Finowiz is a new entry to the list of Forex & CFD brokers offering varied financial services, operating in the European and Asian regions. Despite being based in the UK (a country with strict regulations on trading), the platform’s activities seem suspicious. As a result, we received many complaints & requests to review this platform. So, we immediately took action to create a deeply analyzed Finowiz Review 2023.
This insightful review will serve as a comprehensive guide to this platform for its potential clients, along with a detailed assessment report in the end.
Through this Finowiz Review 2023, we have made a research-backed assessment report and rated the broker based on several aspects, including its fees, services, account types, and ease of deposits & withdrawals.
What Is Finowiz All About?
It is an online brokerage platform incorporated in Saint Vincent and the Grenadines (SVG) under its parent company – Finowiz Fintech Limited, with registration number: 21889 IBC 2016.
The broker allows traders to trade CFD on numerous forex pairs, indices, metals, commodities, bonds and crypto through its MetaTrader5 platform.
With lightning-fast access to liquidity & trader-centric trading conditions, the platform claims to be the best service provider in the industry. However, in our research for Finowiz Review 2023, we didn’t find anything special about this platform.
Overall, the broker’s focus seems to be on professional traders more than beginners. As a result, it lacks a free demo account and MT4 platform, which are helpful & most frequently used tools for new traders.
Finowiz Scam Report: How Safe Is It To Trade With It?
The official website & mobile application of the broker lacks crucial information regarding regulatory approvals & licences. This raises red flags for the broker as legit brokers often showcase this information at the forefront.
The next indication of it being a scam is the broker’s available legal documentation, which is limited to just a few word files. Meanwhile, the terms & conditions could have been more consistent.
At the same time, the website states that the broker is based in St. Vincent and the Grenadines, which is an offshore location.
Considering the scam report through Finowiz Review 2023, there was no evidence indicating it to be a legit Forex broker; thus, we declare it a scam.
What Trading Products Does Finowiz Offer?
The list of available products falls short compared to other CFD brokerage platforms. It lacks offering Commodities and Crypto trading.
At the same time, the available trading markets are limited to just Indices, Forex and Metals. And the underlying assets available under these markets were less than 100.
In a competitive market where most brokers are offering 1000+ underlying assets to trade, it struck below 100, clearly showing the broker is not serious toward its clients.
Overall, the broker fails to satisfy us in terms of product offering. Therefore, we don’t recommend this broker.
Finowiz Fee Overview: Does It Matches The Global Industry Standards?
While clear information regarding the Finowiz Fees is missing on the broker’s website, we still managed to find typical spreads it charges from its clients. However, the exact amount of spread varies depending on your chosen account and asset. For instance,
- For Forex pairs, the typical spreads start from 0.00 pip to 2.00 pips.
- Meanwhile, the spread charges for indices trading typically range between $2.5 to $12.5.
- For Metals CFDs, the charges come down to 0.16.
Our findings from the Finowiz review clearly indicate that the broker’s fees are slightly higher than other low-cost brokers like Exness and Libertex.
Finowiz Trading Conditions & Minimum Requirements
As said earlier, the Finowiz trading conditions weren’t enough to please any trader, whether they are a beginner or a professional. However, as a part of Finowiz Review 2023, we researched & gave our verdict on its services & trading conditions.
Account Types & Their Specifications
Finowi offers different account types for each financial services market. For Forex, it offers four account types: Micro, Standard, ECN & ECN pro. Meanwhile, there is a Standard & Raw ECN account for spot metal trading.
Through this detailed Finowiz Review 2023, take reference from the account comparison table below.
|Spreads||2.0 Pips||1.4 Pips||0.00 Pips||0.00 Pips|
Spot Metal Trading
|Standard Account||Raw ECN Account|
Finowiz Registration: How To Sign Up For A New Account?
Opening an account with the broker is quite lengthy & confusing. While our recommendation doesn’t go with it if you still want to trade with it, here are some simple steps to be followed:
- Visit the official website – www.finowiz.com and click on the ‘Register’ icon.
- Complete the registration form by filling in your contact and personal details.
- Select your trading account and deposit the amount.
- Click on the ‘Submit’ button and your account will be activated in 1-2 days.
- Meanwhile, the broker may need some additional documents for account verification.
Finowiz Deposits & Withdrawals Conditions
The broker hasn’t disclosed any information about what payment methods are used for deposit & withdrawal. As a result, we, too, couldn’t find any info regarding its deposit & withdrawal conditions.
At the same time, the deposit menu only shows up once the account verification is done. As per our Finowiz Review 2023, the lack of transparency and information on deposit terms clearly indicates it to be a scam.
Maximum Leverage & Margin Requirements
The maximum leverage offered by the broker remains the same for all financial markets. It is 1:500; this is probably the only feature that pleases us as traders.
Trading Platforms & User-interface
The broker supports an advanced MT5 online trading platform available on Smartphones, Windows, Ipad and Web Terminal. The features of the Fino wiz mobile app are similar to its web version.
Meanwhile, the user interface of the platform is clean and user-friendly. Additionally, it offers advanced features like
- Interactive charts
- 9 timeframes
- One-click trading
- Advanced trading functions
- 30 technical indicators
- 24 analytical objects
- Online Trading
There is no doubt that the broker, at first glance, seems lucrative & generous. It offers a 50% deposit bonus on first-time fund deposits, which is exceptional in the industry.
Customer Support Services
The customer support services of Finowiz are below our expectations. While it claims to offer 24×7 client support, the ‘Contact Us’ section states it is available from Monday to Saturday.
At the same time, there is no dedicated Finowiz customer care number, which is the major drawback of the platform. The only way to contact the support team is via email – [email protected].
Overall, our findings from Finowiz Review 2023 revealed, the customer support services are below the average.
Should You Open An Account With Finowiz Broker?
Considering the whole scenario and detailed analysis report from Finowiz Review 2023, we don’t think it is safe to proceed with a Finowiz broker.
The scam report suggests it to be a fraud broker as well as the trading conditions don’t seem to be in favor of traders.
Overall, we don’t recommend opening an account & trading with this broker. Instead, it would be best if you opted for better and regulated brokers like Libertex and Exness.
What To Do If Finowiz Scam You?
As an offshore broker, the chances of you falling into a scam is higher with this platform. Meanwhile, it lacks regulation; therefore, you can’t raise a complaint against it with any financial regulator.
There is no way to recover your funds if you have been scammed by this broker. However, you can raise a complaint with your local jurisdiction. They will take action upon your request, but the chances of recovery are low.
The most appropriate way to avoid the Finowiz scam is to choose a reliable & trusted broker that is regulated by the top-tier financial regulator.
Final Verdict On Finowiz Review 2023
The detailed analysis of Finowiz Review 2023 comes to an end here. It’s time for our verdict – the broker is not what it pretends to be. The trading conditions are not in favor of any trader, whether they are a beginner or a professional.
At the same time, there are several complaints against it. And the lack of regulatory licenses & transparency in the services indicates it to be a scam.
In the end, we are rating the broker 2 out of 5. Therefore, you should avoid trading with the broker. Instead, go for a reliable option like Libertex.
How To Delete An Account On Finowiz?
To request an account deletion, you’ll need to send a written application, along with a valid reason, to the support team via email.
Is There Any Finowiz Demo Account?
No, the broker doesn’t offer a free demo account, which clearly shows it is a less beginner-oriented platform.
How To Deposit Funds Into Finowiz Account?
- Sign in to your account with Finowiz login credentials and click on the ‘Deposit’ icon from your dashboard.
- Enter the amount you wish to deposit and choose your payment method.
- Review all the information and click on the ‘Confirm’ button to complete the transaction.
How Can You Withdraw Money From Finowiz?
- Sign in to your account with Finowiz login credentials and click on the ‘Withdraw’ icon from your dashboard.
- Enter the amount you wish to withdraw and choose your payment method.
- Review all the information and click on the ‘Confirm’ button to complete the transaction.
- The requested amount will be credited to your account within 5 business days.
What If Your Withdrawals Are Frozen?
In case you’re facing issues in withdrawals, you can contact the support team immediately. If it doesn’t help, you can reach out to their physical office at Suite 306, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent, and the Grenadines.
How To Recover Finowiz Login Details?
You can contact the support team via email to recover your forgotten login details. You’ll need to provide all the information requested.
Is Finowiz India A Legal Entity?
No, the broker doesn’t have a legal entity in India. The only operating entity is based in St. Vincent and the Grenadines.