Weqobit has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
The spread at Weqobit is not what they advertise. During volatile markets it widens so much that you lose before the trade even starts. I found them through my accountant's suggestion and initially thought the platform was good - until I started trading seriously.
Pros: Reliable uptime|Responsive team|Real-time alerts|Two-factor authentication
Cons: Onboarding videos are outdated|Research section could be deeper
Weqobit had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Instant funding|Transparent fees|Educational resources
Cons: Cannot customize dashboard fully
I was about to invest with Weqobit 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: Listed in warning databases|No transparency|Pressure to invest quickly
The onboarding at Weqobit was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Multiple order types|Automated trading options
Cons: Nothing significant
I have been trying to close my account with Weqobit for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Good analytical tools|Fast deposits
Cons: Limited ETF selection|No phone support on weekends
After using Weqobit for a few weeks now, I decided to move my account elsewhere. The platform was unreliable, withdrawals took an unreasonable amount of time, and I could never get a straight answer from customer service. Frustrating experience overall.
Pros: Clean UI|Regular updates|Risk management tools
Cons: Withdrawal takes 1-2 business days|Mobile app could be improved
Weqobit seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Professional team|Real-time alerts|Stable platform|Risk management tools
Cons: Research section could be deeper|Live chat only during business hours
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Weqobit is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Pros: Initially responsive customer service
Cons: No regulatory oversight|Money disappeared|Fake testimonials
Weqobit 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: Responsive team|Educational resources|Excellent charting|Economic calendar
Cons: Live chat only during business hours|Slow to add new assets
Weqobit has the worst mobile app I have ever used for investing. It crashes constantly, features that work on desktop are missing entirely, and the security implementation is questionable at best. How they released this app is beyond me.
Pros: Low minimum deposit|Portfolio tracking tools|Regular platform improvements|Personal attention
Cons: Slow to add new assets|Minimum deposit could be lower