FINOWIZ Broker Review 2024

About FINOWIZ

Founded in 2020, FINOWIZ is a regulated Saint Lucia-registered broker. It specializes in forex, indices, metals, cryptocurrencies, and energy trading with leverage up to 1:500 and a minimum deposit requirement of $100. PAMM and copy trading are both available.

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 accounts offered by FINOWIZ.

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.

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.

Tools & Education

FINOWIZ claims to offer some learning resources, including articles to read, the latest news, an economic calendar, educational videos, and FAQs. However, only the economic calendar and FAQ are available, others are nonfunctional.

Customer Support

Contact number: +971-44475716

Corporate emails:

Support: support@finowiz.com

Technical: technical@finowiz.com

Marketing: marketing@finowiz.com

Registered Address

Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay

Gros-Islet, Saint Lucia

Physical Address

Office #1105, The Prism Tower, 139,

Al Mustaqbal Street,

Business Bay, Dubai

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.