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WellingtonInv Review - is it scam or safe?

WellingtonInv Review - is wellingtoninv.com scam or good forex broker?

RATING: 1 / 0 REVIEWS WellingtonInv
WellingtonInv is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Basic  £1 000 1:50 N/A
Standard  £5 000 1:100 N/A
Gold  £10 000 1:200 N/A
Platinum  £25 000  1:200 N/A
VIP  £50 000 1:300 N/A

  

Wellington Investments (WellingtonInv) is a Bulgaria-based CFD broker with a clear focus focuses on cryptocurrencies. It offers some leveraged trading on a web-based trading platform. As you can probably figure out by the rating we gave this broker that we don’t like it much, but let’s start off with the few good things about it.

 

 

WellingtonInv Advantages

 

Many asset classes covered, solid leverage

It appears that clients of this broker can trade in many currency pairs and wide range of CFDs, including on cryptocurrencies. The latter include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Dash, Litecoin and more.

 

This is one of the two possible advantage of WellingtonInv we could think of, however, be warned that dealing with unregulated brokers involves a significant level of risk.

 

 

>> Licensed forex brokers offering Bitcoin <<

 

 

Besides, the broker claims to offer solid leverage levels, ranging from 1:50 to 1:300, depending on the account type. Such levels will suit most trading styles and yet are not dangerously high.

 

 

WellingtonInv Disadvantages

 

Not licensed, blacklisted by the CNMV

WellingtonInv is owned and operated by Elit Property Vision Ltd., a firm allegedly based in Bulgaria, which, however, is not licensed by the local Financial Supervision Commission, nor by any other governmental agency.

 

 

This means that WellingtonInv is not entitled to provide financial services as a forex and CFD broker in the EU or other regulated markets like USA, Japan and Australia. Yet, it seems that this broker illegally targets European investors, as it was blacklisted by Spain’s financial watchdog, the Comision Nacional del Mercado de Valores (CNMV).

 

Doing business with unregulated brokers is not recommended in general, but if a reliable financial regulator like the CNMV has officially blacklisted it, you’d better stay away. There are too many scams operating on the forex and cryptocurrency markets.

 

Related to other shady brokers & companies

The company behind WellingtonInv operates several other brokerage brands. One of them is Capital 245, which is also present in CNMV’s warning list, and is supposedly run by the same people who operated Bulgarian based BALI LIMITED  and SolutionsCM LTD, which have become notorious in the trading world.

 

Elit Property Vision Ltd. is also associated with  forex and binary options broker RichmondFG, which has been flagged by Italy's financial regulator Commissione Nazionale per le Societa e la Borsa (CONSOB), as well as by  the Bulgarian Financial Supervision Commission (FSC).

 

Unreasonably high minimum deposit requirement 

WellingtonInv asks us for a minimum deposit of £1 000 for its most basic account and that, in our view, is excessive. Have in mind that most broker require an initial investment of about 250 USD, while some big well-established names like FBS and IG do not have a minimum deposit requirement at all. 

 

Spreads not announced, no demo accounts

WellingtonInv has not announced any typical spreads on its website, which we always view as a negative, because it shows that the broker is not transparent about its services and pricing.

 

Furthermore, the broker does not offer free demo accounts, which raises yet another red flag. Not providing a free testing service is very typical of scams and another reason why we gave this broker such a low rating.

 

Sell price higher than Buy
After registering a live account at WellingtonInv we saw that Sell price of EUR/USD is higher than the Buy one, which is ridiculous. Here is a snapshot:

 

 

Click to zoom-in.

 

 

>> Compare the spreads of top forex brokers <<

 

 

Unproven web platform, MT4 unavailable 

As you can see from the image in the previous point, WellingtonInv offers its services on a simple web-based trading interface. We have dubbed it “Scamex”, as this platform is only used by dubious unregulated brokers, most of which focus on crypto trades.

 

The platform is easy to use, but lacks many of the advanced features the MetaTrader4 offers, such as advanced charting, automated trading via Expert Advisors, a lot of customization options, and more. 

 

 

>> Choose some of the best MT4 brokers <<

 

 

Conclusion

 

Wellington Investments (WellingtonInv) is one of the many unregulated shady forex and CFD brokers on the market. Considering all the red flags we ran into while researching the company and testing its platform, this broker is most likely involved in some sort of investment scheme.

 

As always, we recommend that you only deal with well-established and licensed forex brokers. That being said, one of the most trustworthy authorities in Europe are the UK’s Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC).

 

 

>> Trade with a broker regulated in Cyprus <<

 

 

And finally, here are the highlights of the present review of WellingtonInv:

 

Pros Cons
Many tradeable assets Not licensed, blacklisted by the CNMV
Solid leverage Related to other shady brokers & companies
  Unreasonably high minimum deposit requirement 
  Spreads not announced, no demo accounts
  Sell price higher than Buy
  No access to MT4

 

Latest news about WellingtonInv
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Traders` reviews for WellingtonInv

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