Winnex Consulting – The Problems you Will Find

Winnex Consulting

Online trading has been around for a couple of decades now and has always been popular. After all, the conveniences it offers have helped many in taking advantage of the opportunities in the financial markets. If you have been thinking about joining the others, all you need is to sign up with an online broker to get started.

Gone are the days when you had to have big buckets of money to start, as these brokerages do not have such crazy requirements anymore. But, you do need to navigate the space carefully because scammers are very proactive, such as this Winnex Consulting review will show.

The ultimate goal of these scams is to profit off of you and the easiest trick in the book is masquerading as online brokers, getting you to sign up and deposit your money, which they take and disappear. This kind of fraud has become quite widespread, particularly because setting up a website is very straightforward these days. They only have to add a few bells and whistles to create the perfect false picture and most people do not realize what has happened until it is too late.

Just because you have knowledge about these scams will not protect you from falling for one. The only way to keep yourself safe is to ensure that you know the true capabilities and potential of an online broker before you sign up with them.

Rather than taking their word for what they tell you, it is best to follow up and not take anything for granted. If they are genuine, it will be apparent in their offerings and if they are not, you will find a ton of problems that show the truth. Winnex Consulting is one of the online brokers that you will come across and it falls in the latter category.

This might be hard to believe, considering that Winnex Consulting has presented itself as a world renowned financial services provider that claims to be licensed and regulated. Plus, you will find that it offers you an array of shares, forex pairs, commodities and indices, with competitive spreads and leverage as high as 1:200. This sounds like quite the deal until you dig in and find the various problems it has. What are they? Let’s go over them:

Regulation issues

The first major problem that you will identify when you go through Winnex Consulting is their regulation issues. One tip that everyone will share with you for steering clear of scam brokers is to never use one that does not have a license to offer its services. Any company worth its salt will obtain a license from the regulatory body of the region it is operating in. If it does not, then it should automatically be considered a warning because it means they have something to hide and are not dedicated enough.

Regulated companies have to meet a certain criteria to get a license and scammers cannot fulfill these requirements. But, scammers can still pretend to be licensed, which means you have to verify it. This is what you should do with Winnex Consulting as well, which says that Wealth Fund Services Ltd. is the company that owns and operates it. It apparently has a license from the Cyprus Securities and Exchange Commission (CySEC), which would be quite impressive because it is one of the top regulatory bodies in the EU and the world.

In addition, it also claims to have a license from the International Financial Services Commission (IFSC) in Belize as well. You cannot take anything for granted and when you do follow up, you will come to know that Winnex Consulting is lying outright because it is not licensed anywhere and neither is its parent company. As a matter of fact, CONSOB, the regulatory body in Italy, has actually issued a warning against the company, which means it cannot possibly have a license anywhere, especially the EU.

Trading platform problems

You have to use a trading platform for executing your trades and making decisions through the tools the platform provides. This means that the platform plays a key role in your overall trading journey and it should be up to the mark to help you make the most of your experience. Like every legitimate brokerage, you will find that Winnex Consulting is also promising you access to the MT4 trading platform, which is known as the industry-standard.

It is renowned for its advanced and cutting-edge capabilities and array of trading tools that can be immensely helpful during the trading process. Unfortunately, you will find out that Winnex Consulting is just lying about the trading platform and this is the second problem you will discover. It does not have the MT4 platform available; instead, there is an overly simplified and rudimentary web-based trading platform that does not come close to the innovative and professional MT4.

Risky trading conditions

The fact that Winnex Consulting is offering leverage as high as 1:200 should not be considered a good thing at all. First off, the brokerage should not be offering these ratios at all, given that it claims to be under the regulation of CySEC. The regulatory body has capped leverage ratios that can be offered to retail clients at 1:30, yet Winnex Consulting is not operating within its regulatory framework. Leverage is a double-edged sword that can amplify your losses.

Payment options’ claims

Another problem that you will discover when you check Winnex Consulting out is the inconsistency in its payment options. It advertises a wide range of payment methods on its website, which include VISA, MasterCard, QIWI Wallet, Paysafe Card, AstroPay, Yandex Money, BPay, WebMoney and bank wire transfers.

The list is quite impressive because it also includes payment options that give you the chargeback option, but the only payment method that Winnex Consulting does support are Billpocket and Rodeo Marketing. These are some obscure third-party payment providers that have no credibility whatsoever.

Ending Thoughts

When you come to see the problems with Winnex Consulting, it is not difficult to decide that you need a different broker.