Welfare has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Market...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Where do I even begin with Welfare? since early this year of broken promises, unanswered tickets, and a platform that feels like it was built in 2010. They spend more on marketing than on actually improving their service. Stay away from this company.
Pros: Economic calendar|Transparent fees
Cons: Website design could be more modern
Welfare changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Multi-device support|Low minimum deposit|API access|Copy trading available
Cons: No live chat on mobile|Desktop app not available on Linux
I signed up with Welfare from a blog post comparing services and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Instant funding|Personal attention|Educational resources|Dividend tracking
Cons: No fractional shares|Charting tools need more indicators
Tried to withdraw my funds from Welfare and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Blocked my account|No legitimate license|Fake returns
My withdrawal from Welfare was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for about eight months of being strung along.
Pros: Clean UI|Dedicated account manager|Stable platform
Cons: Alert system is basic|Desktop app not available on Linux
Do not use Welfare for anything serious. I used them since last summer for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Instant funding|Excellent charting|Copy trading available|Great customer service
Cons: Limited demo account features|Minor UI glitches occasionally
I was about to invest with Welfare but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Markets Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Not registered with regulators|Unrealistic promises
For anyone considering Welfare, please be aware that this company has been flagged by Financial Markets Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Pros: Information is publicly available for verification
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction