Note: WIFX's official website: https://www.wifx.com/en is currently inaccessible normally.
WIFX Information
WIFX was registered on Jul 19, 2001 by in the United Kingdom. The company claims to provide more than 1200 market instruments to traders, including forex, CFDs on indices, commodities, stocks, metals and energies. It offers spreads are as low as 0.4 pips and leverage up to 1:999. Available trading platforms are the renowned MT4, MT5 and its proprietary WIFX Webtrader.
The broker offers four account types: Micro Account and Standard Account with minimum deposit $5 with base currencies USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR; to go further, WIFX Ultra Low Account requires minimum deposit of $50 and less base currencies EUR, USD, GBP, AUD, ZAR, SGD; Shares Account requires minimum deposit of $10,000 and base currency USD.
However, the company does not provide services to residents of certain countries such as the United States of America, Israel, Canada and Iran.
You can contact the company at email: support@wifx.com and telephone +447770170000. The company claims FCA regulation but its license with number 145829 is suspected to be fake clone.
Is WIFX Legit？
WIFX claims to operate under FCA (Financial Conduct Authority) regulation with license no. 145829. However, the license is suspected to be fake clone, which raises questions about the company's legitimacy and reliability.
Downsides of WIFX
Unavailable website: WIFX's website cannot be opened currently, which makes traders without valid access to its services.
Regulatory concerns: The suspected FCA clone status of the broker indicates less customer protections and compliance to industry standards. It is a warning signal.
Report of withdrawal issues on WikiFX: A report of withdrawal issues on WikiFX indicates possible difficulties withdrawing your profits to your own bank account when trading with this broker.
Negative WIFX Reviews on WikiFX
On WikiFX, “Exposure” is posted as a word of mouth received from users.
Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter.
Below are the details of the exposure of withdrawal issue of this company:
A Nigerian investor reported that he couldn't find the withdraw button on the platform to withdraw or transfer his coin which worth millions of naira.
Conclusion
In conclusion, though the company offers a wide range of financial instruments, tiered accounts for varying experience levels and the reputable MT4 and MT5 trading platfroms, the downsides overwhelm pros, making it a less preferable choice for traders. Its suspicious fake clone FCA regulatory status, inaccessible website and exposure of withdrawal difficulties raise questions about its legality, reliability and credibility. You should choose well-regulated platforms with full transparency and decent customer protection instead.
2023-03-07 11:56
2023-01-18 04:52
