Beware! Fx Winning is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
This broker wants you to know that with Fx Winning you are winning. How true this is, though? We are about to find out by looking at some key information on its website.
Fx Winning Regulation and safety of funds
Fx Winning claims to be a safe and regulated broker, so we check its registration. As per the information on its website, we find out that this broker operates from Hong Kong, Cyprus and St. Vincent and the Grenadines. However, it claims that it is in the process of registering in Cyprus and obtaining a license from the Cyprus Securities and Exchange Commission (CySec). We searched the register of CySec, the official body that regulates forex brokers in this jurisdiction and the name of this broker was not in it.
Next, we checked the register of the Hong Kong Securities and Futures Commission (HKSFC), the official body that regulates forex brokers in Hong Kong. Again, the name of this broker did not appear to be in the register (image below).
Finally, what we know about St. Vincent and the Grenadines (SVG) is that it is an offshore zone for forex trade and there is no official regulator of forex brokers.
We came to the conclusion that Fx Winning is neither registered nor regulated in any of these jurisdictions and the claim that it is a safe and regulated broker is a lie. Trading with it will put your funds at risk and we advise you to stay away from it.
The forex brokers in Hong Kong regulated by HKSFC must have a minimum paid-up capital of the equivalent of $640,000 and they must participate in the Investor Compensation Fund from which in case of insolvency the clients can be compensated up to $150,000. Another measure to protect the clients is a clause that is obligatory to be included in the broker’s Terms and Conditions saying that traders can claim damages if they have been sold or recommended products not reasonably suitable for them. However, in Fx Winning Terms and Conditions such clause is not included.
In Cyprus where the forex brokers are regulated by CySec, they must have an initial capital of no less than 730,000 EUR and participate in the local Investor Compensation Fund from which in case of bankruptcy, the clients will be repaid up to 20,000 EUR per person.
And here we want to make one more point regarding the safety of clients’ funds trading with Fx Winning. The company claims that it is member of the Compensation Fund of the Financial Commission (CFFC) which will provide compensation to the clients if the broker goes bankrupt. However, what we found about this shady CFFC is that it is not registered or regulated in any jurisdiction so there isn’t much credibility to the claim made by Fx Winning regarding the compensation they can provide to their clients.
Fx Winning Trading software
Fx Winning offers the two top-notch trading platforms to its clients – MetaTrader 4 and MetaTrader 5. However, before opening the platform, clients must make a deposit and not wishing to fatten the pockets of this dodgy broker, we did not open an account with it.
We must tell you, though that MetaTrader 4 and MetaTrader 5 are the two most reputed trading platforms used in forex trade and around 80% of the forex brokers around the world are using them. This is not without justification as both platforms offer an excellent package of trading tools and instruments that include an auto trading option, an app market, a financial calendar, trading signals, VPS, code base with customs scripts, etc. The charting options these two platforms offer are also out of this world and contain a great number of charts, time frames, colours and even the option of creating customised templates. We can’t skip mentioning also the technical analysis indicators, such as Fibonacci retracement, Bollinger Bands, moving averages, etc., that help traders predict the future direction of exchange rates, thus make a profit.
For illustrative purposes, we can show you what MT4 demo account looks like. On the left-hand side menu, you can see the trading instruments which here show the forex currency pairs. Beneath is the navigator with the buttons for opening the accounts, indicators, expert advisors and scripts. In the middle of the screen are displayed charts of 4 different pairs of forex currencies. As we mentioned already, the number can vary to suit the trader’s needs. In the top horizontal bar, you see the buttons for opening the charting options, tools and auto trading option.
However, a trading platform is as good as its broker is reliable and as we already saw, this is not the case.
Fx Winning Deposit/Withdrawal methods and fees
Fx Winning offers a live and demo account. There is no information what the minimum initial deposit is but the deposit method is limited to payments in cryptocurrencies. This is not a good option if at any stage you decide to apply for a chargeback.
If a trading account stays inactive for 90 days, the company will close the account and will deduct the remaining balance and use it for charitable purposes. This information contradicts another information in the same document which states that if an account remains inactive for 6 months, the company will charge a monthly fee of 5 EUR/USD/GBP. Having such contradictions in a legal document shows again that this broker is not to be trusted.
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for a chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for a chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for a chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.
Glenn
Fx Winner ( SCAM )
dozens and even hundreds of people, honest workers. are being defrauded by this broker. everyone is asking for a withdrawal and the broker does not transfer their deposits. they invent different ways to lie and buy time.
I do not recommend this brokerage to anyone, we would just like some help in resolving our case. there are people there who need to withdraw the money to pay for their cancer work, and all this has already been reported to the broker through dozens of emails, and fxwinner does not pay the slightest attention