Winnex Consulting Review: Who Is Behind This Broker?
Winnex Consulting claims to be a world-renowned financial services provider that gives its customers the opportunity to invest in forex, commodities, indices, and shares.
This Cyprus-based company is allegedly regulated and has licenses for operating financial services issued by regulatory bodies in both Cyprus and Belize. We decided to take time and check these claims brokers made to see if they are the right place for investing your money.
So, if you are considering starting your trading journey, we suggest you first read our in-depth Winnex Consulting review to avoid being scammed by these fraudsters.
On the contrary, you should avoid dealing with questionable brokers like EuFxBank, Isaacs Partners, and Meteor Trade.
|Company||Wealth Fund Services Ltd|
|Address||Kennety Ave.12-14, Office 305, 1087 Nicosia|
Licensing and Security of Winnex Consulting
The most important information about a broker is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorized in and which regulatory bodies oversee their activities.
According to their website, Winnex Consulting is regulated by CySEC in Cyprus and IFSC for providing trading services. They also have alleged license numbers presented. So, we decided to check these claims by going through the regulatory bodies’ databases.
Not only are these claims of following regulations and license numbers they have on their website fake, but also the whole Winnex Consulting scam has been exposed by CONSOB, the financial regulator in Italy.
Winnex Consulting Trading Platform Overview
With many false claims they made, of course, they mentioned offering MT4. But after registering an account, you can only get access to a web-based platform that lacks many functions that MT4 would offer you.
However, it should be noted that the fact that some kind of trading software exists, is in no way a guarantee that the broker is a genuine one. Scam brokers often use trading platforms to fool their victims that their money is being invested when in fact it goes directly into the scammers’ pockets.
Deposits and Withdrawals Methods
Winnex Consulting broker accepts many popular payment methods:
- Visa or Master credit or debit cards
- Bank transfer
- Western Union
- Astro Pay
But once you actually try to deposit any money you can just choose between two unknown payment processors – Rodeo Marketing and BillPocket. This is not surprising at all, as fraudsters often use shady payment providers and cryptocurrencies to lower your chances of filing for a refund down the road.
The withdrawal terms written on their website are typical scams. If an account has received a bonus, they can only withdraw winnings after meeting the minimum volume traded requirements.
We also browsed online to find what other people had to say about this and found many complaints against the broker.
How Is Fraud Set Up?
Ads that can be found online are full of fake stories promising easy earnings. Once you decide to leave your personal information in order to find out more about this, the agents will call you daily to try and convince you what they are offering is a legit thing.
Initially, they will ask for a smaller amount just enough to cover the minimum deposit requirement but if you agree, they will begin to persuade you to invest even more. Many think they are immune to these fake stories the agents are going to tell them or they will just sense if something is off, but in reality, it’s much harder to stay firm.
These fraudsters pose as brokers to take advantage of the general public’s lack of knowledge of trading. And the agents calling are professionals who have many ways to get you on board with making an investment.
We read so many complaints that have stated withdrawal issues when people assumed they were being scammed and tried to get their money back. So, in case you are one of them, remember that getting your money back is possible but it just takes time. We would be thankful if you can share your experience with us since we can help you report your scammers to the authorities.
Forex Brokerage Suggestions
Avoiding many investment scams that can be found online is not an easy job. With that in mind, we have created this table below. You can find all the important information such as the minimum deposit, and regulations about these user-recommended brokers.
Choosing one of these brokers who haven’t violated any terms and conditions will ensure your money is safe.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Winnex Consulting Summary
In this Winnex Consulting review, we tried to warn you about this Cyprus-based scam broker. With them, you will allegedly have an opportunity to invest in forex, commodities, indices, and shares, but in reality, just lose your money along the way.
Not only are they unregulated and unlicensed brokers that falsely claim to be, but they also have been issued a warning by an Italian regulatory body.
In conclusion, we advise you to stay away from them since you would be putting yourself and your funds at risk. Remember to always be careful with where you invest your money and don’t forget to read reviews made online.
FAQs About Winnex Consulting Broker
Is Winnex Consulting a Regulated Broker?
No, Winnex Consulting is an unregulated and unlicensed broker operating with only one purpose in mind- to steal your money.
Is My Money Safe with Winnex Consulting?
No, this broker offers no safety for your funds so you should avoid investing with them.
Does Winnex Consulting Offer Demo Account?
This broker does not offer a demo account so to try out their services, customers can choose from 5 account types they have.