Dear Investor,
Weltrade claims to be registered in both Saint Vincent and the Grenadines and Saint Lucia. Upon our investigation of the registries of the Financial Services Authority (FSA) of Saint Vincent and the Grenadines and the Saint Lucia International Financial Centre (IFC), we found matching entries in both. However, even though the registration can be confirmed, it is important to note that this registration only grants International Business Company (IBC) status, which does not constitute a valid financial license. Neither the SVG FSA nor the IFC regulates or licenses forex trading activities.
Weltrade also claims that its representative company, Weltrade SA (Pty) Ltd, is regulated and authorized by the Financial Sector Conduct Authority (FSCA) in South Africa. While we did find a matching entity in the FSCA’s public register, please note that the FSCA does not publicly disclose the domain names of its licensees, which makes it difficult for us to conduct further verification. Furthermore, the FSCA is considered an offshore regulator with relatively lax oversight and limited investor protection, which may pose potential risks to investors.
Based on these findings, we recommend that you exercise caution when dealing with this broker to avoid potential risks.
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