WingsFXTrade.com review – 5 things you should know about wingsfxtrade

WingsFXTrade.com review – 5 things you should know about wingsfxtrade

Rating: 1

Beware! WingsFXTrade.com is an offshore broker! Your investment may be at risk.

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WingsFXTrade.com might seems like a difficult broker to dissect, but what one really needs is time and patience and at some point the truth will start revealing itself; it’s exactly what happened to us, although we knew from the start that this was to be another scammer entity.

After an easy registration, which is actually a sign that the firm is a rusher and does not take its time, a user area appeared. There we accessed an MT5.

However, we soon noticed that the MT5 automatically opened a demo account, even though that we previously chose to open a live one; we specifically clicked on a live account creation. So, the 0 pip spread for the EUR/USD pair that we opened is either commissioned or tampered with. A zero pip spread is an impossible value. What’s more worrying is that WingsFXTrade.com presents no commission, therefore the spread has actually been manipulated.

Moreover, there is no spread on the site further supporting our theory. There is also no leverage revealed anywhere.

The web trader MT5 reveals that the available assets are forex currency pairs, commodities, indexes, energies futures, and energies spots.

WINGSFXTRADE.COM REGULATION AND SAFETY OF FUNDS

The website claims a registration in England. This is by far the most overly used jurisdiction in the world of FX brokers. More than 60% of all unlicensed brokers we review claim the UK as their home base. Why is that? It’s actually right there: the UK is the financial center of the world, so any rookie trader will feel right at home when his broker claims a UK address. Yet, thigs are slightly less complicated than that.  A simple business incorporation is nothing if a broker has no license. In the UK, the FCA regulates all legit brokers, and as it turns out WingsFXTrade.com is NOT licensed in the UK.

In fact, the broker has been blacklisted by the very same FCA, and this sums up everything there is to know about this firm.

We need no further information. WingsFXTrade.com is a not regulated and a risk to all.

Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.

WINGSFXTRADE.COM TRADING SOFTWARE

There is a fully available MT5 that is ironically the best software out there used by some of the worst brokers one can interact with. This leads us to the question as to the means of access. Did WingsFXTrade.com hack the software, or did it actually but the rights to it? What ever the case, we do not recommend using it, simply because the broker is unregulated.

We were given access to both a web and a desktop version of the software. Here is a snip of the web version:

Furthermore, the MT5 desktop file was suspicions and our PC immediately warned against opening it, telling us that it may carry a virus with it.

WINGSFXTRADE.COM DEPOSIT/WITHDRAW METHODS AND FEES

From the user area we gathered the only two available payment methods: wire transfer and BTC wallet. Both are untraceable if the broker wishes them to be, and so are the perfect getaway vehicle for WingsFXTrade.com. Once invested, the deposit will probably never be returned.

There was no minimum deposit reveals without first verifying one’s account, leading us to the temptation of doing exactly so. But we held our grounds. Unfortunately, the site is very uninformative in the payments domain and we cannot give you a minimum deposit requirement.

The withdrawal area reveals that only bank transfers are available for this type of payment. So, no crypto withdrawals? Figures: WingsFXTrade.com will take you money via crypto and will not send it back.

There are no further details on any sort of payments. This is typical of unregulated brokers. Do not invest in this risky firm!

HOW DOES THE SCAM WORK

Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.

First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.

The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.

When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.

WHAT TO DO IF SCAMMED

The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.

Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.

Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.

Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.

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