Weltex – The company describes itself on the company website as a contact point for online trading and offers trading in various financial instruments according to self-disclosure. According to Weltex, one can trade in foreign exchange or commodities, for example.
Table of contents
- Weltex Fraud
- Weltex experience
- Weltex website
- Contact Weltex
- Weltex authorisation
- Warning from financial regulators about Weltex
- Online trading tips
- Lawyers advise on difficulties
Several investors have informed the lawyers of the Herfurnter law firm that the broker is refusing payouts.
Instead, the provider’s employees claim that the cryptocurrencies are frozen in the blockchain and that the customer must make further deposits in order to receive the payouts.
A Ms Levis has been named in this connection.
The deposits are made through an account with Paysafe Payment Solutions Ltd. The crypto transactions are made to the following wallet, among others:
However, there is no payout despite further deposits.
Weltex describes itself as a powerful and user-friendly financial services provider offering a range of investment products. Accordingly, online trading with foreign exchange (forex trading) is possible at Weltex. In addition, Weltex’s trading platform offers customers around the world the opportunity to invest in over 1,000 first-class assets such as shares, commodities and indices.
Moreover, Weltex uses the same encryption technology as international banks and major online traders to provide security and protect the privacy of its clients at all times. In addition, clients’ funds are protected by being held in segregated bank accounts.
Furthermore, Weltex guarantees that there are no hidden fees and that the deposit and withdrawal processes are fast and convenient. Furthermore, Weltex aims to unleash the trading potential of its clients through modern technological innovation and financial expertise.
Moreover, Weltex’s vision is based on mutual trust. In doing so, Weltex strives to constantly improve the features and services it offers and to provide its customers with the best trading experience possible today.
In addition, Weltex informs its customers on the website about the different types of accounts available to investors for online trading:
- Standard account: Minimum deposit US$10,000, leverage 1:200, up to 25% margin credit
- Bronze account: Minimum deposit 25,000 US dollars, leverage 1:200, up to 30 % margin credit
- Silver account: Minimum deposit 50,000 US dollars, leverage 1:200, up to 35 % margin credit
- Gold account: Minimum deposit 100,000 US dollars, leverage 1:200, up to 50 % margin credit
- VIP account: Minimum deposit 250,000 US dollars, leverage 1:300, up to 75 % margin credit
- Pro account: Minimum deposit 1,000,000 US dollars, leverage 1:400, up to 100 % margin credit
Weltex on the web
The company Weltex presents itself online with a German-language website at the URL weltex.co/de.
Operator and trademark
The name of the website, the trading platform or the offer is not necessarily identical with the operating company. In the past, it was not uncommon for operators to operate with different trademarks at the same time.
Furthermore, it is a common practice of some operators to remove the websites of “burnt” trademarks and to return to the market shortly afterwards with another trademark. Therefore, it is advisable to generally consider the operating company in addition to the trademark when researching news and statements about a service provider.
The respective information can be found either in the imprint or often also in the footer of a website. On the Weltex website, no difference between a trademark and an operating company could be determined at the time of observation.
In the Federal Republic of Germany, §5 of the German Telemedia Act (TMG) stipulates general information obligations and mandatory details for the imprint. Consequently, this obligation to “identify the provider” applies to all commercially operated websites.
This is because the information is intended to inform visitors to a website who they are dealing with. In addition, the address of the website owner plays a role if legal claims are to be enforced against him or her.
In this context, it is also important to note that the obligation to maintain an imprint applies equally to foreign service providers who conduct their business activities in this country. In March 2022, no imprint could be found on the Weltex website.
Background to the domain
Many financial service providers use their years of experience to suggest authenticity. However, such claims are often contradicted by the domain’s registration date. Consequently, it is necessary to check who registered the domain and when the domain was registered.
Our legal advisors have ascertained the facts about the provider Weltex with this result on 17 March 2022:
Domain Name: weltex.co
Registry domain ID: DCCA411117052470FAFAF0F106288FF15-NSR
Registrar WHOIS Server: Registrar
Updated Date: 2021-06-01T03:01:33Z
Creation Date: 2021-05-27T03:01:27Z
Registry Expiry Date: 2022-05-27T03:01:27Z
According to §6 of the German Media State Treaty (MDStV), the name of the person responsible for the content of the website must be stated in the imprint. This is usually a member of the company’s management board.
To name the responsible persons is not only an obligation, but also a characteristic of transparency. There is no data on persons responsible for content on the Weltex website in March 2022.
Weltex contact information
The following statements could be identified on the Weltex website at the time of writing:
- Email contact to Weltex: support[a]weltex.co
- Telephone number of Weltex: 0048 51 801 83 73
- Postal address of Weltex: L. WAŁ MIEDZESZYŃSKI 550A, 03-994 WARSZAWA. Poland
The existence of a valid licence from an official European financial supervisory authority can be an important characteristic of whether a company is a trustworthy service provider. This is because a company has to spend a lot of money to obtain a licence.
Nevertheless, it does not necessarily have to be a scam if an online broker omits statements about its authorisation or about its regulatory status. The following financial regulators, among others, are responsible for issuing authorisations and supervising financial service providers such as Weltex:
- SFC, Hong Kong (Securities and Futures Commission)
- BaFin, Germany (Federal Financial Supervisory Authority)
- ASIC, Australia (Australian Securities & Investments Commission)
- CySec, Cyprus (Cyprus Securities and Exchange Commission)
There was no information about regulatory authorisation on Weltex’s website in March 2022. Private investors can discuss what this issue entails with a lawyer from our law firm.
Warnings from regulatory authorities on Weltex
As of March 2022, our law firm had not received a public warning from a European financial supervisory authority on the subject of Weltex.
Before trading with Weltex and others – Trading tips
Trading on an internet platform like Weltex is the extension of traditional trading in financial instruments to the web. Here, as there, investors act on the premise of making profits through the buying and selling of assets. Trading is no longer limited to securities. In fact, investors can also choose from the following options, for example:
- Trading in contracts for difference
- Investment funds
- Forex Trading
- listed index funds
- Real estate
Online trading is carried out via intermediaries such as brokers (like Weltex) or banking houses that offer their clients a special trading solution. First and foremost, far-reaching technological advances are the reason why online trading is nowadays time-saving and convenient and therefore as accepted as it is popular.
The advantages of online trading
Digitalisation has also had a considerable impact on the financial world, especially when it comes to trading such as at Weltex. Due to the technological possibilities, trading has become much faster.
Whereas investors and traders used to have to place their orders by telephone, fax or post, nowadays they can do so at the click of a mouse and with a fraction of the effort. Factors such as the term and type of trade, pricing and quantities or the key account data no longer have to be agreed between the broker Weltex and its client in a personal meeting.
Ultimately, the possibility of online trading has created many advantages:
- Online traders have access to many tools and can use a wide range of indicators.
- The selection of tradable assets is broader and deeper.
- Learning documents for online trading, knowledge pools, analyses or trading courses are often offered as standard.
- A lot of tools can be applied automatically and directly.
- The platform executes the desired orders, all you need is an internet connection.
- Profits are achievable even with a low stake.
- The possibility of losses due to gaps is reduced.
- The speed of transaction execution has increased significantly.
Moreover, online trading not only brings plus points with regard to the simple use of the trading platform. Primarily due to analysis options, indicators and the many different tools, the investor has noticeably more comfort.
The times when you had to draw your own chart diagrams or make your own time-consuming calculations are over. Nowadays, online traders find a large selection of order types in their system, which they can execute independently when day trading with the preferred broker of their choice.
Crypto trading: Investment alternative for risk-averse investors?
But it is not only trading as such that has been enormously shaped by digitalisation. For the advancing technologisation has provided online exchange traders with a new field of activity: trading with digital assets.
The best-known cryptocurrencies include Bitcoin and Ethereum. Bitcoin was the very first cryptocurrency, which is why all other digital currencies are referred to as “alt-coins”, i.e. alternative coins. Today, there are a large number of tradable crypto assets, and the landscape is incredibly volatile.
As a result, fresh coins are constantly entering the market and many disappear just as quickly as they were released. For investors, this entails opportunities as well as risks, which are, however, noticeably increased in comparison to traditional investments due to the high volatility.
Newly issued cryptocurrencies are basically like a game of chance at the roulette table for investors. With a little luck, you can multiply your stake significantly. However, the probability of losing the entire capital is also immensely high.
Therefore, it might be a more advantageous decision for cautious traders to focus on the strongest crypto stocks by market value, which have already been traded for some time and have a comparatively large market capitalisation.
What do the new alt-coins do?
Besides Bitcoin and Ethereum, the Binance Coin, Solana, Cardano or Ripple are worth mentioning here. Cardano and Solana, in particular, can be considered more modern and forward-looking than Bitcoin and Ethereum.
While the former are criticised for their energy-intensive “proof of work” procedure, the latter are based on the less energy-intensive “proof of stake” mechanism. Moreover, the blockchain-based projects Cardano and Solana enable the use of so-called smart contracts.
Furthermore, additional projects are emerging in the respective ecosystems, such as Solanart, a marketplace for so-called “non-fungible tokens”, or NFT for short. These can be used in decentralised finance (“DeFi”), for example.
There, they help to realise security mechanisms that assure the authenticity of transactions and the correctness of each submitted order.
The bottom line is that investors will find an enormously wide range of cryptocurrencies to invest in. However, crypto trading is particularly recommended for investors who do not shy away from large risks.
Moreover, the same applies to crypto trading: be careful when choosing a service provider. Unfortunately, there are many documented cases of fraud and cybercrime in which crypto exchanges, i.e. stock exchanges for cryptocurrencies, have played an inglorious role.
Disadvantages of online trading
Where there is light, there is also shadow, this statement also applies to online trading. Thus, apart from the advantages, there are also a number of disadvantages that inclined investors should integrate into their considerations:
- Investors should keep a constant eye on price movements.
- The existence of fraudulent trading platforms has led to great risks of loss.
- Compared to conventional trading, it is rather hasty.
- Wrong decisions can lead to large deficits.
- Investors should already be experienced in trading and pursue resilient strategies.
Speculative day trading in particular is not suitable for investors who are dealing with the topic of trading for the first time. This is because the risk of incorrectly predicting price developments is immense, and in view of the time pressure it is difficult to make corrections.
Accordingly, this type of trading is more worthwhile for particularly knowledgeable investors or those with a pronounced appetite for risk. If you fall into this category, day trading is a way to achieve quick results. In addition, one benefits, for example, from the omission of fees for overnight positions.
After all, such costs must also be taken into account when considering an investment as a whole. On top of that, you save yourself the proverbial rude awakening in the morning, should there be immediate and drastic price changes. Such “gaps” develop quickly due to bad reports about a company.
On the other hand, you quickly see the success if you can report a profit at the end of a trading day. It is also important for day traders to compare the trading fees of the different brokers. It may be advisable to opt for a fixed amount in the form of a fixed rate.
This pays off in particular as soon as you trade at a high frequency and individual order fees would significantly reduce your profit.
Recognising dangers – lawyers advise investors to inform themselves thoroughly
In order not to unnecessarily increase the dangers of online trading, it is recommended to check what kind of service provider one wants to use for trading on the trading venues. From the experience of our law firm, a number of questions have emerged that can be used to identify potential risks.
Referring to the example of Weltex, these would be as follows:
- Did the contact with Weltex result from an unsolicited telephone call?
- Are there any warnings from lawyers or law firms who look after clients who have suffered losses in connection with Weltex?
- Are there experiences of other private investors, what views are expressed in forums?
- Is there an imprint on the Weltex website and can credible information on the company’s registered office be found?
- Does Weltex promise particularly high profits and conceal or downplay the dangers?
- Is Weltex controlled by a European financial supervisory authority and is the company subject to official monitoring?
- Are there any official warnings about Weltex?
What to do in case of losses?
As soon as you suspect that you have been defrauded, it is recommended that you immediately block further payments. This is especially true if the provider demands additional payments to make up for deficits.
In addition, one should try to recover the lost capital. In this context, affected persons can seek investor protection and contact the lawyers of our law firm. We examine both civil and criminal law options and possible claims for damages against the service provider and against involved payment service providers such as financial institutions.
It is far from being an exceptional case if a private investor loses his capital in online trading. Numerous investors are misled by the knowledgeable behaviour of the service providers and do not register in time that they are not responsible for their loss.
Our recommendation is therefore not to despair, but to act swiftly and energetically. Because the prospect of recovering the lost money is often greater than the aggrieved investors realise. Would you like to talk to one of our lawyers about Weltex? Then you can go straight to our contact section here.