If you are thinking about investing in Finowiz after hearing about it recently, give it some serious thought. Finowiz has numerous signs of a typical scam, even despite its claims of offering sophisticated trading services and substantial returns. Let's examine this platform's lack of trust in more detail.
1. First off, what is Finowiz?
Finowiz Is a foreign exchange broker established in 2020, claiming to provide financial trading services for foreign exchange, indices, metals, energy, and cryptocurrencies. The company is registered in Seychelles, the registered entity is "Finowiz Fintech Limited", the registered address is "House of Francis, Room 303, Ile Du Port, Mahe, Seychelles", and the registration number is "229854". However, after inquiry, this entity was not found in the Seychelles business register, and there was no matching registration number.
Furthermore, the Finowiz official website lacks a social network account that is reputable, legitimate contact information, and platform regulatory information.
Deposit and Withdrawal Methods of Finowiz
Finowiz accepts numerous deposit and withdrawal options, such as UPI, cryptocurrency, and bank transfers. Finowiz does not, however, offer comprehensive information on the particular security of deposits and withdrawals, how to handle funds that arrive later than expected, associated costs, limitations, and particular procedures. $50 in Bitcoin is the required minimum deposit. While withdrawals can take up to 24 business hours, depending on the chosen payment method and other circumstances, deposits are often processed within a few hours. These ambiguous operational characteristics give rise to questions about the funds' security and liquidity.
Regulatory Information
Finowiz's website does not contain any real regulatory information, nor is there proof that the company holds any valid forex trading licenses. No records of Finowiz being regulated have been found through further examination, suggesting that the platform may not be within the jurisdiction of any financial regulatory body. Consequently, investors ought to exercise great caution while contemplating Finowiz, since unregistered brokers sometimes imply a deficiency in fund protection and trade transparency.
Trading Software
Finowiz states that it offers the MT5 trading platform as well as its own platform, but it doesn't give precise download instructions or comprehensive details. Because of this lack of transparency, investors find it more difficult to confirm the legitimacy and functionality of the platform, which raises the risk of using it.
Finowiz Domain Registration Time
The Finowiz website's domain name was registered in 2020, according to a domain name lookup. Although this appears to be in line with the company's creation date, the platform's validity is not guaranteed by this registration date. Regulated formal banking platforms typically reveal all of the registration details for their domain names, including registrants and legitimate contact details. Finowiz withheld these facts, nevertheless, which increased skepticism about its actual motivations.
A platform that has only been around for a short time frequently lacks the security and transparency that foreign exchange brokers want. In addition, the lack of transparency in Finowiz's domain name registration information may mean that the platform does not intend to operate for a long time, but is more likely to use high leverage to attract investors and then quickly disappear to evade supervision and legal responsibility. Therefore, when facing such newly registered and lacking transparency platforms, investors should be vigilant and try to choose trading platforms with a long history and transparent information to ensure the safety of their funds.
Finowiz Website Traffic
An analysis ahrefs reveals that Finowiz's website had only 269 visits in the previous month, all originating from India. This traffic data is extremely abnormal; for a broker claiming to offer global financial trading services, such a low number of visits is hardly convincing. Typically, legitimate and widely recognized platforms have high traffic from multiple countries, showcasing their popularity and credibility.
Such single-source low traffic may indicate that Finowiz has not genuinely attracted global investors but rather is conducting scams targeting specific populations in certain regions. For investors, this traffic data is undoubtedly a major red flag, further indicating Finowiz's credibility is extremely low, and they should think twice before proceeding.
Finowiz's Educational Resources
Finowiz's official website has a dedicated learning section, but the actual content is very limited. Under this section, only the economic calendar and FAQs can be clicked to view, and the rest of the section is either missing content or cannot be loaded. This lack of educational resources prevents investors from obtaining sufficient market information and training, reflecting the platform's neglect of investor education.
Even more suspicious is that there are cases where modules in the learning section cannot be loaded, which may indicate that Finowiz's website is built based on a certain template and has not been carefully designed and optimized. This crude production method once again shows that Finowiz is not committed to providing high-quality financial services, but more like doing enough work on surface packaging to attract uninformed investors.
Does Finowiz Offer Demo Accounts?
Finowiz does not mention on its website whether it offers demo accounts. Typically, legitimate forex brokers provide demo accounts to help novice investors familiarize themselves with the trading environment and platform features. However, Finowiz is very opaque on this point, possibly to prevent investors from testing the platform's quality and reliability beforehand. This lack of demo accounts suggests that the platform does not encourage users to have a risk-free experience, which is a significant concern for investors, further indicating that Finowiz's reliability is questionable.
Finowiz Account Types
Finowiz offers several types of trading accounts to suit investors with different experience levels and needs. First is the entry-level account, ideal for beginners, with a lower minimum deposit threshold but also limited functionality. Next is the standard account, requiring a higher initial deposit but offering more trading tools and lower spreads for investors. Lastly, the premium account is typically for experienced investors, requiring a higher initial deposit but providing the highest leverage and the smallest trading fees.
2. How to Determine if You Have Been Scammed by Finowiz?
During the investment process, many people may face the risk of being scammed by platforms, especially when dealing with platforms like Finowiz, where information is not transparent. Here are some questions to help assess whether you have become a victim.
How Did You Come Across the Finowiz Platform?
Was it through social media ads, friend referrals, or contact from strangers that you learned about Finowiz? Scam platforms often reach potential investors through various methods, and if you learned about it through unreliable means, you should be particularly cautious.
Has Anyone Promised You Returns?
Legitimate financial platforms do not promise any form of guaranteed returns. If someone from Finowiz explicitly told you "guaranteed profits" or promised high returns, this is a huge red flag. The nature of the financial market involves risks, and any platform claiming "zero risk" or "guaranteed returns" is deceiving investors.
How Did You Deposit Money into Finowiz?
Did you transfer money to a personal account or use cryptocurrency for deposits? Legitimate platforms typically have legal and regulated payment channels rather than asking you to transfer funds to private accounts. If you felt unclear or had concerns during deposits, this indicates the funds might not be protected.
Did You Encounter the Following Issues When Withdrawing from Finowiz?
- The platform delays withdrawals for various reasons, such as requiring additional taxes, fees, or so-called "security deposits."
- Withdrawal requests are denied, with customer service offering various excuses, such as "technical issues" or "failed verification."
- Customer service starts ignoring your withdrawal requests or even becomes unreachable.
If you encounter any of these situations when withdrawing, it may mean you have fallen victim to a scam, and the platform does not intend to let you retrieve your funds easily.
Do You Personally Know Any Finowiz Staff or Have Found Their Actual Office?
Have you ever met Finowiz staff or visited their claimed office location? Scam platforms typically exist only online, unable to provide physical addresses or actual office locations. If you cannot contact any real company staff or find their office, this undoubtedly adds to the suspicion of fraud by the platform.
3. What to Do if Scammed by Finowiz?
Finowiz is a trading platform with significant doubts and is unregulated, leading many investors to suffer financial losses. If you unfortunately become a victim of the Finowiz scam, here are some measures to take:
1. Can My Money Be Recovered?
If scammed by Finowiz, recovering your funds is challenging but possible attempts can be made. First, immediately contact your bank or payment service provider and explain your situation. Especially if you used a credit or debit card for transactions, you might be able to request a refund (like the credit card dispute process). Also, retain all transaction records and communication evidence with Finowiz to support your claim.
2. Is It Reliable if Someone Says They Can Help Me Recover Funds?
If anyone claims they can help recover your funds, be cautious, especially if they initiate contact. Such "fund recovery services" might be another scam, specifically targeting victims eager to recover their money.
3. Where Can I Report Finowiz?
You can report Finowiz's fraudulent activities in several places. First, contact the financial regulatory authority in your country, such as the Financial Authority or Securities Regulatory Commission, and file a report. Additionally, you can complain to local consumer protection organizations. For instance, in Hong Kong, report to the Hong Kong Monetary Authority or the Securities and Futures Commission.
4. Are There Groups for Finowiz Victims?
Currently, no publicly confirmed group for Finowiz victims exists. If you are a victim, it is advisable to search social media and related investment forums for others with similar experiences to share information and experiences. While there is no guarantee to find an official group, reaching out to other victims can help provide mutual support and learning of coping strategies. TraderKnows Is such a platform, designed for traders to communicate and support each other, gathering information on multiple financial companies and offering victims a chance to share experiences and help each other. If you are a victim of Finowiz, consider joining the TraderKnows community to connect with other victims and seek more support.
Conclusion
Finowiz claims to provide a variety of financial trading services such as foreign exchange, but fails to provide reliable registration information, regulatory qualifications, and transparent trading operation procedures. At the same time, the platform has many doubts, such as short domain name registration time, low website traffic and single source, lack of educational resources, and inability to confirm whether it provides a demo account. In addition, the deposit and withdrawal methods are not transparent and lack security, which further makes people doubt its reliability. In short, Finowiz shows typical fraud characteristics. Investors should think twice before acting and try to choose a trading platform with a long history and transparent information to ensure the safety of funds.
