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Is it safe to trade with WFT?
fortuneA
Slovakia
2021-11-24
ANSWER WFT Group is NOT a legitimate broker and should be avoided at all events. WFT Group claims to be a Multi-award winner in 2020 thanks for its excellence and innovation over many years. However, this statement turned out to be nothing but a lie, since the domain of this broker was just created a few months ago in January 2021. Besides, WFT Group states that it is operated by INVEST GROUP LLC, a licensed firm registered in Saint Vincent and the Grenadines Financial Services Authority (SVG FSA). Nevertheless, SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. The biggest red flag comes when WFT Group claims to be regulated by the UK's Financial Conduct Authority (FCA), Australian Securities & Investments Commission (ASIC) and South Africa's Financial Services Conduct Authority (FSCA). The truth is, we didn't find any information about its regulation from FCA, ASIC and FSCA. So currently WFT Group is not regulated by any financial regulator. That means investors' funds in this broker is unsafe and cannot be protected by any laws. What's worse, the FCA has added WFT Group into its blacklist and warned the public that this broker has been operating in the UK without a license. You can check full alert or warning here. As per the evidences above, our final conclusion is that WFT Group 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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