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The WikiFX Score of this broker is reduced because of too many complaints!


Hong Kong|2-5 years|
Regulated in United States|Suspicious Regulatory License|MT4/5 full license|Chinese market only|United States Common Financial Service License Unauthorized|Suspicious Overrun|High potential risk|


Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

Server Name
PenzoLimited-Server MT5
Server Location Hong Kong

RM12, 19/F, Ho King Comm Ctr, 2-16 Fayuen St, Mongkok, Kowloon,Hong Kong
The WikiFX Score of this broker is reduced because of too many complaints!


VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core



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Broker Information


Company Name

Penzo Limited

Company Abbreviation


Platform registered country and region

Hong Kong

Company website

Pyramid scheme complaint


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Warning: Low score, please stay away! 4
Previous Detection : 2023-12-01
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 15 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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Pyramid scheme complaint
Unable to withdraw

Trash customer service blocks customer

There are no updates for a month of withdrawal, the customer service says that the order volume is too large, and the system will automatically review the specific withdrawal and cannot answer anything more. Please wait patiently, if you ask more questions, he will block you, and finally cannot contact the customer service

2023-03-17 21:33
Unable to withdraw

Unable to withdraw

In March 2023, I was introduced by a friend to trade on this website, and they claimed to be regulated by the US Digital Fraud Enforcement Agency. I made a deposit, and the first withdrawal went smoothly. Then I invested more, but I was unable to withdraw the funds when I made the second withdrawal on March 24. I contacted the customer service, and the customer service told me that I need to pay 20% of the capital gains tax, and it cannot be deducted directly from the account. It needs to be resubmitted to another account designated by the platform, and the designated account can only be used for two hours each time, nad it is not fixed, it should be changed every two hours, otherwise the withdrawal cannot be made. When I contacted the customer service staff, no one responded to the message for a long time. I deposit more than 200,000 US dollars on the platform, and I only want to withdraw 500 US dollars, they asked me to pay more than 11,000 US dollars in capital gains tax. This is clearly a fraud, and I hope the relevant departments can help me.

2023-05-12 05:59

    Penzo · Company Summary

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

    General Information

    Penzo Review Summary in 10 Points
    Founded 2022
    Registered Country/Region Hong Kong
    Regulation NFA (unauthorized)
    Market Instruments forex, precious metals, energy, cryptocurrencies and indices
    Demo Account N/A
    Leverage 1:200
    EUR/USD Spread From 0.1 pips
    Trading Platforms MT5
    Minimum deposit N/A
    Customer Support Live chat, email

    What is Penzo?

    Penzo is a newly established online forex broker that offers access to a range of financial markets, including forex, stocks, commodities, and cryptocurrencies. It is registered in Hong Kong and is owned and operated by Penzo LTD. The broker offers its clients access to a series of trading instruments with flexible leverage up to 1:200 and floating spreads from 0.1 pips on the MT5 trading platform.

    In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

    Penzo's website

    Pros & Cons

    Penzo has some advantages such as offering access to a range of financial markets on leading MT5 trading platform and responsive customer service through live chat, email, and social media. However, Penzo's lack of transparency regarding its regulatory status and trading conditions, as well as its limited educational resources, are cause for concern.

    Pros Cons
    • Offers access to a range of financial markets • Lacks transparency regarding regulatory status and trading conditions
    • Offers MT5 trading platform • Clients from the United States, Canada, United Kingdom, Iran, North Korea and Cuba are not accepted
    • Only supports crypto-wallets and bank transfers
    • Limited educational resources

    It is important to note that the pros and cons listed here may not be exhaustive, and traders may have different priorities or experiences with Penzo.

    Penzo Alternative Brokers

      There are many alternative brokers to Penzo depending on the specific needs and preferences of the trader. Some popular options include:

      • Exness - offers low spreads and commissions, along with a range of trading platforms including the Exness Trader.

      • GMI - offers competitive spreads and commissions, and traders can choose from MetaTrader 4 or 5.

      • DBG Markets - offers the popular MetaTrader 4 platform, as well as cTrader, and competitive commission rates.

    Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

    Is Penzo Safe or Scam?

    The fact that Penzo holds an unauthorized National Futures Association (NFA) license is concerning and raises questions about the legitimacy and safety of the platform. The lack of transparency regarding trading conditions and fees is also a cause for concern, as it may indicate that the platform is not operating in a fully transparent and ethical manner.

    Without more information about the platform's operations, it is difficult to definitively determine whether Penzo is safe or a scam. However, it is recommended that traders exercise caution and carefully consider the risks before engaging with Penzo or any other platform that lacks clear and comprehensive information about its operations and regulatory status.

    Market Instruments

    Individual and institutional traders who use this broker will have access to extensive popular and mainstream financial markets regardless of where they are. Different asset classes covering forex, precious metals, energy, cryptocurrencies and major global indices are all available through the brokerage platform.

    Foreign Exchange: Provide dozens of mainstream foreign exchange currency pairs including Euro/U.S. Dollar (EUR/USD), U.S. Dollar/Canadian Dollar (USD/CAD), British Pound/U.S. Dollar (GBP/USD).

    Precious metals: Provide a variety of metal spot transactions: gold (XAUUSD), silver (XAGUSD) precious metal transactions.

    Crude oil: Provide U.S. crude oil (UsOIL) trading

    Index: Hong Kong Hang Seng Index (HK50), Germany Index (GER30), S&P 500 Index (US500)

    Cryptocurrency: Provide dozens of mainstream digital currency pairs including Bitcoin (BTC/USD), Ethereum (ETH/USD), Ripple (XRP/USD), etc.

    Market Instruments


    Creating an account is easy and fast. Click on the “Create an account” button, fill out the form and you will receive the login information in your email box immediately after completion. You cannot change the base currency of your account, as all bids are settled in USD transactions.


    Concerning leverage, traders with Penzo are given flexible choices between 1:100 to 1:200. Leverage improves potential returns by allowing you to double or even quadruple your account amount, but it can also cause fund losses, especially to inexperienced traders.

    Spreads & Commissions

    Penzo offers its clients variable spreads as low as 0.1 pips, no requote. Since many brokers today calculate all trading costs into spreads, brokers offering competitive spreads, therefore, gain large popularity. However, no any information related commission revealed directly on their website.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread Commission
    Penzo 0.1 pips N/A
    Exness 0.1 pips $7 per lot
    GMI 0.6 pips $5 per lot
    DBG Markets 0.5 pips $6 per lot

    It is worth noting that these rates may vary based on account type, trading volume, and other factors. Additionally, commission rates may be subject to change, so it is important for traders to stay informed about any updates or changes to their chosen broker's fee structure.

    Trading Platforms

    When it comes to the trading platform available, Penzo offers its clients access to the leading MT5 trading platform that can be accessed from any device. MT5 enables them to operate trading bots such as EA, study financial markets, and engage in advanced trading operations. Whats more, traders can even duplicate the strategies of other investors without difficulty. Additionally, the Penzo MT5 trading platform also offers demo account options (up to $100,000 virtual funds) for its clients to test the trading environment without risking their real money.

    See the trading platform comparison table below:

    Broker Trading Platforms
    Penzo MetaTrader 5
    Exness MetaTrader 4, MetaTrader 5, Exness Trader
    GMI MetaTrader 4, MetaTrader 5
    DBG Markets MetaTrader 4, cTrader

    It is important to note that these brokers may offer additional platforms or versions of the above-mentioned platforms. Additionally, traders may prefer one platform over another based on their personal trading style and preferences.

    Deposits & Withdrawals

    Penzo only supports crypto-wallets and bank transfers. However, the platform does not provide clear information about the minimum deposit requirement. Deposits are free while withdrawal fees are not specified. It is recommended that users carefully review Penzo's terms and conditions and reach out to customer support with any questions or concerns they may have about the deposit and withdrawal process.

    payment methods

    Penzo minimum deposit vs other brokers

    Penzo Most other
    Minimum Deposit N/A $100

    Customer Service

    Penzo offers a variety of customer support options for its users, including live chat and email, as well as a comprehensive Help Center on their website. In addition, users can follow Penzo on social networks such as Instagram, Facebook, and Twitter to stay up-to-date on platform updates and announcements.

    Help Center

    The platform's customer service team is known for being responsive and helpful, and users can expect timely and professional assistance with any issues or concerns they may have. However, it is worth noting that there may be some delays in response time during peak periods of user activity. Overall, Penzo's customer service offerings demonstrate the platform's commitment to ensuring a positive user experience and fostering a strong community of users.

    Pros Cons
    • Live chat and email support available • No 24/7 customer support
    • Help Center available on website • No phone support
    • Responsive and professional customer service team • Potential delays in response time during peak periods
    • Active presence on social networks such as Instagram

    It is important to note that the pros and cons listed here may not be exhaustive, and may vary based on individual experiences with Penzo's customer service. Additionally, traders may prioritize different factors when evaluating customer service, such as the availability of phone support or multilingual support. It is recommended that traders carefully consider the overall quality and responsiveness of customer service when selecting a trading platform, as this can have a significant impact on their trading experience and success.


    Penzo's educational resources appear to be limited to tutorials, which may not provide a comprehensive or structured approach to learning about trading and investing. While tutorials can be helpful for users who are new to the platform or who need assistance with specific features or functions, they may not be sufficient for those who are looking to develop a deeper understanding of trading strategies, market analysis, risk management, and other key concepts.


    It is recommended that traders seek out educational resources that are more comprehensive and tailored to their specific needs and skill levels. This may include online courses, webinars, e-books, and other resources that offer a structured and systematic approach to learning about trading and investing.

    Additionally, traders may consider working with a mentor or joining a trading community to gain insights and perspectives from more experienced traders. By investing time and resources into their education, traders can develop the knowledge and skills necessary to make informed and profitable trading decisions.


    In conclusion, Penzo is an online trading platform that offers access to a variety of financial markets, including forex, stocks, commodities, and cryptocurrencies. While the platform has some advantages such as responsive customer service and a variety of trading platforms, its lack of transparency regarding its regulatory status and trading conditions, as well as its limited educational resources, are significant drawbacks. Additionally, the platform's support for only crypto-wallets and bank transfers may limit its appeal to some traders.

    As always, traders should carefully evaluate the risks and benefits of any trading platform before engaging in any trading activities, and consider factors such as security, regulatory compliance, trading conditions, fees, and customer service.

    Frequently Asked Questions (FAQs)

    Q 1: Is Penzo regulated?
    A 1: No. Their National Futures Association (NFA) license is unauthorized.
    Q 2: At Penzo, are there any regional restrictions for traders?
    A 2: Yes. This website and its contents are intended for non-EU residents only, with the exception of residents of the United States, Canada, United Kingdom, Iran, North Korea and Cuba.
    Q 3: Does Penzo offer the industry-standard MT4 & MT5?
    A 3: Yes. It supports MT5.
    Q 4: Is Penzo a good broker for beginners?
    A 4: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its lack of transparency.

    User Reviews

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    more than one year
    I have been trading with Penzo for over 5 months and have had some issues in many places but overall there was nothing that struck me out of the ordinary. There was an incident in which I could not withdraw funds for a while but it was solved finally.
    2023-02-24 16:48
    more than one year
    Very good service. I am so happy to say this. I understood daily market conditions can make good profits to finance manager lead me well. Thank you.
    2023-02-15 11:40
    more than one year
    this broker it has a very amazing,it's a good and best that I ever use before,more again the broker has some great for everyone,that is why I am pride of this broker
    2022-12-05 12:36
    more than one year
    this broker has the highest number of score in the wikifx broker regulatory
    2022-12-04 23:34
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