Beware! Thewealthcore is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Thewealthcore is a broker that claims to offer one of the most reputable trading platforms in the industry today. But that is simply not true, because firstly we have never heard of it, online search doesn’t produce enough results also and we are becoming more and more curious to understand where do they gain reputation from. Also they hide crucial information about themselves, for example they do not publish their own address and do not show any licenses that should proof their legitimacy, which is a major red flag for them.
Searching for them online didn’t provide any significant results either and that should be enough for you to stay away. But we were curious and had to sign up just to get some more information, then everything went clear. In 2 minutes we had 3 calls from 3 different numbers. Wow, probably the sales managers were fighting over a precious client like us. Anyway, we managed to answer only one from the calls and a young lady made everything possible to keep us longer on the line.
Generally it looks like a typical call-center scam in which you are constantly bombarded with phone calls, each time from a different number. That is one more obvious sign that something is just not right, there isn’t a reputable forex broker who would try to increase its client base using aggressive telemarketing. Beware!
The first impression with Thewealthcore was bad, our firm position is that this broker should be avoided!
Thewealthcore regulation and safety of funds
The information about Thewealthcore is beyond scarce, there isn’t address provided, their ownership is being hidden and that makes Thewealthcore fully ambiguous business creature. Based on our research so far it should only mean that Thewealthcore was invented in some scam call-center and is used only as a mean to deceive traders with little or no experience who are looking to become rich overnight.
It is obvious that your funds are totally at risk if you choose to become their client, mainly because they are illegal, because there is lacking information about them registration and licenses. Avoid them and if you are really interested into trading have a look at the legit EU and UK brokers, which are strictly supervised and on top of that are the leaders in the retail forex industry.
One of the main reason that makes EU and UK regulated brokers so advanced is the fact that they comply to many uncompromising rules, which are put in place to be in favor of the traders, in a market that could actually be rough. A fine example are the money protecting schemes which guarantee the funds deposited by the traders- in Cyprus these are of up to 20 000 EUR while in UK are even higher, of up to 85 000 GBP per client. Also each broker is duty-bound to maintain negative balance protection of its customer accounts, meaning that a trader cannot lose more than the sum deposited. Dealing with offshore or other unregulated brokers might cause you losses you have never thought of.
Avoid Thewealthcore, there are too strong clues that it is a scam!
Thewealthcore trading software
Thewealthcore maintains only its own trading platform, there aren’t MT4 or MT5 accounts available, amazingly you cannot trade using Metatrader, the worldwide leading software of the industry. There are too few brokers left who are not bound with the Cypriot Goliath, the platform is not only dominant in the retail sector, but gaining popularity among the institutional traders and investors, as well.
Their platform itself is basic, at first glance providing many instruments including Forex, CFDs, Commodities, Crypto, Stocks and Indices. There are indicators available and charting tools, but there aren’t strategies or automated trading available. Their chart however is close to what we can call “a disaster”-it is non-responsive, difficult to navigate and generally not intuitive at all. Also, the spreads are unbearable, EUR/USD is at 7.6 pips in the middle of the day while normally for the industry, at that hour, the spread should be less than a pip, very often reaching as low as 0.1 pips spread.
Such a huge spread indicates that you should avoid Thewealthcore.
Thewealthcore DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Thewealthcore is 250 USD with leverage of up to 1:100 and it could rise with the increase of the deposits, reaching 1:400.
There are three ways in which you can fund your account- bank card, wire transfer or a virtual currency transfer, but the information provided is far from enough. Probably the only way for you to find out is through a burdensome phone conversation with someone representing the company. In fact, for less than two hours we had phone calls from 10 different numbers, all of which started with the British +44 dial code. After the initial conversation with with young lady who was doing the best that she could to keep us on the line we refused to answer the calls. It is a pure scam, no reputable forex broker would act in such an aggressive way.
The withdrawal procedure is similar to the other brokers, but we have to stress on a few features about it. First the process is taking way too long- 7 to 10 workings days, compared to 1 business day with reputable broker. The fees are also unacceptable, for each withdrawal there is a withdrawal fee of 1% with a minimum withdrawal fee of 30 USD/GBP/EUR and a maximum withdrawal fee of 300 USD/GBP/USD.
Other fee that is below the standards is the dormant fee. According to their rules an account becomes inactive after only 30 consecutive days of inactivity and from then on there is a Dormant Account Fee in the amount of 99 USD/GBP/EUR per each such period.
There are also plenty of obscure fees, such as the Overnight Fees, which looks similar to SWAP rates, but in reality is a fee calculated by the Company, not by the market, which calculation lacks comprehensive explanation and the fact itself is worrisome, another scam sign on the list.
Thewealthcore is a broker, tightening its customers with unnecessary and improper fees. Avoid Thewealthcore and find a broker that takes care to protect your funds, not the opposite. There is an exhaustive list of brokers regulated in EU or UK, providing the best products and services in the industry for its clients.
HOW DOES THE SCAM WORK
The scam is a criminal activity. Scammers are aiming at your money and their only purpose is to make you deposit money with them. Their targets are usually individuals who would easily believe in a get-rich-quick scheme. Scammers will promise you almost everything, they will manage your account, will send you free trading signals, will have the best software, will give away bonuses and promise hundreds or thousands of per cents weekly gains and profits.
Thewealthcore itself is not an officially proven scam, no official warning were issued against them, but their way too aggressive approach is repulsive. Their behavior is similar to a call-center scammers, who are contacting prospective clients by using different phone numbers every time they call, promising the world if you invest with them. These scammers are incorporating their call-center operatives, promising generous bonuses per client, thus way expanding the dishonest practices much further.
WHAT TO DO WHEN SCAMMED
Anyone can become a victim of scam. What you need to do first is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Share online your experience, it is important to protect others, as well. Be responsible!
Still, the best preference for you is to avoid scam and to understand how to expose it. Knowledge and information is the key to the success, always do a thorough research, check our daily reviews and be up-to-date. Our advice is to stay away from Thewealthcore, there are too many scam signs!
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