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I am investigating weltrade.in (India based Broker)

Discussion in 'Has anyone heard of?' started by Meetu, Sep 1, 2012.

  1. Meetu

    Meetu Recruit

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    I am from India and i am confused about choosing some broker that offer support in India..
    I googled some Indian Brokers but there are not much brokers that operate from India, Still i was able to search 2-3 brokers based in India,
    Alpari.in
    Weltrade.in

    Alpari is very famous broker whereas i dont see much reviews about weltrade, does anyone knows if it is a legit company of some sort of scam ? I requested callback at both sites, alpari replied via email, and i got a call from weltrade, still can't trust anyone easily in terms of financial matter
    I am looking for some genuine reviews and i request FPA to check weltrade,in, i can't find anything while searching on the forum..
     
  2. Meetu

    Meetu Recruit

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    1 more thing, weltrade does not offer Paypal :( , but VISA/MASTERCARD is accepted..
    I am thinking about this company just because its representative calls me after 2-3 days and looks very promising..
    Seriously i need some reviews
     
  3. Pharaoh

    Pharaoh Colonel

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    I've never heard of them before. Just remember, no news is not necessarily good news. A very new broker could be great or could be terrible.

    Read this:

    http://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/2333-how-select-forex-broker.html

    If the broker still sounds good to you, first open a demo account and play with it for awhile. If you don't see any issues, test out their support - ask some easy questions, ask some hard questions. Also, ask them about how they are regulated.

    If support can't answer questions about how the trading platform works, you don't want to trade there. If they claim to be regulated, check out the regulation and see if it's real or fake. If you aren't sure, post about it here.
     
  4. Krachuk

    Krachuk Private, 1st Class

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    I did post a link to the different Forex Brokers operating in India. You may check out their contact phone numbers for direct contact.

    Forex Ratings India - Indian Forex Broker Rating. Top Rated Indian Forex Brokers

    Do get a Demo account before deciding to make any deposits with a live account. Of course, it will always be an excellent idea to keep posting your experience with each one of them as you make contact for the benefit of others who may be interested to interact with Forex Brokers based out of India.
     
  5. fxpandit

    fxpandit Recruit

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    I used their welcoming bonus 10$ for free

    I just traded with them. its the company previously known as Systemforex. I am trader now over ten years and know many international companies. Mostly I was trading with others. Dont be scared of this one. Just I dont know what attracted you to it. They contacted me on facebook, offered 10$. It was silly as I trade with higher amounts. However wanted to check it out.
    The transaction speed is good. Even on Micro accounts which is rarity between brokerages. I won from 10$ free account they gave me two weeks ago total 17. They said I can withdraw 7. so I took it out on LR. Pitty I couldnt take out all 17 :p They explained that bonus can not withdraw. But its OK. Costumer service works even in the night. Broker as broker. Normal. I would rate it at 7+. Money from my trading account to LR account was delivered like in about few minutes. 3,4... oooou and one more thing. They have some weird feature called MY SAFE where i could keep my money inside like in a bank.. thats cool. theyr giving out 5% on it annually.
    Generally I think that forex market is taugh enough and there are enough brokerages with the same rullez in India. I dont know why they are coming inside this market, but its not bad. And they have main banners in hindi which made me smile :)
    I also registered as IB in their website, want to test their offer as its kind of unique - they offer multi level partnership program which no other broker does in 4 levels., so please let me check it and click my link. In order I will provide you my professional trading guidance and fair reviews here. My affiliate link: Weltrade.in Affiliate 2177
     
  6. user666

    user666 Recruit

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    WELTRADE... is it really so well ???

    I read web site of this company in several Languages I know. No one of language contain PLACE OF COMPANY RESIDENCE.
    Only branches are known. Zero information about company residence as strict secret information for traders - is bad sign and
    bad attitude. Nothing about company registration, nothing about brokerage license. Nothing about spread. Using MT4 - very good known instrument of DEALING DESK crooks. I'm SURE - WELDRADE is not honest broker if company so many important information try keep in secret. We do not know what kind secrets they use else. I do not think trader have desclosure all of this losing deposit.

    This broker mostly provide service for CIS countries. As from my personal experience 99.999999999% of CIS countries brokers are crooks. Because in these countries does not exist ANY REGUALATION any LAW for FOREX Brokerage. All of them works as GAMBLING LEGAL ENTITIES. Does not exist any strong regulation there. That is why most crooks starting there and these countries contain MOST FOREX BROKERS such level. Never trust CIS countries brokers. Never !!!!
     
    #6 user666, Oct 21, 2012
    Last edited: Oct 21, 2012
  7. fxpandit

    fxpandit Recruit

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    Somehow I can see the address - its right in the bottom of every page I click even with registration details.. Weltrade.in im looking in. Very bottom of the page. Its says they are even regulated by NSSMC licence: 36405537
     
  8. fxpandit

    fxpandit Recruit

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    And if you are a trader yourself not just spammer of on behalf of some other forex company then youshould know that most of brokerages even registered in wherever are CIS brokerages, Insta, Exness, Forex4you, etc, including this. Im writing it because they gave me and 4 of my friends free 10$ accounts so I think I can write something good about them as they have not did something I should not trust to them.
     
  9. user666

    user666 Recruit

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    Feedback

    As a stuff or owner of company you have support good image of Company, I and other understand you.

    This company HAVE NOT ANY BROKERAGE LICENSE TODAY and is not regulated. After my investigation I made, COMPANY IS DEALING DESK and not send any funds to interbank Forex market, only wait when traders will lose their deposits.

    Their advertisement specially created to ATTRACT NOT EXPERIENCED traders, who probably quick lose their deposits.

    They have very high EURUSD spread - 2 pips, you can easy find today company with spread below 1 pips.

    They claim that they try obtain License in BVI. Only question is why they so hurry to work without license ??? Answer is simple - money...

    They can tell nothing about their datafeeds. Because for Dealing Desk Company any datafeed is acceptable "for sell quotes" business and because 95% trade will lose money during 90 days in accordance with their business plan - only attract clients and wait is their goal. No sense send money outside office that is why they cannot confirm that they have any agreement with real interbank liquidity provider.

    I'm trader with 18 years experience. Winning trader :) That is why I see such "brokers" as using X-rays.
     
  10. fxpandit

    fxpandit Recruit

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    wow, what a lovely conversation we got here, sir! Will gladly spend my time of answering to your questions which obviously have appeared due to your broken x-ray scanner! :) But before I do so - let me remind you second time about address of the company and licence nummber - that its right there on the website downstairs. Do you use internet, too? Or just saying everything without looking? :) And now lets start:
    1) I am just an IB of this company. Not employee as well as in other companies as a proof of it I can send you my IB links to it.
    2) weltrade has a brokerage licence in Ukraine: its nummber is also writen in the most visible place on the website on EVERY PAGE of it.
    3) Companies main benefits in comparing to other companies are: Direct rebate Service, Withdrawal of the funds in 30 minutes, ECN accounts and automated trading - ZuluTrade - are not pushing or advertising anyhow new costumers. This company even dont have their own school which means THEY ARE NOT ATTRACTING new costumers only how you say and unexperienced. Unexperienced forex traders don't even know what is rebate service and are going directly to the broker who is offering school and educational programs.
    4) 2 pips of eur/usd spread is absoultely normal commision in the market. If it's less then even I get suspicious.. List the companies which have less I will list you 5 times more and better companies who have the same. So its a very bad argument and actually it does not play big role at all. And by the way - weltrade offers also ECN accounts, as many others players in the market, where spread is floating starting even from 0 pips!
    ---
    thats so far... im just starting.. just want you to read again the website, double check what you are talking about, then write it. And now I'm continuing:
    --
    BVI licence - a)I do not see any place in the website where they claim to obtain this licence. b) even if they claim so - I do not see any point of it. All those brokers with the BVI licence - whats the point of having it? Do you, khm, 18 :) years old experienced trader :):):) (or 18 month maybe?) have any idea of what this means? BVI - British Virgin Islands - is a place where any company can open their offshore accounts and most of companies are doing it because it costs much cheaper than other. BVI, Cyprus or whatever.. it DOES NOT MATTER FOR TRADER WHO TRADES!!! What matters is that their servers are based in Norway to guarantee superfast executions without slippages and delays! What matters is their costumer support! And As I wrote you allready now 3rd time: check out their licence yourself. Just open it: weltrade.com or weltrade.in or whatever other website they have and see it yourself downstairs of the page. Ok, let me copy it for you: © 2006-2012 Systemgates Ltd. All rights reserved. Terms of UsePrivacy PolicyRisk Disclosure Systemgates Ltd is authorized and regulated by the NSSMC (National Securities and Stock Market Commission) 2012 License#: 36405537Systemgates Ltd
    10-12A, Zolotoustivska str., #84 Kyiv, 01135, Ukraine
    And here you can see that this company is in the market already almost 7 years. Proven data. Not 2 or 3 but almost 7. And they have supports in many languages which also plays a role of their credibility!
    Again - licence in BVI - I can't find it writen on their website, if you can - send the link, I would like to check it myself. The thing what matters is the quality of execution speed. I do not wish to talk here about other forex brokerages, but it's really fast on this. And support is good, too.
    Datafeeds and dealing desk: Where is your problem man!? If you don't like the dealing desk they offer ECN accounts! And if you have been traiding for 128 years, even before computer was invented, ask their support this question yourself and copy/paste the answer. As far as I know - every forex company has a dealing desk which is functioning in order to cover outside of the company opened position as its the rules of liquidity providers to do so in EVERY FOREX BROKERAGE who is offering shoulders like 1:200 or 1:500 or 1:1000 or 1:2000. That's how the business is! Forex business is supported by liquidity providers. And it's a must to do so!
    And if you are really 18 years :) experienced trader, then I'm sure you would not bother yourself with such questions.. You would know them. Or you are just leaving an impression that you just felt from the moon and wondering why world is round.. Just check something before you write something. Weltrade is actually really good company with one of the fastest execution speeds in the market what matters for me and my costumers I'm recommending this to.
     
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