Beware! Wellington Holdings 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.
Wellington Holdings is a scam, and we declare so because a European regulator already blacklisted it. The warning aside, it’s a shady FX creature falsely claiming to be a legit Swiss business, but in reality, it can’t offer any Forex services whatsoever. In the following review, we are going to reveal critical details about this fraudulent enterprise, so you’d better read it before you’ve mistakenly wasted your money.
Wellington Holdings REGULATION AND SAFETY OF FUNDS
Wellington Holdings claims to be a Swiss company offering security, but precisely the opposite is true. In truth, it’s a con artists’ project that was already blacklisted by the Swiss regulator FINMA itself. So, your funds will be in danger if you deposit because the broker reviewed is an exposed scam.
As Wellington Holdings is a ramp, you can check the high-rated EU brokers and British brokers instead. We recommend them as the licensed European companies are covered by deposit insurance funds created to protect investors’ money if things go wrong. For example, CySEC brokers’ clients can get up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. It’s worth opening accounts with European companies if eligible to do so.
Wellington Holdings TRADING SOFTWARE
Wellington Holdings mentions a little about its software, however, we found a MetaTrader download link on the website. Well, we got it, but the distribution belongs to a Microntis SL, and it’s indeed dysfunctional. We can’t speculate about the company mentioned, but Wellington Holdings positively doesn’t deliver a genuine MetaTrader distribution. Upon registration, though, we found an ugly useless chart instead of a platform, so Wellington Holdings has no trading software whatsoever. That’s a scam!
As Wellington Holdings is fraudulent, we can offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers instead, which are duly licensed and deliver the best Forex platforms available. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage.
So, in this situation, we can’t show real-time spreads or leverage. Even though Wellington Holdings claims to provide 1:500 leverage, a risky ratio that can cause heavy losses if traders misuse it. Well, they often do, actually, so various financial authorities already imposed regulations restricting leverage usage. Namely, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced and risk-tolerant traders eligible to open an account in Switzerland can safely go for it. The rest of the brokers offering excessive ratios are either poorly regulated or not at all, so you should be careful with those.
Wellington Holdings DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, which is generally a tolerable demand if only Wellington Holdings weren’t a repulsive scam. Still, many legit brokers are now coming with micro accounts for as little as $5, so if you are new to Forex, you can try real trading with fewer funds and reduced risk actually. Just follow the links provided throughout the review to see high-rated companies offering their services for $100 or less.
As to funding, Wellington Holdings claims to accept various cryptocurrencies and Wires, but we tested their system, and it turned out that PayPal is the only possible option. Well, it’s indeed worse than you think as people should go through some exceptionally fishy website to make a deposit. We need to warn traders that such websites carry additional security risks, so make sure to avoid them, and you’d better trust Credit/Debit cards direct funding only as it allows a rebate for up to 540 days after the transaction.
Nevertheless, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are sufficiently regulated, and you won’t face scammers, so you can safely open accounts.
As for withdrawals and transaction costs, there is nothing. The legal documents we accessed reveal no trading conditions whatsoever, which is indeed a red flag as Wellington Holdings intentionally withholds critical information.
Overall, Wellington Holdings is an exposed scam, so make sure to steer clear of it as soon as you see it. Also, make sure to immediately inform the authorities if those charlatans approach you in any possible way or you see fraudulent ads and fake profiles linked with this scam. Your help would be appreciated.
HOW DOES THE SCAM WORK
Scammers are liars and thieves. They’ll promise opportunities that sound too good to be true, get-rich-quick schemes, guaranteed risk-free profits and so on. By creating a false sense of hope, they are trying to entice people into their fraudulent plots.
It all starts with the ads. Scammers create numerous websites and social media profiles to promote their fictitious services. You can see Instagram pages showing lush lifestyles, yachts, cars, money and pictures of winning trades. Such a showcase make people interested and easier to suck into the fraud.
Once you provide your phone number, scammers won’t stop calling you. They’ll promise you the moon and the stars to make you start investing ASAP. If you agree, they’ll pretend to manage your account, and out of the blue, you’ll see mind-boggling profits on your name. You’ll probably sincerely believe that’s true and will most likely ask to take your money out. Well, they won’t let it happen but will skillfully manipulate you to deposit again, promising much more lucrative deals. Before you know it, you may depart with your savings waiting for scammers to make you a millionaire overnight. That’s not going to happen, though, and those crooks will carry on asking for additional deposits. They’ll shamelessly announce to you that you have to pay to withdraw your money. At this point, the scam should be pretty obvious. From then on, scammers will cut communication, and you’ll never hear them again.
WHAT TO DO WHEN SCAMMED
Getting scammed may have long-lasting consequences. However, the first thing you have to do is to start actively looking for assistance and reduce further possible risks. Deactivate your bank card immediately and call your bank.
Quickly report what happened to the authorities, file a complaint, call the police. Seek help actively!
Then, it’s critical not to act hastily because fraudulent fund recovery agencies and individuals can double-scam you.
Share online your experience; it’s important to protect others, too. Be responsible!
Stephen
I’m sorry to say that I was taken in and scammed by Wellington holdings like many I was taken in by smooth talk and promises by the professional scammers they showed me overnight profits which I now realize were fake. As soon as I started asking to withdraw my funds I was told my broker no longer works there and no one is taking my phone calls any more, the brokers names are Nicholas and Richard but that’s probably fake too . Please don’t be like me and get caught up in the scam with the promise of riches, I have lost a sizable amount of money which is drastically going to affect my retirement