Wynn Finance Review
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.