August 7, 2020

Welkron Review – Is Welkron scam or Decent broker?

Regulators: –

Cryptocurrencies: NO

Minimum Deposit: $500

Maximum Leverage: 1:500

Spreads: Medium

My Score: 1.4

Welkron is just a newly recognized broker that headquartered in Saint Vincent and Grenadines. They possessed by an organization called WBB CONSULTANCY SA however there isn’t much info concerning the business. I desired to ask some questions in regards to the organization but I couldn’t because live chat option is not available on their web site. I can say that their web site is too amateur and basic and not looking very professional.

In this Welkron review, you will find all the information about them. Is Welkron good or a scam broker? What are their advantages and disadvantages? Are they regulated or unregulated brokers? What account types, spread and deposit/withdrawal methods they are offering?

Leverage ratios are 1:100, 1:200 and 1:500, depending on your account type at Welkron. More than 150 currency pairs, assets, commodities and indices are available at Welkron’s platform but cryptocurrencies are missing. And a demo account is not supported.

My personal favorite platform, MetaTrader4 is supported by Welkron and I can say that MT4 and high leverage may be their only advantages.

Regulation

While I reviewing a broker I always look their regulator and licenses before all else. And after did my research about Welkron’s regulation, I found nothing. I can say that Welkron is a clearly unregulated and unlicensed broker.

That means your money may not be safe while working with this broker. I personally choose to work brokers that are regulated by FCA (Financial Conduct Authority) in the UK (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission) in Cyprus or ASIC (Australian Securities and Investment Commission) in Australia.

After ESMA measures, some brokers in Europe are choosing to obtain licenses from VFSC (Vanuatu Financial Services Commission) or IFSC (International Financial Services Commission of Belize) in order to avoid losing clients. This situation is also acceptable for me, but having no license is not acceptable.

Account Types and Spreads

Minimum deposit limit is $500 at Welkron and they offer 4 different account types. Mini Account ($500 – $10.000), Standart Account (>$10.000), Pro Account (>$25.000) and VIP Account (>$50.000).

$500 minimum deposit limit is very high and spreads starting from 2.0 pips(also higher than many brokers). And only currency pairs available if you choose a mini account type. Also, you can’t obtain a telephone service. This usually means you’ve got to deposit partially 10.000 so as to trade together with or any products and obtain telephone service. All these are silly provisions for me personally to work by having a licensed broker.

Deposit/Withdrawal Methods at Welkron

Very restricted deposit and draw procedures are available in Welkron: Credit card, InterKassa along with Lion Payment.

Welkron

1.4

Trust

0.0/10

Commissions and charges

1.0/10

Customer Service

1.0/10

Platform & Tools

2.0/10

Product Portfolio

3.0/10

Pros

  • No

Cons

  • High Deposit Limit
  • High Spreads
  • Unregulated broker, likely scam