WinGroup Review: Is This a Reliable Brokerage Firm?
WinGroup is just another scam broker that hides behind many fake promises. It guarantees that it is a global brand dedicated to your trading experience. However, the truth is that it gives us no good cause to trust this claim.
This firm has an entirely anonymous web page. Moreover, the web page is full of fake details and has all the basic attributes of fraud. This WinGroup review will explain why you should stay away from this investment scam.
Additionally, we strongly advise you to avoid the fraudulent brokers OpoFinance, Royal Oak Investment, and Ranytrade.
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WinGroup License and Regulations
The first thing you should know about Wingroup is that it is not a licensed firm. The corporation does not mention its location or anything about its whereabouts, nor any rule. This lack of clarity is poor because distinct lands have diverse strategies for regulation.
Truthfully, without any remark of regulation, it is far more possible that Wingroup is acknowledging that it is not governed by any of them!
It is problematic to trade with unlicensed companies for two reasons. First and foremost, there are no protections against volatile markets, and second, there is a very real possibility that the firm will be fraudulent. Regulators require brokers to follow certain laws that are meant to protect retail traders from market volatility.
Trading Platform Overview
In regard to its trading platform, WinGroup includes a web trader that looks quite odd.
The software has the basic traits for placing orders, customizing charts, and implementing technical indicators. However, it lacks the more advanced features found in the industry’s most widely used trading venues, MetaTrader 4 and MetaTrader 5. These platforms have proved to be the industry standard because they offer many cool features.
It should be mentioned that the existence of a legit trading platform does not guarantee that this so-called broker offers authentic trading. Many fraudsters have a trading platform to fool their targets that their funds are being invested.
WinGroup Account Types
WinGroup apparently offers 6 types of trading accounts. However, their depictions lack details about most of the parameters of the so-called trading. There is no word about the tradable assets, the order execution strategy, or the commission amounts and spreads.
This is the classification of the trading accounts this broker offers:
- Self-Manage – $250+
- Basic – $5000+
- Gold – $10,000+
- Platinum – $25,000
- Diamond – $50,000+
- Libra – Invitation Only
How Do Offshore Brokers Implement Their Scam?
Trading is a risky business, as a matter of fact. This is correct even for professional investors using reliable brokers. For newbies, there is also the risk of being tricked by the many scam brokers posing as real brokerages.
These sites will lure you with fake promises of easy returns. Frequently, these fraudsters promise guaranteed returns and spread falsehoods. After investing a low amount, they will persuade you that you are already making tremendous profits. After that, they will urge you to invest more money.
But your funds are not invested. Nevertheless, you will never see those promised returns. This is the unwritten rule! What occurs after you ask to withdraw your money? You will be surprised by the unattainable minimum trading volume needs. Scammers hide behind phony names and offshore firms. Because of this, it’s impossible to hold them responsible.
Tip: Remember that trading carries considerable risk. Your funds may be at risk, and no profits are ever guaranteed.
WinGroup Deposit and Withdrawal
You can see various payment methods WinGroup uses if you take a look at their web page. The Terms and Conditions include credit cards and wire transfers only. However, the FAQ area mentions electronic wallets and the Policy mentions BTC.
Regardless, after signing up for an account, you will see that depositing mandates contacting the anonymous individuals behind the website.
According to the legal documentation, the minimum withdrawal amount is $100 using traditional options, and $250 with BTC. WinGroup broker states that it charges a withdrawal fee of 1% However, they claim it is not less than $30. Most regulated FX brokers do not charge any transaction fees.
WinGroup broker is not legitimate, and you should avoid it. They do not have a license to provide financial services.
Their trading platform is deceptive, which is another thing to keep in mind. There are also many negative comments online about this deceitful project. Your funds are not safe on this platform at all.
Always look at reviews about any business before you deposit any funds. Check for complaints about the FX broker or any firm. Do this whether it is an FX broker, crypto exchange, or any other business.
FAQs About WinGroup Broker
Is My Money Safe with WinGroup?
WinGroup is an investment scam. Your money is not safe with this broker and your funds will be at risk.
Is WinGroup Regulated?
If you check out any WinGroup review, it will tell you that it’s a broker scam. Stay away from it!
Does WinGroup Offer a Demo Account?
No, this broker does not offer a demo trading account. You can only trade with a live account.