Beware! WinsorFX 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.
WinsorFX had the visual potential, but it wasted it all. The broker truly looks legit, but a few minutes spent with it and you’ll get the big picture. And if not, well the following review is for you. Read it before you do anything with WinsorFX.
WINSORFX REGULATION AND SAFETY OF FUNDS
First and foremost, we have a Saint Vincent and the Grenadines address, which is never a good thing. This address translates to WinsorFX being an offshore broker and a risky one. This Caribbean country does not have an FX regulator, and its local laws structures are quite loose, to say the very least. That is why more than 99% of all Saint Vincent and the Grenadines registered brokers are essentially scams. Even if WinsorFX is registered there, it would not make a difference: the broker would remain a scam.
There are no legal documents: another major aspect of any unregulated brokers. Without these the user is not protected, and the broker is free to do as it wants without any repercussions. Basically, WinsorFX cannot be trusted, and anything you do on the site will be a mistake.
There is nothing else to say here, nothing to add at least. It’s pretty obvious that WinsorFX is illegal and a scam. Not to mention that it holds no license, making it an immediate risk to any and all investments.
Think about it for a second. An unregulated broker is free to do whatever it wants, with very few repercussions, for the time being. Unlicensed brokers are in a constant rush to steal as much money as they can get their greedy hands on, and then eradicate all traces of their existence, until they pop up as a different scam under another name. It’s the scammer cycle. Investing in any unregulated broker is a risk and it will always be a risk.
On the other end of the spectrum, you have your legal and regulated brokers, those that actually have put countless efforts and manhours into crafting the best version of their vision for an FX broker. We recommend the top of the top, those located and regulated in any European, UK, US, or Australian jurisdiction, but clients should not underrate some offshore regulators as well. Regulated brokers stick to scrupulous regulations and rules whose point is to make sure that all users are treated equally and that there is no shady business going on.
Make sure to check for a license each time you stumble, whether by accident or on purpose, on a new broker.
WINSORFX TRADING SOFTWARE
We had a hard time with the trading software because there was none. The information on the site was limited, and way we say this we mean that there was nothing to hang on to, not even a small info pool. So in the end we have no idea what the platform is, and even if there is one.
To make matters worse, the broker did not allow us to register, and that made matters worse, since that was the only chance for us to get our hands on a supposed platform.
It’s annoying to find brokers so easily dismissive of a trading software. WinsorFX obviously has not taken things seriously, and that’s why our readers should check these MT4 or MT5 brokers instead.
WINSORFX TRADING CONDITIONS
After a long load time, it seemed that we were registered. But then we stumbled in our search for a verification code and that terminated our quest for the user area. The broker never sent it to us.
And so the website it was, but we knew better to trust it fully. The leverage was capped at 1:500. A 1:500 leverage is classic, however the issue is that the broker is unlicensed and a risk. So, instead, check one of these high leverage brokers.
Unfortunately, there was nothing else to reveal, in terms of the classis trading conditions, such as spreads and leverages.
WinsorFX claims to offer copy trading accounts, but there was nothing to support this claim. Moreover, WinsorFX had a couple of bonuses, another sign that the firm is definitely not regulated and offshore-based. If you want to trade with bonus offering brokers, then here’s a look at a very exclusive list of the best bonus brokers around.
WINSORFX DEPOSIT/WITHDRAW METHODS AND FEES
According to the site, the minimum deposit is just $5. This is a great minimum deposit, but that does not change the fact that the broker is a risk and a scam. So, it’s good to have a backup plan: here is a list of great minimum deposit brokers.
And that is pretty much all the payment details we have for our readers. There are no payment methods, no withdrawal fees, or other fees for that matter.
It’s obvious that WinsorFX is trying to conceal something, and that something will hurt the user, financially. So, once again, WinsorFX is a scam and a risk to all. There is no reason to deposit here.
How does the scam work
It’s crazy to think that the scammer process has been the same for years now, probably more than a decade at the least. It follows the same principles that have not changed over the years, but only adapted to modern tendencies, such as the crypto boom, NFTs, fin influencers, the metaverse, and more.
The phalanx of the scammers, the proverbial spear with which they lead the charge , has always been either misleading ads or direct solicitation over the phone, preferably, or via email or social media channels. Here scammer have evolved over the years to sound more convincing and to include increasing more tempting opportunities. There are dozens of different means by which a fraudulent broker can attract a user, and it all happens over some kind of technology, be it a phone or a PC.
The most suspenseful part for any scammer is to convince any one user to invest for the very first time, which is why call centers are always looking for enthusiastic and charismatic dealers, both illicit call centers and legit ones. An initial deposit can be retrieved by falsely claiming lucrative opportunities, by pretending to be someone else – like a rep of a legitimate investment company or regulator -, by being devilishly charming, and even by blackmailing.
Once the initial deposit has gone through, the user has fallen for the trap and is now ready for phase two, which is to leech as much money from him or her until his/her senses realize that something is not quite right. Usually, this happens after profits are withheld, or the broker does not keep its promises, or stalls all withdrawal requests.
Essentially, the client will not be able to withdrawal any of the invested capital and will be forced to look for an alternative. On the broker’s side, the firm may shut its website, or at least draw all communication with the user to a sudden stop.
What to do when scammed
The best thing you can do is to file for a chargeback with ones credit or debit card provider, just make sure that the broker does not charge for a fee for a chargeback since some do really do that. The chargeback period for MasterCard and VISA is 540 days, giving users a lot of time to try and get his money back.
Wire transfers are harder to get back, since there are certain restrictions depending on the bank and the jurisdiction in which the scam took place. We advice users to change their bank account user names and passwords, and then swiftly contact their bank for further assistance.
Crypto investments are untraceable and therefore lost forever if invested in unregulated brokers. That is the reason why you will see more and more scammer offering exclusively crypto-based payment methods.
If you stumble on a recovery agent or agency do not trust them, nor should you send them any money. They will promise to bring back your lost funds but will require a fee for their “services”. Obviously, these are scammers and will take even more of your money.