WinisFX – Is It Safe or a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
WinisFX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
WinisFX is an enticing Forex brokerage with its $10 minimum deposit. It comes with a generous leverage and MetaTrader5 trading platform. WinisFX is said to be registered in Saint Vincent and the Grenadines, which is a popular offshore zone and place for suspicious brokerage. It offers a variety of trading products, but it offers an unfavorable spread of 2 pips on EUR/US, which is more than the average in the industry.
WinisFX being registered in Saint Vincent and the Grenadines (SVG) poses some serious risks because forex and CFD brokers are not regulated by this local commission.
The leverage for WinisFX is extended up to 1:500. With the $10 initial deposit, it can be tempting to open an account with them. But considering favorable offerings for brokers, it is intriguing to find even more information about it.
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Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://winisfx.com/
Founded: 2019
Regulations: Not Regulated
Languages: English
Deposit Methods: Bank Transfer, Credit Card, WebMoney, and Wire
Minimum Deposit: $10
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Forex, CFD
Trading Accounts and Conditions
WinisFX is an enticing Forex brokerage with its $10 minimum deposit. It comes with a generous leverage and MetaTrader5 trading platform. WinisFX is said to be registered in Saint Vincent and the Grenadines, which is a popular offshore zone and place for suspicious brokerage. It offers a variety of trading products, but it offers an unfavorable spread of 2 pips on EUR/US, which is more than the average in the industry.
WinisFX being registered in Saint Vincent and the Grenadines (SVG) poses some serious risks because forex and CFD brokers are not regulated by this local commission.
The leverage for WinisFX is extended up to 1:500. With the $10 initial deposit, it can be tempting to open an account with them. But considering favorable offerings for brokers, it is intriguing to find even more information about it.
Read on and discover more about WinisFX.
WinisFX – Advantages
Looking at the advantages of WinisFX, it seems hard to complain. It comes with a great selection of trading instrument, strong leverage, and MetaTrader5 trading platform. If you think MetaTrader4 is good, wait till you see MetaTrader5. You get all that with just $10 minimum deposit. What’s not to love, right?
Here is a closer look at the advantages WinisFX offers:
Use of MetaTrader5 as Trading Platform
If you want the cutting edge platform in online trading, go for MetaTrader5. The good news is that this is exactly what WinisFX offers. MetaTrader5 is a premium, advanced, and customizable. Anything you want in a trading solution is here.
But upon downloading the MetaTrader5, it is said to be licensed to GF Trade, which is another offshore broker based in Saint Vincent and the Grenadines.
Strong Leverage of up to 1:500
The usual offerings from brokers are a leverage of up to 1:100, 1:200 or 1:400. But WinisFX goes ahead of that by offering a leverage going as high as 1:500. This is a significant advantage for traders.
A Selection of Trading Instruments
Traders want options and they are hungry for more. WinisFX comes with 30 currency pairs. T also offers CFDs on different energy commodities. You can choose from natural gases and oils, gold, silver, copper, spot metals, and 10 indices stocks. They also offer crypto coins such as Bitcoin, Etherem, Litecoin, ad Ripple.
Minimum Deposit of $10
The average minimum deposit offered by most brokers is $250. With WinisFX, you are just required to deposit as low as $10. This is a very low amount compared to others but know that some well-established brokers do not require a minimum deposit at all.
WinisFX – Disadvantages
There are quite a lot of advantages that comes with WinisFX. But investing our hard-earned money requires tackling both the goods and the bads. On the negative side, WinisFX is not regulated. It is also sad to find out that their trading bonuses come with additional withdraw conditions. Add the fact that you can only withdraw bank wires. And lastly, the high spreads.
Here is a deeper discussion of the disadvantages of WinisFX:
Not Regulated
One thing to help your mind rest easy regarding your money is by finding a brokerage that is regulated. WinisFX is registered in SVG and it publicly declares that it does not regulate Forex tradings.
It is one thing to deal with trading offshore; it is another to find that it is not regulated. Both these are not good for your money.
Don’t fall into the trap and don’t risk your chances. It is best to work only with brokerage that are regulated and authorized by reputable regulatory agencies.
Keep away from fraud and scams at all costs. The best way to guarantee that your money is safe is by choosing a brokerage regulated by agencies like Financial Conduct Authority (FCA) in the UK and Cyprus Securities Exchange Commission (CySec) in Cyprus.
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.
Additional Withdraw Conditions of Trading Bonuses
We all love bonuses. Brokerages offering trading bonuses are causing quite a stir. If you check regulated markets and in Europe, don’t be surprised if you find out that it is banned.
The sound of having a trading bonus is good but when it comes to withdrawing it; that’s when it gets a bit shady. You need a minimum trade volume to withdraw. With WinisFX, the requirement is to trade at least 1 standard lot. That means you can accept your bonus by trading $100000 for every 3 dollars.
Only Uses Bank Wires for Withdrawal
With WinisFX, there are different ways to deposit money. They accept credit cards, web money, and wire transfers. With the varied options to deposit, it would be refreshing if they offer the same for withdraws.
But the sad case is WinisFX only allows withdrawal through the use of bank wiring. It would have been nice if they offered withdrawal with more options to choose from.
High spreads
For a trader, a spread is attractive if it is lower than 1,5 pips. WinisFX offers their spread at 2 pips on EUR/US. This is considerably more than the average of what the industry offers. You can do better than settling for a brokerage that has a high spread.
Conclusion
If you look at the chart above, it is easy to see that there are good and bad points in WinisFX. No matter how dramatic the advantages of WinisFX can be, it is still a huge downside to go for a brokerage that is not regulated. If you want safety and security of your money, this is the first item you should tick on your list. To avoid fraud and scam, we recommend to only dealing with regulated brokerage.
WinisFX
Pros
- Use of MetaTrader5 as Trading Platform
- Strong Leverage of up to 1:500
- A Selection of Trading Instruments
- Minimum Deposit of $10
Cons
- Not Regulated
- Additional Withdraw Conditions of Trading Bonuses
- Only Uses Bank Wires for Withdrawal
- High spreads
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.