Thewealthcore.com Review: The Wealth Core Scam! - Topedgefx.com

Thewealthcore.com Review: The Wealth Core Scam!

Thewealthcore.com believes that the right trading platform can take you far!

For that reason, the Wealth Core wants to help “expand your portfolio’s limit”.

They claim that they can give you the advantage that you need in the market.

The broker is mainly providing online CFDs for trading, yet these financial instruments are quite controversial.

In fact, by trading CFDs in the US, you are committing felony.

If you want to make money trading financial instruments, get a proper broker.

Thewealthcore is owned and operated by The wealth core Ltd.

The company is operating out of Cyprus, and the question is whether they have a broker’s license issued by the Cyprus Securities and Exchange Commission.

What does Thewealthcore.com offer?

They offer 4 account types with 200 financial instruments.

Signals, webinars and a trading room are also occasionally offered in some account types.

The following table is a representation of the main account details.

AccountSignalsAccount ManagerSpreadsDeposit
SilverXXN/A€250+
GoldXGold€10,000+
PlatinumPlatimum€50,000+
VIPVIPNot disclosed

Their account types page also indicates that the broker is offering a deposit bonus in some account types.

Traders should be warry of deposit bonuses offered by brokers because some shady companies actually use this excuse to complicate the withdrawal process.

With regards to spreads, the Wealth Core is not disclosing what they offer in a transparent way.

For example, the table above says users of Gold account type will get “Gold spreads”, and so are users of VIP who get “VIP spreads”.

What exactly do they mean? And why can’t they publish the live figures to enable us make an informed decision?

I believe this is a red flag because as soon as a trader signs up and starts trading, they will be slapped with an unfavorable trading conditions.

I actually prefer brokers that disclose everything in advance, not those who want to appear legit but are hiding the most important info like spreads.

When speaking of leverage, the Wealth Core is a “bit generous” as their basic account type provides 1:100 while VIP users get as high as 1:400.

The Wealth Core neither offers MT4 or MT5 software

It’s quite a setback because I just don’t see how a broker like this one can fail to give seasoned traders what they love; the MT4 or MT5 software.

When I clicked on the trading platform link, I was redirected to a page with a strange trading platform never seen before.

This appears to be an in-house solution created by the broker but my fear is that it is not as efficient as the mainstream solutions that we use today.

Personally, I would not give this broker a short especially when the internet is not lacking in terms of good brokers who support MT4 and MT5 respectively.

What you need to know about CFD brokers

CFDs were banned in the United States because brokers were just bucket shops.

This is probably the reason Thewealthcore does not accept clients from the US.

And by the way, CFDs brokers tend to give their victims unreasonable amount of leverage.

In the case of this broker, they entice you to upgrade to their “VIP” account type so you can get leveraged up to 400.

Seriously, who can give this sort of leverage if they are not tricking you?

They want to give you the illusion of liquidity and opportunity.

The reason this leverage is not real is because neither the Wealth Core nor the market will provide strong financial backing for the so-called CFD instruments.

Therefore, desperate people find brokers like theWealthCore quite attractive.

No license

You must understand that even though this company is doing everything on their website to get you convinced, they are still not regulated.

The CYSEC is the financial regulator of Cyprus. Why they hold no license is something that is best answered by observing their conduct.

I would never trade with an unregulated broker and neither should you.

The fees are other terms and conditions

The minimum withdrawal for Bitcoin is $250.

The minimum withdrawal for fiat currency is 100 USD/GBP/EUR.

Moreover, the Wealth Core is charging 2 withdrawal fees under unclear circumstances.

The first withdrawal fee is a 1% deduction and the second one is a flat rate of 30 USD/GBP/EUR.

On the higher side, the flat rate can be 300 USD/GBP/EUR, not forgetting that you have already paid another 1%.

The same fees also apply to customers who want a refund.

I believe that customers should be refunded fully as opposed to taking a porting of their money for service not rendered.

These predatory terms and conditions rules are obviously meat to rip you off.

When you see such red flags, then the threat of denying your withdrawal request is very real.

This shows that the broker is actually a scam.

The WealthCore Reviews

This broker has attracted reviews which appear to be fabricated or paid for.

They’ve “claimed” their TrustPilot profile to manipulate reviews and make reputation management work for them.

This has the ripple effect of burying legit customer reviews deep down the search results.

Ultimately, many victims will sign up, believing the glowing reviews that tell lies about theWealthCore and the type of service which they offer.

It’s quite unfortunate that many people will fall into this trap and lose money.

My advice is that don’t believe reviews you see on sites like TrustPilot.

Their business is to take money from shady vendors so these people can get a platform to dupe investors.

They are abusing “reputation management”.

Conclusion

This service is very new as it was created in March 2020.

What bothers me most is that it is operated anonymously, and their business practices are retrogressive to the success of a trader.

Actually, theWealthCore is preying on the desperate and financially naïve.

It is an illegal service. It is unregulated. It is just taking money on the pretext that they’ll offer a transparent trading environment.

However, what victims will soon experience is the complete opposite.

Thanks for reading.

One Response

  1. Harshad. March 3, 2021

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