Wynn Finance Broker Scam Review

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Wynn Finance Review – Most Elite Broker For Trading!

There are so many brokers out there that one is bound to get confused. Its a common dilemma among traders which brokers to trade with and which to ignore. There are a few checks which are useful in determining a trustworthy broker. We review Trading software and Binary Options Brokers in great details on our blog. Today, we review the Wynn Finance Binary Options Broker. Read our impartial review and we’ll point out the features and services this broker offers.

Wynn Finance Review

Not very old in the field of Binary Options Brokering, Wynn Finance has quickly set things up for itself. In a very short period it has managed to earn a good reputation among the various traders who chose to trust them. It would be apt to mention in the starting of the review itself that Wynn Finance are NOT licensed. But, as is said, if you have strong morals then you do not need external vigilance or policing to control you. Similar is the case with Wynn Finance who despite of not being licensed are no less responsible in any aspect than the licensed brokers. Its just a matter of time that they too get licensed if they continue to demonstrate the integrity they are showing.

Wynn Finance started operations in 2020 and conducts itself from London. It is owned by Waterfall Partners Ltd. which is a respectable institution in this field and for many years.

The trading platform for Wynn Finance works on the latest version of Panda system. The platform is simple and has won an award too. The platform is quite old and started its operation in 2007. Emphasis has been laid on simplifying the things. It doesn’t help the traders if the platform offers more detail into everything than absolutely required. The platform is more GUI based rather than text.

Trading Options and Features

Wynn Finance offers a wealth of trading options. It allows trades in currencies, stocks, commodities and indices. Currently it features 25 currency pairs in its listings. The maximum payout across all type of options is 81% or less. Oil, Platinum, Gold, Silver, Copper, Coffee, Wheat are the featured commodities. Among the trade types- Binary Options, Long Term, One Touch and Hyper.

Binary Options are the trades we all are aware of. Predicting and calling it a Call or a Put.

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Long term as the name suggests is an option with longer expiry times. They are also Call/Put option basically.

One Touch fetches benefits if the asset price touches a predicted level at least once before the expiry time.

Hyper involves very small expiry times ranging from 60 seconds to a few minutes. This one attracts the new or for-fun-traders more.

Traders can enjoy returns as high as 85% on their investments. The hyper trade option though has very small expiry times but fetches lower returns as well. Its returns hover around 65%. But still these are pretty good considering one earns this much so quickly.

Account Types and Bonus

Wynn offers a string of account types which come packaged with different features and benefits. Basic, Standard, Silver, Gold, Platinum, Expert and VIP are the offered accounts. Lets see what each offers.

Basic: The minimum initial investment is set to $500 for this account. Benefits include free e-book, market news and a bonus of 25%.

Standard (Our Recommended): The minimum initial investment is set to $1,000 for this account. Benefits include all those in Basic + 1 free trading strategy.

Silver: The minimum initial investment is set to $5,000 for this account. Benefits are 1 risk free trade, weekly signals and a bonus of 30%.

Gold: The minimum initial investment is set to $10,000 for this account. Bonus accrued up to 45%. Daily signals, 3 risk free trades and a dedicated senior analyst to help and guide you.

Platinum: The minimum initial investment is set to $25,000 for this account. A whopping 60% bonus, daily signals, 5 risk free trades, dedicated broker and same day withdrawals are the key highlights.

Expert: The minimum initial investment is set to $50,000 for this account. It comes loaded with 80% bonus, 10 risk free trades, daily signals, faster same day withdrawals, MMSystem and a dedicated broker plus all other market and educational packages.

VIP: Only available on direct to Support.

Transaction Support

For deposits, payments through credit card, debit card, wire transfer or Neteller are supported. Deposits are limited to a maximum of 20,000 through cards and $3750 per transaction for Neteller transfers. The minimum amount that can be withdrawn is $30 for Neteller and Credit/Debit cards. For Wire transfers $100 withdrawal is the minimum permitted.

Customer Support

The Support provided by Wynn Finance is exemplary. A large language support to cater to different people and regions. Wynn Finance can be reached through Email, Telephone or live chat. The support personnel are generally very co-operative but it depends. Anyone may not be having a very good day! But overall, we didn’t come across any major complaints pertaining to Customer Support.

Conclusion

Wynn Finance has gone down well in our review of it. We did not really find any mention-worthy shortcomings so to say. The only little ones that come to mind are the higher side of initial deposits for various accounts. The other one is Wynn Finance is unregulated. Although we have been satisfied by their working, but a trader may still be drifted towards the licensed one for extra security. Although it would not make much difference because Wynn Finance are no less trusted than their regulated counterparts. The swelling number of traders who have chosen to trade with them is testimony of their goodwill. We would recommend Wynn Finance as a preferred broker for all your trading needs.

Wynn Finance Review

Wynn Finance

Broker Wynn Finance
US Traders Accepted
Company Name Waterfall Partners Ltd.
Headquarters London, UK
Regulation No
Bonus Type Match bonus
Bonus Size 80%
Max Payout 81%
Out-of-Money Reward 10%
Trading Platform Panda Trading System
Deposit Options Credit/debit cards, wire transfer, Neteller
Deposit Currencies US dollar, euro, British pound, Australian dollar, Canadian dollar
Minimum Deposit $200
Minimum Trade $5
Maximum Trade $10,000
Online Since 2020
Trading Instruments Currencies, Stocks, Commodities, Indices
Number of Trading Instruments 97
Binary Option Types High/Low, One Touch, Range, Hyper, Long-Term
Customer Support Types Web form, telephone, email, LinkedIn, Twitter, Facebook
Education Offered Glossary, FAQ, eBook, trader academy, strategies, training sessions, live webinars
Tools Offered Signals, market reviews, senior analyst
Commission According to FAQ, $30 minimum to withdraw by credit card, no fee, or $100 minimum for wire transfer, $30 fee. Additional fees are listed in terms and conditions (see review). All active accounts are also charged 5% of balance as a monthly maintenance fee.
Languages English
Demo Account No

Wynn Finance is a binary options broker based in London and owned and operated by a company called Waterfall Partners Ltd. While Wynn Finance offers many features and benefits for its customers, the site is sorely lacking in a number of respects—particularly where it comes to clarity and transparency of information. Let’s take an in-depth look.

Opening an Account on Wynn Finance

It is fast and easy to open an account on Wynn Finance. Note that the company does not accept traders from the USA.

Once you do open an account, you are ready to make your first deposit and trade. The minimum deposit is $200, with the following account tiers offered:

  • Basic: $500+
  • Standard: $1,000+
  • Silver: $5,000+
  • Gold: $10,000+
  • Platinum: $25,000+
  • Expert: $50,000+
  • VIP: Contact customer service

At the Basic level, you get a match deposit bonus up to 25% along with weekly market updates and an eBook. Additional benefits are added at each level, with the bonus percentage increasing as well. At the Expert level, you get an 80% bonus, 10 risk-free trades, daily market reviews, access to the VIP academy, live webinars, daily signals, and a senior analyst to help you. The VIP account includes a “paid exotic vacation, large bonuses, and many more benefits.”

Withdrawal Terms and Fee Structure

Things get a bit dicey when you get into the withdrawal terms.

The website is rather inconsistent with the fees it claims it charges. If you look in the FAQ, under “What is the withdrawal procedure?” you will see:

There is no fee to withdraw via credit card, however any withdrawal using bank transfer will accompany a processing fee of $30.

That seems simple enough. If you scroll down, it claims you get one free wire transfer withdrawal per month.

But then if you check under “What is the fee to withdraw funds?” you will find:

A customer’s first withdrawal of every month is free of charge. There is a $30 charge on every additional withdrawal.

This may just be a reference to the wire transfers, not credit card withdrawals, but it is hardly clear.

But then if you go to the terms and conditions page, you will read:

A processing fee of $90 will be charged for a withdrawal using bank transfer … WFL charges a $50 fee for filing a withdrawal request and an additional $50 for a request’s approval.

Ouch. Suddenly a wire transfer is $90 instead of $30? And what about that additional $100 worth of fees? Is that in addition to the $90? And does it apply to all withdrawal types? Now things are very murky indeed. Paying $100 for a withdrawal is pretty insane regardless. Many brokers do not charge you a fee to withdraw at all via credit card, and $30 is about the industry standard for wire transfers.

Just to add to the fun with fees, there is another one you need to worry about:

Starting one month after an account is created, that account will be fined for every month it remains active. This fine is 5% of the account’s standing balance.

It is quite rare for a broker to charge a fee on active accounts.

Just think how quickly this could add up. If you have $1,000 in your account, you will pay $50 each month just to have an account. If you have $10,000 in your account, your monthly “fine” would be $500.

Trading on Wynn Finance

If for some reason you are down with paying 5% of your account balance each month as a fee just for the privilege of having an account, then you can trade on Wynn Finance using the Panda Trading System platform. While not a very common platform, there are a number of binary brokers out there right now that use it. Like SpotOption and the other popular platforms, it is very easy to use.

The minimum trade size is $5, and the maximum is $10,000. There are 97 different stocks, indices, commodities, and currencies available to trade. Trade types include High/Low, One Touch, Range, Hyper and Long Term. This is a nice variety, and one of the few positives that this broker has going for it.

There is unfortunately no demo account available. I also could find no sign of trade control features like Early Close. Features like these are important for keeping your losses at a minimum.

If you do need help at any point while you are trading, you can reach customer service via telephone, email, web form, LinkedIn, Facebook, or Twitter. Unfortunately there does not appear to be any live chat function—yet another area where the site is lacking.

Conclusion: Wynn Finance Lacks Transparency

There are not too many reasons to consider recommending Wynn Finance. They have a lot of trade types, but so do many of their competitors. They offer an abundance of features and benefits, but again, so do their competitors.

There are however multiple reasons to advise traders to avoid Wynn Finance:

  • No live chat feature
  • Inconsistent information regarding fees for wire transfers and credit cards
  • Seemingly very high fees for making any withdrawals at all
  • A monthly maintenance fee of 5% of the balance of your account even if your account is active

Talk about bleeding cash… you could easily lose hundreds of dollars just having money in an account here — never mind if you are also losing money trading. You have to make up for all of those fees before you can even begin to pull in a profit. That is an uphill fight where you really don’t need one. It is hard enough to make money trading without needing to deal with unnecessary setbacks every month or every time you want to withdraw.

So with all of that having been said, I suggest that binary options traders steer clear of Wynn Finance right now. This broker does not inspire trust, and will put a hole in your wallet.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!
    Get Your Sign-Up Bonus Now!

  • Binomo
    Binomo

    Good Choice For Experienced Traders! 2nd place in the ranking!

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