Finowiz Information
Founded in 2020, FINOWIZ is a regulated Saint Lucia-registered broker. It specializes in forex, indices, metals, cryptocurrencies, and energies trading with leverage up to 1:500 and minimum deposit requirement of $100. PAMM and copy trading are both available.
Pros & Cons
Finowiz has some notable pros and cons that traders should consider before engaging with the platform.
On the positive side, Finowiz is regulated by FinCEN, a famour regulatory institution. And it offers negative balance protection for all account types. Available asset class is various ranging from forex to indices, metals, cryptocurrencies, and energies. Features like PAMM and copy trading makes it different from most brokers. Besides, you can have different leverage ratios based on different account types, and the maximum leverage is up to 1:500. There is also no fees for deposits and withdrawals. The most surprising is a 100% tradable bonus and a refer a friend bonus up to $20. Last but not least, customer support is very important for traders, and it provides multiple contact channels. You can leave a message via a contact form, call, email, or directly visit their physical address in Dubai.
On the downside, Finowiz seems to forget openly revealing info on spreads and trading platforms. And their payment options are limited compared to other brokers. Popular payment methods like Visa, MasterCard, Skrill, and Neteller are all not available. What's worse, it claims to offer rich educational resources on their webiste, but none of them is functional. When we click related parts, we are told that we can't access. In addition, though there are many contact ways, no live chat feature. Lastly, if you are a citizens or resident of the United States, Cuba, Iraq, Myanmar, North Korea & Sudan, you can't trade with them.
Is FINOWIZ Legit?
Yes. Finowiz is legit. It currently holds a regulated crypto licence from the Financial Crimes Enforcement Network (FinCEN, No. 31000251040869). Besides, as their website shows, it offers negative balance protection for all account types. So trading with Finowiz is relatively safe, but don't neglect the risks on all trading markets.
Market Instruments
FINOWIZ provides five asset classes: forex, indices, metals, cryptocurrencies, and energies. However, when compared to other brokers, it doesn't offer access to various popular trading options like stocks, options, ETFs, and more.
Account Types
When considering a forex trading platform like FINOWIZ, it is essential to understand the different account types available. Each account type caters to specific trading preferences and comes with its own set of advantages and disadvantages. In this comparison, we will examine the Micro, Standard, and ECN account offered by FINOWIZ.
From the table above, you can find that the Micro account is equipped with the lowest minimum deposit requirement of $100, while $2,500 for the ECN account. If you are a beginner, you can consider choosing the most basic Micro account. But if $100 is still too high for you, you can choose other regulated brokers who only requires $10 minium deposit or open a risk-free demo account first.
Leverage
Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Micro or ECN account can enjoy the maximum leverage up to 1:500, while the Standard accunt provides a maximum leverage of 1:400. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.
Spreads & Commissions
Spreads and commissions play a crucial role in determining the overall trading costs for traders. FINOWIZ gives different types of accounts, and the commissions vary depending on the account type chosen.
Specifically, there is no commission on the Micro and Standard accounts, while the ECN account holders have to pay 4% commission.
However, there is no info about spreads. You can contact FINOWIZ to know further.
PAMM & Copy Trading
Finowiz features with PAMM and copy trading.
PAMM is an automated trading system where the manager trades using his or her own trading strategy, and the account is divided into smaller portions to accommodate the investments of multiple clients. Itdelegates the management of your funds to experienced traders, thus giving you the advantage of expert insights and trading acumen.
Additionally, their CopyTrading feature encourages collaborative learning. You can observe, follow, and copy successful trades in real-time. It's a great way to kickstart trading without learning everything on your own. If you want to start copy trading, you need to fund your account, and then select a trader to copy. Now, you start copying trades and monitor your profit.
Deposit & Withdrawal
FINOWIZ accepts deposits and withdrawals via UPI (Unified payments interface), Bank transfer, ERC 20, Ethereum, and Bitcoin. Some popular payment options like Visa, MasterCard, Skrill, and Neteller are not supported.
Minimum deposit and withdrawal amount are both BTC worth $50, and no limit for maximum.
The broker claims to offer no fees for any deposit or withdrawal.
As for the processing time, deposits are usually processed instantly or within a few hours, but withdrawals may take up to 24 working hours to process depending on the payment method and other factors.
Bonus & Promotion
Finowiz claims to offer a 100% tradable bonus.
It also gives a Refer a Friend Program, which states that you can earn up to $20 for every friend or family member you refer, and your friend will also be rewarded $20 when they sign up with your invitation email.
However, we cannot be sure if the bonus is really available without any condition.
Tools & Education
FINOWIZ claims to offer some learning resources, including articles to read, latest news, economic calendar, educational videos, and FAQ. However, only economic calendar and FAQ is really available, others are nonfunctional.
Customer Support
Q&A
Is FINOWIZ regulated?
Yes. It is regulated by FinCEN.
Does FINOWIZ offer demo accounts?
It seems that no demo accounts are available, as we can't find any info on this from their site.
Does FINOWIZ offer MT4/5?
It doesn't reveal any info on trading platforms.
Are there any regional restrictions at FINOWIZ?
Yes. Finowiz Fintech Limited does not provide services for citizens/residents of the United States, Cuba, Iraq, Myanmar, North Korea & Sudan.
2024-06-27 16:24
2024-05-29 10:18
