WingedCoin.com is an online trading platform that offers traders access to various financial instruments, including forex, CFDs, and cryptocurrencies. The trading site has been around for a while and has been the subject of many reviews, with some alleging that the company is a scam broker. In this review, we will analyze the WingedCoin.com platform and provide an honest assessment of whether traders should use it or not.
Overview
WingedCoin.com is an online trading platform that offers traders the opportunity to trade forex, CFDs, and cryptocurrencies. They are based in California according to their website. But there is no specific address. The broker claims to be licensed and regulated by the International Financial Services Commission (IFSC) of Belize, which is a red flag as the IFSC is not known for its strict regulatory oversight. Additionally, the broker has a minimalistic website with very little information about the company, its owners or operators, and its business model.
Is WingedCoin.com Regulated?
The broker claims to be licensed and regulated by the International Financial Services Commission (IFSC) of Belize, which is always a red flag. The IFSC is not known for its strict regulatory oversight, and several scam brokers have been known to operate under its oversight. The IFSC does not require brokers to maintain a segregated account, which means that the broker could mix clients’ funds with its operational funds. Therefore, traders should be wary of brokers that claim to be regulated by IFSC.
Warnings From Financial Regulators
Upon reviewing several financial regulators’ databases, it is apparent that WingedCoin.com has been flagged by numerous authorities. The Australian Securities and Investments Commission (ASIC) has blacklisted WingedCoin.com for offering unauthorized investment services to Australian residents. In addition, the Financial Conduct Authority (FCA) has issued a warning to traders, advising them that the company is not authorized to operate in the United Kingdom. These warnings are a clear indication that WingedCoin.com is not a safe or reputable broker.
What Currency Pairs Do They Offer?
This broker offers different plans for investment and loan schemes. They also have a profit calculator to calculate the profit based on these plans.
Customer Support
The broker offers customer support in several languages, including English, Spanish, Italian, Russian, and German. However, customer support is only available via email or an online contact form, which is concerning, as reputable brokers offer their clients different options to contact support. In addition, many traders have reported that the broker is unresponsive to client inquiries, which is another red flag.
Trading Platform
WingedCoin.com offers traders access to the MetaTrader 4 platform, which is a widely recognized and reliable trading platform. However, given the broker’s questionable regulatory status and reputation, we cannot recommend using the platform. Also, this platform cannot be accessed until you sign up for a plan.
What Do Traders Think About WingedCoin.com?
Upon researching several online trader forums, we have found that the vast majority of traders have had negative experiences with WingedCoin.com. Several traders have reported losing their funds and experiencing technical issues with the trading platform. In addition, many have reported difficulties withdrawing their funds, which is a clear sign of a scam.
What To Do If You Get Scammed?
If you have fallen victim to a scam broker, the first step is to report the matter to the relevant authorities. You should also reach out to your bank or credit card issuer to block any future transactions from the scam broker. Finally, you may need to seek legal counsel or reach out to organizations such as the Premiumrecoup for assistance. We will analyze your case and will provide you with a free consultation and service recommendations to help you in recovering lost funds.
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Final Thought
In conclusion, our review of WingedCoin.com leads us to conclude that the broker is a scam. The broker’s questionable regulatory status, reputation, and numerous warnings from financial regulators make it clear that traders should avoid using the platform. With several reputable and trustworthy brokers in the market, there are no reasons to take any undue risks by using WingedCoin.com.
