WeGetFunded Review – Not Even a Modicum of Legitimacy

Proprietary trading firms provide a business model that is not yet strictly regulated. They are still a business, however, which means that they need to be registered with the proper authorities in the country in which they have an office.

Our WeGetFunded review will show you an illegal company that solicits their services despite lacking any registration.

Not a Legally Registered Firm

The WeGetFunded prop firm website states that the company acts as a subsidiary of Catalyst Creations FZCO. This other entity is allegedly registered in Dubai, UAE. As such, it should appear in the databases of either the Dubai Ministry Economy and Tourism database, or the UAE Ministry of Economy register.

The lack of any entries in either of these two databases can only mean one thing – the company does not actually exist. This is not something you’d expect from a reputable business like GetFundedNow for instance.

An additional concern is raised by the fact that the prop firm never mentions its partnered broker. Oftentimes, these bogus prop firms serve as a tie-in fraudulent strategy that works in tandem with unregulated brokers in an effort to squeeze more money from the victims.

All Over Social Networks

The company’s questionable legal status did not prevent it from advertising far and wide on social networks.

They are all over social media – Facebook, Instagram, X, OpenSeas, TikTok, LinkedIn and Medium. Additionally, they operate a YouTube channel, WeGetFunded Discord and Telegram chat rooms.

Questionable User Feedback

The firm has over 150 WeGetFunded reviews, but only on TrustPilot, and these are not exactly reliable. For instance, the clients who posted positive ratings scores commented about using the service since 2021, but the company site did not exist before December 2022.

Although the firm is flagged as not listed with the popular PropFirmMatch platform, there’s a bunch of alleged testimonials that simply say “good”.

Challenges

Although trading capital of $200.000 sounds quite tempting, it is not something that could be accessed easily. Reaching the final goal and getting funded requires a certain period of work. 

That means that each trader can apply to be tested and get trading capital after successfully passing the evaluation. There’s two types of challenges to choose between.

WGF Classic Challenge

While there’s no time limit during this phase, users have to reach a profit goal of 8% using total capital of virtual $100.000. Maximum daily loss can’t be higher than 5%, with the total loss not going over 12% of the amount.

WGF Unlimited Challenge

More experienced and better trained investors that already have solid experience in online trading can try for this more aggressive testing. The practice account also has a total of $100.000 with the profit goal being 10%. However, maximum daily loss is only 4%, with the maximum total loss being only 6%.

Earning Real Money

Whoever manages to pass either one of the test phases is promised to immediately get a WeGetFunded funded account. This allows traders to get the capital they need in order to participate in the world’s markets and make real money. At that, company owners even claim to be able to increase the trading capital of each funded trader.

Scaling Plan

Everyone’s performance is constantly tracked. Based on each client’s performance, the company leaders may decide to offer a scaling option. That means exceptionally successful traders can increase their money pool by 25% every quarter, with the maximum funded amount being $4 million.

Classic and Unlimited Accounts

As previously discussed, the challenges are divided into classic and unlimited for those that are confident and skilled. Therefore, the WeGetFunded trading accounts available are also presented in the same manner.

Both of the account classes offer the same amounts of cash for funding:

• $10.000
• $25.000
• $50.000
• $100.000
• $200.000

Difference is that the unlimited accounts only have one challenge phase and they cost between $179 and $1.149. Classic accounts demand you to pass two test phases and require you to pay an allegedly refundable fee between $79 and $979.

If you, however, also want to include other features, like 90% split, insurance and news, you have to pay for each of these separately, which can ultimately increase the price of a package over 100%!

Free Trial for Beginners and Experienced

Demo period is recommended for everyone who wishes to test the trading ecosystem first. A fictitious account of $100,000 is available during this phase. Traders are also expected to manage to generate 10% profit without losing more than 12% overall. 

While it’s a convenient strategy for skill testing before committing real funds, these Demo environments are known to be modified to make trading appear easier.

Trading Platform and Products Offered

The site confirms the usage of cTrader. This is one of the leading platforms of the online trading industry and is far superior to many other simplistic and unreliable software solutions we see today. 

Thanks to its advanced options, indicators, analytical tools and other features, it is almost equally preferred as industry leaders like MT4 and MT5. The website provides direct download links for PC and mobile apps on Google Play and App Store. Web trader is also available.

Payment Options and Splits

It’s quite worrisome to see that the only available transaction methods are:

• USDT/Tether
• BTC
• Bank transfer

While big proprietary trading platforms like T4TCapital also try to provide more payment options, this somewhat suspicious portal doesn’t. 

Otherwise, first withdrawal can be made a month after the funded account was enabled, after which the automatic WeGetFunded payout happens every two weeks. Standard profit split is 80%, unless you pay an increased fee to unlock 90% split.

Should You Trust this Firm?

This prop trading firm is not a properly registered business entity. Our inquiry into the firm has revealed numerous other problems that lead us to believe it’s a scam.

Don’t fall for the usual “get rich quick” tricks. If you’re looking for a reliable and stable forex prop trading service, take a look at our offer instead. We are ready to fund talented traders with as much as $180,000, so don’t delay – book a free Zoom meeting today!

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