From the very beginning of making contact with this company, I had my doubts that they were going to be legitimate.The two guys that I had dealings with were Ben Stone & then Matthew Petersen ( if they are their real names?.) they were at first friendly & helpful as long as I kept transferring money. Then I was being cautious if not somewhat skeptical when Matthew took over as my account manager & he was very pushy & insistent for me to keep pouring more into the account,. I was a total naive / novice / idiot and knew nothing about the crypto market at the time. I listened to Matthew P for hours / months as he convinced me via Whats App or diverted phone calls for me to invest more into some stupid trades like Shiba doing this on Coinspot / also suggesting FTX (transferred $500US to BC there from WC)& then when I made the fatal mistake of not understanding their rigged algorithm on WC, where I lost over $80K AU. Of course they had a rescue package that would allow me to keep trading providing I would transfer more funds to salvage the account by providing a bonus arrangement that I could then be assured would provide security & save the account. Matthew failed to tell me that any new transfers would be one way only until the account recovered, which it never did after pouring in another $200k AU - I did some good trades in FEX & Commodities / BC when the algorithm worked for me ( later it didn't strangely?) Due to being so nervous when this loss happened, Matthew acted on my behalf when the original $#*! hit the fan with the $80K & he did some really bad trades on Monero / Cardano / BC Cash / Polkadot where the account plummeted and when I tried later to withdraw $25K US I was told that the account was still in recovery- that's when the penny finally dropped & I realized that this WC company was only protecting itself.
I was unable to prevent the full collapse of the account when the crypto bubble burst recently & commodities like oil failed to reach the expected peak at the time. I will never recommend this company to anyone as I believe that they failed to protect my investment with them. Beware of companies like Wealth Core who look after themselves with little concern about idiots like myself!
These people are questionable Brokers? And not an exchange. I lost AUD $93,000 or USD 74,000 (my entire superannuation savings. I had the trading platform (which is fake) operating on an iphone and on the internet at the same time and was getting different bitcoin buy and sell values on the two machines yet it's the same platform. Always cross check with a Legitimate exchange to check prices better still don't use their system.
If you were silly like me and lured by the term Platinum your initial investment is Euro 50,000 (or approx AUD$93,000 which will do) and you are meant to get all sorts of services, that I didn't get. I also had to send my investments in the equivalent of AUD$5000 amounts, one to avoid any local regulatory monitoring limits. They send you an e-mail with a link (like https://mt5apps.com/pay5/2EC67F3B) to download what is software are on a recognised website (which after investigation I found out that scammers like thewealthcore use that website to piggy- back on to hack into your systems and get your passwords etc. I had 10,000 taken from a bitcoin account as they used my password which was only taken from my pc.
BE VERY AWARE OF THIS SCAMMING "BROKERAGE" THEY ARE ALSO ON THE UK WATCH LIST OF THE FINANCIAL CONDUCT AUTHORITY (FAC) FOR providing financial services or products in the UK without our authorisation.
Some of the scam tactics they use
1. There was a USD$650 spread on the Bitcoin/USD crypto Sell / Buy. Now this to me seems extremely high. Brokers (like thewealthcore) make money from the trader paying the spread meaning the trader pays the ask price when buying, and takes the bid price when selling or shorting. The brokers take a piece or spread on each bid and ask price that they quote. I noted that when entering into a trade under thewealthcore trading platform when there was a spread of US$650 that you instantly went into a negative position on every transaction either buy or sell. Meaning you were already in a trading loss and of course you have to be able to recovery that loss before potentially making any profit or you make further losses. When I raised the issue of the large spread. The spread on the trading platform for my account went back to around a spread of USD$1. Funny that! Also in all of the documentation and information provided on their webpage particularly definitions. The term Spread is not clearly defined. Its's a SCAM
2. They give you trading bonuses to keep you trading while they take you money. The bonus look good but there is a catch. You can never really cash them in under your account UNLESS you are able to trade 50,000 times the value of the bonus i. E. US$10,000 bonus x ******* = 500,000,000 in trade value. Now They credited my trading account with US$140,000 in bonuses which in order to get that I needed to do US$7Billion in trades on their platform. Impossible. They can also withdraw the bonus at any time at their total discretion. So it's another SCAM.
3. When you send the funds in bitcoin to thewealthcore, they give you n official receipt that acknowledges a deposit in USD (as your trading account operates in USD). They do not disclose the rate they use for converting the bitcoin into USD. The certificate of receipt is factually wrong as they say you have deposited USD when it fact it was bitcoin. They use a statement like the following which is just crap ""I understand that this document has legal power and is required to sign due to policies against money laundering, and with the requirements of international regulatory organizations and all the major credit card companies to prevent fraud and misuse of personal data." it looks like something official. It just crap. Other legitimate bitcoin exchanges do not make any such statement when depositing funds for investments. Lures you into believing that the operation complies with some regulations. SCAM
By the way just so you know the parties (The customer & thewealthcore) shall be governed by, and interpreted in accordance with, the laws of Saint Vincent and The Grenadines and you irrevocably submit, for the benefit of the Company, to the exclusive jurisdiction of the courts of Saint Vincent and the Grenadines to settle any disputes. Where is it? A southern Caribbean nation comprising a main island, St. Vincent. Its laws are not consumer friendly!
4. Level of contact When contacted by the Broker in the beginning it was almost daily contact and by the way you cannot contact them and they use internet phone calling which cannot be traced or recorded via a telco. Then when your money is dwindled away in bad bitcoin transactions the calls between you broker and you become distant with excuses like I'm busy with trade presentation today ring you later, or I'm sick or the family has covid or Can't talk today, to many market briefs (unhappy smiley). When they had scammed everything that I had put into my trading account they didn't want to return any communication what so ever even after contacting the service desk.
5. The e-mail conversations start out very professional however over time the language becomes very very friendly like they have been your best friend for life (That's just a psychological BS!. Or otherwise know as reciprocity friendship. Its a false sense of friendship to make you believe you are friends, trusting, honest etc. Language they used was: Thanks Bro; Love you Brother; Love You: Love you mate. It cannot get any sicker than that. Not Professional AT ALL. SCAM
6. You cannot talk to anyone else other than the broker assigned to you (heaven forbid if you do you get an nasty e-mail that you're are only to deal with him) Even when I asked for them to stop trading they didn't and the losses on the trading platform continued.
6A. Whilst your password for your trading account is meant to be only know by you. The Broker knows your password in order to do your trades. There is something wrong with that. They also talk about a robot making a nice profit for us. I didn't sign up for that.
7. Accounting. Even if your account says that you have equity of X dollars, That is not quite right per their understanding of equity. In the example I gave of being given USD$140,000 in bonuses that made my account show an equity balance of USD$47,000 (and this goes to why it is a fake platform), when I ask to withdraw it I was told that the account without the bonuses was in fact in a loss position of USD$93,000 (more than my investment) because I hadn't fully earnt the bonuses (see point 2 above) which funny (not) enough was roughly more the value of my investment into this SCAM. Any legitimate bitcoin exchange facility would not allow you to trade losses more than what you had invested. But thewealthcore does! SCAM
8. If when pressed to withdraw some profits, they do allow you to withdraw (in my case twice) small amounts (approved by the brokers via online request). It gives you a false sense that you are able to withdraw funds when ultimately you cannot. And I had the benefit of having withdrawal level of tier 2 from my platinum membership whatever that meant.
Finally this is the true reality of dealing with this SCAM, after I had learnt that I had lost everything and could not face telling anyone and my life being at its' lowest ever I contemplated suicide and going so far as to write a suicide note and my final farewell & made my final will and testament. I didn't go ahead then in August but after this scam and the losses I made, my embrasement, feeling worthless, I became even more depressed that I has lost the lot with the help of (by my loving Bro at thewealthcore who now wanted nothing to do with me because there was nothing more to get out of me) I let my health go and my health deteriorated to the point that I went into a full diabetic coma from which I never recovered, I never got to say goodbye to my mum or my real brother and my life support was turned off 15 days after being admitted into hospital. Thewealthcore SCAM is for a large part responsible for my early death at 62.
I BEG YOU NOT TO INVEST IN THIS SCAM CALLED THEWEALTHCORE. LOOK WHAT IT DID TO ME
AVOID THIS SITE CALLED THEWEALTHCORE ITS A SCAM
Bitcoin investment using CFDs on their platform
DONT GET SCAMED WATCH OUT
So, on the 20 of February after I didn't hear from my broker Denis in nearly 4 weeks I put in for a withdraw request for $31,600 USD to close my account, on the 21st a guy rang Leo talked for 1 minute about trades I told him I need to withdraw so on and so on. The Wealth Core opens trades using all of the equity 95% leaving me in a negative position with all my money used, who even does that! And then later that day this company puts 50K in as a bonus without even telling me to support their bulls hit trades they opened, they used their money to fix their mistakes. A guy named Tony rings on the 22nd telling me I need to deposit 50K usd to save my account; he goes on to tell me, how I opened these trades, I didn't even know what USD/NOK even is till Monday.
Now I Have been trading for a while my broker taught me some stuff he said never use bonuses that was our deal how to TP or SL 101 sh. T, 1 of the 2 trades recovered and was closed on a very small profit less then $500 not interested in making the money, it was closed by me which instantly brought the equity back to 75%, all day these trades nearly closed running at 0.5% no equity, I set a TP for 2k on the 2nd trade as it was improving in an effort to get my money back, then somehow it closes at -28K and I am told I didn't factor in the spread……. FU. CKEN BULL SH IT it should have closed a 2K in profit at no point -28K was set for a close rate, WHICH LEADS ME TO BELIEVE IT IS A SCAM! MAKING SURE I DIDN'T GET MY MONEY OUT
I have photos of all of what I have said to be true
When you get a company bonus this is how they lock your money, and you can't withdraw you need volume and guess what your money becomes lost. Simple really you lose every time
I want my ******* USD given back like I asked on the 20th before my account was fuc ked with, I am prepared to get on a plane take my ar.se to your office and acquire my money all means necessary, I will post this on every site to let everyone know what really goes on here, I will stop at NOTHING FUC. KEN BANK ON THAT
WHERE ARE YOU DENIS FUC. KEN RING ME MATE YOU KNOW I WILL FUC. KEN BE THERE
Hit me up if you had the same issue I will purchase your plane ticket or for a small fee I will collect your money while I am there email me on info@ b2lc.com.au
I WILL POST DAILY TO LET YOU KNOW THE PROGRESS
I made a $249 purchase for investment training from My Trading College who put me in touch with thewealthcore who were to be my guide and trainer. I was told I could pull out at any time for any reason.
The email from the Trading College said this...
"We will provide you with a knowledgeable team member to guide you through our tailor-made courses. We will match you with a customized course, and make sure you make a well-informed investment decision."
And the lady told me that they would be using company funds for the whole of my training so that I didn't need to use my $249 until I had learned how to trade.
I overlooked that fact when the agent started using my money immediately. I gave him the benefit of the doubt that maybe he wasn't aware of it.
But I was expecting to be training for quite a long period of time before investing any money. After all, my purchase of the training course was actually for training, not investing.
We made a profit of $50 after 2 days and for me as a pensioner that was impressive. He then opened a Crypto wallet for me with another small investment. Then, a bit too quickly I thought, he persuaded me to invest $1800 into my Crypto wallet. He installed 2 apps on my phone so that we had realtime video training conferences and so that he could access my bank, which he did. Then my bank rang about the transaction and suspended my account and cancelled my debit card until I got my phone and computer checked for spyare because they had come across this before and said it was a scam. I doubt I'll see any of my moneys returned to me.
I asked their agent to help me close my wealthcore account and finalise my dealings, pretending that I didn't know it was a scam, but I didn't receive a reply. He had been very supportive when I was willing to invest, but when I said I wanted to quit, the support ended and contact was cut off.
Today I decided to get in touch with MyTrading College and tried to log in to my wealthcore account but I have been denied access to both. My browser says the sites are not available.
Also, all evidence of my dealings have been wiped from my phone... invoice, payments, emails. All gone!
Of course I had changed my fingerprint and password access to my phone when my bank first contacted me but somehow they managed to still hack it. Now I still feel vulnerable and am hoping the computer Technician can suggest how to regain control. I have 2 apps on my phone to protect me but they've proved useless.
Please do not have anything to do with this.
Don't use it at all
Not applicable