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Wins-FX Review - Is it scam or safe?

WinsFX Review - is wins-fx.com scam or safe forex broker?
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Trading Accounts

  

Account Type Minimum Deposit Maximum Leverage Spread
Standard $100 1:100 From 1.6 pips

 

Wins-FX is a broker, which offers forex and CFD trading. There is one single account type, with a binary option-like platform also being provided. This review will focus on the spot FX offer, provided by this broker.

 

The Company. Security of Funds

 

Company Country Regulation
West Investment Securities Ltd. Vanuatu VFSC

 

Wins-FX is owned by West Investment Securities Limited. The company is registered in Vanuatu, which is generally speaking troubling. This broker is regulated by the Vanuatu Financial Services Commission (VFSC). That being said, this is an off-shore jurisdiction, which is a bit dubious. We have explained all the risks involved with off-shore companies here.

 

Vanuatu is the latest hot-spot for shady forex brokers, as the local regulatory agency doesn't have exactly high standards. The capital holdings requirement is a mere $2,000. Other jurisdictions have similar rules, but with much higher levels. For instance, the UK`s Financial Conduct Authority (FCA) demands a minimum of €730,000. Another rule applied by the FCA is the account segregation requirement - brokers must keep client's money separate from their own. This ensures protection against the simplest scam - a company simply taking your money, and creating a fake account, in their own system, where you trade monopoly money. Furthermore all FCA regulated brokers participate in the Financial Services Compensation Scheme (FSCS), It is a pool, where brokers have to give a portion of their profits in order to guarantee client claims, if one of the companies goes insolvent. If you trade with a FCA-regulated broker, your investment will be covered up to £50.000, in the off0chance they go bankrupt.

 
As we mentioned earlier, Wins-FX allegedly also offers a service similar to binary options, but we couldn't get the platform running for a test.

 

 

Trading Conditions

 

Minimum Initial Deposit

Wins-FX requires $100 as an initial investment. This is pretty much in the realm of what most forex brokers require nowadays.That being said, some companies set the barrier to real-money trading even lower, in order to attract people who are not familiar wit trading. For instance, FXTM, only requires a $5 deposit for a cent account.

 

Trading veterans will tell you, a solid investment is needed for a viable trading plan. That being the case, there is nothing wrong with trading small accounts, until you gain the confidence to step-up. Be sure to always risk money, you can afford to loose.

 

Average spreads & Commissions

Wins-FX offers floating spreads. The EUR/USD spread didn't go below 1.6 pips in our testing, during the early part of European trading - probably the most liquid time of the day. This offer is ever so slightly non-competitive. Most forex brokers offer something in the 1.0 to 1.5 pips range. You can check what some of the top-tier FX brokers are currently providing here.

 

Leverage

The maximum leverage at Wins-FX is capped at 1:100. This may not seem that impressive, given the current offers by other brokers. Some even use leverage as a marketing tool - XM provides 1:888 leverage. You can not forget this, after reading it.

 
That being said 1:100 is more than enough to trade freely, with some sort of risk management. It is also a perfectly sufficient level for you to loose your entire investment in a manner of hours, if you are not careful. Be sure to fully understand the risks involved in margin trading before participating in it.

 

Trading Platforms

 

Wins-FX gives their clients the ability to trade via the popular  MetaTrader4(MT4) platform. It has establish itself as the industry norm nowadays. Many brokers prefer offering it, instead of creating a new platform form scratch. This has led to the its massive popularity, which has led to the development of many extra tolls for traders. MT4's relatively easy to operate programming environment has led to an impressive number of new technical indicators, market screeners and automated trading systems to come to fruition. Be sure to check our reviews of trading systems, available here, if you are interested in such things.

 

MetaTrader also has app versions, available for Android and iOS. They allow you to get an instant update on the market and (more importantly) your positions. On the other hand, the desktop version has amazing charting capabilities and the default layout is set up to emphasize it - most of the space is taken by the chart. Here is a preview of the platform provided by Wins-FX:

 

 The MetaTrader4 platform, as provided by Wins-FX

  

Methods of Payment

 

A variety of payment options are available at Wins-FX. They include Bank Transfer, Credit/Debit Card and some of the most popular e-wallets: PayPal, Skrill, Neteller and China Union Pay.

 

Conclusion

 

Wins-FX is Vanuatu-based forex broker. It is under the oversight of the local VFSC, which is famously not know as a stringent regulatory agency. This is a major cause of concern for us. Other than that, trading conditions at the company are barely non-competitive with the current state of the industry. The company allegedly also offers binary options (called short-term forex), but we can't verify that. Here is a summary of this broker's pros and cons:

 

Pros Cons
MetaTrader4 (MT4) platform Off-shore regulation
Lots of payment methods Slightly non-competitive spreads
  Not working binary options platform

 

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Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for Wins-FX

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