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Wiolin Review | Favorable Conditions or a Scam?

by Kevin Berry
Rating: 
  1.2/5   Reviews: 2
Wiolin - logo

Here we have another offshore broker, Wiolin, which offers the benefits of transparent commissions and unparalleled pricing, in short, favorable conditions. The firm is managed by Finplus Capital Ltd, based in the Comoros Islands. Also, according to the official website, the company is regulated by MISA. However, the foundation date, business model, and other activity data remain a mystery. Reviews that started appearing in 2023 can be found online. So, is it worth trusting the platform? Or is it better not to risk it because it might be a scam?

Highlights

🏛️ Country Comoros
⚠️ Regulation
🖥️ Website https://wiolin.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $1,000
⚖️ Minimum and Maximum Leverage 1:500
⚙️ Trading Platform WebTrader
📨 E-mail customercare@wiolin.com
📞 Phone +18007386280

First Impression of Wiolin.com

The official website tells us where the firm is registered, what types of accounts it offers, what trading platform is available to traders, and what additional tools are open to clients. Wiolin also provides several legal documents, for example, an AML&KYC policy and a user agreement. On the homepage, you can read about the advantages and opportunities of the company.

Wiolin - site

Wiolin did not invent anything unique or interesting but created a standard and template website without any frills. Standard pictures taken from the internet are used for graphic design: smartphone screens with quotes, and charts.

Some details remain unknown, and those that are provided contradict each other. For example, Wiolin indicates a leverage of 1:500 in one place and 1:400 in another. So, the impression of the website is ambiguous and contradictory.

Partnership and Bonuses

In the user agreement, there is a clause that reveals information about bonuses. Although bonus promotions are not directly indicated on the site, one can assume the presence of such an option in Wiolin. Details and conditions are unknown, but the broker requires a certain trading turnover to withdraw bonuses, as well as the profit obtained with their help.

The affiliate program is a good tool for both the broker and traders. Both parties benefit, the company gets new clients, and users earn extra income. Wiolin does not talk about the affiliate program, but when creating an account, you can specify a certain promo code, which clearly hints at the presence of a referral program.

Account Opening on Wiolin.com

Now, we will look at how to register an account and what a personal account looks like. It’s worth noting the absence of a demo account, so it won’t be possible to try trading with virtual money; one must invest real funds.

Registration

Thus, the registration process at Wiolin is quite extensive. Clients need to provide not only their own contacts, and name but also their address in detail, down to the street, house, and zip code, and a promo code (if available). Furthermore, you need to tick that you agree with the user’s terms, you are over 18, and you are not a US citizen. Optionally, you can opt to receive notifications and news via SMS and email.

However, we were unable to create an account. After entering the data, it was expected that the personal account would open, or a window for confirming the provided data. Instead, Wiolin showed an error “Request Failed”. So at this moment, it’s impossible to see what the personal account entails.

Registration fail

Here it’s worth adding some more information. Such failures are most often encountered in fraudulent companies. It’s unknown why this is so and how such organizations accept clients. However, this approach is specifically observed with dishonest intermediaries. Could Wiolin be an exception?

Verification

Wiolin has a standard procedure for identity verification. Firstly, you need to provide proof of identity and residence. Secondly, if a bank card is used for depositing funds, a photo/scan with partially hidden data, including the CVV, is required. You can familiarize yourself in detail with verification and why it’s needed in the KYC policy.

Pros
  • KYC policies are available to clients.
Cons
  • It is not known how long the verification will take.

Trading Software

Various timeframes, diverse market orders, an extensive range of indicators, various charts, and ultra-fast execution – these are the advantages and opportunities of the platform described on Wiolin’s website. Believe it or not? Decide for yourself. We only recommend not taking brokers at their word when they describe their trading platforms and conditions, as it’s quite expected that they will praise and exaggerate the features of the software. We cannot check if it’s true or not, as it’s impossible to register an account.

Terminal

Also, the description on the main page states that the platform is available on Linux and Android/iOS. However, there are no download links. They are available only to registered users. As practice shows, such firms are prone to misleading. For example, instead of a separate application on Android/iOS, only a version adapted for mobile browsers is offered. So, we believe that Wiolin offers some primitive WebTrader with a minimum of functions and options.

Features Wiolin Vortex-PRO BlackTrade500
Demo Account ✔️
Mobile App ✔️
Own Development

How Can I Trade With Wiolin?

Next, we will take a closer look at the trading conditions offered by the company. Are they beneficial or not? Let’s figure this out.

All Info About Accounts

So, Wiolin has followed the standard path of many other CFD brokers, offering clients six types of accounts:

  1. Starter. The minimum deposit is $1,000. Micro lots from 0.01, Islamic account, dedicated support 24/5, and account manager.
  2. Classic. Not less than $2,500. It does not differ from the first tariff. And what is the point of such an account type?
  3. Intermediate. From $5,000. Financial news is added (where was it before?) and ready-made technical analysis.
  4. Advanced. From $10,000 and more. The only difference from the previous tariffs is the presence of Fixed Pricing and Technical Indicators.
  5. Ultimate. The minimum deposit is $50,000. Adds the service of an EU Private Bank Account.
  6. VIP. For those who can afford a deposit of $100,000. Personal banker.

Account types

What conditions are known? The leverage is either 1:400 or 1:500, as both values are mentioned on the main page. Available asset classes for trading include forex, metals, indices, commodities, cryptocurrencies, and stocks. In short, a standard set for trading, and it’s all CFDs, with spot/futures absent. Wiolin describes its trading commissions as “low” but does not provide exact figures, concealing this information. Spreads are also unknown. That is, the most important conditions remain shrouded in mystery.

The minimum deposit is very high, and a demo account is not offered. High leverage indicates the absence of a license from a serious regulator. Unknown commission spreads reveal the company’s opacity and secrecy. The only plus is the availability of an Islamic account.

Pros
  • Islamic account.
Cons
  • No demo.
  • High minimum deposit.
  • Hidden fees and spreads.

Market Analysis and Education With Wiolin.com

Users have access to news from the world of trading, economics, and finance. Wiolin also provides an economic calendar to keep up with important news releases, trading hours, and contract expires, which are unlikely needed by CFD traders, as this widget shows when the expiration of futures ends, which are not present here. Additionally, traders can use a useless table with online quotes. The company promises to provide educational resources and tools.

Deposit, Withdrawal, and Fees

The balance can be replenished, and funds can be withdrawn in Wiolin using several methods.

  • Credit/Debit cards.
  • Bank wire transfers.
  • Cryptocurrency.

The minimum withdrawal amount is $50, and request processing lasts from 1 to 5 working days. Commissions are not specified.

Features Wiolin Epicinvest24 Dubai Tadawul
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️
Crypto Transfers ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

Clients can write a message in the online chat, but they respond very slowly, or not at all. At least, we never received a response from the managers on the question about the account registration issue.

Wiolin also offers a phone number and email. Checking these data gave us nothing; they are real. Besides, the company has created accounts on several social networks and even posts content. However, the number of subscribers is laughably small. Essentially, there are none. For whom is the content? Just for show, to have it?

Pros
  • All the main ways to contact the managers are available.
Cons
  • In the online chat, they either do not respond or take a very long time to answer.
  • There are no subscribers on social media.

Is Wiolin Dangerous?

The company exhibits many signs of a fraudulent broker. For example, registration issues, the absence of a demo account, high minimum deposit, hidden trading conditions, low transparency, and a lack of openness towards users. However, to speak with guaranteed certainty about illegal activities and dangers posed by Wiolin, we need to ascertain the actual duration of the platform’s operation, verify legal information, and examine its regulation.

How Long Does The Broker Work?

The foundation date is not mentioned on the site, but looking at the reviews about Wiolin, one can notice that they started appearing in the fall of 2023. The domain of the official site was registered in 2020, but it was up for sale in 2021. This was discovered using the WebArchive service. It’s worth noting that the last update is dated August 2023, and reviews began to appear in September of the same year. So, it’s quite logical to assume that the platform was launched in August-September 2023, i.e., very recently.

Domain

How Is Wiolin Regulated?

The broker mentions the legal entity Finplus Capital Ltd, registered in Comoros. We checked, and such an organization is indeed registered in the MISA registry, which manages brokerage companies, in June 2023. So our assumptions about the short period of operation turned out to be correct.

Wiolin - MISA

However, a few remarks regarding the registration should be added. Firstly, there are no guarantees that Wiolin is actually managed by Finplus Capital Ltd. Fraudsters could easily take another company’s name and use it. It looks suspicious that the license was obtained on June 1, and the site was updated in August. Secondly, even if these two entities are indeed related, offshore registration does not inspire confidence. Offshore brokers are very unreliable and often resort to fraud. Having regulation from MISA does not provide any absolute reliability guarantees.

Features Wiolin RGN Financial Planning Ltd Magni Markets
European Zone
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

Kevin Berry
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Expert Opinion

Something tells me that Wiolin is lying about being managed by Finplus Capital Ltd. My opinion is that scammers have taken someone else’s registration data and presented it as their own. That’s all. This is done so that potential victims would assume they would be collaborating with a real brokerage organization that has a license to operate. In reality, they will be handing their deposits over to swindlers and scammers. Why then is it impossible to register an account? Where is the demo account? Why such unfavorable conditions? Absolutely everything speaks to a fraudulent nature.

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Wiolin rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

2 reviews about Wiolin

IRIS February 8, 2024 - 01:12
They promised one thing, but in reality, they cheated
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Initially, they promised big earnings, $1-2 thousand weekly, then they even provided an example of some successful trader who made $100k in a month. The scammers handled me very easily, just as easily they manipulated me. I lost $10,000 here and have no way to get that money back. I want to warn all those who wish to start collaborating with this fraud about the danger. Do not be deceived, do not believe the swindlers, they only want one thing from you – money.

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Johny February 12, 2024 - 20:38
I changed my mind. I don't need this kind of high risk
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I advise against trying to open an account here. I also wanted to try trading at Wiolin, but I stopped in time because it looks very much like a scam. There can’t be real trading here, only fake. There will be no liquidity from providers, meaning the charts are fake. Moreover, there’s little information on the internet, so it’s also a noname. So everything points to fraud.

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