Finowiz is a forex broker established in 2020, primarily offering investors financial trading services in forex, indices, metals, energy, and cryptocurrencies. Finowiz offers users three different types of trading accounts: a Micro Account, Standard Account, and ECN Account, with a maximum trading leverage of 1:500.
Finowiz Registration Information:
Finowiz claims its company registration entity is Finowiz Fintech Limited, registered in Seychelles, with the registered address at House of Francis, Room 303, Ile Du Port, Mahe, Seychelles, and the company registration number 229854. However, inquiries have found that there is no registered entity named Finowiz Fintech Limited in the Seychelles business registry, nor a company with the registration number 229854. This has raised doubts about the authenticity of Finowiz's registration information, advising investors to exercise caution when considering trading with this broker.
Is Finowiz Legally Regulated?
Finowiz has not disclosed any regulatory information on its official website, and no evidence was found of the broker holding a valid forex license or regulation. This indicates that the broker may not be legally regulated, urging investors to proceed with caution and prioritize working with legally regulated brokers to safeguard their investments.
Opening an Account with Finowiz:
The account opening process at Finowiz is relatively straightforward. Simply visit the broker's official website, click on “Get Started” on the homepage or “Register” at the top right corner of the page, and enter the account registration interface. Fill in the personal information as required and submit. Upon submitting the registration form, the account will be successfully registered. Finowiz will validate the process by sending an email to the provided address.
Account Types Offered by Finowiz:
Finowiz offers three different types of trading accounts: a Micro Account, Standard Account, and ECN Account. The Micro Account has a minimum initial deposit of $100, a maximum trading leverage of 1:500, no trading commission, and comes with negative balance protection and hedging capability, with market execution as the trading execution type. The Standard Account has a minimum initial deposit of $1,000, a maximum trading leverage of 1:400, no trading commission, also featuring negative balance protection and hedging capability, with market execution as the trading execution type. The ECN Account requires a higher initial minimum deposit of $2,500 but has a maximum trading leverage of 1:500, a trading commission of 4%, and besides all tools, it also allows stock trading, also featuring negative balance protection and hedging capability, with market execution as the trading execution type.
Finowiz's Trading Platform:
Finowiz claims to offer the MT5 trading platform and its proprietary trading platform, but has not provided specific download methods or detailed trading platform information. This lack of transparency may cause potential customers to hesitate, as they cannot accurately understand the platform's features and performance. Moreover, Finowiz explicitly states that it does not provide services to jurisdictions which may violate local laws or regulations, including but not limited to the USA, Cuba, Iraq, Myanmar (Burma), North Korea, and Sudan.
Deposit and Withdrawal Methods at Finowiz:
Finowiz supports deposits and withdrawals through bank transfers, cryptocurrencies, UPI, and more. However, specific details regarding deposit and withdrawal safety, handling of deposits not immediately credited, fees, limits, and procedures remain undisclosed. The minimum deposit requirement is the equivalent of $50 in Bitcoin. The available methods for deposit and withdrawal may vary depending on the country of residence and other factors. Deposits are generally processed within a few hours, but withdrawals may take up to 24 business hours, depending on the payment method and other factors.
Conclusion:
Finowiz is a fraudulent forex trading platform that offers false company registration information and is unregulated by any supervisory authority. Investors should steer clear of such black platforms. TraderKnows advises investors to opt for platforms with strong regulation and a good reputation to avoid unnecessary loss to their assets.
Currently, Finowiz is marked as "Suspected Fraud" on TraderKnows.
