General Information
Finowiz Is A Regulated Online Forex And Cryptocurrency Broker Established In 2020 And Regulated By The US Financial Crimes Enforcement Network (FinCEN). The Platform Focuses On Providing Trading Instruments Such As Forex, Indices, Metals, Cryptocurrencies And Energy, Supporting Leverage Up To 1:500 With A Minimum Deposit Requirement Of 100 Dollars. In Addition, Finowiz Also Offers PAMM And Copy Trading Features, Providing Traders With A Diverse Range Of Trading Options.
Pros & Cons
Pros
Regulated: Finowiz Holds A Cryptocurrency License (number 31000251040869) Issued By FinCEN, Providing Additional Security For Traders.
Multiple Trading Instruments: Offers Multiple Asset Classes Such As Forex, Indices, Metals, Cryptocurrencies And Energy.
Offers PAMM And Copy Trading: Allows Traders To Trade Through The PAMM System Or Copy Other Successful Traders.
Flexible Leverage: Up To 1:500, Suitable For Experienced Traders To Amplify Gains.
Free Deposits And Withdrawals: No Handling Fees, Reducing Transaction Costs.
Bonuses And Referral Programs Available: 100% Tradable Bonuses And Referral Bonuses, Increasing Trading Incentives.
Disadvantages
Untransparent Spread Information: Finowiz Does Not Disclose Detailed Spread Information, Increasing The Uncertainty For Traders.
Unclear Trading Platform: No Specific Trading Platform Used, Such As MT4 Or MT5, Is Mentioned.
Limited Payment Options: Common Payment Methods Such As Visa, MasterCard, Skrill And Neteller Are Not Supported.
Insufficient Educational Resources: Except For The Economic Calendar And FAQs, Other Educational Resources Are Not Available.
Lack Of Online Chat Support: Although Multiple Contact Details Are Provided, There Is No Live Online Chat Feature.
Regional Restrictions: The Platform Is Not Available To Citizens Of The United States, Cuba, Iraq, Myanmar, North Korea, And Sudan.
Trading Tools
Finowiz Offers Trading In The Following Five Asset Classes:
Forex: Includes Trading In Major And Minor Currency Pairs.
Indices: Covers Major Global Stock Indices.
Metals: Offers Trading In Precious Metals Such As Gold And Silver.
Cryptocurrencies: Includes Digital Assets Such As Bitcoin And Ethereum.
Energy: Trade In Energy Commodities Such As Crude Oil And Natural Gas.
However, Compared To Other Brokers, Finowiz Lacks Options For Trading Instruments Such As Stocks, Options, ETFs, Etc.
Account Types
Finowiz Offers Three Account Types:
Micro Account
Minimum Deposit: 100 Dollars
Leverage: Up To 1:500
Suitable For: Beginner Or Trader With Limited Funds.
Standard Account
Minimum Deposit: $1,000
Leverage: Up To 1:400
Suitable For: Experienced Trader.
ECN Account
Minimum Deposit: $2,500
Leverage: Up To 1:500
Suitable For: High Net Worth Traders, Offering Low Spreads And Low Latency.
Leverage/Spreads/Commissions
Leverage Ratio:
Micro Account: Up To 1:500
Standard Account: Up To 1:400
ECN Account: Up To 1:500
Spreads: No Details Provided, It Is Recommended To Contact Finowiz For More Information.
Commission:
Micro And Standard Accounts: No Commission
ECN Accounts: 4% Commission
PAMM And Copy Trading
Finowiz Offers PAMM And Copy Trading Features:
PAMM: Managers Trade Through Professional Strategies, Diversifying Clients' Funds And Reducing Risk.
Copy Trading: Traders Can Copy The Actions Of Other Successful Traders In Real Time Without Having To Learn Trading Strategies From Scratch Themselves.
Deposit & Withdrawal
Finowiz Supports The Following Deposit And Withdrawal Methods:
Deposit Options: UPI, Bank Transfer, ERC20, Ethereum, Bitcoin
Minimum Deposit: 50 Dollars Worth Of Bitcoin
Maximum Deposit: Unlimited
Processing Fee: Free
Withdrawal Options: Same Deposit Method
Processing Time: Deposits Are Completed Instantly, Withdrawals May Take Up To 24 Hours
Bonuses & Promotions
Finowiz The Following Rewards Are Offered:
100% Tradeable Bonus: Get A Trading Bonus Upon Deposit.
Referral Program: Refer A Friend To Sign Up And Get A $20 Reward Per Person. Friends Also Get $20.
Educational Resources
Although Finowiz Claims To Offer Rich Educational Resources, Only The Following Resources Are Currently Available:
Economic Calendar: View Major Global Economic Events And Data Releases.
FAQ: Help Traders Understand Basic Information About The Platform.
Other Educational Resources Such As Articles, Videos, Etc. Are Currently Not Available.
Customer Support
Finowiz Offers A Variety Of Customer Support Channels:
Contact:
Tel: + 971-44475716
Email: Support@finowiz.com
Social Media: Facebook, YouTube, Instagram, LinkedIn
Contact Form: Submit A Consultation Through The Official Website
Office Address:
St. Lucia: 1st Floor, Sotby Building, Rodney Village
Dubai: Office 1105, Prism Building, 139 Mustakbar Street, Business Bay
>Despite The Availability Of Multiple Contact Details, The Lack Of Live Live Chat Support Can Affect The Efficiency Of Immediate Problem-solving For Traders.
Conclusion
As A Regulated Broker, Finowiz Has Attracted The Attention Of Many Traders By Offering A Wealth Of Trading Tools And Flexible Trading Conditions, Especially PAMM And Copy Trading Features. However, The Opacity Of Its Spread Information, The Ambiguity Of The Trading Platform And The Limited Payment Options Pose Challenges For Potential Traders. In Addition, Regional Trading Restrictions And Imperfect Educational Resources Also Affect The Overall Experience Of The Platform.
Traders Should Fully Consider Its Advantages And Disadvantages Before Choosing Finowiz, Weighing The Risks And Benefits. Traders Seeking Regulated And Transparent Services May Need To Look For Other More Comprehensive And Reliable Options.
