WalFlo is a new Crypto and Forex CFD broker, that opened in October 2021. Like many offshore brokers, they use high pressure salesmen who solicit clients to invest via Bitcoin.
They are now out of business.
For complaints or withdrawal problems, read this.
WalFlo Broker Reviews
Our review of the broker WalFlo reveals, that they give new Forex & Crypto investors like yourself, a very simple web-based trading platform. The platform is 100% web based and it offers CFD (Contract for Difference) trading on the full range of underlying assets. Unlike professional brokers, you will not find the popular trading apps like MT4 or MT5. Also, they do not have any mobile trading apps available.
You will find Forex, Commodities, Stocks, Indexes and Crypto Currencies. Crypto listed for trading including: Ripple, Bitcoin, Litecoin, Dash, Ethereum, CVC, XEM, OMG, ZEC and STR. When analyzing their trading conditions, we can see that they are not realistic, since they show spreads of only $0.01 (a penny) on Bitcoin. Four account types are shown, with the minimum deposit requirement starting at $1000 for the smallest account.
Like many offshore brokers, WalFlo only accepts deposits in Bitcoin. The reason brokers want you to deposit Bitcoin is because then you have no credit card protection. This is a major reason for complaints by investors when they unsuccessfully try to withdraw their money, read why.
Get Rich Quick Scams
Hundreds of “Get Rich Quick” scams focused on Crypto Currency trading, are now permeating the online world. These apps use “blackhat” advertising methods to attract people to their trading platforms. Once you signup for these crypto apps, you get a phone call within 10 minutes from a high pressure boiler room agent.
Before you become the next victim of a scam, educate yourself how these scams operate, read more here.
Is WalFlo a Legit Broker?
No, WalFlo is not a legit broker, since they are not licensed or regulated by the government. Although they show a certificate from Vanuatu, a check of the VFSC website does not show them having an active license.
They claim to be located at: Johannes Lemke Allee 42 51469 Starnberg, which is located in Germany. A search of Google Maps shows no such address! No phone number is listed on their websites. Contact email address is: [email protected]. Official website is: https://WalFlo.com/.
The way that the Scam Broker Investigator reviews a new CFD Forex or Crypto broker to determine if they are legit or a scam, is by checking for a valid brokers license. Legitimate CFD brokers must be licensed and regulated in the United Kingdom by the FCA or in Australia by ASIC.
Compare Regulated Brokers
Who is the best CFD broker for a new investor? Smart investors always use a broker that is licensed and regulated in their country. You can see our list of Best Regulated Brokers.
If you are already investing with the brokers at WalFlo, please share your experience with other readers in the comments section below.