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Is Winsorfx Safe? Unbiased Review 2024

When it comes to choosing forex brokers, regulations and safety come first than everything else. Being an unregulated forex broker, Winsorfx gives all the wrong signals to traders. The way of working with unregulated brokers is no rocket science, either they make their revenue solely based on new clients and attract more to their trap with “too good to be true” offers. Or drain every bit of your investments with psychological patterns. And don’t kid yourself by reading good reviews, unregulated brokers has a way manipulating the image, it’s a con after all. I didn’t use Winsorfx and I suggest you shouldn’t too. I don’t know if their operations are legit or not but, I have good reasons to think not. Let’s dive in and find out more about their operations with this unbiased Winsorfx review.

Winsorfx Review: Key Points

  • What is WinsorFX: Winsorfx is an unregulated forex broker. Winsorfx was founded in 2020, Vincent and Grenadines. Their services include; forex, stocks, commodities, indices CFDs, cryptocurrencies, EFT, bonds trading, and more.
  • Is Winsorfx regulated? Winsorfx is not regulated by any financial authority. They claim that they are working on getting the FSC license but there is no improvement on that front yet.
  • Winsorfx trading platforms: WinsorFX offers cTrader for their clients. cTrader is one of the most popular trading platform after MT4 and MT5 but the industry standard is MT4.
  • Tradable instruments: WinsorFx offers over 60 Forex CFD currency pairs, shares, commodities like oil and gas, precious metals, spot and futures commodity markets, 30+ indices, over 20 cryptocurrencies, ETFs, and government bond markets.
  • Winsorfx accounts: Winsorfx offers 2 types of accounts. One is the master account which is designed specially for experienced traders. The other one is the copier account which is the main account for executing traders. Winsorfx creates trading signals from the master accounts, and copier account owners benefit from those signals and execute their tradings.

Is Winsorfx a Scam?

On Winsorfx’s official website, they claim that they are subject to “strict regulations”.Saint Vincent and the Grenadines is another heavenly tax heaven. What does that mean? It means that the regulations are weak or corrupted or don’t exist at all. The government of SVG does not issue licenses for forex activities, and instead, forex brokerage activities are considered self-regulating.

winsorfx-regulations

When we go into SVG Financial Services Authority’s website, we can see that there is no such thing. It seems that WinsorFx has no problem lying on their official website about being regulated.

winsorfx-scam, winsorfx-regulation-scam

Purchasing Trustpilot reviews and user testimonials is not a challenging task. When we visit the Trustpilot page for WinsorFX, we encounter positive reviews about the broker’s activities. However, can we trust these reviews? I doubt it. It’s disheartening to witness how individuals attempt to deceive others with fraudulent reviews. Forex scammers often target less developed countries, taking advantage of people who are struggling with economic difficulties and searching desperately for financial solutions. In their desperate quest for quick money, these individuals may fall victim to scams due to their limited financial knowledge and awareness.

winsorfx-reviews

With this out of our system, let’s review WinsorFx’s operations and offerings.

What is WinsorFx All About?

WinsorFx is an online forex brokerage firm located in Vincent and Grenadines. Without any regulation and financial licenses WinsorFx does not appear to be a reliable forex broker.

According to WinsorFx’s claims, traders can participate in various financial markets, including Forex trading, stocks, commodities, index CFDs, cryptocurrencies, ETFs, bonds, and CFDs, among others. All of these trading options are ready for you to trade through WinsorFX’s cTrader trading platform.

On WinsorFx’s website, you can see that they claim to offer trading opportunities with CFDs in various asset classes and introduce investors to the investment sectors ranging from ESG to e-commerce. This is quite unusual for forex brokers since they typically do not offer such services. I guess there’s more than one way to skin a cat.

WinsorFX provides the CTrader trading platform, which offers convenience and flexibility to investors, as it can be accessed from desktops, web browsers, and mobile devices.

Is WinsorFX a Ponzi Scheme?

For a brokerage service to be a Ponzi scheme first, there has to be a constant user flow. I doubt that there is such a user flow. On the internet, if you look hard and long enough you can see people complaining about WinsorFx’s advisors making them lose their money.

It seems like WinsorFX’s scheme operates by attracting potential clients with “too good to be true” conditions, misleading them about their company and operations to convince users to become their clients. Once a user signs up, the broker assigns so-called “expert advisors” to the client. These advisors initially help the client experience some winning trades to gain their trust. However, over time, the broker manipulates the market conditions to gradually make the client lose money.

Trading AssetFeatures and Details
Forex
  • Access to 60+ major, minor, and exotic CFD currency pairs
  • Infinite liquidity(!)
  • Popular currency pairs
  • Hedging
  • Enables risk diversification
Shares
  • Leveraged trading on thousands of CFD stocks
  • Minimal spreads, no commissions(!)
  • Trade over 2,000 shares from global markets
  • Long or short positions
IPO Trading
  • Commission-free trading
  • Swap leverage up to 1:10
Commodities
  • Trade CFDs on fundamental resources shaping the global economy
  • Includes energy markets, precious metals (Gold and Silver), Corn, Cocoa
  • Access to CFDs on 20+ spot and futures commodity markets, along with commodity stocks and ETFs
  • Competitive spreads, for gold it’s as low as 0.5
  • No expiration dates, automatic position rollover
Indices CFDs
  • Trade major stock markets 24/5
  • Cutting-edge tools, narrower spreads, expert analysis(!)
  • 30+ indices including Dow & Jones and FTSE100
  • Suitable for speculation with minimal margin requirements
Cryptocurrency
  • Over 20 cryptocurrencies
  • Long and short positions on Crypto CFDs
  • Narrow spreads, reduced slippage(!)
ETFs
  • Access various stock markets, sectors, commodities, bonds, and currencies through Exchange Traded Funds (ETFs)
  • Invest in ETFs aligned with your preferences
  • Short ETFs with a negative outlook
Bond CFDs
  • Inverse and leveraged bond ETFs
Blends
  • Interconnected stocks
  • Ranges from ESG to eCommerce, energy, tech sectors, and renowned investment figures like Warren Buffett

WinsorFx Platform Review:

WinsorFx uses cTrader as its main trading platform. Let’s compare the differences between WinsorFx’s forex trading platform with common trading platforms MT4 and MT5.

Interface:

  • cTrader is known for its intuitive and user-friendly interface with advanced charting features and customizable layouts.
  • MT4 features a more dated interface compared to cTrader and may require some customization to match the user’s preferences.
  • MT5 offers a modern and improved interface compared to MT4 but still has some differences compared to cTrader.

Charting:

  • cTrader offers advanced charting with multiple timeframes, a wide range of technical indicators, and drawing tools.
  • MT4 provides basic charting tools with a limited number of timeframes and technical indicators.
  • MT5 offers improved charting features compared to MT4, including additional timeframes and more technical indicators.

Order Types:

  • cTrader supports a variety of order types including market orders, limit orders, stop orders, and advanced order types like OCO.
  • MT4 offers basic order types such as market orders, limit orders, and stop orders but lacks advanced order types like OCO.
  • MT5 provides more including market, limit, stop, and advanced orders like OCO and IFD.

Timeframes:

  • cTrader offers a broad range of timeframes for chart analysis tools to analyze price movements on various time scales.
  • MT4 provides fewer timeframes compared to cTrader, limiting the granularity of price analysis.

Algo Trading

  • cTrader supports the cAlgo platform for algorithmic trading, which uses C# for scripting custom indicators and automated trading strategies.
  • MT4 utilizes MQL4 for creating custom indicators, scripts, and expert advisors (EAs) for automated trading.
  • MT5 uses MQL5 for programming custom indicators, scripts, and EAs, with some enhancements over MQL4.

Asset Classes:

  • cTrader primarily focuses on Forex and CFD trading.
  • MT4 was initially designed for Forex trading but has expanded to include CFDs on commodities, indices, and cryptocurrencies.
  • MT5 supports trading even more.

cTrader may seem attractive but when it comes to real trading experience and execution, I’d choose MT4 over cTrader any time, any day. The reason is that MT4 functions much better compared to cTrader. Once you get used to MT4’s interface everything is easier and can be done on the same screen. Automated trading with MT4 is much more advanced compared to cTrader.

You can also check my best trading platforms for forex article.

WinsorFx App

Winsorfx offers a mobile trading app and you can download this app in respective app stores Apple Store and Google Play. A mobile app is always good for trading on the go and especially important for forex traders. I haven’t tried the app but it looks similar to eToro’s, which is not bad at all. The interface seems easy to navigate and user friendly.

They say that you can integrate trading view charts and give orders, open and close positions easily.

winsorfx app
winsorfx-app

Winsorfx Forex Affiliate Programs (Is it Winsorfx a Pyramid Scheme)

What makes a pyramid scheme a pyramid scheme? The users. WinsorFx offers a well structured affiliate program suitable for their operations. This multi step affiliation program resembles a pyramid scheme. There are three different tiers with different benefits.

TierEarnings per Traded Lot
Tier 1$6
Tier 2$3
Tier 3$1

Like traditional pyramid schemes, your profits increase as you go up. In this case, a Master Affiliate gains income by recruiting new affiliates for WinsorFX. Affiliates make $10 per lot for each transaction made by their referred traders, with the possibility of this amount increasing to as much as $16.7 per lot.

WinsorFX also hosts a Demo Contest with a total prize of $3,000 that will be shared to the top 25 contenders. This contest involves several stages, beginning with registration on their site and including trading with a demo balance of $1000 using the cTrader platform. Let’s see how much you can earn from this contest.

  • Winner gets $500.
  • Best 2- 5 gets $250.
  • Best 6- 10 gets $100.
  • Best 11- 20 gets $50.
  • Best 21- 25 gets $25.

Another campaign that WinsorFx runs is, Doubling Duel. In this challenge, you’ll battle either against one another or a randomly matched opponent using a C-TRADER account, all within a 24-hour timeframe. The victor of this duel is awarded 50 reward points, which can be exchanged for deposits in a live account.

WinsorFx Account Types

On its platform, WinsorFx does not clearly outline the different types of accounts available. This lack of information is a major red flag, especially for new traders. Not knowing the trading conditions and the lack of transparency is just another reason to doubt the brokers legitimacy. However, WinsorFx does provide options for Copy Trading and Master Accounts, which seems to another way of presenting pyramid scheme.

WinsorFX AccountAccount Specs
Copier AccountTo start copy trading, you need to create a Copier Account and make an initial deposit.
Master AccountWinsorfx’s Master Account is for experienced traders. It offers the potential to earn additional income by having others replicate your trading strategies.
Pamm AccountWinsorFx also offers a Pamm account for those interested in money management and strategy planning. The Pamm account type allows for copy trading with a single execution price and without extra charges. As a manager, you can periodically access and manage trading statistics.

WinsorFx Trading Experience

WinsorFx allows traders to access global financial markets through a platform that can be customized to suit their trading preferences. You can use the platform on a daily or hourly basis. WinsorFx’s platform provides basic charts and detailed reports to make your tradings more efficient. For more advanced charting tools and resources, you might need to look other platforms. ( I suggest you look for FCA regulated forex brokers for better trading experiences).

WinsorFx Copy Trading

The Copy Trading feature at WinsorFx is for traders to mirror the actions of top traders automatically, like any other copytrading programs like Exness’ or FxPro’s. This is ideal for beginner traders to diversify their portfolio by following the strategies of experienced forex traders.

How to Open A Winsorfx Account:

  1. Visit the WinsorFx website.
  2. Go to the “Client Area.”
  3. Click on “SignUp Here.”
  4. Fill in the required information.
  5. Begin trading.

Winsorfx User Reviews

I believe Winsorfx is engaging in the deceptive practice of purchasing false comments and reviews, which can severely mislead your judgment and lead to financial pitfalls. These manipulated comments create an illusion of trustworthiness, making it harder to understand the broker’s true intentions.

Winsorfx-user-reviews

You may need money but nothing is easy. Forex is hard and it’s crucial to remember that genuine success comes from thorough research, informed decision-making and psychological discipline. When false comments are used to dilute your thoughts and perceptions, you should look for reliable and official sources.

winsorfx-bad-user-review

Final Words

In conclusion, Winsorfx is an unregulated forex broker based in Saint Vincent and the Grenadines. It’s lack of regulation raises significant concerns about the safety and legitimacy of the brokers operations. While Winsorfx claims to be subject to “strict regulations,” there is no concrete evidence of regulatory oversight from any financial authority, and the government of SVG does not issue licenses for forex activities.

The broker offers a variety of trading instruments, including forex, stocks, commodities, cryptocurrencies, and more. It uses the cTrader trading platform, which, while user-friendly, may not offer the same level of functionality and automation as industry-standard platforms like MT4 and MT5.

I also have major concerns about the authenticity of positive user reviews on platforms like Trustpilot, as unregulated brokers can manipulate their image through fake testimonials and reviews.

Winsorfx’s affiliate program raises questions about its business model, as the multi-tiered structure resembles aspects of a pyramid scheme. This, coupled with the lack of transparency regarding account types and trading conditions, further intensifies suspicion in the broker’s legitimacy.

At the end of the day, choosing a forex broker is a crucial decision, and it is essential to prioritize safety and regulation above all else. Given the concerns raised in this unbiased Winsorfx review, you should exercise caution and consider safer seas like, FCA regulated brokers with a proven track record of transparency and trustworthiness in the industry.

WinsorFx Review FAQs

Is Winsorfx regulated by any financial authority?

No, Winsorfx is not regulated by any financial authority. Despite their claims and efforts, there is no actual evidence on their license.

Is Winsorfx safe?

Unregulated brokers are the biggest red flags in forex trading. The lack of trader protective practices and financial oversight makes Winsorfx unsafe to trade with.

Can I trust the positive reviews on Trustpilot for Winsorfx?

I advise you to be skeptical about the positive reviews on Trustpilot for Winsorfx. I think these reviews could be manipulated or purchased, which is a common tactic used by unregulated brokers to create a false sense of trustworthiness.

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