Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is FxWinning？
FxWinning is an online forex broker registered in St. Vincent and the Grenadines less than two years ago, and currently under no effective regulation. The information on its website is also quite limited. As a result, we advise you to pay attention to possible risks.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
FxWinning has several potential drawbacks that clients should be aware of. Firstly, FxWinning is an unregulated broker which may raise concerns about its trustworthiness and transparency. Additionally, the lack of information provided on its website about trading costs, deposit/withdrawal processes, and account types may make it difficult for clients to make informed decisions.
However, FxWinning does offer popular trading platforms and multiple language support for its customer service, which may be attractive to some traders. Overall, clients should carefully consider the potential risks and limitations of trading with an unregulated broker before deciding to open an account with FxWinning.
FxWinning Alternative Brokers
There are many alternative brokers to FxWinning depending on the specific needs and preferences of the trader. Some popular options include:
ActivTrades - offers a user-friendly trading platform and a wide range of trading instruments, but its fees are generally higher than other brokers.
AETOS - provides a range of educational resources and a variety of trading tools, but its customer service could be improved.
AvaTrade - offers a diverse range of trading instruments and a user-friendly platform, but its high fees may not be suitable for all traders.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is FxWinning Safe or Scam？
As FxWinning is unregulated, it raises concerns regarding the safety of funds and trading practices. While they claim to offer additional security measures such as client money insurance, the lack of regulatory oversight is a red flag. Without regulatory oversight, there is no guarantee that FxWinning adheres to industry standards, including fair trading practices and the segregation of client funds. Therefore, investing with an unregulated broker like FxWinning can be risky and potentially result in loss of funds.
Market Instruments
FxWinning does not provide its range of market. It is difficult to assess the broker's potential for diversification and whether it may meet the specific trading needs of individual traders. Generally speaking, currency pairs, indices, commodities, metals, energy, cryptocurrencies and stocks are very common forex instruments provided by a lot of online brokers.
Accounts
Apart from MAM/PAMM accounts are available, FxWinning does not provide other account information. It is recommended to further investigate the broker's website or contact their customer support for more detailed information on account options.
Generally, Forex brokers offer several different levels of real accounts with different trading conditions (leverage, spreads, commissions, etc.) depending on the minimum deposit amount. In addition, many brokers offer demo accounts, where interested parties can trade without incurring real money losses. Due to the law prohibiting interest in the Islamic region, some brokers also offer Islamic accounts without overnight interest charges.
Leverage
You can't find information about trading leverage on FxWinning's website. Some forex brokers offer leverage of up to 1:500, but newbies are advised to be cautious about such high leverage.
Spreads & Commissions
FxWinning does not detail on its website additional trading costs such as spreads, commissions, SWAPs, etc. It can be difficult for traders to make informed decisions about their trading strategy and the potential costs involved. These costs are very important when calculating profits and losses, and should be considered in aggregate and not chosen in isolation. The lack of this information on FxWinning's website may raise concerns about transparency and trustworthiness.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: Spreads can vary depending on market conditions and volatility.
Trading Platforms
As for trading platforms, clients can choose between the market leaders MetaTrader4 and MetaTrader5. Both platforms are known for their user-friendly interface and are suitable for both novice and experienced traders. Clients can access the trading platforms on various devices including PC, Android, and iOS.
The platforms offer a range of features such as advanced charting tools, real-time market quotes, automated trading options, and multiple order types. The ability to use Expert Advisors (EAs) is also available on the platforms, which can be beneficial for traders who prefer automated trading strategies.
See the trading platform comparison table below:
Deposits & Withdrawals
FxWinning is ambiguous about how deposits and withdrawals work. Wire transfers, MasterCard, VISA, Maestro and some e-wallet processors such as Skrill, Neteller, PayPal and others are some of the most frequent and popular payment methods handled by most Forex brokers. The speed of withdrawing funds from a forex broker is also one of the most important factors in building a broker's reputation.
FxWinning minimum deposit vs other brokers
See the fee comparison table below:
Note: Deposit and withdrawal fees may vary depending on the payment method and country of the client. The information provided in the table is a general overview and subject to change.
Customer Service
Below are the details about the customer service.
Languages: English, Spanish, Portuguese
Service Hour: 24/5
Email: support@fxwinning.pro
Note: Since FxWinning does not provide much information about its customer service on its website, the table above is based on the limited information available.
Education
There is no education section on the FxWinning website. Many brokers are able to provide a variety of educational resources such as video courses, seminars, e-books, related articles, glossaries that provide some basic knowledge about trading. This is not the case with FxWinning.
This can be a significant drawback for beginner traders who are looking to learn about trading strategies, market analysis, or risk management. Lack of educational resources can also lead to traders making uninformed decisions, which can result in substantial financial losses.
User Exposure on WikiFX
We have not received any reports of fraudulent activity at this time. However, this does not necessarily mean that this broker is safe and you should remain vigilant to prevent being scammed.
Conclusion
In conclusion, FxWinning is an unregulated broker with limited information on its website. While it claims to offer Client Money Insurance (CMI) and a network of global financial service providers, it is important to note that being unregulated means that clients may not have the same level of protection as with a regulated broker. FxWinning's website lacks transparency in areas such as account information, trading costs, and deposit/withdrawal processes. The broker offers MetaTrader 4 and 5 as trading platforms, but there is no information on trading leverage.
Additionally, FxWinning does not have an education section, which could be a disadvantage for traders looking to improve their skills. While the customer service offers support in multiple languages, it is only available 24/5. Overall, traders should carefully consider the risks and limitations before choosing FxWinning as their broker.
Frequently Asked Questions (FAQs)
Daniel Fx
Ecuador
This thief does not pay, he has more than 6,000 lawsuits against him and he does not pay anything, he just drags his feet. There is evidence of everything that was stolen with 5,000 million.
Exposure
2023-11-19
Mario1134
Mexico
Since February I made a withdrawal of 500 dollars and it never arrived, then I withdrew the 5 thousand that I had left and they still haven't paid me anything
Exposure
2023-09-04
Nancy 8829
United States
Fxwinning fraud is a scam, a pyramid. Since February 2023, we are trying to withdraw our money. Now in August 2023, we could not withdraw anything, we are trying to report it, and hire lawyers. If anyone can help with providing some information, we will really appreciate it
Exposure
2023-08-01
Luis 2625
United States
Since last June 16, 2023, I have tried to withdraw my funds to an external wallet, in order to recover my money due to suspicion of a scam, which has been made impossible for me as well as for other users. The amount is 11,781.00 dollars. The sum that I wanted to extract is 11,780.00. When I made the withdrawal, they did not comply with the instructions since it is impossible to upload the document, the image of your face and an address receipt that they request. I would really like my money back and would be very grateful for any help.
Exposure
2023-07-21
Daniel Fx
Ecuador
I have evidence of my withheld capital, and I will continue to upload information until they return our funds. My partners and I are organizing a lawsuit, and it would be better if more people join us in this endeavor.
Exposure
2023-07-21
Juan3832
Guatemala
I have two pending withdrawals in my account, everything is in order. I was notified that my KYC (Know Your Customer) verification has been approved, and the withdrawal of $300 will be processed within 15 business days. However, it never arrived. The first withdrawal was requested on April 20, 2023, and now we are in July. Then, on June 20, 2023, I received an email stating that Fxwining will no longer offer its services starting from the 22nd of the same month and year. They urged us to withdraw all our capital. On the same date, I requested a total account withdrawal of $1789.42, but I haven't received any response yet.
Exposure
2023-07-21
Daniel Fx
Ecuador
Check this out guys: https://t.me/+zeBTCsfzX3I2YTdh. I really do not believe them at all. I have known Zúñiga for 7 years and he said that Fxwining belonged to him and that he was the super trader who managed the fund.
Exposure
2023-07-20
Daniel Fx
Ecuador
It takes too long to make a withdrawal. We all know that the owner of the broker is Teo Zúñiga. As I have said in previous posts, they continue to refuse to let investors withdraw money.
Exposure
2023-07-18
EBER.J
Peru
I requested the withdrawal of my capital in the month of March, it is now July, and the broker is unable to pay the invested capital on their platform. They requested the filling out of the KYC form, which was approved more than 15 business days ago (the timeframe they assured for disbursing the funds). However, up until today, I have not received any payment or response from them. Additional information: FxWinning is currently facing a legal lawsuit in the US for not returning large sums of money to its investors.
Exposure
2023-07-15
Daniel Fx
Ecuador
Fxwining continues to delay with its allied companies the last statement they send only delay.
Exposure
2023-07-15
Daniel Fx
Ecuador
Teo Zúñiga on his instagram says that he is just a client again, but it is a lie. I have known Teo Zúñiga for 5 years and I have seen his stories for 5 years and I have publicized the whole issue of his own broker, I will attach to evidence of the demands that they began to make.
Exposure
2023-07-14
Daniel Fx
Ecuador
Change since January when we started with withdrawal problems, sending evidence from owners of fxwining and turbo and with related companies.
Exposure
2023-07-11
junicode
Colombia
I requested withdrawal of my capital on March, however, we are already in July, and broker is unable to pay capital that I invested in their platform. They requested completion of KYC form, this was approved more than 15 business days ago (they assured that they would disburse the money), however, untill this day, I have not receive any payment or response from them. Additional information: FxWinning is currently facing a legal claim in the US for not returning millions of dollars from its investors.
Exposure
2023-07-07
Correa7252
Brazil
The broker blocked withdrawals and directors have been making withdrawals via cryptos to Tron UDST wallets and customers with no responses for months.The broker blocked withdrawals and directors have been making withdrawals via cryptos to Tron UDST wallets and customers with no responses for months.
Exposure
2023-07-01
José Ibarra
Spain
I have requested withdrawal of my capital from fxwinning broker more than 7 days ago but so far I have not received any response. When they indicated that it would be done as soon as possible.
Exposure
2023-06-30
FX4028865987
Colombia
Dear traders, We regret to inform you that FXWinning Limited will no longer be offering services as of Thursday, June 22, 2023. This decision has come as a result of unforeseen circumstances that have made it impossible for us to continue operating. As a result of this announcement, we request that all traders immediately close any open trades they may have with us to ensure that no issues or losses occur. Please note also that the broker will close any remaining open trades on Wednesday, June 21, 2023, at 13:00 GMT+3. Additionally, we urge all traders to withdraw any remaining funds from their accounts as soon as possible. Our team will assist you in this process and ensure that all withdrawals are handled in a timely and efficient manner. Withdrawals will be available until Friday, June 30, 2023. Considering the aforementioned, there will be no option to process any new deposits starting on Wednesday, June 21, 2023. We apologize for any inconvenience caused and thank you for your cooperation and understanding during this difficult time. If you have any questions or need further assistance, please do not hesitate to contact our support team.
Exposure
2023-06-21
Juan Felipe Rojas Mosquera
Colombia
Now their excuse is that we should send a kYC I sent it more than a month ago and I still have no answer I want to withdraw my money and they won't let me and they won't deliver it
Exposure
2023-05-05
FX1286150562
Indonesia
I have to say FxWinning’s PAMM account was not so well as I thought, due largely in part to incompetent account manager. They were wasting your time and money!
Neutral
2023-02-24