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WL Company DMCC

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Operating status: SCAM

Website: https://wlcom.online/; https://waldoragroup.com/; https://waldoracompany.com/

Broker violations and abnormal records
  • 2024-04-14 BrokersView has reviewed that WL Company DMCC is an unregulated broker

    WL Company DMCC presents itself as a distinguished broker, allegedly holding numerous awards. However, the scant information on its website makes it challenging to find a detailed company profile. This lack of transparency raises questions about its credibility and authenticity.

    Adding to the concerns, the domain name, wlcom.online, was only recently registered in March 2024. The recent establishment of the website contradicts its purported reputations and business scale.

    Despite its claim of being based in Dubai, there is no evidence of its registration with any of the relevant financial regulators, such as the Dubai Financial Services Authority (DFSA), the Central Bank of the U.A.E. (CBUAE), or the Securities & Commodities Authority (SCA). This suggests that WL Company DMCC may be operating outside the regulatory framework.

    Moreover, the provided YouTube channel suggests affiliations with two other websites: waldoracompany.com and waldoragroup.com. These sites share identical content and graphic logos with WL Company DMCC, purporting to be operated by Waldora Limited, a company allegedly registered in Belize and located in Canada. However, our checks with the Belize Financial Services Commission (Belize FSC) and the Investment Industry Regulatory Organization of Canada (IIROC) indicate that it has not obtained licenses under either of the jurisdictions.

    In essence, WL Company DMCC is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.

    WL Company DMCC appears to be a scam.

    WL Company DMCC presents itself as a distinguished broker, allegedly holding numerous awards. However, the scant information on its website makes it challenging to find a detailed company profile. This lack of transparency raises questions about its credibility and authenticity.Adding to the concerns, the domain name, wlcom.online, was only recently registered in March 2024. The recent establishment of the website contradicts its purported reputations and business scale.Despite its claim of being based in Dubai, there is no evidence of its registration with any of the relevant financial regulators, such as the Dubai Financial Services Authority (DFSA), the Central Bank of the U.A.E. (CBUAE), or the Securities & Commodities Authority (SCA). This suggests that WL Company DMCC may be operating outside the regulatory framework.Moreover, the provided YouTube channel suggests affiliations with two other websites: waldoracompany.com and waldoragroup.com. These sites share identical content and graphic logos with WL Company DMCC, purporting to be operated by Waldora Limited, a company allegedly registered in Belize and located in Canada. However, our checks with the Belize Financial Services Commission (Belize FSC) and the Investment Industry Regulatory Organization of Canada (IIROC) indicate that it has not obtained licenses under either of the jurisdictions.In essence, WL Company DMCC is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.WL Company DMCC appears to be a scam.

Related Complaints

Q&A

wl company dmcc, Is this broker reliable or is it a scam?

Сергей Петров
Russia
2024-04-13
ANSWER WL Company DMCC provides financial services through the website wlcom.online. It seems to be functioning as a forex broker in Dubai without the necessary authorization, which raises red flags about potential fraudulent activities.The website of WL Company DMCC was only registered recently in March 2024, yet it purports to have won multiple awards since 2022. The alleged partnership between this company and other established brokers lacks any supporting evidence, casting doubt on the credibility of such claims.Furthermore, the absence of legal notices on its website impedes investors' ability to ascertain the company's authenticity and legitimacy. Despite claims of a Dubai office, there are no signs that it holds a financial license within the U.A.E. We have posted a detailed review on our platform for reference. We recommend reading it to gain a comprehensive understanding of the situation and the significant risks involved. You can access the review at the following link: https://www.brokersview.com/brokers/wl-company-dmcc.Given these circumstances, we strongly advise against engaging with WL Company DMCC. Without regulatory oversight, there are no guarantees of the broker's regulatory compliance. Investors could face substantial financial and personal losses due to its unlicensed status.
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