WalFlo Review – Scam or Legitimate?

WalFlo Review

Finding a good and dependable broker is every trader’s priority when they decide to venture into the financial markets. This step can turn out to be a lot more complicated than you would expect and this is because of the sheer number of platforms you will find. This number continues to increase with each passing day and this makes it tougher. Moreover, you also have to bear in mind that while some of these brokers are legitimate, there are scams out there as well. So, what can you do? You need to use every resource at your disposal to make the right choice, including this WalFlo review.

Yes, you might not believe it, but it can make a big difference. How? No brokerage would advertise its flaws and you have to make an effort to find out. Fraudulent and scam platforms have truly upped their game and present themselves as reliable solutions that have the same features as that of authentic ones. This can make it pretty confusing for people and many end up falling into their trap, only to realize it too late. It can be a very stressful experience, one you would rather avoid altogether.

This is only possible when you are cautious and check the broker carefully. You need to take the same approach where WalFlo is concerned because at first glance, you are bound to be impressed. They tick all the right boxes and appear to offer you everything you could expect from a dependable and professional broker. But, is it scam or legitimate? To find the answer, you need to take a closer look and once you do so, you realize that WalFlo is not what it seems to be. There are plenty of issues you will come across that should give you reason to reconsider and steer clear of them. What are they? Check out some of the issues below:

The problems with regulation

If you want to know the definition of a reliable and dependable broker, it would be one that is properly licensed and regulated by a reputable authority. This can reassure you because it means that the brokerage adheres to top standards, policies and laws and can offer you fair and transparent services. It also means that there will be some accountability in case of a dispute or wrong doing. You will be impressed with WalFlo at first glance because they claim to be regulated and that too by some of the most reputable organizations in the world.

As per their website, WalFlo is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Securities Commission of the Bahamas (SCB) and the International Financial Services Commission (IFSC) in Belize. However, this is not a possibility because the brokerage actually breaks some of the rules of these regulatory authorities.

For instance, the FCA in the UK has banned crypto derivatives and CFDs, yet WalFlo appears to offer them on its platform. Likewise, the CySEC does not permit brokerages to offer leverage of more than 1:30 to retail traders, yet WalFlo does so. You can check the online registers of these regulatory authorities and not find it listed anywhere, which means the regulatory claims are a lie.

Moreover, you will also find that WalFlo claims to be operating from Germany and in order to do that the broker would require a license from BaFIN, which is the regulatory body that grants licenses to all brokerages in Germany. Yet, this one does not have a license from BaFIN, which means it is either not operating from Germany, or is operating from there illegally.

The fake license

If the fake regulation claims were not enough, you will also find that WalFlo has a fake license on its website. It claims that its operations are being supervised by the Vanuatu regulatory body, but a look at the license makes it apparent that it is a forgery. It is a photoshopped licensed because it has wildly different fonts and does not appear to be legitimate at all.

The lack of a proper trading platform

When you engage a broker’s trading services, you should bear in mind that most of your time will be spent using the trading platform they provide. This is the software used for trade execution and it should have advanced trading tools and features to help you make the most of your trading. There are some renowned platforms in the market, such as the MT4, the MT5 and even cTrader and most authentic and professional brokerages do offer you one of these solutions.

If you are expecting the same from WalFlo, you are in for disappointment because you will quickly discover that they offer a lacking web-based trading platform, which is common for scam platforms. The platform is slow, does not have a good UI and lacks features that the above mentioned platforms usually provide.

The withdrawal policy and payment method

The problems with WalFlo are definitely not over yet because you will find their withdrawal policy to be an issue as well. Once you check the policy, you will discover that the brokerage does not permit its clients to withdraw their money for about a month after their deposit. You will not find a single legitimate broker in the market with any such policy because it does not make sense. Only fraudulent platforms would prohibit people from accessing their own funds.

Secondly, when you check out the payment methods that are supported at WalFlo, you will discover that you can only make crypto deposits. This is a concern because it means that there can be no chargebacks in case of a problem. If you are scammed, or have another issue, you cannot get your money back because crypto deposits are final and also untraceable, so your money will be gone for good.

Final Verdict

When you have evaluated the problems with WalFlo, you will have no difficultly in terming it as a scam broker that cannot be trusted.