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WinisFX Review - is it scam or safe?

WinisFX review - Is winisfx.com scam or good forex broker?

RATING: 1.1 / 1 REVIEWS ForexBrokerz WinisFX
WinisFX is not regulated. We cannot guarantee your money is safe.

WinisFX is an offshore broker offering several account types with a leverage of up to 1:500 and the MetaTrader5 platform. The broker claims to be regulated in Saint Vincent and the Grenadines, but that can not be true as the local financial commission simply does not regulated forex and CFD brokers. That is why we have some serious questions about the regulatory status of WinisFX, which we will discuss in detail in the following paragraphs.

 

Account type Min. deposit Max. leverage Spreads
Mini Account $10 1:500 2 pips
Standard Account $100 1:500 1,6 pips
Premium Account $500 1:500 1 pip

 

WinisFX Advantages:

 

Good selection of trading instruments

 

We always start our reviews with any possible advantages about the broker, and with WinisFX their selection of trading instruments is definitely one. From the WinisFX presentation we understand that they offer some 30 currency pairs and a number of CFDs on energy commodities like natural gas and oil, spot metals, including gold, silver and copper, 10 indices, stocks and even crypto coins like Bitcoin, Litecoin, Ethereum and Ripple. But if you are interested in trading crypto assets, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:500

 

Since the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions for retail clients in the summer of 2019, following similar moves by the regulators in the US, Canada and Japan, in practice higher leverage is still available only with offshore brokers like WinisFX and the brokers regulated in Australia, which you can check in the following link:

 

>>Brokers regulated in Australia<<

 

You can open a trading account with just 10 USD

 

That is also a good news as most brokers require a minimum deposit of about 250 USD. Still, we should note that some big and well established brokers like FBS and IG do not have a minimum deposit requirement at all.

 

MetaTrader5 supported

 

In their presentation WinisFX say to be offering the MetaTrader4 platform, but when tried to download and install it, it turned out the platform is MetaTrader5, which was actually licensed to GF Trade, another offshore broker, also based in Saint Vincent and the Grenadines.

 

In any case MetaTader5 along with its predecessor the MetaTader4 is one of the most popular trading solutions on the market. It features numerous market indicators, an excellent set of advanced, charting tools, as well as the option to run automated trading sessions with the help of specially designed customzable trading robots, or Expert Advisors, as they are called. Here you may also check our list of brokers supporting MetaTrader5:

 

>>MT5 Brokers<<

 

WinisFX Disadvantages:

 

No forex license

 

WinisFX is owned and operated by WinisFX Inc – an offshore company based on  St. Vincent & the Grenadines, and as we already noted they claim to be regulated by the local Financial Services Authority (FSA).

 

The problem here is that a year ago the FSA of St. Vincent and the Grenadines issued an official warning that they do not regulated forex and CFD brokers. The Authority do regulate the banking sector and that is all. So if you see a broker, that claims to be regulated by FSA in St. Vincent and the Grenadines, like WinisFX, chances are that you are dealing with scammers.

 

And besides, in the section where WinisFX talks about the benefits of being a regulated broker we came across the name of yet another company - Global Prime. This is obviously a mistake and probably WinisFX have just copied the paragraph without editing it. See for yourself:

 

 

In any case, your investment will be safe only with brokers, regulated by well respected financial institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) or the the Australian Securities and Investments Commission (ASIC).

 

Besides with a FCA broker your trading account will be covered by an insurance policy of up to 85 000 GBP, so this is another reason to check our list of brokers regulated in the UK: 

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses with additional withdraw conditions

 

The practice of offering trading bonuses is highly controversial and it is not a surprise that actually all trading bonuses have been banned throughout Europe and on many other regulated markets. The main problem with all trading bonuses is quite simple – they always come with some additional withdraw condition, usually a minimum trade volume requirement. In the case of WinisFX in order to withdraw you will have to trade at least 1 standard lot or 100 000 USD for every 3 dollars you have accepted as a bonus.

 

Only bank wire withdraws

 

The payment methods available with WinisFX are few – they accept deposits with credit cards like VISA and MasterCard and bank wire transfers. In the same time they will allow withdraws only with  bank wire. 

 

Popular e-wallets like Neteller and Skrill are not available, neither payments with bitcoins are accepted, so here you may also check our list of brokers, where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

High spreads

 

WinisFX says, that with their opening account spreads start at 1,9 pips – 2,1 pips and that is higher than the spreads traders usually consider attractive. Bear in mind that starting spreads are considered acceptable only below 1,5 pips. So here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

WinisFX is not a broker we can recommend. Clearly they are not licensed to operate on regulated markets like the European Union, Canada or the US and that is a major issue. On top of that WinisFX deliberately tries to mislead its clients that they are regulated, and that additionally decreases their credibility.

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Traders` reviews for WinisFX

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