ANSWER Weltex is not a licensed or regulated broker even though it states offers that look good to be true. Weltex claims to be a powerful broker without presenting important information such as regulation, address, phone number, etc. Lacking such important information makes it hard to verify its legitimacy or get in touch with it. This may be a distinct signal of an unlicensed broker, as regulated brokers always present the information in a prominent position. It is a red flag. Moreover, the Austrian Financial Market Authority (FMA) issued a warning that Weltex is not authorised to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others. You can check the full warning from here.The truth is, Weltex is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like Weltex and trade with licensed brokers.
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