Finowiz: Is it an ideal choice for Traders?

Finowiz, a trading name of Finowiz Fintech Limited, is allegedly a UK-based forex broker and financial investment management company that provides its clients with the industry-standard MetaTrader5 trading platform, flexible leverage up to 1:1000, variable spreads on different kinds of tradable assets, as well as a choice of four different account types.

Is FINOWIZ Legit？

Based on the information provided, FINOWIZ FINTECH LIMITED is not regulated by any authorized regulatory agency. The National Futures Association (NFA) has classified it as unauthorized, and the official regulatory status is stated as unauthorized. The broker exceeds the business scope regulated by the United States NFA. The warning advises individuals to be aware of the associated risks. It is recommended to exercise caution when dealing with an unregulated entity like FINOWIZ FINTECH LIMITED.

Market Instruments

FOREX: FINOWIZ offers a wide range of currency pairs for trading. Currency pairs represent the exchange rate between two different currencies. Traders can speculate on the price movements of these currency pairs and take advantage of fluctuations in the foreign exchange market.

Indices: FINOWIZ provides trading opportunities in various indices. Indices represent a basket of stocks from a particular stock exchange or sector. Traders can speculate on the overall performance of an index, rather than trading individual stocks. This allows for diversification and exposure to a broader market.

METALS: FINOWIZ offers trading in metals, including gold, silver, and other precious metals. Trading metals allows investors to take positions on the price movements of these commodities. Metals are considered as a safe haven during times of economic uncertainty and can be used as a hedge against inflation.

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, ECN, and ECN Pro account types offered by FINOWIZ.

Micro Account Type: The Micro account type offered by FINOWIZ has a minimum deposit requirement of $10. With spreads starting from 2.0 pips, this account type does not charge any commissions. Traders can leverage up to 1:500 and enjoy swap-free trading. Market execution is used for order execution in this account type.

Standard Account Type: For those looking for a more comprehensive trading experience, the Standard account type may be suitable. It requires a minimum deposit of $500 and offers spreads starting from 1.4 pips. Similar to the Micro account, there are no commissions charged. Traders can leverage up to 1:500 and benefit from swap-free trading. Market execution is used for order execution in this account type.

ECN Account Type: The ECN account type is designed for traders who prefer direct market access and low spreads. It requires a minimum deposit of $1500 and provides spreads starting from 0 pips. However, there is a commission of $10 per trade. Traders can leverage up to 1:500 and enjoy swap-free trading. Market execution is used for order execution in this account type.

ECN Pro Account Type: The ECN Pro account type is aimed at experienced traders and offers the tightest spreads among the account types. It requires a minimum deposit of $2500 and provides spreads starting from 0 pips. The commission per trade is reduced to $7. Traders can leverage up to 1:500 and enjoy swap-free trading. Market execution is used for order execution in this account type.

Leverage

Traders holding different account types can enjoy different maximum leverage ratios. Clients on the Mini account can enjoy the maximum leverage of 1:1000, while the Premium or ECN account with leverage of 1:400 and the ECN Pro+ Commission account experience leverage of 1:200. 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 offers different types of accounts, and the spreads and commissions vary depending on the account type chosen.

The Mini account, which is one of the account options, features spreads starting from up to 3 pips. This means that traders using the Mini account may experience wider spreads compared to other account types. On the other hand, the ECN account provides clients with spreads starting from 2 pips, offering slightly tighter spreads compared to the Mini account.

For those who opt for the ECN account with spreads from 1 pip, they can enjoy even tighter spreads, which may be more favorable for certain trading strategies. However, it's important to note that only the ECN Pro+ Commission account allows traders to benefit from raw spreads.

In terms of commissions, FINOWIZ charges a commission of $8 per standard lot for trades executed on the ECN Pro+ Commission account. This commission structure is directly applicable only to this specific account type. The other account types do not involve direct commissions.

Trading Platform

When it comes to trading platforms available, Finowiz gives traders the worlds most trusted and popular MeatTarder5 trading platform. MT5 is known as the most successful, efficient, and competent forex trading software, providing advanced technical analysis tools, automated trading functions (EA) and mobile applications, as well as a user-friendly interface, allowing traders to view their orders, transactions, account details, and keep abreast of the latest market conditions.

Deposit & Withdrawal

When it comes to depositing and withdrawing funds with FINOWIZ, the minimum deposit requirement is quite low, starting at just $10. However, it is worth noting that specific information about the available payment methods for deposits and withdrawals is scarce and not easily accessible online.

Bonuses

Finowiz claims to offer a 50% on-deposit bonus, yet we cannot be sure if the bonus is really available without any condition.

Customer Support

Finowizs customer support can be reached by telephone: +1234-529-2544, email: support@finowiz.com. Besides, you can also follow this broker on some social media platforms like Facebook, Twitter, Instagram and YouTube. Company address: 130 Old St. London, EC1V 9BD, England.

Conclusion

In conclusion, FINOWIZ has several advantages and disadvantages to consider. On the positive side, the broker offers a range of account types to cater to different trading preferences, low minimum deposit requirements, and access to a variety of trading instruments, including forex, indices, and metals. Additionally, their customer support is available 24/7, and they provide a variety of trading platforms. However, there are significant drawbacks, such as the lack of regulation from authorized regulatory agencies, limited transparency regarding additional fees or charges, and a lack of information on certain features and services. Traders should exercise caution when dealing with an unregulated entity like FINOWIZ and carefully consider the associated risks before proceeding.

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