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Wizifx

China|1-2 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

http://wizifx.co.uk/

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http://wizifx.co.uk/

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No valid regulatory information, please be aware of the risk!

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Broker Information

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Company Name

Wizifx

Company Abbreviation

Wizifx

Platform registered country and region

China

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-04-20
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

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Wizifx · Company Summary

Aspect Information
Company Name Wizifx
Registered Country/Area China
Founded Year 2022
Regulation Not regulated
Market Instruments Forex, Cryptocurrencies, Global Indices, Precious Metals, Commodities, CFDs on Shares
Account Types Standard, Premium, Star VIP, ECN Pro
Minimum Deposit $100 (Standard), $300 (Premium), $2000 (Star VIP), $500 (ECN Pro)
Maximum Leverage Up to 1:1000
Spreads Starts from 1.5 pips (Standard), Starts from 1 pip (Premium), Starts from 0.5 pips (Star VIP), Starts from 0 pips (ECN Pro)
Trading Platforms Wizifx's self-developed platform accessible through PC, web browsers, and mobile devices
Customer Support Limited to submitting requests, lacks direct contact channels
Deposit & Withdrawal Electronic payment systems and bank cards
Educational Resources Limited educational resources, basic trading and profit calculators, lack of comprehensive FAQ section

Overview of Wizifx

Founded in China in 2022, Wizifx is a trading platform offering a diverse range of assets, including Forex, Cryptocurrencies, Global Indices, Precious Metals, Commodities, and over 1200 CFDs on Shares. The platform boasts competitive spreads and a variety of account types tailored to different trading styles.

While it provides transparent payment policies, its lack of regulatory oversight poses potential risks. Wizifx's self-developed trading platform offers tools for analysis, yet its limited educational resources and customer support channels impact overall user experience.

Overview of Wizifx

Is Wizifx legit or a scam?

Wizifx operates without regulatory oversight, as it is not governed by any regulatory authority.

Traders on Wizifx face potential risks due to the lack of a regulatory framework that typically ensures fair practices and safeguards the interests of users. The absence of regulatory oversight impacts the overall reliability and trustworthiness of Wizifx as a trading platform. Users should carefully consider the potential implications of trading on an unregulated platform and assess the associated risks before engaging in any trading activities.

Pros and Cons

Pros Cons
Diverse Market Instruments, including forex Lack of Regulatory Oversight
Range of Account Types Limited Educational Resources
Transparent Payment Policy Absence of Direct Customer Support Channels
Self-Developed Trading Platform Exposure to Complaints and Accusations
Competitive Spreads and commission free Limited Deposit and Withdrawal Methods

Pros:

Diverse Market Instruments, including Forex:

  • Wizifx offers a wide array of trading assets, spanning various categories such as Forex, Cryptocurrencies, Global Indices, Precious Metals, Commodities, and over 1200 CFDs on Shares. This diversity ensures traders have ample opportunities for a well-rounded trading experience across multiple financial markets.

Range of Account Types:

  • Wizifx provides a variety of account types, each tailored to different experience levels and trading styles. From the entry-level Standard account to the advanced ECN Pro account, users can choose an account that aligns with their skills, preferences, and risk tolerance.

Transparent Payment Policy:

  • Wizifx maintains a transparent payment policy, allowing users to withdraw and deposit funds without additional payment fees. This fee-free approach contributes to a user-friendly and cost-effective trading experience, enhancing the overall financial management process.

Self-Developed Trading Platform:

  • Wizifx offers a self-developed trading platform accessible through PC, web browsers, and mobile devices. This platform provides users with the flexibility to engage in trading activities across various devices, offering tools such as Trading Charts, Live Currency Rates, and a Financial Calendar to enhance analytical capabilities and decision-making.

Competitive Spreads and Commission-Free:

  • Depending on the chosen account type, Wizifx provides competitive spreads and, in certain accounts like Standard and Star VIP, offers commission-free trading. This can be advantageous for traders seeking cost-effective trading conditions.

Cons:

Lack of Regulatory Oversight:

  • Wizifx operates without regulatory oversight, exposing traders to potential risks. The absence of a regulatory framework raises questions about fair practices and the protection of user interests, impacting the overall reliability and trustworthiness of the trading platform.

Limited Educational Resources:

  • Wizifx presents a shortfall in educational resources, lacking in-depth tools for user guidance. Although the platform offers basic trading and profit calculators, the absence of a comprehensive FAQ section hinders users from accessing quick references for common queries, potentially limiting their ability to navigate the platform effectively.

Absence of Direct Customer Support Channels:

  • Wizifx's customer support is hindered by the lack of direct contact channels. Traders are limited to submitting requests, and the absence of real-time communication options, such as live chat or direct phone assistance, lead to delays in issue resolution and leave users with a sense of frustration.

Exposure to Complaints and Accusations:

  • Wizifx has faced negative exposure through complaints, including allegations related to a potential pyramid scheme and accusations of fraud. Users have reported transaction failures and pressure to trade again, casting doubts on the platform's integrity and reliability. Unresolved withdrawal issues and excessive tax demands contribute to a negative user experience.

Limited Deposit and Withdrawal Methods:

  • While Wizifx offers a range of payment methods, the platform imposes varying minimum deposit requirements based on the chosen account type. This tiered structure limits accessibility for users with different capital levels, and the absence of certain deposit and withdrawal methods impacts the overall convenience of financial transactions.

Market Instruments

Wizifx presents a wide array of trading assets spanning various categories, ensuring a diverse and inclusive trading experience.

In the Forex market, users can engage in transactions involving over 38 major, minor, and exotic currency pairs, fostering ample opportunities for currency trading.

The platform extends its reach to cryptocurrency enthusiasts, facilitating the trade of a broad selection of digital assets in the Cryptocurrencies category.

For those inclined towards market indices, Wizifx supports trading in 9 global indices, providing a gateway for users to partake in the performance of key financial markets.

Furthermore, traders have the opportunity to explore investments in precious metals like gold, silver, platinum, and copper within the Metals category.

The Commodities section further enriches the asset portfolio by including oil, gas, and various agricultural commodities.

Wizifx grant access to an extensive selection of shares, boasting over 1200 options available for trading under the category of CFDs on Shares.

This broad spectrum of assets is suitable for traders with diverse preferences, offering a well-rounded trading experience across multiple financial markets.

Market Instruments

Account Types

Wizifx provides a range of account types. Each account type is tailored to different experience levels and trading styles, offering varying features and conditions.

Standard Account:

The Standard account offered by the platform is suitable for traders seeking a basic yet functional trading experience.

With a minimum deposit requirement of $100 and leverage ranging from 100 to 1000, this account allows users to access a variety of trading instruments, including Forex, CFDs, and Metals. It provides a moderate level of negative balance protection and permits hedging. Traders utilizing the Standard account can execute orders instantly with no commission fees. The account is suitable for those who are new to trading and prefer a straightforward approach.

Premium Account:

Geared towards more experienced traders, the Premium account requires a minimum deposit of $300. Offering leverage from 100 to 400, this account provides access to tighter spreads, starting from 1 pip. With no commission on trades, users can engage in Forex, CFD, and Metal trading. The Premium account includes negative balance protection, allowing for a certain level of risk management.

It is suitable for traders with intermediate skills who seek improved trading conditions and lower spreads.

Star VIP Account:

The Star VIP account is tailored for advanced traders with a higher risk tolerance and a significant trading capital.

Requiring a substantial minimum deposit of $2000, this account offers leverage from 100 to 300 and boasts spreads starting from 0.5 pips. Commission-free trading in Forex, CFDs, and Metals is available. While providing no negative balance protection, the account allows hedging and offers favorable trading conditions. The Star VIP account is suitable for seasoned traders who prioritize lower spreads and are comfortable with a higher level of risk.

ECN Pro Account:

The ECN Pro account targets professional traders and institutions, requiring a minimum deposit of $500. With leverage ranging from 100 to 200 and spreads starting from 0 pips, this account offers a highly competitive trading environment. Commission fees are applicable for trades. While lacking negative balance protection, the account allows for hedging and is suitable for traders seeking direct market execution.

The ECN Pro account is ideal for those who value ultra-low spreads and have the expertise to navigate a more sophisticated trading setup.

Aspects Standard Premium Star VIP ECN Pro
Base Currency Options USD, GBP, EUR USD, GBP, EUR USD, GBP, EUR USD, GBP, EUR
Minimum Deposit $100 $300 $2000 $500
Leverage 100-1000 100-400 100-300 100-200
Spreads Starts from 1.5 pips Starts from 1 pip Starts from 0.5 pips Starts from 0 pips
Contract Size 100 100 100 100
Commission No $3 per lot payable per side No $3 per lot payable per side
Trading Instruments FOREX, CFD, METAL FOREX, CFD, METAL FOREX, CFD, METAL FOREX, CFD, METAL
Negative Balance Protection Yes Yes No No
Maximum Open/Pending Orders 100/100 100/100 50/50 50/50
Minimum Trade Volume 0.01 0.01 0.01 0.01
Maximum Trade Volume 30 LOT 50 LOT 100 LOT 100 LOT
Lot Restriction per Ticket 0.01 0.01 0.01 0.01
Hedging Allowed Yes Yes Yes Yes
Hedge Margin Free Free Required Required
Margin Call 100 100 150 200
Stop Out 50 50 30 100
Islamic Account Yes No No No
Order Execution Instant Instant Market Execution Market Execution
SWAP No Yes Yes Yes
Account Types

How to Open an Account?

Opening an Account with Wizifx:

  1. Registration:

    1. Visit the official Wizifx website.

    2. Click on the “Sign Up” button.

    3. Fill in the required personal information, including name, email, and contact details.

    4. Create a secure password for your account.

    5. Agree to the terms and conditions.

2. Account Verification:

  • After registration, follow the verification process.

  • Submit necessary identification documents for KYC (Know Your Customer) compliance.

  • This includes a valid government-issued ID, proof of address, and additional documents as required.

  • Wait for verification approval, which may take some time.

3. Deposit Funds:

  • Once verified, log in to your Wizifx account.

  • Navigate to the deposit section.

  • Choose a suitable payment method (e.g., bank transfer, credit card).

  • Enter the desired deposit amount.

  • Confirm the transaction details and proceed to deposit funds.

4. Start Trading:

  • After depositing funds, explore the trading platform.

  • Familiarize yourself with the tools and features.

  • Choose your preferred trading instruments (Forex, CFDs, etc.).

  • Execute trades manually or explore any automated trading options available.

  • Monitor your trades and manage your portfolio.

Ensure that you carefully follow each step and provide accurate information during the registration and verification process for a smooth account opening experience with Wizifx.

How to Open an Account?

Leverage

Wizifx provides varying maximum leverage levels based on the type of trading account. The leverage is presented as a range, indicating the multiplier effect on a trader's capital. The maximum leverage for each account type is as follows:

  • Standard Account: Leverage ranges from 100:1 to 1000:1.

  • Premium Account: Leverage ranges from 100:1 to 400:1.

  • Star VIP Account: Leverage ranges from 100:1 to 300:1.

  • ECN Pro Account: Leverage ranges from 100:1 to 200:1.

These leverage levels signify the potential amplification of trading positions, allowing traders to control larger positions with a relatively smaller amount of capital. It's essential for traders to be aware of and carefully consider the risks associated with different leverage levels, as higher leverage increases both potential profits and potential losses.

Leverage

Spreads & Commissions

Wizfix provides four distinct account types—Standard, Premium, Star VIP, and ECN Pro—each associated with specific spreads and commissions.

The Standard account, designed for entry-level traders with a $100 minimum deposit, features spreads starting from 1.5 pips and does not impose any commission per lot.

The Premium account, requiring a $300 minimum deposit, offers reduced spreads starting from 1 pip, with a $3 per lot commission payable per side.

The Star VIP account, suited for higher-capital traders with a minimum deposit of $2000, presents even tighter spreads starting from 0.5 pips, and, like the Standard account, does not involve a commission per lot.

Lastly, the ECN Pro account, requiring a $500 minimum deposit, boasts spreads starting from 0 pips but carries a $3 per lot commission payable per side.

Traders should carefully evaluate their preferences and capital constraints to select the account type aligning with their trading objectives.

Trading Platform

Wizifx offers a self-developed trading platform accessible through PC, web browsers, and mobile devices.

The platform provides users with the flexibility to engage in trading activities across various devices, allowing for a transition between desktop and mobile trading. Traders can access a range of trading tools designed to enhance their analytical capabilities and decision-making process.

One notable feature is the Trading Charts tool, enabling users to analyze current and historical price movements. This tool empowers traders to draw custom graphical elements on charts and choose their preferred timeframe, facilitating a comprehensive analysis of market trends.

Additionally, Wizifx's trading platform provides Live Currency Rates, allowing users to stay informed about the real-time movement of their preferred financial instruments without the need to leave the platform. This feature enhances the user experience by providing quick access to crucial market information.

The platform also incorporates a Financial Calendar, ensuring that traders remain fully aware of policy changes and geopolitical events that impact the markets. This tool aids in strategic decision-making by keeping users informed about upcoming events that could influence market dynamics.

Trading Platform

Deposit & Withdrawal

Wizfix offers a range of convenient payment methods for users to withdraw and deposit funds. The platform supports electronic payment systems and bank cards, providing flexibility for traders to choose the option that aligns with their preferences and accessibility.

Wizfix imposes varying minimum deposit requirements based on the chosen account type. Traders can fund their accounts with a minimum deposit of $100 for the Standard account, $300 for the Premium account, $2000 for the Star VIP account, and $500 for the ECN Pro account. The tiered minimum deposit structure enables users with different capital levels to participate in trading, ensuring accessibility and flexibility in account funding based on individual financial capabilities.

Wizfix strives to maintain transparency by providing users with options to withdraw and deposit funds without imposing additional payment fees. The platform facilitates a fee-free environment for these transactions, allowing traders to manage their finances without incurring extra costs. This fee policy aligns with the platform's commitment to fostering a user-friendly and cost-effective trading experience, where clients can move funds in and out of their accounts without the burden of additional charges.

The 24/7 withdrawal feature further enhances accessibility, enabling users to initiate fund withdrawals at any time, contributing to a responsive financial experience for traders on the Wizfix platform.

Deposit & Withdrawal

Customer Support

Wizfix's customer support is lacking in direct contact channels, restricting users to submitting request forms for questions.

This absence of real-time communication options, such as live chat or direct phone assistance, hinders timely issue resolution and leaves clients with a sense of frustration. The platform's reliance on a request submission system leads to delays in addressing urgent issues, creating a disconnect between users and support.

This lack of direct accessibility to customer support channels contributes to a suboptimal user experience, as traders will find themselves navigating challenges without the immediate assistance and clarity.

Customer Support

Educational Resources

Wizfix presents a limited array of educational resources, as it lacks a competitive set of tools for user guidance.

Although Wizfix offers a trading calculator and profit calculator, the educational tools remain relatively basic, lacking the sophistication that more comprehensive platforms provide.

Notably, the absence of a Frequently Asked Questions (FAQ) section deprives users of a quick reference for common queries, potentially hindering their ability to navigate the platform.

Educational Resources

Exposure

Wizifx has garnered user exposure through two distinct incidents.

First, there is a complaint regarding a pyramid scheme, suggesting potential risks about the platform's business model.

The second exposure involves accusations of fraud, where users experienced transaction failures and were pressured to trade again, raising suspicions about the platform's integrity.

The unresolved issue of withdrawal further complicates user experience, with complaints about excessive tax demands that users find challenging to afford. These incidents create a negative exposure for Wizifx users, emphasizing potential risks and issues within the platform.

Exposure

Conclusion

In conclusion, Wizifx presents a trading platform that offers a diverse range of market instruments, allowing users to engage in Forex, Cryptocurrencies, Global Indices, Precious Metals, Commodities, and CFDs on Shares. The platform's competitive spreads and multiple account types is suitable for traders with varying preferences and experience levels. However, the absence of regulatory oversight poses a notable disadvantage, potentially impacting the platform's reliability and user trust.

While Wizifx provides a transparent payment policy and a self-developed trading platform accessible across devices, the limited educational resources and customer support channels hinder the overall user experience. Traders should carefully consider the advantages of diversified market instruments and competitive spreads against the drawbacks of regulatory uncertainty and potential challenges in accessing comprehensive educational support and immediate customer assistance before engaging with the platform.

FAQs

Q: What market instruments are available on Wizifx?

A: Wizifx offers Forex, Cryptocurrencies, Global Indices, Precious Metals, Commodities, and over 1200 CFDs on Shares.

Q: What is the minimum deposit required for a Standard account?

A: The minimum deposit for a Standard account on Wizifx is $100.

Q: Is Wizifx regulated?

A: No, Wizifx operates without regulatory oversight.

Q: How can I contact customer support on Wizifx?

A: Customer support on Wizifx is available through submitting requests; there are no direct contact channels like live chat or phone assistance.

Q: What is the maximum leverage for a Premium account?

A: The maximum leverage for a Premium account on Wizifx ranges from 100:1 to 400:1.

Q: Are there educational resources on Wizifx?

A: While Wizifx provides some educational tools, the resources are relatively basic, lacking a comprehensive FAQ section.

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FX1475622706
more than one year
I traded with them for a while, but their platform was so unstable! It kept slipping and disconnecting, causing me to lose money on my trades all the time. Plus, their customer service was terrible. It was really hard to get in touch with them, and when I did, it took ages for them to respond. When I tried to withdraw my earnings, they gave me the runaround and kept delaying it, which was a total headache and ended up costing me a lot of money.
2023-03-31 15:55
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0
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khalil288
more than one year
i really appropriate
2022-12-09 04:31
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0
0
Imtiaz Ali
more than one year
Imtiaz Ali
2022-12-06 04:39
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