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A Long Tale of Blacklisting with No Appropriate Services
Elit Property Vision Limited owned Wellingtoninv, is an unregulated offshore Forex and CFD Broker Company. It is based out of Bulgaria. But, it is not regulated by the Financial Supervision Commission (FSA). The FSA is the authority that is responsible for the stability and transparency of the financial institutions except for the banks. It ensures protection to the customers of the financial sector.
Blacklisted by Major Regulatory Watchdogs
Elit Property Vision Limited and Wellingtoniv are black listed by four major financial regulating bodies of the world.
First, Wellingtoninv is blacklisted by the CNMV. The Comisión Nacional del Mercado de Valores (CMNV) is the Spanish government agency that is responsible for the regulation of the companies in the financial sector and to protect the interests of its stakeholders. It is also known as the National Securities and Markets Commission. The CMNV has issued a warning against all dealings with Wellingtoninv due to the complaints of fraudulent activities going on in the company.
The Second red flag against the company is issued by the reputed FCA. It has been confirmed that the company is using the details of an actual FCA registered firm for its operations. It is termed as a clone firm.
The third warning against the Elite Property Vision Limited comes from the Danish Financial Supervisory Authority (DFSA). It is the regulatory authority of the Danish government. It is responsible for the regulation of Danish financial markets. The DFSA has issued a warning against dealing with the company based on its fraudulent activities.
Fourth is the warning by the CONSOB. It is Commissione Nazionale per le Societa e la Borsa, the financial regulatory body of Italy. It has warned against a couple of businesses run by Elit Property Vision Ltd.
The forex industry has to respect the market trends but dealing with an unregulated broker is not only risky but a wrong decision. A regulated broker operates under the surveillance of the regulatory authority.
It has to follow the set guidelines for its operations. The funds of the investors are very much safe in the company accounts. Over to this, in case the company closes or went bankrupt, the regulation authority compensates for each of the investors.
Dealing with an unregulated broker is not recommended. Your investment is not in safe dealings, you have no authority to ask for help in case you are not satisfied with the services of the company.
Wellingtoninv, thus, does not have any regulation from any reputed regulating bodies like the Australian Securities and Investments Commission (ASIC), the UK based Financial Service Authority (FCA), or the Cyprus Securities and Exchange Commission(CySEC).
After getting blacklisted by a number of the regulating authorities, another set back to the traders is the unavailability of reputed and highly reliable Metatrader 4 or MetaTrader 5 platform.
Wellingtoninv has its platform for trading. The reliability of the platform is not established. Also, there are no provisions of trading signals according to trend, Trading chart, analysis tool, a free demo account for learning the basics of training etc. The trading must be done on reliable platforms. Here, the platform is owned by the company only, hence the credibility and reliability both are in danger.
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Meta Trader, on the other hand, is a reliable trading platform. It is free of cost and has an unmatchable provision to traders that they can write their robots and trading scripts for auto trading. It has live streaming of charts, prices, trending trade signals and many other provisions.
Working on a new trading platform is cumbersome even for professional traders. Also, there is no availability of a demo account. Hence, Wellingtoninv has failed in providing the best trading experience to its customers.
High Initial Deposits trading accounts with no demo account
Wellingtoninv does not provide any demo account. There is no facility for a free account even for a limited period. It is not safe for new investors as they will get to know about the trading trends only once they have opened a live account with huge initial minimum investment.
The various types of live accounts provided by the company are:
- Basic Account: It invites a minimum investment of 1000 pounds. Leverage is set to 1:50 which is too high for reliable trading. No special services are provided. Within the same amount of money as initial investment, you may get far more good services like trading
- Standard Account: High leverage ratio of 1:100 with high minimum deposit of 5,000 pounds. High a leverage increases the risks of debt lending
- Gold Account: Another rise of 5,000 pounds with a total of 10,000 pounds with no additional services will make you a gold account member. While the pips are not defined in the gold account even, the leverage is set high up to 1:200.
- Platinum Account: All of the services are the same as that of a gold account except for the rise in the minimum investment amount. It starts with a minimum investment of 25,000 pounds. It is such a big amount with leverage of 1:200 and the trading platform is also not a reliable one like Meta Trader.
- VIP Account: The leverage is raised to 1:300 making it a risk trading. The minimum deposit required for the VIP account is 50,000 pounds. It is too high to be considered as a minimum limit. Most of the traders do not make this much of profit in the entire broking.
Absence of demo accounts with no option to trade through any free account. The trading conditions are not specified. The spreads must start from 0 pips for competitive trading. But no information for the same has been provided. The leverage rates are almost 5 times higher than the ideal trading accounts. It risks the funds of the investor. The minimum investments are set as high as no one could expect them to be. Using the same amount of investment, any trader can register with any other regulated broker company providing a trusted platform with committed and competitive spreads and leverages.
The website of the company is https://wellingtoninv.com/.
The response time of the website is slow. The website looks to be made in 2 countries. Very less information is provided about the trading facilities of the broker.
There is an option of customer inquiry form while no live support numbers are provided over the website. Also, there is no option for live chat, no phone number or Skype number is provided for around the clock customer support to the traders. Email-id is mentioned at which instant response is not guaranteed. So, the real-time case is that customers complain over the Wellingtoninv services as they are using the company-owned platform and have no access to the customer’s support or the technical team.
The company does not have any Facebook and Twitter accounts. They are hardly searchable on any of the social media platforms. It indicates the widely negative popularity of the company and its services that is why the owners have decided not to disclose their information. The absence of social media definitely hampers the growth of the business.
Fake Deposit Channels and High Minimum Withdrawal
The company over its website claims to be compatible with E-wallets for the deposit of the funds. Wellingtoninv review has found that the company does not accept any funds except from the card transfer method. This comes as no amazement as E-wallet companies like Skrill have already stopped providing services to the unregulated broker companies to stop the scams in the broker industry.
The withdrawal limit is set to $250. Also, withdrawal fees will be deducted but that are not mentioned clearly in the withdrawal policy. The company accepts a minimum deposit as 1000 pounds but sets the cap of withdrawal at not less than $250. These limits are not acceptable and serve the sheer purpose of filling the funds of the company only.
Conclusion
Wellingtoninv is an unregulated offshore broker company. It is not advised to do trading with Wellingtoninv. It faces multiple bans, has very unrealistic trading accounts, does not provide a reliable trading platform, trading conditions are not clarified, and the withdrawal and deposit conditions are not as per the commitment of the company. It has scored a 0.5 rating on 5 point rating scale. I advise you to look for regulated brokers.
References
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