Winex – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Winex - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://winexgroup.io
Founded: 2023
Regulations: Unregulated
Languages: English, Russian, Polish
Deposit Methods: Unspecified
Minimum Deposit: $250
Free Demo Account: Unknown
Number of Assets: N/A
Types of Assets: Currency Pairs, Stocks, Gold, Silver, Palladium, Other Metals, Cryptocurrency Pairs, Indices, Commodities
Trading Accounts and Conditions
Winex offers their clients the following types of trading accounts:
- Standard: The minimum deposit they ask for is $250. The leverage is maxed at 1:100.
- Advanced: The minimum deposit they ask for is $500. The leverage is maxed at 1:100.
- Pro: The minimum deposit they ask for is $1,000. The leverage is maxed at 1:100.
There is no mention of spreads, commissions or even order execution methods.
Winex – Advantages
There are no advantages to trading with Winex.
Winex – Disadvantages
Here is a list of all the issues that clearly tell us that Winex is a scammer:
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Lack of Regulation
The first thing one should check when dealing with a new broker is their regulation status. Legitimate brokers make it easy for traders by providing all the relevant information in detail on their websites. We get to know the name of the company that runs that brokerage, we know where they are based and we have all their contact information.
With scammers, on the other hand, that information is usually an issue.
Winex tells us that they are based in Manchester in the UK, and they provide a telephone number. The broker also tells us that they are a part of a company called PROFBETS TECHNOLOGIES LTD, whose Company Number is 14354850. The broker also states that their liquidity provider is FBS Markets Inc., a company that is regulated by the IFSC in Belize.
It all sounds very legitimate until you realize that this broker has omitted the most critical piece of information – their regulation/license number and the name of the regulator that has authorized them to operate. This is a huge red flag that tells us that something isn’t right.
To give this broker the benefit of the doubt, we still did our due diligence and checked for Winex’s regulation status – which meant checking with the Financial Conduct Authority of the UK. Which is the regulator of the jurisdiction in which this broker claims to be based.
We found out that this broker is not regulated at all by the FCA and that they are operating without a license in this country. Which means that Winex is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by FCA
We are not the only ones who have realized that Winex is operating illegally. The FCA, one of the most stringent regulators in the world, also has exposed this broker as a scam.
The reputed regulator has issued a warning against this broker. In that warning, the FCA states that Winex is operating in the UK without their authorization. The FCA also states that traders who do business with this broker will lose the regulator’s protection. The FCA offers their traders protection from scammers and losses due to brokers’ bankruptcy. So, when this regulator states that dealing with a broker such as Winex will lead to loss of protection, then there can be no clearer sign that we are dealing with a scammer.
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Issues with Trading Platform
The trading platform is a broker’s main offering. So, legitimate brokers ensure they offer their clients top quality trading software such as the MetaTrader 4 or MetaTrader 5 platforms.
Winex also claims to offer their clients a seamless trading experience with their trading platform. However, this claim is a lie. What you get from this broker is a poorly designed trading platform that is web-based and cannot do much beyond allowing traders to buy and sell a few paltry assets.
When a broker has a poor-quality platform, it means that that broker cannot be trusted. After all, the trading platform is a broker’s main product, and if that is of poor quality, then what can that broker offer their clients?
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Issues with Trading Conditions
While the broker tells us that they offer their clients 3 different types of trading accounts, there is not much more information than that provided. We are told the minimum deposit is $250, which is not bad, but it is not very good either. After all, there are so many good brokers that allow their clients to open accounts with them for less than $50.
The leverage that Winex offers is risky and illegal in the UK. Because of the dangers attached to high leverage ratios, regulators such as the FCA have placed limits on how much brokers can offer. In the UK, the leverage ratio limit is 1:30, so the leverage this broker offers is illegal.
Other trading conditions are not even mentioned.
All of this information tells us that we are dealing with a scammer.
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Unknown Payment Methods
Winex does not bother to tell us what types of payment methods they have for their clients. Legitimate brokers offer their clients a wide range of payment options, allowing their customers to choose the method they are most comfortable with.
With this broker, we know nothing, and this lack of information is another indication that we are dealing with a scammer.
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No Withdrawal Policy
Winex continues its lack of information by withholding their withdrawal policy. We do not know how much money a trader can withdraw from their account in one go, or what charges are imposed for each withdrawal. We also do not know if there is a trading turnover targeting condition in place.
By keeping us in the dark about this information, Winex can change their policies any time they like and keep their clients from ever being able to withdraw their funds. This is a typical scam tactic used by many scammers.
Conclusion
Winex is not a broker to be trusted; they are a scam.
Winex
Pros
- None
Cons
- Lack of Regulation
- Blacklisted by FCA
- Issues with Trading Platform
- Issues with Trading Conditions
- Unknown Payment Methods
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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