Beware! WinBitx 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.
Giving users a good-looking website and claiming to be offering fair trading services is in no way a guarantee that this is what the users will actually get. Enter WinBitx.com, a broker much like a ton of others that we have reviewed, that do just as we said. They take a slick design idea and focus on that, while the trading conditions are left behind. The focus on the look of the website is of course a very scammer FX broker thing to do, and with WinBitx.com we did not expect any different. Read the review to find out all about this broker.
The process of account creating is incredibly easy and fast to complete. Equally easy was to access a web trader with what was a real account. As for the client dashboard as a whole, we did not expect anything to be good or beyond average, and our expectations were met.
The web trading platform reveals the available financial instruments to be forex currency pairs, indices, indexes, commodities, and cryptocurrencies. The EUR/USD spread was of 0.6 pips, while the leverage cap for us was at 1:200. This cost of trade is very appealing, and many brokers would have attached a certain commission to it. We found no commission structure at WinBitx.com. However, that does not mean that there isn’t one. The broker is shady, and as such can do more than most legal brokers, including to conceal information on spread commissions.
The website of the broker is accessible in English, Turkish, Spanish, German, and Italian.
WINBITX REGULATION AND SAFETY OF FUNDS
We won’t take your time here with complicated details of multiple regulators or addresses.
With WinBitx things are much simpler and incredibly straightforward. First, of all, the broker is utterly anonymous with not a single mention of where it is located. There is absolutely no hint of a location, be it fake or real.
Second of all, there is also no alleged license. The company hasn’t even tried to convince its users that it is regulated. It avoids the matter altogether.
Anonymity in combination with a lack of a license is a one-way ticket to unlicensed town. But it’s not like we did not expect this to happen.
Not to mention that the legal documents are short and quite useless as a result.
The verdict is simple and straight. WinBitx is UNLICENSED and a risk to all traders.
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
WINBITX TRADING SOFTWARE
Perhaps the best thing about this broker is the web trader, which objectively looked at is nothing special, not to mention that it has been used only by unregulated brokers. Nevertheless, it’s one of the best web traders used by scammer brokers today.
There are pending orders, stop-loss, take-profit, time frames and other graph customization tools, and that’s pretty much all there is in terms of main options.
WINBITX DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, users can invest into an account by means of credit cards, debit cards, a bank transfer, and perhaps a number of e-wallets. The minimum deposit is $250.
The withdrawal area reveals that clients can take out their funds by means of a wire transfer, cards, and three separate crypto wallets.
Other than that we find no further payment details. There is no info on withdrawal processing times, nor is there anything on the much more crucial withdrawal fees. Usually, unlicensed brokers have the power to apply all sorts of fees, not only for withdrawing but for anything they might find commission-worthy.
As our main verdict, we only have to say that spending your money and time at WinBitx is a waste. This broker is a scam and a risk to all. You will regret investing in it!
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!