Key insights
- An investor warns against Velantra, an AI-driven forex trading platform, citing aggressive sales tactics, opaque operational structure involving a Mexican entity to bypass regulations, and a flagged fraudulent wire transfer. This highlights the risks associated with unregulated AI trading platforms and potential investment scams, which could negatively impact investor confidence in the broader fintech space.
I made the mistake of investing in an AI forex platform. While I had some reservations, the promised returns were too tempting, and I believed AI could be beneficial in forex trading. I chose Velantra after comparing a few options. The sales pitch was incredibly aggressive, including a "limited-time offer" – a clear warning sign I ignored. I paid $15,000 for access, only to learn during onboarding that my account would be based in Mexico because the Mexican firm "doesn't have to follow FIFA rules that don't work well with their algorithm." This was another red flag, but I was already committed. I then attempted a wire transfer to this Mexican entity, which had a different name than the one I had to create an account with, and my bank flagged the company as fraudulent. I want to share my experience to prevent others from making the same costly error. stay away from Velantra, or any other AI robo firm. If they were that good they wouldn't need your money.