Scam Brokers

Winnex-Prime Markets – Are They a Scam?

Chainbits Staff | Publish date: 09/25/2022 (Last updated: May 03, 2023 07:49 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Winnex-Prime Markets - DO NOT TRADE WITH THIS PROVIDER

2.6/10

$100

Minimum Deposit

updated 2022

Try other platforms

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

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

try this broker

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://winnex-primemarkets.online

Founded: 2022

Regulations: None

Languages: English

Deposit Methods: Crypto Wallets

Minimum Deposit: $1

Free Demo Account: No

Number of Assets: 14000+

Types of Assets: Stocks, Crypto, Real Estate, Forex

Trading Accounts and Conditions

Winnex-Prime Markets offers their clients packages – not trading accounts:

Basic: The minimum possible funding is $250. The minimum expected profit is $2,500. And the maximum expected profit is $5,000.
Premium: The minimum possible funding is $1,500. The minimum expected profit is $10,500. And the maximum expected profit is $15,000.
VIP Membership: The minimum possible funding is $3,000. Minimum expected profit is $12,000.
Forex Signal Subscription: The minimum funding is $10,000.

There is no information about the spreads, leverages and other trading conditions in their packages segment, however the broker boasts of a 1:500 leverage on their homepage as well as having the best spreads in the industry (but does not put a number to them). The broker also claims to offer commissions that start from 0.08% in their About Us page.

Winnex-Prime Markets – Advantages

There are no advantages to trading with Winnex-Prime Markets.

Winnex-Prime Markets – Disadvantages

Here are all the reasons why we have marked Winnex-Prime Markets a scam:

No Regulation

Winnex-Prime Markets gives an address in Unitied Kingdom (note the spelling mistake there) at the bottom of their home page. There is no phone number or email ID provided.

In another part of their website, the broker claims to be regulated by multiple financial authorities – Australia’s ASIC, South Africa’s FSCA and the UK’s FCA.

To be regulated by any of these authorities, a broker would need to be listed on their databases. However, we checked each of the regulators’ online registers. And we came up empty-handed. This means that this broker has actually lied about being regulated.

Winnex-Prime Markets also states – in small print at the bottom of their home page – that they not directed at any jurisdiction. Which means that the broker actually admits to not being regulated, but just in a really roundabout way.

All of this tells us that this broker is actually a scam – operating without any real authorization from any financial authority.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

Issues with Legal Documents

Winnex-Prime Markets does not have any legal documents in place. On their About Us page, the broker has links to several legal documents – License Agreement, Terms of Service for Blockit Trade, Privacy Statement, Blockit Trade Security and Responsible Disclosure Policy.

However, if you click on any of these links, nothing happens. There are no pages that open up. Which means that these links don’t really work and there are no legal documents available at all.

We need to point out that all legitimate brokers have to have legal documents in place since these papers are the contract between you and them. Without these documents, the broker can take you for a ride and there will be nothing to protect you from their scam.

We also take note that the company mentioned on the link has nothing to do with Winnex-Prime Markets. The company mentioned on the links is Blockit Trade. This is a name we have seen a number of times on other brokers’ websites. And each time that broker has proved to be a scammer.

No Trading Software

Winnex-Prime Markets claims to offer the MetaTrader 5 platform in one part of their website. And then, on another page, the broker states that they offer the MetaTrader 4 platform.

Had either of these claims been true, we would have marked it an advantage, since both these platforms are excellent trading software.

However, both these claims are lies. Winnex-Prime Markets actually doesn’t have any trading software! There are no download links for a trading platform anywhere on this broker’s website or in their user area.

All you will see if you register with this broker are a few third-party market charts that do nothing. They are just there to make it look like the broker may have a trading platform. They don’t really do anything at all!

Massive Profits Promised

Considering the fact that this broker doesn’t have any trading software, trading accounts or even valid trading conditions, how could they possible attract people to invest with them?

By the profits they guarantee.

Winnex-Prime Markets promises you massive profits if you invest in any one of their packages.

This is a huge rad flag because no legitimate broker would ever make such a promise.

The forex and crypto markets are so volatile that most trades end up in losses. In fact, it is a legal requirement that regulated brokers specify the percentage of the trades that have ended up in losses. And this number is big – 65% to 85% of all trades are fails.

Therefore, there is no way that any broker can guarantee that you will make profits every single time you invest with them. This is simply a tactic used by scammers (like Winnex-Prime Markets) to entice you into investing your money with them.

Issues with Funding Methods

On their website, Winnex-Prime Markets claims to offer multiple funding methods – Visa, MasterCard, Skrill, Neteller, and PayPal. The reality is much different.

The only way that you can fund your package with this broker is via some rather suspicious looking e-wallets.

Added to that, the broker may claim that their minimum deposit amount is $250, but when we tried depositing, we were allowed to make a deposit of just $1!

We need to warn our traders that making payments in cryptocurrencies is dangerous, especially when you are dealing with a new broker. Crypto payments are permanent and they are irreversible. So, once your money is gone, there is no way to trace it or get it back. Which is why this payment method is so popular with scammer such as Winnex-Prime Markets.

Conclusion

Winnex-Prime Markets is unfortunately yet another scam. This is not a broker that you should do business with.