With the increasing popularity of online trading, there has been a rise in the number of scam brokers that are taking advantage of unsuspecting traders. One such broker is werty.trade, which has been the subject of many complaints and warnings. In this review, we will take a closer look at werty.trade and evaluate whether it is a legitimate broker or a scam.
Company Overview
Broker Name | Werty |
Website | https://werty.trade |
Location | Unspecified |
Regulation | Unregulated |
Warning | FINMA, CONSOB |
Team
There is no information available about the team behind werty.trade. This is another warning sign, as legitimate brokers are usually transparent about their team members and their qualifications.
Services or Products
werty.trade claims to offer trading services for forex, cryptocurrencies, and commodities. But from their website, we did not get any details. Even they did not have any individual page for each service.
Trading Platforms
werty.trade claims to offer the MetaTrader 4 (MT4) platform for trading. It is unclear whether the broker provides access to the platform or simply recommends it to traders. There is no information available about any other trading platforms offered by the broker.
License and Regulations
License Status
werty.trade is not licensed by any reputable regulatory authority. We even did not find any mother organization or their regulatory country. It is clear that they are operating a scam.
Regulation Status
There is no information available about any regulatory bodies that oversee the operations of werty.trade. Then we found two warnings against them, which we will show in a later section.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Why Dealing With Unlicensed Brokers Is Risky?
Dealing with unlicensed brokers is risky for several reasons. Firstly, unlicensed brokers are not held accountable by any regulatory body, which means that they can operate with little to no oversight. This puts traders at risk of fraud, as unlicensed brokers can engage in unethical practices such as manipulating prices, withholding funds, or engaging in other fraudulent activities.
Secondly, unlicensed brokers are not required to follow any rules or regulations, which means that traders have no recourse if they are mistreated by the broker. This can lead to disputes and can cause traders to lose their hard-earned money.
Legal Warnings Against werty.trade:
Two reputable regulatory bodies issued warnings against this broker. FINMA, the central financial regulatory body of Switzerland, and CONSOB, the regulatory body from Italy, issued these warnings. These are the proof of being an unregulated broker.
Client Feedback About werty.trade
About Trading
There are numerous complaints from traders about werty.trade, with many alleging that the broker engages in unethical practices such as manipulating prices, refusing to honor withdrawal requests, and engaging in other fraudulent activities. Traders have also reported poor trading conditions, high fees, and unresponsive customer support.
About Customer Service
Many traders have reported poor customer support from werty.trade, with emails and phone calls going unanswered. This is a major red flag, as legitimate brokers always prioritize customer support and ensure that traders can reach out to them with any concerns or issues.
How Can FX Farm Update Help You If You Get Scammed?
If you have been scammed by werty.trade or any other broker, you can report your experience to FX Farm Update and receive guidance on how to recover your funds. We will provide you with a free consultation and service recommendations to help you in recovering the fund.
Final Thought
werty.trade is an unlicensed and unregulated broker that should be avoided by traders. Additionally, several regulatory bodies have issued warnings against werty.trade, and there are numerous complaints from traders about the broker’s unethical practices. If you have been scammed by werty.trade or any other broker, reporting your experience to platforms such as FX Farm Update can help you recover your funds and avoid further scams in the future.
