Honest Review of WeFinancial

We strongly advise you to read our WeFinancial review before deciding to open a trading account here. Otherwise, you will soon join the ranks of victims of this scam project. After losing money, you’ll be writing online about how you believed the promises of better trading conditions and stories of a next-generation trading platform. We are trying to save you from thoughtless actions and show you why it’s not worth dealing with this platform created by scammers.

Key Features

• Company Name: WeFinancial
• Website: https://wefinancial.io/
• Available Contacts: [email protected], [email protected]
• Foundation: 2023
• Services: Forex/CFD trading
• License: No
• Initial Deposit: $250

From Sign-Up to Payout

Unfortunately, on the official WeFinancial website, design has won over content. The web resource looks quite good with its video banners and animated informational blocks. However, the value of these blocks for traders is zero. It’s impossible to consider advertising slogans like “Making Smart Money,” “This is the place,” “Today is the day,” or “It’s all in your hands” as genuinely useful information. Nevertheless, the entire main page consists of just these text explanations.

In general, similar complaints can be made about the content and functionality of any of the pages.

• It seems the project creators seriously believe that traders will find a glossary, an alphabetical list of assets, or short animated videos on “Banking on Blockchain” in the Learn section of the main menu interesting. We are eager to disappoint them — these are useless for experienced traders, and beginners need more detailed educational materials.
• WeFinancial demonstrates a non-trivial approach to filling the website. For example, there aren’t even brief overviews of available financial markets and asset lists, let alone contract specifications for each of them. Furthermore, there is nothing at all here except a list of accounts, a terminal page, some information about the company, and educational materials.
• Among the payment methods available for account deposits and withdrawals, the company uses only cryptocurrency transfers. For them, this is equivalent to hiding payment data from the user. As a rule, this approach is characteristic of scam projects.
• The personal account does not provide for the verification of contact details or personal verification. In the Withdrawal, Refund & Cancellation Policy, Terms & Conditions, the company notes that the user needs to undergo verification. However, the wording “we may require” or “we may request” documents suggests that verification is conducted upon the broker’s request. How this aligns with KYC, which has become the de facto standard for brokers, is unclear to us.

Our Trading Experience With WeFinancial

The broker said even less about its trading platform than nothing. One cannot consider the slogan “The Trade of a New Generation” and a few words about how modern it is and how it allows trading from any device to be a proper description.

However, we are well familiar with this software, and we can say for sure that no changes have been made to it in the last 2-3 years. Therefore, all the company’s claims about its newness and technological advances are completely unrelated to reality.

We are well aware of all the shortcomings of this terminal:

1. The multi-chart mode is not supported, which prevents effective trading with multiple instruments.
2. One-click trading is also not implemented, which forces the user to waste time when opening and closing positions in dynamic markets, and therefore, lose money.
3. The company’s clients won’t be able to implement trading systems with non-standard analytical tools or launch automated trading: the platform does not allow adding indicators or trading robots.
4. There is no space in the terminal window to display open positions; they can only be seen on a separate page after accessing the corresponding function. Additionally, the price chart is not displayed. The company does not explain how to monitor trades in this situation.
5. Platform settings are not saved; they have to be set again after every login.

The broker offers traders six types of accounts:

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

The owners of WeFinancial preferred to say as little as possible about the trading conditions for each account type. From these very brief comments against large images (again, design won over content), the trader can only find out:

• The minimum deposit for each account type: from $250 for Trial to $250k for Heritage.
• The maximum leverage, which ranges from 1:200 on the entry-level account to 1:400 on the advanced one.
• The number of available arbitrage deals for account holders: from 1 to 3.

It seems that the rest of the trading conditions in WeFinancial are considered unimportant. For the VIP program, they are not disclosed at all: the user can learn something about them only from the account manager. The broker clearly demonstrates that it cares only about how much money the trader will bring in, not about the conditions under which they will lose it. This behavior is typical for scammers, for example grosharelimited.com review.

The Reality Check

WeFinancial on its official website has managed to not mention the company’s registration details even once. Where it was created and in which jurisdiction it operates remains a mystery. The only place where we found a mention of this is the Governing Law section in the Terms & Conditions. Here we are told that the relationship between the parties is governed by the laws of saint vincent and the grenadines, and disputes are also resolved in the courts of this Caribbean state.

There is no record of WeFinancial in the register of the local financial regulator, SVGFSA, which, while not regulating or licensing CFD brokers, does register financial services. This means that the broker has no registration in Saint Vincent and the Grenadines.

We checked registration in other jurisdictions through the Open Corporates database. It should be understood that it is not registered in other jurisdictions either. The only match we found was the Canadian company VANCOUVER WEFINANCIAL COMPANY LTD, which ceased operations back in 2016.

Thus, we can conclude that the broker has no official registration in any jurisdiction. Of course, it also does not have a license, as regulators, even offshore ones, do not issue them to websites. This indicates completely illegal activity by this pseudo-company. Of course, we cannot expect it to organize trading. All it can do is simulate trading and misappropriate traders’ money.

How Long Has WeFinancial Been in the Game?

It’s easy to find out how long the broker has been online, although the broker itself publishes no data about it. Since it has nothing other than its official website, we can confidently say that the fake company appeared along with the registration of its last domain. This date is available in the Whois service and cannot be hidden.

According to the service information, the active domain wefinancial.io appeared back in June 2023. So, the broker began its operations a year and a half ago. Strangely enough, snapshots from the Wayback Machine also confirm this information. It turns out we are dealing with a real veteran among scammers.

However, this does not make the statistics provided by the company on the homepage any more reliable. The project owners claim that their audience exceeds 2 million traders. For this, they would need an average of 111,000 registrations per month and over 4,000 daily. It seems we’ve found a new internet traffic record holder!

But if we speak seriously, such traffic to a third-rate website is fundamentally impossible. At the same time, anyone can view the same snapshots and verify that the statistics remain unchanged over the entire one and a half years. Therefore, we consider the provided information to be unreliable and obtain further confirmation of fraud by the company’s owners.

Extra Fraud Indicators

In the year and a half of its operation online, there should have been enough WeFinancial reviews to appear. We found even more than we expected. For example, on reviews.io, there are over 180 posts, and on HelloPeter, more than 90. Moreover, the overwhelming majority of comments are positive. So, on average, current and former clients of the company posted enthusiastic comments about its activities every 2 days. What a conscientious audience this firm has!

However, to be honest, just looking at the content of the posts makes it clear that all the positive reviews are paid for. Of course, scammers have no other way to improve their reputation.

Nevertheless, there are other publications online. On specialized trading and investing websites, experts have rated WeFinancial as barely above zero. After analyzing its activities and the information provided, they openly call it a scam and advise against cooperating with this fake company.

Is WeFinancial the Right Fit?

We hope that in this WeFinancial review, we have been convincing and have proven to our readers that this broker is a scam. This can be judged by the absence of registration and licenses, hidden trading conditions, and attempts to improve its image through paid comments online. Additionally, a company that publishes unreliable information cannot work honestly by definition. Therefore, there is a huge risk of losing all the money invested here. We do not recommend taking such risks, whether you are an experienced trader or a beginner.

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