FX Wonders might be trying to steal the thunder from the renowned Finacity group. On the landing page, the platform has a big Finacity name on it. You should know that the Finacity Group disowned FXWonders. And this means fxwonders.com is trying to use the name to gain ground in the forex world. There are other red flags that we must point out. Learn more in our clear FX WONDERS REVIEW.
There’s no telling where the platform resides. Information on the actual place of residence remains a mystery. The platform has a U.S phone number and a St. Vincent and Grenadines address. But, it could only point out one thing.
The platform claims to offer over 60 trading instruments with 8,700 active trades. Other quoted numbers include 43,000 executed orders per day and 35 staff members. But, of course, there’s no way of determining whether this is true.
What we do know is that there have been complaints from a few quarters regarding withdrawals. Delay when withdrawing funds has been witnessed in the past few weeks. And this is a trend we have seen in failing investment platforms.
You should invest in a thriving investment environment that offers realistic returns. Go for industry-leading investment platforms tested by experts. These include Coin Staking, DeFi, and Masternoding.
FX Wonders is in no position to claim they are transparent. We have them on the ropes, thanks to our thorough investigation. What looks like a genuine investment platform is full of loopholes. To be clear, FXWonders is a high-risk investment platform.
Before committing funds to any investment platform, you should ensure you have the right details. Make a thorough research on the platform and see what others are saying about it. One way is to read our detailed reviews on all matters relating to crypto and forex.
FX Wonders is not transparent with their available accounts. On the homepage, they claim to offer four packages. The actual account page has three accounts. These packages don’t match in terms of names.
Let’s take a look at the four accounts as seen on the homepage
Classic
It’s the basic account, and this is where the beginner is supposed to start. There’s a minimum allowed deposit of $500. You should note that this is double the acceptable amount set by regulators.
Pro
With the pro account, investors must pay $1,500 to start enjoying the pro features. These include over 100 trading instruments and a leverage of 1:100. In addition, margin call and stop-out levels are marked at 100 and 40 percent, respectively.
ECN
The ECN account is suitable for professional traders with a minimum deposit set at $2,000. Surprisingly, the account has the same features as the pro account. There’s no distinction apart from the high deposit amount.
Turbo
It’s the most convenient account with investors having to deposit $1,000 with the platform. The account is apparently suitable for long-term traders. With this account, any class of investors can make high returns.
When you head over to the account comparison page, you are met with three account types. These include Standard, Swap Free, and Platinum. All of these accounts come with different features.
Let’s take a closer look at the three packages
Standard
You have to deposit $500 to start using the most basic account. Again, this amount is double the set industry minimum deposit of $250. The spread type is marked as raw interbank pricing with hedging and scalping allowed.
Swap Free
For the swap-free account holder, users must deposit $1,000 to start enjoying the features. Some of the features include zero commissions with STP and no Swaps. The leverage for all three accounts is set at 500:1.
Platinum
There’s a minimum deposit of $10,000 with this account. The spread type is STP with only four available currencies. EA, Hedging, and scalping are allowed on this account with zero commission.
There’s an IB Program available with the platform failing to quote the commission. Once you direct clients to the platform, you earn a commission. Before you jump in, you should note the glaring issues facing investors.
Most of them are not withdrawing funds, and they will blame you for it. As a result, you lose close relationships with family or friends you invited to the platform. Before being a partner, consider the repercussions of such a partnership.
Anonymity is another glaring feature on the platform. FXWonders is an offshore-based platform with no names mentioned. As a result, we don’t know who runs the platform or their professional capabilities.
And this makes depositing funds with such a platform a huge undertaking. There’s no need to invest in a platform that lacks transparency. If the platform goes south, there’s no one to reach out to.
There’s a live chat tab at the bottom right-hand side of the platform. You would expect a response within minutes, and it’s not the case. We didn’t get any response which led us to believe live chat is not working.
With the US phone number, it’s clear the platform is using a virtual phone number provider. That being the case, the person who answers it will take your contact details. When the chat responds, you notice it’s not live chat but a bot chat service.
On their payment method page, the platform lists several depository options. These include Bank transfer, MasterCard, Neteller, Skrill, WebMoney, and more. There are no deposit fees, with the minimum deposit being $100.
According to the chart, the deposit processing time is instant. However, withdrawing funds takes longer depending on the funding method. The platform promises withdrawal in under 24 hours. However, this is not the current situation as more complaints head to regulators.
FX Wonders is not regulated and does not hold a valid license from any regulator. Despite claiming residency in two locations, none of them have regulated the platform. And this means investors are putting funds in an unknown and unregulated platform.
Without any regulatory framework, the platform operates in the grey. And this means putting investors at risk of losing funds. That’s why we see high leverage of 500:1, which is totally unacceptable.
When finding the right investment platform, you need to go for one that fully complies with the regulation. Go for platforms licensed by ASIC, BaFIN, CONSOB, FINMA, and more. Other reputable regulators include CNMV, CySEC, FCA, NFA, and the SEC.
The above regulators will ensure all parties follow set regulations. Therefore, it helps to protect all parties, and thus, regulation is a requirement.
One of the few interesting aspects of the platform is the availability of an MT4 trading terminal. The platform is compatible with all devices. Members get advanced tools and price alerts. It’s one of the best trading platforms to use alongside MT5 and SIRIX.
As we mentioned earlier, the safety of funds is paramount in any investment venture. Unfortunately, with FX Wonders, your funds are far from safe. The platform does not offer insurance cover for deposits made.
We won’t be recommending FXWonders for the following reasons
These are the reasons why you should steer clear of the platform.
If you want a genuine investment platform, you need to get bold and use innovative ways. Sign up with coin staking or Masternoding.
Feel free to leave a comment or email us with any queries.
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