Here’s an honest Walfa review, detailing the compelling evidence that exposes Walfa as a scam broker.
This Walfa.co broker review brings you more about Walfa who has come out with all guns blazing. An important part of their aggressive marketing strategy is making big claims and promises they cannot back up.
Walfa.co website.
For example, this broker claims to be the #1 trading platform in the world, boasting of having maintained this position in the international financial market for 10 years. Additionally, they brag about offering high leverage, even though they fail to specify how much. As if that’s not enough, they promise huge, unrealistic welcome bonuses of up to 70% of your deposit.
Owing to such big talks and claims, you might wonder; Is Walfa a legit broker or a scammer?
This honest Walfa.co broker review takes a deep dive into Walfa, highlighting various proofs showing that this broker is a scam. But first things first, here’s a table, showing the company summary:
| Company | WALFA Group of Companies or IT-GUARDIA LIMITED LIABILITY COMPANY. |
| Website | www.walfa.co |
| Email Address | support@walfa.co |
| Phone Number | +4369010104608 |
| Address | 14 Tuchlauben Vienna, Austria 1010 |
| Products | Forex, cryptocurrencies, commodities, stocks, indices, and savings accounts(Namely: Main Silver.Main Gold.Main Platinum.Main VIP) |
| Account Types | Standard($10000), Bronze($25000), Silver($50,000), Gold($100000), Platinum($250000), VIP($1000000) |
| Minimum Deposit | Depends on the account type: Standard—$10000.Bronze—$25000.Silver—$50000.Gold—$100000.Platinum—$250000.VIP—$1000000. |
| Broker Fees | Only applicable to Standard, Bronze, and Silver accounts. |
| Trading Platform | Web Trader, Meta Trader 5, and Walfa |
| Licensing | Unlicensed |
| Bonus | Depends on the account type: Standard—20%Bronze—30%Silver—40%Gold—50%Platinum—60%VIP—70% |
| Withdrawal Fees | None |
| Minimum Withdrawal Amount | $100 unless stated otherwise. |
By the way, I noticed that Unlike Solobit and other scam brokers, Walfa offers a free demo account. But that is meaningless if they aren’t legit! Isn’t it? Continue reading my unbiased Walfa.Co Broker review to see why:
Walfa Review :Why This Broker Is a Scam
1. Product Website Full of Typos
The first thing I noticed about the product website is that it’s riddled with typos. I spotted typo errors not in one but three different instances in a matter of seconds. This suggests that the team behind the platform was so careless that it did not bother to double-check the text before publishing the website.
The first instance was, under “Account Types.” Here, the website displays the word “Standart” instead of “Standard.”
The first screenshot shows walfa.co typo.
The second one was under “Our Values” below the “Asset Management” subsection. The first sentence reads “It There are hundreds of assets in the Forex market.”
The second screenshot shows walfa.co typing error.
The third instance was under “Our Advantages” where the third point says “7/24 Investment and Withdrawal Transactions” instead of 24/7 Investment and Withdrawal Transactions. You can see that in the screenshot below:
The 3rd screenshot shows another walfa.co typo.
I know this might seem petty, but trust me, this is a big red flag you don’t want to brush aside.
Typo errors are typical with scam websites as many scammers usually don’t bother to invest in a professional-looking site. Instead, their priority is usually to swindle many people as quickly as possible and move on to another scam as soon as many people have discovered them.
2. Suspicious Location Details
In addition to typographical errors, Walfa.co shows that this broker is based in Austria. Remember the solobit.co scam broker whom we also suspect to be operating in the said country, going by the broker’s telephone number(dialing code). Notably, these two brokers share a few similarities;
- First, their phone numbers have similar dialing codes: +43, suggesting that they operate from Austria.
- Second, their domain names end with .co.
- Third, both domains are less than 5 months old, at least according to scamadviser.com. The Walfa.co domain is about 3 months old whereas the Solobit.co domain is approximately 4 months old.
Thinking of what I am thinking? Could it be that both domains belong to the same person?
3. Walfa.co Provides Conflicting Company Ownership Information
Another proof that Walfa is a scam is the fact that the company doesn’t explain its ownership clearly.
On one hand, the website claims that Walfa is a brand of an IT company known as “IT-GUARDIA.” On the other hand, the Privacy Policy page maintains that this company is a subsidiary of the Walfa Group of companies.
This information mixup leaves you wondering which is which? Is it IT-GUARDIA that owns Walfa.co, or Walfa Group of companies?
However, I was not surprised because scam brokers usually have trouble explaining their parent companies. This is usually due to the quick establishment and take down approach, lack of real corporate structure and ownership, not to mention, fraudulent and untraceability intentions.
I googled “Walfa Group of Companies” and found no relevant results. Instead, Google pulled “Walfa Limited.” According to gov.uk, this is a retail sales company, which was incorporated on 23 Nov 2020 and registered at 4 Malt Mill Lane, Halesowen, England. It has nothing to do with financial brokerage services.
The same is true about IT Guardia. There’s no company exactly with that name. Google found only Guardian LLC. Several companies use that particular name and none of them have anything related to Walfa.co.
4. Walfa Is Discredited By The Austrian FMA
For starters, FMA stands for “Financial Market Authority.” The Austrian FMA is Austria’s financial regulatory authority in charge of all brokers operating within the country.
Notably, this body has warned investors against executing trading transactions with walfa.co. It points out that this broker is unauthorized to carry out financial brokerage services. It doesn’t permit the broker to trade on their own behalf or others’. You can see the warning notice dated 12. December 2023 here.
5.Walfa.co Provides Conflicting Information about Its Launch Date
Besides, Walfa.co claims that it has been around for over ten years. On the contrary, this blog post by the European Business Review published on October 28, 2023, suggests that the company was launched only two years ago.
Again, this conflicting information regarding the launch date of the company leaves you doubting the credibility of this so-called broker further. Which source would you trust? Walfa.co or europeanbusinessreview.com? I did not buy the information from any of them.
So, I went a step further to look up the domain on Scamadviser.com. It showed me that the walfa.co domain was registered only about 3 months ago.
6.Walfa Collects and Uses Your Sensitive Personal Details Illegally
Honestly speaking, I’ve never come across a broker so bold and restrainless like Walfa. This scammer boldly states, with audacity, that they collect your sensitive personal information including:
- Income and wealth.
- Bank account, e-wallet, and credit card details.
- Location and IP address data, your IP address, as well as device(s) information.
- Career and employment details.
They also point out, boldly, that they may share this information with other brokers, companies, third-party application providers, service providers, and so on.
Basically, this broker commits a serious offense by collecting and being careless with people’s sensitive data. It seems that they make money not only from swindling people but also selling their data.
It’s against the Austrian Privacy Act 1988 to do that. The Act stipulates that brokers:
- Should first obtain customers’ consent before collecting their personal details.
- Use the collected information lawfully(i.e for the purposes it was collected, which doesn’t include sharing it with other brokers—basically selling it to other brokers).
- Safeguard the information by taking reasonable steps. Sharing it with other brokers and companies is certainly not one of those steps.
7. Illegal Terms and Conditions
In the terms and conditions page, under “Investment” there’s a clause that says, and I quote, “…..We may receive or control customers’ money for the purpose of receiving or controlling any of our affiliates or a third party (for example, a bank, a convenience store, merchant, e-wallet, intermediate broker, OTC counterparty or clearinghouse). ”
This clause suggests that the broker has discretionary authority to control clients’ money, which is illegal. Legally speaking, brokers have no such powers.
The clause further stipulates as follows, and I quote, “The third party to whom we transfer money may hold it in an omnibus account and it may not be possible to separate it from our money or third party funds.”
This clause is contrary to the law, which requires licensed and regulated brokers to separate their companies’ funds from clients’ funds.
8. Poor User Experience
Poor UX is a common part of scam websites. Wafla.co excels at providing undesirable user experience. You have to sign up with the main platform and then create a real account or demo account.
Signing up was a breeze to me, but I cannot say the same about creating a trading account whether it be a demo or real account.
When you click the “Submit” button to create an account, it says “Account Limit Exceeded.”
That means you can’t proceed further past signing up. Other functionalities e.g the “Select the Method You Want to Deposit” option, which pops up when you click the “ADD DEPOSIT” button also don’t seem to work.
All these issues frustrate users, subjecting them to poor user experience. And in case you didn’t know, poor UX is a common part of scam websites. This is normally due to a number of reasons including the quick set up and take down approach, not to mention, the priority to minimize set up costs.
9. Making False Claims
Finally, another proof that Walfa.co is a scam is false claims. The company makes claims that are simply untrue. For example, they are the #1 trading platform in the world. This leaves more questions than answers. For instance, how can it be “the #1 trading platform in the world” when:
- The team behind it can’t seem to even notice the most obvious typing errors on its landing page?
- The Austrian FMA has warned investors against trading on the platform?
- The platform offers the worst-ever user experience?
The broker also promises up to a 70% welcome bonus. Any seasoned trader will tell you that this amount is too high to be true!
If a website is making false claims, it means the information it displays is intended for ill purposes. Meaning, the claim that you can withdraw 24/7, which walfa.co displays is meant to lure you into a trap.
Walfa Review :Other Usual Indications That This Broker Is a Scam
As I said earlier, this broker claims to be the #1 trading platform in the world, bragging about holding that position for ten years. Yet, strangely enough, they are not mentioned or recognized on YouTube, Facebook, Reddit, or Trustpilot as one would expect.
What’s more, Scamadviser shows that walfa.co is a suspicious website.
Walfa Review :Final Verdict
Walfa.co is a real scammer who pretends to be the world’s leading trading platform. This deceptive broker makes false claims and is characterized by a non-professional-looking website. These are typical characteristics of many scam brokers.
Secondly, they provide conflicting location details, company ownership information and the launch date. Thirdly, Walfa is discredited by the Austrian FMA, collects and uses clients’ sensitive personal details maliciously, not to mention, imposes illegal terms and conditions.
Other things showing that this broker is a scammer include the fact that they are not recognized anywhere as the leading trading platform in the world, despite claiming to be that. They have not been recognized on YouTube, Facebook, Reddit, LinkedIn, or any other popular platform for that.
If you care about your hard-earned money, don’t invest with Walfa.co. I suggest you find a better alternative by conducting due diligence. You can read this nice blog post for tips on how to select a good broker. Thank you for your time and patience in reading my post.
I hope this honest Walfa review helped you steer clear of this fraudster.
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