FxWinning Review
FxWinning is quite an interesting broker. Their website’s default language is Spanish, they claim to be registered in Hong Kong, and on top of that, the Client Agreement mentions US law as governing. To get more news about fxwinning review, you can visit wikifx.com official website.
If you find it difficult to decide whether they are safe to trade with, we are here to help. In this detailed review, you will find all the information you need about FxWinning. And you better read it before making any investments – a decision you might later regret.
Is FxWinning legit or not?
No matter what FxWinning claims, it isn’t regulated in Cyprus, Hong Kong, nor anywhere else. So, the broker isn’t legit and cannot be recommended. If you are residing in an EU Member State, your best option is sticking with brokers licensed in the EU, so check some of those here.
The website of the broker is said to be operated by FxWinning Limited – a company allegedly registered in Hong Kong, which is also in the process of acquiring a license with the Cyprus Securities and Exchange Commission (CySEC).
Now, we can’t check whether FxWinning has indeed applied for a license with CySEC, but we can assure you that no such broker is regulated by the relevant authorities in Hong Kong, and namely by the local Securities and Futures Commission (SFC):
So, we can safely conclude that FxWinning is an unregulated broker that tries to present itself as a legitimate financial services provider. And if it targets investors in the EU or Hong Kong, it will most probably find its way into the warning lists of the relevant authorities in these jurisdictions.
Our advice to investors is to stay away from FxWinning, as well as from all brokers operating without a legit license. Always check the identity of the company operating a brokerage before signing up with them and make sure it holds a legit license to provide financial services – this is the only way to trade safely on the forex market.
Can I make money with FxWinning?
The chances of you making money with an unregulated broker as shady as FxWinning are really next to none. You will be better off with a licensed and trusted forex provider – why not pick one from a list of such regulated in the UK instead?.
What trading platforms are available at FxWinning?
The broker supports both the MetaTrader4 and MetaTrader5, and that is a great choice of forex trading platforms. Nevertheless, this doesn’t change the fact that FxWinning is an unregulated broker that cannot be trusted. Better pick another trading partner that supports the MT4 or MT5 – there are plenty.
What are the spreads offered by FxWinning?
Trading via demo account wasn’t possible, but at least we got the chance to take a look at their spreads The FxWinning’s MT4 gave us a EUR/USD spread of 1.1 pips which is quite favorable. Otherwise, according to the information on their website spreads on Standard accounts for this pair are well above 3 pips. In any case, given the broker’s credibility level is bordering zero, checking out the real-time offers of some major brokers appears like a much better idea.
What leverage is available at FxWinning?
FxWinning offers 1:100 – a solid ratio, yet the allowed levels in most jurisdictions are significantly lower. The reason why such restrictions are being set is that higher leverage involves a greater risk of losses. In spite of this, there are still some trusted brokers, offering leverage as high as 1:500.
What is the minimum deposit at FxWinning?
FxWinning hasn’t made that clear on their website. Most brokers require something in the range of $100 – $250 as a start, and those offering micro accounts go even lower.
What payment methods does FxWinning use?
This is another piece of information we miss. We only found a mention of bank wire in FxWinning’s client agreement. And as bank wires are pretty final, you may check a list of brokers, which do accept credit cards like VISA and MasterCard. If you pay with a card, you will have the option for a chargeback, if you happen to fall victim to a scam.
