Finowiz Prime – Smart Trading & Investment Solutions

Thanks to the constant advancements and integration of AI and real-time web analytics on Finowiz Prime user dashboard, no user has to overly complicate the processes of investing, trading, or wealth tracking.

Finowiz Prime multitasks by offering comprehensive security and intelligent financial management options. Finowiz Prime enables any user to make smarter decisions about wealth management.

Finowiz Prime integrates the latest technologies on user dashboards, offering the smartest financial management options securely and confidently.

Finowiz Prime Overview

Finowiz Prime offers trading services and operates on a global scale as Finowiz Fintech. They boast advanced trading infrastructure with the ability to execute trades at lightning speed and with considerable liquidity. Additionally, they have various accounts, accommodating new and seasoned traders.

Finowiz promotes transparency, personalized assistance, and adherence to regulations which they back up with institutional-grade MAM and info PAMM account offerings, and account management services.

However, there’s uncertainty about their regulation, as the broker’s financing-in commercial licenses from major global authorities seems to be missing. Some disclosures point to crypto-specific licenses and jurisdictions with more lenient regulations.

This lack of regulation, as in other cases involving brokers, raises the level of risk for users of the services. It is vital to complete a more thorough assessment to decide whether to trust the promotion points outlined in the documentation or the declared operational characteristics of the platform.

Key Point

How Top Open Finowiz Prime Account?

To open an account with Finowiz Prime, follow these steps:

Visit the Official Website Open www.finowizprime.com.

Click on “Register” Find the “Register” button, which is usually at the top right corner of the home page and click it.

Fill in Personal Information Enter your first and last names, email, phone number, and a strong password.

Verify Your Email or Phone Look for a verification code and enter it to confirm your email/phone number.

Complete KYC (Know Your Customer) Process Upload your identification documents to complete the legislative requirements.

Choose Your Account Type Pick the account type that fits your trading requirements – Micro, Standard, or ECN.

Set Account Currency Select the currency for your account (e.g. USD, EUR).

Agree to Terms and Conditions Read and accept the terms and conditions to continue.

Submit Your Application Complete your signing up for registration by pressing submit.

Deposit Funds Your trading account will be activated after you deposit the minimum required amount.

Get a Trading Platform: To begin trading, first, obtain and set up either MetaTrader 4 or 5, or Finowiz App.

Account Types and Trading Conditions

Finowiz has several account levels to meet different user needs. These levels have different deposit needs, spreads, commissions, and account functionality feature trade. These different account types as documented include Micros / Mini, Standard, ECN, and ECN Pro, however, these can change in name and functionality over time.

Micro (or Mini): Minimum deposit around $100 (some sources suggest as low as $10) and spreads begin around 2.0 pips without commission, and negative balances are claimed as protected.

Standard: Minimum deposit around $ 500 – $1000 and spreads begin around 1.4 pips without commission. She is fit for regular active trading with 1:500 leverage and 1:500.

ECN: Minimum deposit around $1,500, with direct market access, 1:500 leverage, and 0 pip spreads plus commission (around $10/per trade) to accommodate professional trading.

ECN Pro (or ECN Pro+): Minimum deposit around $2,500 and leverage of 1:500 with high volume or advance trading, and raw spreads with commission decrement (around $7/per trade).

Depending on your country or account type, you may have access to unique account options like swap-free accounts for Islamic trading.

Although Finowiz markets “institutional-grade spreads” and leverage that sometimes goes up to 1:1000 in promotional materials and up to 1:500 in standard materials, the actual trading conditions may differ and will always have to abide by global trading regulations.

Execution, Slippage, and Order Handling

Finowiz advertises quick execution speeds of up to 0.1 seconds, which is advantageous for traders who use scalping or high-speed strategies. Most account types utilize market execution, which means trades will fill at the prevailing price instead of the price you requested.

In rapidly changing markets, this can result in a temporary loss of a requested price, which is known as slippage.

Although rapid execution is advertised as a selling point, in the real world, there are always factors that will affect performance such as server infrastructure, trading conditions, liquidity providers, order routing, and the broader market, as well as user-reported incidents of postponed execution or canceled orders.

Product Offering and Markets

Asset Classes

Finowiz is capable of offering and providing a wide variety of asset classes which gives traders the flexibility to handle several markets under a single account. The primary instruments include:

• Forex: A range of major, minor, and possibly exotic currency pairs, although specifics on which pairs and availability are vague.
• Indices: Contracts on major national and global stock indices.
• Metals/Commodities: Focused on precious metals like gold and silver and some selected commodity instruments.
• Energy/CFDs: Crude oil and natural gas and indices related to them.
• Cryptocurrencies: Different crypto assets depending on the account type and some regional regulations.

Finowiz combines traditional forex, commodities, energies, and cryptocurrencies, to cater to traders looking for conventional and market exposure to speculation.

Trading Platform

Finowiz mainly uses the MT5 platform, which is preferred for its advanced charting capabilities, numerous technical indicators and time frames, and algorithmic trading options. MT5 allows for rapid execution of orders, claiming completion in up to 0.1 seconds in optimal conditions.

Users can access MT5 via desktops, tablets, and mobile devices, offering access to automated trading and expert advisor (EA) functionality. Although MT5 is the core of the trading platform and the focus, Finowiz has provided no public confirmation about proprietary alternatives to MT5.

Copy Trading and PAMM / MAM

Finowiz promotes copy trading as another feature, allowing users to mimic trades made by other, more seasoned traders, referred to as “signal providers.” Users may set controls for exposure via the parameters of allocation, stop thresholds, and the percentage to copy.

Moreover, the platform offers PAMM (Percentage Allocation Management Module) and MAM layers, in which professional managers allocate and manage capital in “pools.” Profits and losses are then distributed according to proportional shares of the investors.

This adds a trading strategy option for users who would rather passive managed trading over self-directed trading.

Funding, Withdrawals, and Transactions Policies

Deposit Methods

For most users, Finowiz supports bank transfers and payments via crypto accounts. The methods available depend on your location (jurisdiction). For some limited areas, bank transfers and digital wallets will be available.

Minimum deposits depend on account type (Micro accounts require about $100, some promotional documents say as low as $10 for crypto deposits). The broker says “low minimum deposits” is one of the key features.

Same-day availability of funds means deposits are accessed quickly for trading. As the payment method is chosen, deposits are avaliable almost instantly. Trader can access funds quickly.

Withdrawal Policies

Finowiz evaluates trustworthyness based on the priority regarding ease of withdrawals. Reportedly, users can experience zero- fee withdrawals, but this most like refers to the system as there are still fees for the users on the blockchain.

Some users state processing time is under 24 hours as well as for crypto, but there are delayed processing times for large withdrawals and for profits. Public statements on withdrawal limits, time-frames for processing, and for the lack of “round-trip” withdrawal system are scarce.

Account Verification and KYC

In order to comply with legislation and the company’s internal risk management standards, Finowiz needs account verification. Users might have to provide proof of identification (passport or national ID) and proof of residence (utility bill or bank statement) before fully activating their account deposit and/or withdrawal limits.

For more substantial withdrawals, further proof and/or source-of-funds documentation might be needed. Although verification is discussed on the platform, the lack of public disclosure leaves this area slightly ambiguous for prospective customers.

Security Measures, Fund Safety, and Risks

Regulation and Licensing

The regulatory status of a broker is one of the first indicators of their trustworthiness. As for the broker Finowiz, the regulatory disclosures seem incomplete and lack clarity.

Although a few of the company’s marketing materials mention crypto licenses or crypto-registration, other independent sources seem to not recognize the broker as having a license from a top-tier financial authority.

Numerous broker review sites have pointed out that Finowiz is most likely operating from jurisdictions that are offshore and lack oversight, and therefore rely on registration instead of full licensing.

Since supervisable regulations are the only way a broker can guarantee segregations of client capital and other safe practices, lack of strong regulations poses greater risks on traders.

Segregation of Capital and Compensation

The most trustable brokers keep client funds in segregated accounts and, therefore, Insolvency doesn’t affect the funds of the clients. Finowiz has no public documentation, and therefore, the lack of clarity on whether client funds are segregated increases risk.

In addition to that, the broker doesn’t mention anything about investor compensation or protection schemes, meaning the broker has failed, and clients have no way to recoup their losses.

Negative Balance Protection

Finowiz states that all clients are provided with negative balance protection on all accounts and that traders will not lose more capital than what they have deposited.

Since this is favorable for traders who are more risk averse, the actual protection will depend on the internal guidelines set by the broker and the regulations of the clients’ country. Clients are advised to check on these with the account agreements.

Transparency and Disclosure

Having clear trading conditions, fees, withdrawals, and risk warnings is a must. Reasons for criticism toward Finowiz include vague descriptions of the spreads, withdrawal policies, and bonuses, and a lack of clarity regarding how funds are managed.

Traders should check all these conditions, confirm any marketing claims, and obtain a clear outline of how funds are managed prior to making any large deposits.

Finowiz Prime is legit?

Yes, Finowiz is legitimate. For now, it has a regulating crypto licence from the Financial Crimes Enforcement Network (FinCEN, No. 31000251040869). Besides, as their website shows, it offers negative balance protection for all account types. So, trading with Finowiz is relatively safe, but don’t neglect the risks on all trading markets.

Pros & Cons of Finowiz Prime

Pros

Generous Leverage: Traders can take advantage of the high leverage of 1:500 to manage greater value positions while using less capital.

Range of Offered Assets: Finowiz Prime accommodates traders’ diverse preferences with forex, indices, metals, cryptocurrencies, and energies.

More Trading Options: With the provision of autonomous account and copy trading, traders can follow strategies of more seasoned traders and manage multiple accounts.

More Account Options: Traders can choose from Micro, ECN, and Standard accounts based on their preferred trading style and account capital.

No Deposit or Withdrawal Charges: Having no deposit and withdrawal fees, as they claim, allows traders to take withdrawals and make transfers more often.

Negative Balance Protection: Traders can relax with the provision of negative balance protection since they will not lose more than their capital when trading.

Cons

No Premier Regulation: With no regulation from the FCA or ASIC and other major authorities, there may be issues with the protection of the user’s funds.

Limited Withdrawal Options: Compared to other brokers, their payment options and other withdrawal methods are limited.

No Transparency on the Spread: Limited information on their spreads is publicly available, leaving traders with more uncertainty on the total trading costs

Lack of Demo Account: Fails to offer a demo account which is critical for beginner traders to practice and learn about the system.

Unverified Educational Material: Alleged to be some educational content, however, some people say that these content does not work.

Withdrawal Delay: Users have noted that there seem to be delays in withdrawal, especially for large amounts and for profit withdrawal.

Finowiz Prime Customer Services

The customer support services of Finowiz are below average. Even though it states it offers 24×7 client support, the ‘Contact Us’ section states it offers help only from Monday to Saturday.

At the same time, the biggest weakness of the support platform is that there is no dedicated Finowiz customer care number. You can only reach the support team through the email address support@finowiz.com.

All in all, our findings from Finowiz Review 2024 reveals the customer support services are below average.

• Phone: +971-44475716
• Support : Support@finowizprime.com
• Technical : Technical@finowizprime.com
• Marketing : Marketing@finowizprime.com

Conclusion – Finowiz Prime

Finowiz Prime has a wide range for trading options with multiple account types, high leverage, trading of forex, commodities, indices, energies and cryptocurrencies and PAMM, MAM and copy trading functionality.

Furthermore, with Finowiz Prime and the use of MetaTrader 5 Platform, you have cutting edge technology for trading and Finowiz Prime allows trading on desktop, web and mobile, you will have advance charting options, automated trading and strategies, and flexible trading.

However, potential users should have some discernment on the broker’s lack of clear regulations, and the imprecise details on spreads, segregation of funds, and withdrawal methods.

Promotional incentives, such as negative balance protection and minimal deposit access, seem attractive. Nevertheless, as stated above the warning of insufficient high regulation, and vague risk declaration will leave uncertain operational and monetary risk.

To conclude, Finowiz Prime will appeal to seasoned traders. But, these will need to balance the high leverage options and range of trading instruments, and the risk of poor regulation and insufficient transparency.

Frequently Asked Questions (FAQ) – Finowiz Prime