Wells Fago Trade is a forex broker whose official website domain was registered on August 23, 2023. It primarily offers investors financial derivative trading services in forex, stocks, indices, energies, metals, and ETFs. This broker does not provide services in jurisdictions where it may contravene local laws or regulations.
Corporate Registration Information and Regulatory Status:
According to public information on the Wells Fago Trade official website, the broker operates under several corporate entities, regulated by multiple authorities. Wells Fago Trade Ltd is authorized and licensed by the Cyprus Securities and Exchange Commission (CySEC) with license number 1780019. Wells Fago Trade (registration number HRB11677B) acts as an appointed agent in Germany for Ultra Booster Trade Ltd, regulated by the Federal Financial Supervisory Authority (BaFin), and has been authorized by the Financial Services Commission (FSC) of Mauritius as an investment dealer on October 2, 2017, with license number C17554381. TVH Ltd is authorized and regulated by the Seychelles Financial Services Authority (FSA) with license number SD0175.
However, upon verification of public information on the official website, the Cyprus Securities and Exchange Commission (CySEC), the Federal Financial Supervisory Authority (BaFin), the Financial Services Commission (FSC) of Mauritius, and the Seychelles Financial Services Authority (FSA) have not listed any regulatory registration information for this broker.
Opening an Account:
To open an account with Wells Fago Trade: Visit the broker’s official website, click “SIGN UP FOR FREE” on the homepage or “SIGN UP” in the upper right corner of the webpage to enter the account registration page. Fill in your name, email address, and other personal information as required, set a login password and submit. Once the application is submitted, the account is successfully registered.
Account Types:
Wells Fago Trade provides a demo trading account and four different types of trading accounts: STARTER, BASIC, PRO, EXECUTIVE. However, the official website does not disclose information related to spread, trading leverage, margin requirement for stop/loss, contract size, trading commission, minimum/maximum trade volume, maximum positions/orders, and minimum price accuracy.
Trading Platform:
Wells Fago Trade offers a proprietary trading platform to its users.
Deposits and Withdrawals:
Wells Fago Trade supports deposits and withdrawals through local banks, electronic wallets, or cryptocurrencies.
Conclusion:
Traderknows reminds investors that Wells Fago Trade is a scam platform providing false regulatory information. The website design and content of this broker are identical to those of Sterling Asset, FS Main, Venus Mining, Upfront Fx Trade, Safe Invest Trades, and Reliable Bitcoin Mining. Traderknows advises investors to choose brokers that are transparent, strongly regulated, and have a good reputation for their investment and trading activities, to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
