Wiolin Review: Is There Any Signs of a SCAM?

Wiolin - logo
Rating:
1.5

Wiolin offers trade in the markets on the global scale. Well, why not start trading with a broker with such a captivating name? Surely, working with them would be intriguing. However, hold on a moment. What’s this? Could we find signs of a scam? Or perhaps it’s just our imagination? Find all the answers in our review.

Wiolin General Information

Website https://wiolin.com/
Phone Number +18007386280
Email customercare@wiolin.com
Address Bonovo Road, Fomboni, Comoros
License M.I.S.A
Minimum Deposit $1,000
Assets CFDs
Leverage Up to 1:400
Trading Platform WebTrader

Registration and Client Portal Review

Wiolin has developed a rather minimalist website. Here, simplicity reigns with a plain white background complemented by green accents. However, the charm of the site ends there. It’s so empty that there’s hardly anything noteworthy to say about it. It’s a generic template without any distinguishing features. Moreover, the language is only in English, which seems odd for a broker claiming a global presence. Additionally, we have significant concerns about the content. There’s practically no information provided about the company itself. On the contrary, the content consists of empty lists of Wiolin’s advantages and calls to open accounts. We dislike this approach because it lacks any value for traders. However, at least there is legal information available, which will undoubtedly assist us in further investigation.

Wiolin - website

Starting cooperation with Wiolin seems possible from the registration stage, or at least that’s how it appears. The broker offers to fill out a small but detailed questionnaire. You’ll need to provide standard information such as your phone number, email address, and residential address. Additionally, you can optionally enter a promo code if you have one. However, don’t expect to start trading right away. The problem arises when Wiolin doesn’t allow registration to be completed. At some point, you’ll receive a message stating that the registration failed. We’re unsure why the broker restricts access to the client portal, but this practice is abnormal.

Registration

How can this be resolved? Well, you might need a promo code, or you may have to directly contact the project managers to complete the registration. Both options have their drawbacks. Using a promo code might not always be feasible, and relying on direct communication with the managers can be inconvenient and time-consuming. Overall, neither scenario is ideal, and Wiolin should address this issue promptly to improve the user experience.

Registration failed

Wiolin Trading Conditions

Let’s examine the trading conditions to see how things stand. We will verify what they can offer to clients and whether their services are as good as advertised on the website.

Account Types Review

So, unfortunately, let’s start with the negative. Wiolin doesn’t offer a demo account. A demo account serves as a vital tool for traders, especially beginners, allowing them to practice trading strategies and familiarize themselves with the platform’s features without risking real money. Therefore, the absence of it limits users’ ability to evaluate terminals and services effectively.

When it comes to real accounts, there are six of them. We can immediately note that they don’t differ much, except for additional services. So, the Starter account requires a deposit of $1,000. Traders can expect:

  • 0.01 Min. Lot Size.
  • Wiolin Trader.
  • Islamic Account.
  • Mobile Trading.
  • 24h Dedicated Support.
  • Account Manager.

Not too much, right? Well, it’s a starter account after all. Although it’s unclear why it requires a whole $1,000. However, of course, the higher-tier accounts offer a bit more. For instance, the Ultimate account offers:

  • 0.01 Min. Lot Size.
  • EU Private Bank Account.
  • Technical Indicators.
  • Economic News.
  • Technical Analysis.
  • Fixed Pricing.

However, you’ll need to deposit $50,000 to fund it. And the VIP account requires a whopping $100,000. Overall, the account descriptions only list additional services. Also, Wiolin offers leverage up to 1:400, which is higher than what most reputable regulators allow. By the way, on the homepage, the company says that the leverage is up to 1:500. It would be nice if the broker clarified its trading conditions. Oh, and for some reason, spreads are not specified here.

Trading Platform

Wiolin offers the option to download their trading platform on your PC, mobile phone, and even tablet. However, you won’t be able to do so without registering on the official website first. This limitation poses several drawbacks. Firstly, it restricts potential users from exploring the platform’s features and functionality before committing to a registration. Secondly, it may deter individuals who prefer to assess a platform’s suitability before providing personal information for registration.

Additionally, Wiolin does not disclose the author of their software. Furthermore, it is not advisable to download platforms from unverified sources. Without knowing whether their terminal is licensed, downloading from such sources could pose security risks.

Wiolin — Deposit and Withdrawal of Funds

As per the terms outlined in the client agreement, Wiolin offers various methods for depositing funds, including credit and debit cards, bank transfers, select payment systems, and even cryptocurrency. What’s particularly intriguing, though, is the discrepancy in processing times between deposits and withdrawals. While deposits typically undergo processing within approximately one day, withdrawals may take up to five days to complete. Wiolin attributes this delay to potential bottlenecks within the payment systems involved. Furthermore, clients should be aware that Wiolin reserves the right to impose restrictions or limits on fund withdrawals, adding another layer of consideration for those engaging with the platform.

Verification

The verification process with Wiolin is a standard procedure aimed at ensuring compliance with regulatory requirements and enhancing the security of the trading environment. Once registered, users are required to submit certain documents to verify their identity and address. The documents requested by Wiolin include:

  • Government-issued photo ID. This could be a passport, driver’s license, or national ID card. The document must be valid and include a clear photo of the user.
  • Proof of address. Users need to provide a document that confirms their residential address, such as a utility bill, bank statement, or official government letter. The document should display the user’s name and address.

After submitting the required documents, Wiolin’s verification team will review the information provided. This process may take some time, depending on the volume of verification requests received.

Additional Options

When it comes to their educational offerings, Wiolin’s transparency and quality leave much to be desired. Despite the platform’s claims to provide extensive educational resources, the actual quality and effectiveness of these resources remain unclear. Surprisingly, there is a lack of openly accessible forecasts or any tangible demonstrations of their educational content.

Furthermore, the presence of a promotional code on the website suggests that Wiolin may have a partnership program in place. However, detailed information regarding this program is conspicuously absent from the platform. As such, it is advisable for traders to seek clarification from Wiolin’s management team to gain a comprehensive understanding of the partnership program and its associated terms and conditions.

Is Wiolin a Scam?

And now, finally, we come to the unveiling of this structure. We are eagerly rubbing our hands together, ready to uncover all the secrets of this broker.

Wiolin states that it is registered in the offshore zone of the Comoros Islands. This raises concerns because offshore jurisdictions often have lax regulations and oversight compared to more reputable financial centers. Transactions conducted through offshore entities lack transparency. Additionally, investors may have limited legal recourse or protection when dealing with offshore-registered entities in the case of disputes or fraudulent behavior.

Indeed, the managing company, Finplus Capital (as stated in the documents), is registered in this offshore jurisdiction. Or so it seems. The issue arises from ongoing disagreements between this regulator, MISA, and the Central Bank of the Comoros. Specifically, the Central Bank has deemed it an illegitimate organization unauthorized to issue licenses.

Legal data check

Violin.com Domain Info

Wiolin, in reality, has only been operational for a mere fraction of the time. The registry indicates that the company emerged in 2023. The web archive also hints that this website was only filled in 2023. Prior to that, by the way, there were no reviews whatsoever about this project. Hence, its operational history is simply minimal.

Contacts Review

The broker’s contact details are quite comprehensive overall. There is both an email and a phone number provided. However, there are some uncertainties regarding the address. Firstly, it’s offshore, and secondly, it’s merely nominal. Of course, Wiolin doesn’t have a physical office.

Pros and Cons

  • Wide range of trading accounts.
  • Absence of verifiable track record.
  • Limited visibility into the broker’s partnership program.
  • Offshore registration.
  • Dubious license.
  • Lack of physical office presence.

 

3.1 TOTAL SCORE

Wiolin Summary

Wiolin - favi

Wiolin is indeed a very suspicious broker. Its offshore registration and elusive licensing raise serious concerns about the safety of your funds. It's unlikely that your investments will be adequately protected here. Therefore, it's advisable not to invest much time or resources


Website information content 3
Client Portal 2
Trading conditions 4
Trading platform 4
Deposit and withdrawal 4
Verification 4
Extra options 4
Licenses and guarantees 2
Work duration 1
Feedback 3

Frequently Asked Questions (FAQ)

What Does Wiolin Offer?

Wiolin offers various trading services and features, including access to multiple financial markets, trading instruments, and account types. Additionally, the broker provides trading signals, educational resources, and customer support to assist traders.

How Much Money Should I Invest With Wiolin?

According to trading conditions, the minimum deposit required is $1,000.

Is Wiolin Safe?

It appears that Wiolin may not be safe, as there are numerous questions and doubts surrounding it. Concerns about its offshore registration, ambiguous licensing, lack of transparency, and limited regulatory oversight raise doubts about the safety and legitimacy of the broker.

Subhash Mishra
Forex & CFD Trader

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

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Client Reviews

  1. Henry

    I must be a very unlucky fool to have gotten involved with scammers

    While communicating with their manager, I honestly didn’t even have doubts that the company could turn out to be fake. He was very articulate and steered the conversation towards trading, making me only think about potential missed opportunities. He kept insisting that I needed to take advantage of their service as soon as possible, otherwise it would be too late, pressuring me with time. There wasn’t even a thought that there might be a catch in the platform itself. And that’s exactly where the catch was – after depositing $1,000, I didn’t even have time to properly assess the “benefits of the platform”; just a few hours later, I was kicked out of my account and couldn’t access it anymore.

    Reply
  2. Anthony

    Yes, I also have a negative experience

    Fate brought me face to face with these fraudsters. “Thanks” to it, but I still regret the loss of 1000 euros. It was half of my working bank. I tried to earn something through trading and investments, and ended up with nothing but headaches and other issues when I encountered the impossibility of withdrawing funds from this dump. Oh, how bitterly disappointed I am. I regret not checking the company thoroughly, as it turned out to be a dirty and illegal brokerage scam that stopped communicating and refused to return my own funds. Considering that the Wiolin website is still operational, they continue to scam people out of their money. So please be careful, don’t rush in blindly, and only seek out reputable firms with genuine legal registrations and licenses.

    Reply