Wellyfin review – 5 things you should know about wellyfin.com

Wellyfin review – 5 things you should know about wellyfin.com

Rating: 1

Beware! Wellyfin is an offshore broker! Your investment may be at risk.

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Wellyfin is a pure scam and we are going to prove it. We say so because it falsely claims to be regulated, falsely claims to deliver a platform and even falsely claims to be a broker. Find out the details about this scam in the full Wellyfin review.

Wellyfin REGULATION AND SAFETY OF FUNDS

We found Wellyfin to be anonymous and unregulated, so your funds will be at risk if you deposit. However, the so-called broker falsely claims to be FCA regulated, so it’s knowingly aiming to mislead customers and make them believe it’s a legit business. Well, it’s not, and the fraudulent claims strongly suggest it’s a scam.

On the other hand, though, it pretends to be headquartered in St. Vincent and the Grenadines– a controversial jurisdiction where the local regulator SVGFSA doesn’t even license or regulate Forex brokers. Moreover, the entities registered on the island are with hidden ownership, which means that you’ll have absolutely no idea who’s behind the business and what their intentions are.

Dealing with unregulated offshore brokers is dangerous for numerous reasons, but we’ll outline the two most important ones. First of all, the absence of regulation means that these people can do whatever they want, and they will easily get away with their misdeeds as no regulator is holding them responsible for their actions. Secondly, once your money leaves its country, it becomes almost impossible to track it down- the offshore accounts greatly facilitate fraud, and that’s why scammers are crazy about shady jurisdictions such as SVG, Dominica or the Marshall Islands.

In contrast, the regulated brokers are bound to follow many rules laid out as customer protection measures. For example, EU brokers have to keep traders’ funds in segregated bank accounts- thus, your money is always in sight, and the broker is not allowed to use it for other purposes than trading. Well, if you deposit with Wellyfin, you won’t even know where your funds are and what’s going on.

Avoid it, and better see the high-rated EU brokers and British brokers on both lists instead. We recommend these companies because they are proven safe but also covered by deposit insurance funds. For example, CySEC brokers’ clients can claim up to €20 000, while the guarantees in Britain are up to £85 000.

Wellyfin TRADING SOFTWARE

Wellyfin has no trading software whatsoever. There are no download links, and upon sign-up, we ended up with an informative chart supposed to be a platform. Well, it’s not, and that’s a scam! As we are reviewing a fraudulent scheme, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists instead. We put MTs forward as the terminals in question deliver peerless advantages- reliable indicators, easy-to-use charting tools and sophisticated features such as Expert Advisors.

So, we can’t analyse real-time spreads and leverage levels as there is no platform at hand. As for the latter, it’s utterly dangerous, and that’s why regulators nowadays restrict its usage to reduce the risks involved. Note that due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 leverage, while Canadian brokers and US brokers to 1:50, respectively. Having this information at your disposal, you can more easily detect inconsistencies and potentially fraudulent or high-risk offers.

Wellyfin DEPOSIT/WITHDRAW METHODS AND FEES

The broker never mentioned anything about deposits/withdrawals and transaction fees. Upon registration, though, we could at least find what the funding methods are- Cryptos, Wire Transfers and PayPal. All the methods are shown in the screenshot below. Mind that Credit/Debit card deposits are not accepted, so Wellyfin apparently doesn’t have plans to deal with chargebacks- allowed for up to 540 days after the transactions. As to the methods available, all of those are final and non-refundable, so if you deposited, you can, unfortunately, consider your money gone.

Anyway, while talking about funding, see the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers on top of the lists if you have a trusted payment system.

HOW DOES THE SCAM WORK

Wellyfin is seemingly a cheap, unsophisticated scam, but this doesn’t mean that you can’t get defrauded. Most scams are run by revolting boiler rooms, and the website is just a part of the scheme. Below, we’ll give you a rough idea of how fraudulent schemes work- through the phone, you’ll be transfered from scammer to scammer, all of them asking for money, and they won’t stop ringing 24/7.

Scammers are prowling online, and they create fraudulent websites, social media profiles and ads to get people into the fraud. Once you get trapped, they will pretend to handle your account and display winning trades to make you believe it’s worth dealing with them. However, scammers won’t let you withdraw profits but will constantly urge you to deposit, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to invest as much as possible in their scheme.

You’ll probably understand what’s going on as soon as you become determined to get your money back. When scammers realise you won’t deposit again, they’ll shamelessly announce that you can only withdraw if you pay taxes in advance. If you are persistent and refuse to follow their instructions, they will simply stop answering and disappear. Then, whenever fraud becomes publicly exposed and worn out, scammers will abandon the website getting away with their crime because the fraudulent brokers are anonymous and unregulated.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your credit card and contact your bank and ask for advice.

Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!

Share online your experience; it’s important to protect others, too. Be responsible

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3 Comments

  1. Wellyfin is the same scam site as Burlyfx. They started it as Burlyfx then changed it to Wellyfinfx and now changed it back to burlyfx in telegram. Same tactics same information most probably same scammerd

    1. Be careful.burlyfx first changed to Wellyfin. When they could not scam people enough they changed to Wellyinv… same scam.dont get scammed. These scammers are persistent and ruthless. They pretend as burly a 24 hour support.fake phone numbers. No address on website.

    2. Now changed to Wellyinv.
      Same tactics.. same scammars. Changed from Burly to Wellyfin.. then busted as scam.. changed back to burly and now Wellyinv! Beware

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