Lock Investors' Profits! FCA and FSMA identifies Winbitx as a Scam

Many people have made money on Forex, but unfortunately, there are also a multiplicity of scams intended to take advantage of people who want to make money quickly. A common problem is the scammers will refuse clients' withdrawal requests. This is what is known as a forex withdrawal scam. Besides, when searching with the broker's name on the Internet, clients may also find that the broker runs without a license.

Recently, BrokersView learned that many investors have been trapped by a designed scam conducted by Winbitx, where they could not get back their money.

A big Scam

In order to find more information about Winbitx, we did some researches on several online trading forums. What's unexpected, a general theme emerged - clients were dissatisfied with their experience with the entity. Based on users' feedback, it appears that the firm is not a trustworthy broker.

An investor shared not to invest in this scammed company. He opened an account with Winbitx and lost 114k. And there is no reply emails, phone calls or any other contact texts. All communicative methods are lost. It is a big scam.

Another client claimed that trading with the broker is the biggest problem he has ever dealt with.

At first, it runs well when investing here. However, the broker updated its security measures in early October of 2021, and a bug appeared. He contacted customer support to report this bug but he found his account was locked at this moment for a "random security clearance". He was unable to move any of his funds and lost his profits finally. At the same time, the customer support seemed like to help fix his problem by asking him to verify his identity and resets of passwords, but these are just excuses to hinder his withdrawal because his account was still locked when he finished all these "measures".

Alerted by UK FCA and Belgian FSMA

Winbitx portrays itself as a registered business providing investors with legal online trading services. But actually it is not entitled to operate on any market because he runs without even a license.

On 15 November 2021, the Financial Services and Markets Authority (FSMA) of Belgium has issued a public warning against Winbitx. The FSMA received complaints from consumers concerning the new fraudulent online trading platform that is operating in the Belgian market.  The regulator strongly advises against responding to any offers of financial services made by the broker, giving the reason that the company is not entitled to carry out services in Belgium that require a licence and is therefore neither permitted to trade on a commercial basis on its own account nor on behalf of others. Therefore, it is a fraudulent broker.

On 30 September 2021, the UK's Financial Conduct Authority (FCA) added Winbitx to its alert list, saying that the firm is not authorised by it and is targeting people in the UK. In other words, the entity is an unregulated forex broker. That means investors' funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.

Winbitx is a scam that doesn't have regulated licenses, which means it doesn't respect the laws and becomes a fraudulent broker. BrokersView advises you to avoid this broker if you don't want to have a problem.

We welcome you to send your trading stories to service@brokersview.com if you unfortunately had a bad experience with an unlicensed broker.