WinBitFXTrade Review: A Forex Broker With Uknown Founders

WinBitFXTrade is a company that claims to have multiple regulatory licenses from various jurisdictions. This company is trying to convince clients they are the best broker in the market. This is despite only being in operation only for only eight months.

Still, this is not the only thing that is troubling about this company. The level of transparency in this company is abysmal. The lies these people are willing to tell are shocking. Do not believe anything that WinBitFXTrade tells you. This company cannot deliver on anything that it promises.

These people are only interested in stealing inverters’ funds and disappearing. Do not fall victim to this terrible scam. The best way to do that is to avoid this company like the plague. It has nothing good to offer you.

If you are looking to invest in the forex space, there are better companies with better services. Only use companies that have been in the market longer. The best forex brokers in the market are trustworthy and well regulated. Only such companies can help you protect and grow your funds.

Winbitfxtrade.com Review

This company is promising clients a world-class trading platform. They claim that you can trade from wherever using the platform they provide. However, the link to download this piece of software does not work. Simply put, there is no real trading platform provided by this company. There is no telling where client funds go if there is no platform.

Moreover, you can tell that there are no professionals behind this platform. The website has a lot of broken links and grammatical errors. That is always an indicator of a forex scam. No professional would ever put out a website that has broken functionalities.

Further, you can tell that these people are liars. The company claims to have over 480,000 clients. This is an impossible number to hit in just eight months This is especially true for shady companies. We do not know who these people are trying to fool.

Additionally, the company is trying to guarantee you that you will earn daily profits while trading with them. No forex broker should promise you this. The profits or losses you experience are totally in your hands. 

Moreover, the forex market has a lot of risks involved. You may experience a stretch of days without a winning trade. Clearly, these people do not know this. They are amateurs who have no idea what they are doing.

WinBitFXTrade Trading Conditions

As mentioned, this company does not have a real platform that you can download. There is no point in investing in a forex broker when you cannot execute trades. Nonetheless, the company also provides a link to a web-trader. 

However, this is equally useless. The link redirects us to a website with graphs with n functionality. There is no way to execute trades. The founders should take this company behind a barn and shoot it.

In terms of leverage and spreads, this company promises to match what is the industry standard. WinBitFXTrade promises spreads starting from as low as 0.5 pips. Additionally, it promises maximum leverage of up to 1:100. This is not ideal for traders. This is because it increases the risk that traders face in the market. These people do not care about the conditions that clients trade under.

Founders and Physical Address

Unsurprisingly, this company does not introduce us to any of its founders or team members. This is common in illegitimate companies. No legitimate company sees the need to conceal the identities of the people behind the operations.

There are too many risks involved in investing with such companies. Sending your money to mysterious people on the Internet is a bad idea. You may be investing in people with criminal backgrounds. Moreover, revealing the identities of the founders improves the trust people have in the company. We do not understand why this company wouldn’t just do it.

On a good note, though, this company does not hide the location of its headquarters. The company gives its address as 123 Cromwell Rd, Kensington, London SW7 4ET,

The United Kingdom. In the USA, the company operates from 2626 Cole Avenue, Suite 700  Dallas, TX 75204.

This means that you can walk into these offices in case of a problem. While this may be good, we can assure you that this company is not in these locations legally. The founders are running an illegal operation in two of the most heavily regulated jurisdictions.

Regulation and Fund Safety

The regulatory status of this company presents the biggest red flag about it. The company claims to have regulations from the FCA, ASIC, and FSCA. Luckily, it is easy to verify whether this is true. We checked the registries of these regulatory bodies and found shocking details.

WinBitFXTrade does not have a regulatory license from any of these bodies. This company is lying about its regulatory status. There is no telling what such a company is willing to do to steal people’s funds.

Such a company cannot assure you of your funds’ safety. Regulatory bodies ensure that companies are not running scam operations. Additionally, they ensure that companies have the right banking setup to protect client funds. This includes having segregated bank accounts in a tier-1 bank.

Without regulations, a company does not need to have this in place. Moreover, we cannot verify that this company has systems protection in place. The founders provide details of the software and hardware that they have in place to keep out third-parties.

While they may have such in place, there is no reason why this company would not lie about this. People running such shady operations have no morals. They are willing to tell any lie to get you to invest.

Domain Insight

The official domain for this company is winbitfxtrade.com. The registration date for this domain was the 22nd of August 2020. The expiry date is on the same date a year later. This is common for illegitimate companies. They take out one-year registrations and exit the market when the period ends.

Additionally, this company is also lying about the number of clients it has. The company claims to have over 480,000 clients. However, the site metrics of this company suggest otherwise. This Website’s metrics are so low that Alexa.com does not even track them.

It is a bad idea to invest in a company that does not have the trust of many traders. Moreover, this is still a new company. It is better to wait it out before you invest your money.

Final Verdict

There are a lot of lies on winbitfxtrade.com. The people behind this company will tell you anything to get you to invest. They are running an illegal company and they know it. Even worse, the founders are trying to convince people that they are a regulated entity.

Furthermore, the founders are operating under complete anonymity. There are no names or faces on the website. There is no reason this company should be hiding such critical information.

You better stick with trustworthy and well-regulated companies. Only such companies can give you the services you are looking for. Moreover, such companies operate with complete transparency and professionalism.

 

Tags: WinBitFXTrade Scam Review, Winbitfxtrade.com Review