WHIZ FX is a forex and contract for difference (CFD) broker established on September 7, 2022, in Saint Vincent and the Grenadines. The company primarily provides trading services in forex, energy, stocks, futures, and index CFDs. WHIZ FX is headquartered in Rosebery, Australia. The official website of the broker is https://whizfx.com/, and it supports English and Spanish languages. WHIZ FX does not offer its services to residents of the United States, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Vanuatu, and European Economic Area countries.
Corporate Background and Regulatory Status:
The registered entity of WHIZ FX in Saint Vincent and the Grenadines is WHIZ FX LLC, located at First Floor, First St Vincent Bank Building, Kingstown, St. Vincent and the Grenadines, with a registration number of 2546. Although it's registered with the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA), SVGFSA only regulates banking, insurance, or mutual fund activities, not forex margin trading, and it doesn't issue forex licenses. This means that the entity is not effectively regulated. According to Whois data, the broker's official domain was registered on September 6, 2022.
WHIZ FX is also registered in Australia as WHIZ FX PTY LTD, formerly known as PINE FX MARKETS PTY LTD, with registration on November 11, 2022. The company's address is ALEXANDRIA NSW 2015, and its ACN number is 663 771 864. WHIZ FX PTY LTD is a Corporate Authorised Representative (CAR) of MGF PTY LTD (CAR number 00421246), which is regulated by the Australian Securities and Investments Commission (ASIC) under AFSL no. 001303713. WHIZ FX PTY LTD does not issue OTC derivatives products, make markets in such products, or transact with clients as principals. It is authorized to provide financial services in Australia but limited to wholesale clients and only for Australian residents.
WHIZ FX is registered in Canada as WHIZFX LIMITED, with registration on March 18, 2022. The company's address is 4450 Highway 7 Markham ON L3R 1M2 Canada, and its company registration number is 1368108-4. Additionally, WHIZ FX LIMITED is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) with MSB number M22571616. FINTRAC is Canada's financial intelligence unit and anti-money laundering/counter-terrorist financing (AML/CTF) regulator. However, it doesn't regulate forex trading and financial business activities, indicating that WHIZFX LIMITED may not legally engage in forex trading and financial business.
Account Types:
WHIZ FX offers three different types of trading accounts: STANDARD, PAMM, and ECN. The maximum trading leverage for these accounts is 1:200, and all of them offer variable spreads. The STANDARD account has a minimum deposit of $10, with no trading commissions and spreads starting from 1 pip. The PAMM account requires a minimum deposit of $200, charges $7 per lot traded, and offers spreads starting from 0.1 pips. The ECN account has a minimum deposit of $500, no commissions, and spreads starting from 0.4 pips.
Trading Platform:
WHIZ FX provides the MT5 trading platform to users, including demo and live accounts. These services are offered by WHIZ FX LLC, which is not regulated.
Deposits and Withdrawals:
WHIZ FX has not disclosed its deposit and withdrawal methods, and the specific operational details for these transactions are also undisclosed.
Customer Support:
Users can contact WHIZ FX via phone at +61 280057907 or through email at support@tenxprime.com. Investors can also use the online contact form on the broker's website.
Summary:
Traderknows advises investors to be cautious as WHIZ FX is provided by WHIZ FX LLC, which lacks effective regulation. Choosing this platform for trading may lack legal protection in case of issues.
Currently, the broker has been marked as "Illegally Operating" on Traderknows.
