Wellyfin is a total scam, and we will show that. We say this because it lies about being regulated, about providing a platform, and even about being a broker. Read the full Wellyfin review to find out more about this scam.
Wellyfin REGULATION AND SAFETY OF FUNDS
We found that Wellyfin was anonymous and not regulated, which means that if you deposit money, it could be lost. But the so-called Wellyfin lies and says it is regulated by the FCA. It does this on purpose to trick customers into thinking it is a legitimate business. Well, it’s not, and the false claims make it seem very likely that it’s a scam.
On the other hand, it pretends to be based in St. Vincent and the Grenadines, which is a controversial place where the local regulator SVGFSA doesn’t even license or regulate Forex Wellyfin. Also, the entities that are registered on the island have hidden ownership, so you won’t know who is behind the business or what their plans are.
Dealing with offshore brokers who aren’t regulated is risky for many reasons, but here are the two most important ones. First of all, the lack of rules means that these people can do whatever they want and get away with it easily because no one is holding them accountable for what they do. Second, once your money leaves its country, it’s almost impossible to find it. Offshore accounts make fraud much easier, which is why scammers love places like SVG, Dominica, and the Marshall Islands.
On the other hand, regulated brokers have to follow a lot of rules that are set up to protect customers. For example, EU brokers have to keep traders’ money in separate bank accounts. This way, you can always see your money, and the broker can’t use it for anything but trading. Well, if you deposit with Wellyfin, you won’t even know what’s going on with your money or where it is.
Don’t use it. Instead, look at the high-rated EU brokers and British brokers on both lists. We recommend these companies because they have been shown to be safe and their deposits are also insured. For example, clients of CySEC brokers can get up to €20 000, while in Britain they can get up to £85 000.
Wellyfin TRADING SOFTWARE
Wellyfin doesn’t have any kind of trading software. There are no links to download it, and when we signed up, we got a chart that was supposed to be a platform. Well, it’s not, and that’s a trick! Since we are looking into a scam, we’d rather give you the high-rated MetaTrader4 brokers and MetaTrader5 brokers from both lists. We suggested MTs because the terminals in question offer unbeatable benefits, such as reliable indicators, easy-to-use charting tools, and advanced features like Expert Advisors.
So, we can’t look at spreads and leverage in real time because we don’t have a platform. The latter is very dangerous, which is why regulators now limit how it can be used to cut down on the risks. Note that licensed brokers in the EU, UK, and AU have to limit retail clients to a leverage of 1:30, while brokers in the US and Canada have to limit retail clients to a leverage of 1:50. When you have this information, it’s easier to spot things that don’t make sense and offers that might be fake or dangerous.
Wellyfin DEPOSIT/WITHDRAW METHODS AND FEES
The broker didn’t say anything about deposits, withdrawals, or fees for doing business. But when we signed up, we could at least see that they accept Bitcoin, wire transfers, and PayPal. In the screenshot below, you can see all of the ways to do it. Keep in mind that Wellyfin doesn’t accept deposits from credit or debit cards, so it looks like the company has no plans to handle chargebacks, which can happen up to 540 days after a transaction. All of the payment options are final and non-refundable, so if you’ve already deposited, you can’t get your money back.
Anyway, if you have a trusted payment method, look for Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers at the top of the lists.
HOW DOES THE SCAM WORK
Wellyfin looks like a simple, low-cost scam, but that doesn’t mean you can’t fall for it. Most scams are run by disgusting boiler rooms, and the website is just one part of the scheme. Below, we’ll give you a general idea of how scams work. When you call, you’ll be passed from scammer to scammer, all of whom will ask for money, and the phone won’t stop ringing 24 hours a day, 7 days a week.
Scammers are always looking for people to take advantage of online. They do this by making fake websites, social media profiles, and ads. Once you’re in their trap, they’ll act like they’re in charge of your account and show you winning trades to make you think it’s worth working with them. Scammers, on the other hand, won’t let you take out your profits. Instead, they’ll keep telling you to put more money in and ask for much larger amounts each time. Criminals will try to get as much money out of you as they can, so they will tell you to put as much money as you can into their scheme.
When you decide to get your money back, you’ll probably figure out what’s going on. When scammers realize you won’t make another deposit, they’ll tell you in a rude way that you can only get your money back if you pay taxes first. If you keep bothering them and refuse to do what they say, they will stop answering and go away. Then, when fraud becomes known to the public and old, scammers will leave the website, and their crimes will go unpunished because the scam brokers are anonymous and not regulated.
WHAT TO DO WHEN SCAMMED
Scams can happen to anyone, though. If you fall for a scam, the first thing you should do is think about the other risks. Stop using your credit card and call your bank to ask what to do.
Then, tell someone what happened to you, file a complaint, contact the authorities, or call the police if you think it’s necessary. Actively try to get help!
Remember that it’s important not to rush blindly to get your money back because scam chargeback agencies and people are following victims and trying to scam them twice. They ask for money up front, take it, and don’t help you in any way.
Share your experiences online. It’s important to keep other people safe, too. Be responsible
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