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Is TheWealthCore regulated in Cyprus?
KeithFX
Switzerland
2023-04-25
ANSWER TheWealthCore is an unlicensed broker we advise against trading with despite the seemingly attractive deals it offers.As we tried to access TheWealthCore website through the link you provided, we found the page it directs shows that it is updating, which can be considered as a red flag, suggesting potential issues with this broker's reliability and resources. After all, a functioning website is necessary for a legitimate broker to display essential information and facilitate trading. Furthermore, TheWealthCore, as recorded on our website, claimed to be located in Cyprus. As per Cyprus law, brokers operating in this country must obtain the Cyprus Securities and Exchange Commission (CySEC) for offering financial services or products legally. However, our search for this broker in the CySEC registry didn't yield any results. As such, TheWealthCore is not subject to any effective regulations.Regarding your question, TheWealthCore is not regulated in Cyprus. It is basically an unregulated broker. Entrusting this broker with your funds is highly risky, as there are no safeguards in place to prevent fraud or theft. Therefore, we strongly suggest investors avoid dealing with unlicensed brokers like TheWealthCore and opt for fully regulated ones instead.
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Hi. Please let me know if this broker is regulated？Thx.
charlesvdw
Morocco
2021-11-21
ANSWER TheWealthCore is NOT regulated and should be avoided at all events. TheWealthCore claims to be a Cyprus-based company while providing zero details about the trading license on its website, which is already a red flag for potential traders. Besides, we didn't find any information about its regulation from the Cyprus Securities and Exchange Commission (CySEC). So TheWealthCore is currently not regulated by any financial regulator. As per the evidences above, our final conclusion is that TheWealthCore is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers.
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