WinBits has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I was about to invest with WinBits but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Markets Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Flagged by Financial Markets Authority|Cannot verify credentials
WinBits changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Clean UI|Full transparency|Fast support response|Low minimum deposit
Cons: Minimum deposit could be lower|Limited cryptocurrency options
The hidden fees at WinBits are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Transparent fees|Quick verification|Portfolio tracking tools
Cons: Cannot customize dashboard fully|Website design could be more modern
WinBits seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Competitive fees|Social trading features
Cons: No dark mode on mobile
After doing some research AFTER the fact (I know, I should have done this first), I discovered that WinBits is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Pros: Professional looking website
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
WinBits offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Good analytical tools|Detailed reporting
Cons: Onboarding videos are outdated|Could offer more webinars
Tried to withdraw my funds from WinBits and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
After for about eight months with WinBits I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Regular platform improvements|Economic calendar|Smooth onboarding|Social trading features
Cons: Desktop app not available on Linux|Email notifications too frequent
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. WinBits recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Reliable uptime|Good analytical tools|API access
Cons: Onboarding videos are outdated|Mobile app could be improved
For anyone considering WinBits, please be aware that this company has been flagged by Financial Markets Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Pros: Information is publicly available for verification
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction