leverage of up to 300:1 and a web based trading platform.
The list of trading instruments includes 52 currency pairs, many of which exotic or minor like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDILS, USDHUF, USDHKD and USDDKK, as well as CFDs on 23 indices, silver, gold, platinum, palladium, oil, natural gas, soft commodities, stocks, ETFs, bonds and even major crypto coins like Cardano, Bitcoin, Bitcoin Gold, Dash, EOS, Ethereum Classic, Ethereum, IOTA, Litecoin, NEO, Qtum, Tron, Stellar, Monero, Ripple and Zcash.
WellingtonInv regulation & safety of funds
The two companies behind WellingtonInv are Elit Property Vision Ltd. and Wellington Inv LTD, both apparently based in Bulgaria. Unfortunately, they are not licensed and authorized by the local Financial Supervision Commission (FSC), or any other official EU regulator for that matter, and that makes their operations on the European market completely illegal.
And what is worse, WellingtonInv and Elit Property Vision Ltd. are blacklisted by the Spanish Comision Nacional del Mercado de Valores (CNMV) as potential scammers.
On top of that Elit Property Vision Ltd. runs another broker called RichmondFG, which on its part is blacklisted by the Italian Commissione Nazionale per le Societa e la Borsa (CONSOB) and the Bulgarian Financial Supervision Commission (FSC).
All that said, we can obviously conclude that we are dealing with professional scammers.
And our advice as usually is to stay away from unregulated websites and trade only with brokers, holding legit licenses from well known institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
WellingtonInv deposit/withdrawal methods and fees
On its homepage WellingtonInv displays the logos of various e-wallets including QIWI Wallet, WebMoney and Yandex Money, but when we proceeded with our registration it turned out they accept only card payments. So basically you can pay with VISA and MasterCard, but not for example with Skrill and Neteller, which is notable especially since Skrill adopted their new anti scam policy, according which only licensed brokers are eligible to use their services. As we already noted, WellingtonInv is not a licensed broker.
Beware as well of any trading bonuses that WellingtonInv might offer you. The tricky moment with all trading bonuses is that they are invariably linked to some minimum trade volume requirement – in this case you should trade your bonus plus your deposit at least 30 times before you will be allowed to request a withdraw. And besides, the real issue here is that WellingtonInv reserves the right to change their bonus policy on heir sole discretion, and that basically gives them a pretext to deny any withdraws. This is a common scam practice and is also the reason why trading bonuses are prohibited on many regulated markets as for example the European Union.
Also be aware that with WellingtonInv you can not withdrawal less than 250 USD, while the minimum deposit requirement is 1000 GBP, which is unusually high.
How does the scam work?
Without realizing you may fall into a scammers web by just casually visiting one of the so called robo scam websites like Bitcoin Profit and Brexit Trader where you will watch a well edited video ad with a promise for “fast” and “easy” money with some ground braking trading technology. And all you will be asked in the beginning will be your e-mail and phone.
So if you get hooked and register, instantly you will be transferred to the web page of a unregulated, offshore broker, where finally you will be offered a trading account with an initial deposit requirement of about 250 USD.
Trading with the scammers might seem like a lot of fund, at least in the beginning. Most of your trades will be surprisingly successful and pretty soon your funds will seem to have doubled. That, however, will not be real. Scammers will be simply manipulating your account, so that latter you will be more easily tricked to invest more. And that is exactly what your senior account manager will tell you – if you want to cash in big, you will definitely have to invest more – at least 10 000 USD.
And most people never realize they have been scammed until the very moment they decide to withdraw some of their funds. Scammers just tell them, they have no right to withdraw, because of some minimum trade volume requirement, possibly linked to a trading bonus. Of course the excuse might be quite different, but the end result will always be the same – scammers are not giving a single penny back.
What to do if scammed?
If you have payed with VISA or MasterCard, you may still be able to get your deposit back. Just file for a charge back with your credit card provider. Fortunately both VISA and MasterCard now allow customers to file for a charge back within 540 days.
And if somehow scammers have acquired your personal banking details like your credit card number or online banking password, immediately change the password and cancel your credit card. And if you have been told to install Team Viewer – delete the program immediately.
And one final advice. Do not trust the so called recovery agencies. Those people will not help you in any way. They will simply ask for some payment in advance and if you do pay them, they will leave you even more miserable than before.