If you are wondering who’s WinzoFx broker and if you should invest your funds with the firm, this detailed review will break it down. Before we even start, we want to point out some basic facts. The brokerage is entirely anonymous, and there are no Terms and Conditions. Despite what may appear to be a solid offer with low trading costs, you should avoid WinzoFx by all means. Here’s why.
In order to add to the above, we strongly advise you not to invest in fraudulent brokers Trade Unity, FTM Trade and AktienAG.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Cryptocurrencies:||Available – BTC, ETH, LTC|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies, bonds|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
How Safe Is the WinzoFx Platform?
WinzoFx has never given us details about the owner, legal jurisdiction, or regulation. While there are About Us and Regulation sections on the website, both redirect you to the main page. At the same time, the T&C is blank. Thus, we have lots of reasons to suspect this broker’s legitimacy.
Upon checking Tier1 registers of ASIC, BaFin, FCA, CySEC, and more, we have confirmed what we already suspected. WinzoFx has never entered any commercial register and operates illegally. That’s your reason to avoid it.
Reasons Not to Trust an Unlicensed Broker
Unlike regulated brokers, unlicensed platforms don’t have to follow any rules. They’re not obligated to keep clients’ funds in segregated accounts, to provide negative balance protection, or to have compensation funds. All in all, investing your money with an unlicensed broker equals throwing it away. The outcome is the same – you’ll stay without it.
Is WinzoFx a Scheme Broker?
WinzoFx is a scheme broker. There is no owner, license, or headquarters. The Terms and Conditions are blank. All in all, it’s highly recommended to avoid this trading company by all means.
What Do Traders Think Of WinzoFx?
If you search for WinzoFx reviews online, you will find several websites giving the broker a 1/10 rating. This is a clear indicator of customers’ feelings and low trust. According to reviews, the main issue is withdrawals. While you’re investing more and more, the broker’s support is welcoming and helpful. Once you request a payout, you can expect your trading account to be blocked.
WinzoFx MetaTrader 5 and cTrader Platforms – Software Tools
On the main page, the broker advertises some prominent trading platforms, among which MT5 and cTrader. Once we tried downloading MetaTrader5, we were given access to the MT5 manager. For those new to the trading market, the MT5 manager is used to level up your trading experience – provide you with the netting for trading or hedging for the Forex market. However, it’s not an actual platform.
The only available option is cTrader, a bit more advanced WebTrader. While you have more options than the basic web platform, it cannot make up for the fact that you’re promised a choice and given access to only one software.
What Is The More Efficient Software?
Of course, having access to the real MetaTrader would be much better. Whether you choose MT4 or MT5, you can customize your interface, apply various trading strategies, and use EAs and social trading.
WinzoFx Accounts Overview
There are 3 different account types. They are:
Besides the minimum deposit, the main difference is in spreads, leverage, and commissions applicable only on the ECN account.
Islamic Trading Accounts
The company offers Islamic swap-free accounts in accordance with Sharia laws. Clients who decide to sign up for this account type can trade on gold, silver, oil, indices, stocks, and the Forex market.
MAMM and PAMM Accounts
The broker advertises MAMM and PAMM accounts available on MT4 and MT5. However, since the firm doesn’t provide this software, it enables integration of the WebTrader to other MetaTrader so that you can use the full benefits of these accounts. Both accounts imply the allocation of funds to a larger pool where an expert financial advisor is investing the funds, and the profit is split according to the share of the initial investment in the pool. All the participants ought to pay a commission to their fund manager.
WinzoFx Range of Trading Markets
Customers of WinzoFx broker can trade in the following markets:
- Forex – USD/CAD, USD/CHF, USD/ZAR
- Indices – S&P500, US30, DAX30
- Shares – AAPL, GOOGL, NFLX
- Commodities – natural gas, gold, crude oil
- Cryptocurrencies – IOTA, SHIB, BTC
- Bonds – treasuries, savings bonds, corporate bonds
While this offer may look appealing and broad, remember that you would be investing your funds with the scheme firm without an actual owner and HQ.
Please, also remember the names of Fx24trade, FinanceCapitalFX and Invest Flow scams and avoid them at all costs! Also, always check the history of online trading companies before investing!
What Trading Terms Does WinzoFx Offer?
As explained at the beginning of this review, WinzoFx decides on its own trading conditions without following any regulatory prerogatives.
The leverage goes up to 1:500 against all major regulatory requirements. Also, the spread depends on the account type and varies between 0.0 pips and 1.0 pips. While this may look seducing, note that brokers like WinzoFx are not after legitimate profits but your entire deposit.
Minimum Investment Amount
Another lure this company provides is a low minimum deposit. Customers that want to sign up for the Silver account can do it for as low as $50. Upon investing in your first funds, you can expect your account manager to come up with new investment plans and ideas all the time and approach you for more money.
WinzoFx Deposit, Withdrawal Methods, and Fees
It seems that WinzoFx accepts only two payment methods:
- Wire transfer
None of these are subject to a chargeback, and recovering funds is challenging. While you can recall the wire transfer and hope for the best, it takes a real expert to trace and locate your crypto once it leaves your wallet. There are no clearly specified fees.
Scammed by WinzoFx Broker? – Let Us Hear Your Story
If you or someone close to you falls victim to the WinzoFx scam, let us know. Despite fund recovery being challenging due to payment methods accepted by this trading firm, our experts are here to evaluate your case and help you find the best solution. Contact us via online chat, and let’s start the process before this firm vanishes and tracing funds becomes impossible.