If there are many positive reviews about a brokerage company, does that mean it can be trusted? Not at all. Wiolin is an offshore broker offering CFD trading, boasting about supposedly providing the best service, but it exhibits several signs of fraud, such as fake positive comments. This firm is not what it claims to be, and here’s why.
Brief Overview
- 🖥Official Website: wiolin.com
- ✈️Contact Address: Bonovo Road, Fomboni, Comoros
- 📞Customer Support: [email protected], +18007386280
- 🔐Licensing and Accreditation: MISA
- ⏳Track Record: 2023
- 🧰Specialization: brokerage service
- 🤝Terms of Cooperation: $1,000, 1:400
- 💰Additional Services: account manager
Wiolin.com Examination
The introduction to the company starts with its official website, where the main menu at the top allows users to learn about the conditions, platform, traded asset classes, auxiliary tools, market news, contacts, and information about the broker, as well as review the legal documents. Nearby are buttons for account registration and login. The main page lists the conditions, quotes for popular assets, advantages, some information about the terminal, methods for deposits/withdrawals, the latest news, and more auxiliary tools. The footer contains contacts, social media logos with links to profiles, the legal entity, and a risk warning.
There is no real design — Wiolin has simply presented text on a white background, with occasional images related to trading and investments. The firm does not provide any information about its activities, and the “About Us” section merely lists the conditions when one would expect to see licenses, the duration of operations, the business model, office addresses, and the names of the founders. While there are no errors in the text, much of the information is repeated frequently, creating the illusion of a large amount of content.
Company Contacts
While reputable brokers have multiple email addresses and dozens of phone numbers, Wiolin provides only one email and one phone number, indicating the small scale of its business. There is no online chat available, but the company does have social media accounts on Instagram, Twitter, Facebook, and YouTube. However, these accounts have no followers, and the quality of the content is poor.
Key Conditions
The broker has developed six types of accounts for its clients, but they differ very little. For example, the first plan requires a minimum deposit of $1,000, and the second $2,500, but according to the descriptions, they offer the same benefits: 0.01 minimal size, swap-free option, 24h dedicated support, and an account manager. The third plan starts at $5,000, but only adds news and technical analysis. In short, there is no logic in the way account types are structured. However, it’s worth noting the high starting deposit of $1,000. In practice, it’s rare to see such a requirement nowadays. Typically, companies allow trading even with just $5-10, for example, through a cent account. Additionally, no demo accounts are offered here, which is another downside.
Another important point is the fees and spreads, or rather, the lack of transparency about them. Wiolin promises no hidden fees, but says nothing about the spreads. Moreover, if there are no fees, how does the broker make money? Likely by emptying its clients’ deposits one by one. The broker clearly operates as a dealing desk, prioritizing its own profits over the success of traders.
The leverage of 1:500 is a fast track to margin calls and losses, and the scammers are fully aware of this. Such high leverage also guarantees that the company has no license, as financial regulators prohibit it. Additionally, Wiolin only allows trading in CFDs, which are easy to manipulate, and the platform likely has a backdoor, allowing it to create any charts it wants for these CFDs.
Exposing Wiolin
Looking at such trading conditions, there’s nothing positive to say about the platform. However, could it be that the platform offers guarantees of reliability and boasts extensive experience to justify such high initial deposit requirements and hidden conditions? Let’s examine this.
Wiolin is managed by Finplus Capital Ltd, which is registered in Mwali and holds a MISA license. This is true — a check revealed that the organization is indeed registered under number T2023298 in 2023. Can this be considered a positive sign? No, because MISA is not a reputable or serious regulator. In the event of a scam by the firm, there is no guarantee that this regulator will take any action against the platform or compensate for the damage. Licenses from regulators like CySEC, FCA, or ASIC could offer certain guarantees of reliability, but this organization lacks those.
The length of the operation is also crucial. It’s clear that the firm only started operating in 2023, which means it hasn’t been around for long. The broker doesn’t have years of experience, nor does it have a large client base, which means there’s no confidence that the firm won’t shut down tomorrow.
A short operational history and lack of serious regulation are not the only signs of a scam. Wiolin’s business model cannot be ignored, and it presents a conflict of interest. This is a 100% B-Book broker, which profits when traders lose money, meaning the platform benefits from its clients’ losses. Therefore, expecting serious trading here is pointless. The company will do everything it can to ensure that its clients end up losing money.
What Reviews Do Users Leave?
The situation with reviews about Wiolin on the internet is quite interesting. First, there are many of them; second, positive comments predominate; and third, most of them are in French, suggesting that the scammers are targeting traders from France. All the positive reviews are clearly fake, evident by their length, content, and lack of supporting evidence. This is not surprising, as fraudulent firms often engage in posting fake reviews. Therefore, it is recommended to pay attention to the negative reviews, as they tend to contain more truth about the platform.
Conclusions
The company commissions fake reviews about itself, lacks serious regulation, has been in existence for only a year, the actual number of clients is unknown, and the trading conditions seem questionable and unfavorable — there are many red flags with Wiolin, so it is not recommended to open a brokerage account here. There are many other brokerage firms offering better conditions and holding serious licenses.
Pros/Cons
- The company is registered in the Comoros Islands.
- No license from a reputable regulator.
- Fake positive reputation on the internet.
- The platform operates against its clients.
- No guarantees of reliability.
I want to warn everyone that WIOLIN is scamming traders. At first, they sweetly offer you their services, promising reliability and signals that will bring you profit. But as soon as you deposit money into your account, they forget about you. That’s exactly what happened to me. I invested $5,000, but they didn’t even provide the signals they promised. I tried trading on their fake platform, but all I got were losses. They just drained my account, and that’s it. I couldn’t even make $1 here. But the worst part is that the scammers now refuse to return my money. I know their fake platform is still operating, but they are ignoring me and won’t let me withdraw. SCAM!
At first, they scammed me out of 5,000 euros, and I managed to make a profit of 2,400 euros. Then, the scammers got another 10,000 euros out of me by showing me profits on Bitcoin and XAUUSD. After that, I made some more profit. My last deposit was 7,500 euros. In total, 22,500 euros, and now I can’t withdraw the money. The consultant told me that I need to pay a 20% tax on this amount, and then I can withdraw it. But this is complete nonsense. What kind of tax is this? I don’t understand where this tax came from. I reached out to another experienced trader for help, and he told me that I should forget about my deposit – it was stolen by anonymous scammers. False promises, these blocked funds are impossible to get back, and I’m not the only one who has fallen victim to Wiolin.
For me personally, the MISA license doesn’t mean anything. I don’t see this financial commission as a strict regulatory body. So, if I were you, I wouldn’t take the risk. Maybe I’m wrong, but I don’t think so. It’s better to find a firm with licenses from FCA or FINMA, or at least CySEC, since MISA is not a well-established regulator. This is just my opinion.