Below is a comprehensive analysis of FXWinning, a forex broker with the official website https://www.fxwinning.net/, based on the requested criteria. The analysis incorporates information from online sources, including complaints, regulatory status, website security, and other risk indicators, while critically examining the data to provide an objective assessment.

1. Online Complaint Information ¶

Online complaints about FXWinning are widespread and severe, indicating significant issues with the broker’s operations. Key points from complaint data include:

• Withdrawal Issues: Numerous users report that FXWinning has withheld withdrawals for extended periods, often exceeding two months, without clear explanations. Some users claim they were unable to withdraw funds at all, with the broker citing compliance audits or KYC (Know Your Customer) requirements that were never resolved. For example, Trustpilot reviews mention delays since February 2023 and unfulfilled withdrawal requests, with one user stating, “I’ve been waiting since February 17th for $15,000 and constantly getting excuses.”
• Allegations of Fraud and Ponzi Scheme: Multiple sources, including Trustpilot and Myfxbook, label FXWinning as a Ponzi scheme or exit scam. Users report that the broker ceased operations abruptly in June 2023, with the website becoming inaccessible and customer service unresponsive. One Trustpilot review claims, “This company legit took over with over 10 figures aka 1 billion dollars plus. It’s been 12 months no one is paid, site is down and customer service isn’t existent anymore.”
• Legal Actions: A lawsuit filed in the U.S. District Court for the Southern District of Florida by investors, led by Kristoffer Jon Hind, seeks over $28 million in damages, alleging fraud, deceptive trade practices, and a “sophisticated scheme” involving false promises and misrepresentations. The lawsuit names FXWinning Limited, its owners (David Merino, Rafael Brito Cutie), and others, accusing them of soliciting tens of millions of dollars and preventing withdrawals.
• Negative Trustpilot Rating: FXWinning has a Trustpilot rating of 2.4/5, categorized as “Poor,” based on 846 reviews. Many reviews describe the broker as a scam, with users reporting stolen funds and lack of communication. Some positive reviews exist but are suspected to be fake, as they contradict the overwhelming negative feedback and regulatory warnings. Critical Assessment: The volume and consistency of complaints across platforms like Trustpilot, Myfxbook, and legal filings strongly suggest that FXWinning engaged in fraudulent practices. The allegations of a Ponzi scheme and exit scam are supported by the broker’s sudden closure and failure to process withdrawals, which are hallmark behaviors of fraudulent brokers.

2. Risk Level Assessment ¶

Based on the available data, FXWinning presents an extremely high risk to investors. Key risk factors include:

• Lack of Regulation: FXWinning is not regulated by any reputable financial authority (see Regulatory Status below), meaning there is no oversight to protect investors’ funds or ensure fair practices.
• Operational Shutdown: The broker announced it would cease operations on June 22, 2023, citing “unforeseen circumstances,” and its website is no longer accessible. This sudden closure, combined with reports of unprocessed withdrawals, indicates a likely exit scam.
• Fraud Allegations: The $28 million lawsuit and user reports of stolen funds amplify the risk, as they suggest systemic fraud rather than isolated issues.
• High Leverage Risks: FXWinning offered leverage of 1:100, which, while not unusual, increases the risk of significant losses, especially for inexperienced traders. Without regulatory oversight, such high leverage can be used to lure clients into risky trades.
• Ponzi Scheme Indicators: Reports on Myfxbook and Trustpilot describe FXWinning as operating a B-Book (internal order book not connected to the market), potentially manipulating trades to fake profitability and attract more deposits. Risk Level: Critical (Avoid). The combination of regulatory absence, operational failure, and fraud allegations makes FXWinning an unsafe choice for any investor.

3. Website Security Tools ¶

As of April 22, 2025, the website https://www.fxwinning.net/ is inaccessible, consistent with reports of the broker shutting down in June 2023. However, prior analyses and security-related information provide some insights:

• SSL/TLS Encryption: When the website was active, there is no specific evidence confirming whether it used secure HTTPS protocols consistently. However, even if SSL was present, it does not guarantee legitimacy, as many scam brokers use basic encryption to appear trustworthy.
• Security Warnings: FXWinning issued a statement (via fxwinning.pro) advising users to take precautions, such as avoiding unofficial links, not accessing accounts from public computers, and verifying email addresses (official email: [email protected]). The broker claimed to be implementing two-factor authentication (2FA), but there is no evidence this was ever rolled out.
• Website Inaccessibility: The current inaccessibility of fxwinning.net and fxwinning.pro suggests that the broker has fully ceased operations, which aligns with exit scam allegations. This prevents any real-time analysis of security features like SSL certificates or server configurations.
• Phishing Risks: Trustpilot reviews warn of scammers impersonating FXWinning, contacting users via phone calls or emails to steal funds. The broker itself stated it would never call or send SMS to clients, indicating potential phishing attempts exploiting its brand. Critical Assessment: The lack of access to the website prevents a detailed security analysis, but the broker’s own warnings about fake sites and phishing attempts suggest vulnerabilities in its ecosystem. The absence of 2FA implementation and the website’s shutdown further undermine trust in its security practices.

4. WHOIS Lookup ¶

A WHOIS lookup for https://www.fxwinning.net/ cannot be performed in real-time due to the website’s inaccessibility and likely domain expiration. However, historical data from prior reviews provides context:

• Domain Age: Reviews from 2021 noted that the fxwinning.net domain was relatively new, less than 5 years old, which is a red flag for a broker claiming to be a market leader.
• Registrant Information: The registrant details were likely hidden behind privacy protection services, a common practice for unregulated brokers to obscure ownership. No specific WHOIS data confirms the identity of FXWinning Limited or its operators.
• Location Claims: FXWinning claimed to be registered in Hong Kong, with additional offices in Saint Vincent and the Grenadines. However, regulatory checks (see below) found no evidence of registration with relevant authorities in these jurisdictions. Critical Assessment: The young domain age and lack of transparent WHOIS data are consistent with scam brokers, who often use new domains and privacy protection to avoid accountability. The inability to verify current WHOIS data due to the site’s shutdown reinforces suspicions of illegitimacy.

5. IP and Hosting Analysis ¶

With fxwinning.net inaccessible, real-time IP and hosting analysis is not possible. Historical information provides limited insights:

• Hosting Claims: FXWinning stated that its servers were hosted in secure locations to ensure fast execution, but no specific hosting provider or IP details were disclosed.
• Server Reliability: The website’s downtime since June 2023 suggests that hosting services were either terminated or abandoned, consistent with an exit scam.
• IP Blocking Reports: A Myfxbook user reported being unable to access the website after attempting a withdrawal, suspecting their IP was blocked by the broker. This indicates potential server-side manipulation to restrict access. Critical Assessment: The lack of verifiable hosting information and the website’s prolonged inaccessibility suggest that FXWinning’s infrastructure was not maintained or was deliberately shut down. This aligns with reports of fraudulent behavior, as legitimate brokers typically maintain stable hosting.

6. Social Media Presence ¶

FXWinning’s social media presence is not well-documented in the provided sources, but some insights can be inferred:

• Lack of Official Accounts: There is no mention of official FXWinning social media accounts (e.g., Twitter, Facebook, Instagram) in reviews or on the archived website content. This is unusual for a broker claiming to serve global clients.
• Fake Positive Reviews: Trustpilot and other platforms note that positive comments about FXWinning were likely fabricated by the broker’s staff to flood social media and forums with misleading praise.
• Community Warnings: On platforms like Myfxbook, users discuss FXWinning in community forums, warning others about its scam status. These discussions are not official social media but indicate negative sentiment in online trading communities.
• Phishing via Social Media: Trustpilot reviews mention scammers using social media to impersonate FXWinning, contacting users with fake recovery offers or phishing links. Critical Assessment: The absence of a verifiable social media presence and the presence of fake reviews suggest that FXWinning relied on deceptive marketing rather than legitimate engagement. The use of social media for phishing further tarnishes its reputation.

7. Red Flags and Potential Risk Indicators ¶

FXWinning exhibits numerous red flags that indicate it is a high-risk, likely fraudulent broker:

• Unregulated Status: No valid regulatory license from any authority, including Hong Kong’s SFC or Saint Vincent and the Grenadines’ SVG FSA.
• Website Shutdown: The abrupt closure of fxwinning.net and fxwinning.pro in June 2023, with no prior warning to clients, is a classic exit scam tactic.
• Withdrawal Delays and Denials: Consistent reports of withheld payments, with excuses like KYC or compliance audits, are strong indicators of fraud.
• Lack of Transparency: The broker withheld critical information, such as minimum deposit requirements, trading costs, and account types, making it difficult for users to assess risks.
• False Liquidity Claims: FXWinning claimed partnerships with major banks like Citibank, UBS, and Commerzbank, but these institutions denied any association, confirming that such partnerships would violate AML (Anti-Money Laundering) regulations.
• Ponzi Scheme Allegations: Reports of a B-Book model and fake trading operations suggest that FXWinning operated a Ponzi scheme, using new deposits to pay earlier investors.
• Legal Action: The $28 million lawsuit and regulatory warnings from Spain’s CNMV (March 2022) highlight systemic issues.
• Suspicious KYC Practices: Users reported unusual KYC requirements, such as submitting photos with specific gestures (e.g., crossed fingers), which delayed or prevented withdrawals.
• Association with Shady Entities: FXWinning was linked to individuals like Teo Zuñiga and companies like Turbo, both with poor reputations. Critical Assessment: These red flags collectively paint a picture of a broker designed to deceive investors. The combination of regulatory absence, operational failure, and fraudulent practices makes FXWinning a clear scam.

8. Website Content Analysis ¶

Although fxwinning.net is inaccessible, archived content and reviews provide insights into its website when active:

• Claims of Legitimacy: The website described FXWinning Limited as a “young company” founded in 2020, offering transparency, segregated accounts, and competitive spreads. These claims were not substantiated by regulatory evidence.
• Trading Platforms: FXWinning promoted MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are legitimate platforms but widely used by both regulated and scam brokers. Access to these platforms required deposits, and there is no evidence confirming their functionality.
• Vague Information: The website lacked details on minimum deposits, account types, spreads, and fees, which is unusual for a legitimate broker.
• Misleading Partnerships: The site listed major banks (e.g., UBS, Citi) as liquidity providers, but these claims were debunked by the banks themselves.
• Spanish Default Language: The website’s default language was Spanish, despite claiming global operations, which may have targeted specific demographics. Critical Assessment: The website’s content was designed to appear professional but lacked substance and transparency. False claims about partnerships and vague financial details are typical of scam brokers aiming to lure unsuspecting investors.

9. Regulatory Status ¶

FXWinning’s regulatory status is a critical concern, as it lacks any legitimate oversight:

• No Regulation: Checks with the Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) and Hong Kong Securities and Futures Commission (HK SFC) found no record of FXWinning. The broker falsely claimed to be in the process of acquiring a Cyprus Securities and Exchange Commission (CySEC) license, but no evidence supports this.
• Regulatory Warnings: Spain’s CNMV issued a warning against FXWinning in March 2022, listing it as an unauthorized entity. This places it on a European blacklist, confirming its scam status.
• False License Claims: FXWinning provided a fake license number (2930110) and claimed oversight by entities like the HKMA, which denied any association.
• Unregulated Jurisdictions: The broker’s claimed bases in Saint Vincent and the Grenadines and Hong Kong are known for lax financial regulations, often exploited by scam brokers. Critical Assessment: The complete lack of regulation, combined with regulatory warnings and false license claims, confirms that FXWinning operated illegally. Investors’ funds were unprotected, and the broker faced no accountability for its actions.

10. User Precautions ¶

To avoid falling victim to brokers like FXWinning, users should take the following precautions:

• Verify Regulation: Always check a broker’s regulatory status with reputable authorities (e.g., FCA, ASIC, CySEC) before depositing funds. Use official registries to confirm licenses.
• Research Complaints: Review platforms like Trustpilot, Forex Peace Army, and Myfxbook for user feedback. Persistent withdrawal issues or fraud allegations are major red flags.
• Avoid High-Pressure Tactics: Be wary of brokers urging quick deposits or promising unrealistic returns. FXWinning used aggressive marketing and false promises to lure investors.
• Test Withdrawals: Make small deposits initially and test the withdrawal process before committing significant funds.
• Check Domain Age: Use WHOIS tools to verify the age of a broker’s domain. New domains (less than 5 years) are riskier, as seen with FXWinning.
• Avoid Unverified Links: Follow FXWinning’s own advice to avoid unofficial links or phishing emails claiming to be from the broker.
• Seek Legal Advice: If scammed, contact authorities like local police, Interpol, or recovery services (e.g., MyChargeBack) to explore fund recovery options. Critical Assessment: These precautions could have helped investors avoid FXWinning’s scam. The broker’s tactics exploited trust, making due diligence essential.

11. Potential Brand Confusion ¶

FXWinning’s branding and operations may cause confusion with other entities:

• Similar Names: The name “FXWinning” is generic and could be confused with legitimate brokers like FXPro or FXPig, which have better reputations and regulatory oversight.
• New Win FX: Some sources mention a broker called New Win FX, which also lacks regulation and operates in a similar manner. This could indicate rebranding or related scams.
• RBFX PRO: BrokersView reports that FXWinning’s operators may have moved to RBFX PRO to continue fraudulent activities, suggesting a pattern of rebranding to evade scrutiny.
• Phishing Scams: Scammers impersonating FXWinning via phone calls or emails could confuse users into engaging with fake recovery services or new scam brokers. Critical Assessment: The potential for brand confusion is high due to FXWinning’s generic name and reported links to other scam entities. Investors must verify the exact broker they are dealing with to avoid falling for rebranded or impersonating scams.

12. Conclusion ¶

FXWinning is an unregulated, high-risk forex broker that exhibits clear signs of being a scam. The overwhelming evidence includes:

• Widespread complaints about withheld withdrawals and stolen funds.
• A $28 million lawsuit alleging fraud and deceptive practices.
• No regulatory oversight and false license claims.
• An abrupt website shutdown in June 2023, consistent with an exit scam.
• False partnerships with major banks and suspicious KYC practices.
• Negative user feedback across platforms like Trustpilot and Myfxbook.
• Potential rebranding to entities like RBFX PRO to continue fraudulent activities. Recommendation: Investors should avoid FXWinning entirely. Those who have lost funds should report to local authorities, seek legal advice, or contact recovery services like MyChargeBack. To trade safely, choose brokers regulated by top-tier authorities (e.g., FCA, ASIC, CySEC) with transparent operations and positive user reviews. Critical Perspective: While some positive reviews exist, they are likely fabricated, as they conflict with regulatory warnings, legal actions, and the broker’s operational failure. The narrative of FXWinning as a legitimate broker is unsupported by evidence, and its collapse highlights the dangers of unregulated platforms. Always prioritize due diligence over promises of high returns.