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

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At first glance, WinexGroup, or  Winex Asset Management Group, may fool you into thinking that it really is the “global financial services provider” it claims to be. But that’s exactly why you should do careful fact-checking before you put your money on the line. WinexGroup is not actually a legitimate broker. In this review, we’ll show you the evidence that the WinexGroup is a scam, and point you towards more credible alternatives for investing in the financial markets.

WinexGroup Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
WinexGroup
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.  Genuine brokers also provide access to a comprehensive set of legal documentation.

The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

According to the information on the homepage of the website, behind this broker is a company called Profbets Technologies Ltd, which is based in the United Kingdom.

In order to offer brokerage services in this jurisdiction, a company needs the appropriate licence from the Financial Conduct Authority (FCA). But a check of the register of that regulator reveals a warning that WinexGroup is not authorised.

Among the documents on the WinexGroup website, there is no Client Agreement and Terms and Conditions. In some of the documents that are available, the name of a different company is mentioned – Safe investment Group Llc. Such inconsistencies are typical of fraudulent websites.

Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority. They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

WinexGroup Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
WinexGroup
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

WinexGroup implements a basic web-based trading platform. Here is how it looks like:

While this platform has the basic functionality to place orders, it cannot compare to the capabilities provided by MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It is no coincidence that these platforms have established themselves as the industry standard. They offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use rigged trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers’ pockets.

WinexGroup Trading instruments

CurrencyStocksIndicesCryptoCommodities
WinexGroup
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

WinexGroup offers trading in currencies, commodities, indices, stocks and cryptocurrencies.

The latter is also evidence that it is not a regulated forex broker based in the UK because the FCA prohibits trading in crypto derivatives.

WinexGroup Spreads and cost of trading

WinexGroupXMFBSFXTM
Spread EURUSD0.80.611.1
Spread GBPUSD0.81.31.21.4
Spread USDJPY0.81.31.21.4

In the trading platform we see a very low spread of less than 1 pip. This is a very competitive level, but as stated, we have no guarantees that this unregulated website offers real trading.

WinexGroup Maximum leverage

ForexStocksCryptoGoldIndices
WinexGroup100:1100:1100:1100:1100:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

Leverage for all account types reaches 1:100. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally.

All leading regulators limit leverage for retail traders. Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

WinexGroup Deposit and withdrawal methods

At the time of writing this review the deposit menu was not active. We were therefore unable to ascertain what payment methods were available. Experience has shown that fake brokers routinely advertise conventional payment methods, but actually steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

WinexGroup Minimum deposit

WinexGroupXMFBSFXTM
Minimum deposit$250$5$10$5

WinexGroup specifies a minimum deposit of 250 USD, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

WinexGroup Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
WinexGroupNot specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

Since WinexGroup does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.

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