Weltrade is a brand used by more than one company. Which one holds your money decides who you can complain to.
Three legal entities appear in the brand's own legal disclosures, and they do different jobs. One is a licensed financial services provider in South Africa. One is a licensed investment dealer in Mauritius. One is an international business company in Saint Lucia that acts as the product supplier and the counterparty to your trades. Only the third of those is the company you actually contract with for trading, and it is the one with the weakest regulatory position. Most reviews of this broker collapse the three into a single sentence about being regulated, which is the one thing a reader most needs to see undone. Everything below comes from Weltrade's own legal pages and help centre, from the Financial Sector Conduct Authority register it points to, and from the Reserve Bank of India. Checked on 15 September 2026.
A company registration number and a financial services licence are not the same document.
That distinction is load bearing here, so it is worth stating before the table rather than after it. A registration number comes from a companies registry and proves that a legal person exists. A licence comes from a financial regulator and permits that person to do regulated business.
| Legal entity | Incorporation and number | Role | Regulator |
|---|---|---|---|
| Weltrade Ltd | International Business Company, Saint Lucia, registration 2023-00055. Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet | Product supplier and counterparty to your trades | None that I could identify. Weltrade states it is not regulated by the FSCA |
| Weltrade Global Ltd | Global Business Company, Mauritius, registration C223427 GBC. Suite 803, 8th Floor, Hennessy Tower, Pope Hennessy Street, Port Louis 11328 | Investment dealer | Financial Services Commission, Mauritius, Investment Dealer licence GB24203704 |
| Weltrade SA (Pty) Ltd | Private company, South Africa, registration 2019/334947/07. 46 Fairmount Avenue, Fairmount, Johannesburg, Gauteng 2192 | Intermediary only | Financial Sector Conduct Authority, FSP 50691, Category I |
| Danoa Enterprises Ltd | Cyprus, registration HE489250. Vasili Michailidi 9, 3026 Limassol | Payment agent | Not a licensed supervisory relationship |
Read the third row carefully, because the licence in it is real and narrower than it looks. FSP 50691 is a Category I licence authorising intermediary services in respect of derivative instruments, issued under the Financial Advisory and Intermediary Services Act. Weltrade SA (Pty) Ltd states that it does not issue financial products, does not act as counterparty to any trade and does not provide financial advice, and that all contracts for difference are provided by the product supplier, Weltrade Ltd.
The Mauritian entity is the one holding a genuine dealing licence.
Weltrade Global Ltd holds Investment Dealer (Full Service Dealer, excluding Underwriting) licence GB24203704 from the Financial Services Commission of Mauritius, with a registered address at Suite 803 on the 8th floor of Hennessy Tower, Pope Hennessy Street, Port Louis 11328. That is a substantive authorisation from a recognised regulator, and if your account is contracted with this entity rather than the Saint Lucia company, the analysis below changes. Establishing which is the case requires reading the client agreement you are asked to sign, because the brand name on the login page does not tell you.
Weltrade's own restricted jurisdiction list names the United States, Canada, the United Kingdom, European Union member states, the Russian Federation, Belarus, India, Iran and North Korea, along with territories under United Nations, United States, European Union or United Kingdom sanctions and FATF restrictions.
This is the sentence a prospective client most needs, and it appears in Weltrade's own disclosure rather than in any review. The company writes that Weltrade Ltd is not regulated by the FSCA and that client protections applicable to Weltrade Ltd may differ materially from those under South African law. Registration 2023-00055 is an international business company number from the Saint Lucia companies registry. I searched for a securities, forex or dealing licence attached to Weltrade Ltd and found none, which is consistent with the company's own statement. Because the Saint Lucia entity is the product supplier, the practical consequence is that the company on the other side of your contract is regulated by the jurisdiction with the lightest framework of the three, and the licensed South African company sits between you and it as an introducer rather than as a guarantor. Weltrade also states that migration to the South African entity is optional, so a client may end up under either arrangement depending on choices made at onboarding.
The South African licence is worth taking seriously. It is also worth reading the limits the company sets out itself.
Under FSP 50691, Weltrade SA (Pty) Ltd must comply with the FAIS Act and the General Code of Conduct, maintain professional indemnity insurance, meet fit and proper requirements for its key individuals, and submit to ongoing supervision. Its registered office is at 46 Fairmount Avenue, Fairmount, Johannesburg, Gauteng 2192, and its clients have access to the Office of the Ombud for Financial Services Providers, known as the FAIS Ombud, which can be reached on 086 066 3274 or at faisombud.co.za.
The same disclosure then lists what that does not deliver, in the company's own words. I am quoting rather than paraphrasing, because a broker's own limitations section is more useful to a reader than any review of it. There is no deposit insurance or investor compensation scheme covering your trading funds in South Africa for CFD trading losses. Regulatory oversight does not guarantee the safety of your funds or prevent trading losses. Professional indemnity insurance covers the company's liability for professional negligence and does not cover your trading losses or market risks. FSCA regulation does not eliminate the substantial risks inherent in CFD trading.
Three further disclosures matter as much as the licence itself.
First, Weltrade SA states that it does not hold, store or custody client funds, and that client funds are held by the product supplier or by licensed payment service providers depending on the transaction stage. Second, the FAIS Ombud has jurisdiction over Weltrade SA's intermediary services only and not over Weltrade Ltd's trading services, so the dispute route that exists for the introducer does not reach the counterparty. Third, Weltrade SA discloses that it earns a referral fee from Weltrade Ltd for introducing clients, that the fee does not vary with the client's trading activity, and that this constitutes a potential conflict of interest managed through disclosure. Put together, these three statements describe a structure in which the licensed company does not hold the money, cannot be complained to about the trading, and is paid by the company that can.
None of that is concealed. It is published on the company's own legal page, in plain language, and it is more candid than most of its competitors.
It is also the reason a reader should not treat the existence of FSP 50691 as an answer to the question of whether their deposit is protected. The licence regulates the conduct of an intermediary. The insolvency risk sits with a different company in a different country.
The clearest regulatory statement about this brand comes from India.
In press release 2024-2025/1351, the Reserve Bank of India announced additions to its Alert List of unauthorised forex trading platforms, and Weltrade appears at serial number 9 against the domain weltrade.com. The Alert List covers entities that are neither authorised as authorised persons to deal in forex under the Foreign Exchange Management Act 1999 nor authorised to operate an electronic trading platform for forex transactions. The Reserve Bank also warns that an entity absent from the list should not be assumed to be authorised. In its published forex FAQs it states that resident persons may transact only with authorised persons and for permitted purposes, that electronic forex trading must occur on platforms it has authorised or on the National Stock Exchange, BSE or the Metropolitan Stock Exchange, and that remittances under the Liberalised Remittance Scheme may not be used to send margin to overseas exchanges or counterparties. Residents who transact on unauthorised platforms are stated to be liable to penal action under FEMA. This is consistent with Weltrade's own list of restricted jurisdictions, which names India.
Again, that is a jurisdictional finding about India's exchange control regime rather than a finding that the broker defrauds anyone. It is the most concrete regulatory statement on record about this brand, and it concerns the same activity the platform offers everywhere else.
Danoa Enterprises Ltd, registered in Cyprus under number HE489250 with an address in Limassol, acts as payment agent. A Cyprus company registration gives that company legal existence and nothing more. It does not make Danoa a supervised financial institution, it does not bring client funds within the CySEC investor compensation framework, and it does not create a Cypriot regulator with jurisdiction over a Saint Lucia counterparty. This pattern, where a European corporate registration or a European payment processor is read as European regulation, is one of the most common ways retail clients are misled in this sector, and it is worth naming explicitly so that the presence of a Limassol address in the disclosures is not mistaken for a supervisory relationship.
One of the three entities holds a real dealing licence from a real regulator in Mauritius. One holds a real intermediary licence from a real regulator in South Africa. The one that acts as your counterparty holds a company registration in Saint Lucia and, by the company's own statement, is not regulated by the South African authority.
Those are all true simultaneously.
The useful question is therefore not whether Weltrade is regulated, because part of it is. It is which of these four names appears on the agreement in front of you, and what that specific company is and is not authorised to do. Everything above is checkable in under an hour from the registers listed, and none of it requires trusting this page.