Wiolin

Wiolin

Wiolin is a typical fraudulent project that attempts to lure clients with offers of lucrative CFD trading. Like dozens of similar rogue brokers, this one can promise anything: super profitable trading conditions, instant order execution, and the world’s best support. However, believing in such promises means deceiving oneself and giving money to scammers. Want to make sure of it? Take a close look at the website of this fake company or read our review.

Overview of Wiolin

Most CFD brokers created by scammers go to great lengths to present themselves as genuinely successful companies. Sometimes they do it quite successfully. However, this is not the case with Wiolin, as distinguishing a scam from an honest project is possible only through a detailed examination of all the information posted on the platform. Let’s begin our review by getting acquainted with our subject.

Broker History

Wiolin company’s history is as poor as that of the vast majority of similar fraudulent projects. Perhaps the platform’s creators understand that having information about the company’s creation, growth, and recognized successes can enhance its reputation. However, Wiolin, as an exclusively virtual project that exists only online, likely has nothing to say on this matter. Any fabricated legend can be easily exposed. To avoid further exposure from this angle, the owners of the fake broker simply prefer not to address this question on their website.

Wiolin.com Website

The only original find on Wiolin’s official website are the cheerful, colorful labels in the text boxes. Everything else is just another, rather dull attempt to persuade potential clients to bring a lot of money to this supposedly wonderful platform. And, as usual, scammers lack convincing arguments.

The fact is that Wiolin’s creators, like other scammers, have nothing to say not only about the company’s history but also about trading conditions for different types of accounts, contract specifications for various assets, terminal characteristics, and all the essential information for traders. To make matters worse, even the project’s logo is an exact copy of the logo of the well-known Eastern European broker WorldForex.

Registration Process and Personal Account

However, in the registration form, the creators of Wiolin decided to be somewhat original. When creating a new client’s account, they request:

• Full name.
• Email and phone number.
• Date of birth.
• Country of residence.
• Full postal address and additional address (optional).
• Account currency.

Additionally, users need to confirm:

• Consent to receive promotional materials and news via SMS and email.
• Agreement with the Terms & Conditions, Risk Disclosure, Data Privacy Policy, AML, and KYC Policies.
• Confirmation that the user is not a US Person.

Interestingly, the last point provides a detailed list of all US laws that regulate such relationships (it’s interesting why users from, for example, Mozambique need to know this). Perhaps, by this, the Wiolin developers wanted to showcase their knowledge. And perhaps everyone would believe them, but… In the postal code field, you can only enter numeric codes. It seems that these “knowledgeable developers” do not know that such postal codes are used in not all countries. In some countries, like the United Kingdom, postal codes contain both numbers and Latin characters. Another illustration of who creates scam projects.

However, this is not the biggest issue with registering a new Wiolin client. After filling out and submitting the form, the user, already anticipating the joy of having a new account, unexpectedly receives the response ‘Request Failed.’ However, attempting to re-register with the same data does not work. And since the user doesn’t set a password (it’s generated automatically by the system), there is no way to log in to the Personal Account and trading platform. To obtain the authorization data, it seems, one will have to contact customer support.

This approach is not new; many fraudulent platforms restrict registration possibilities on their official website. In this way, they cut off experienced traders who could significantly damage the broker’s reputation. Fake brokers like Wiolin primarily attract clients by calling illegally obtained databases. To open an account on the official website of such projects, one can only show a real interest in trading with that specific company. To do this, you’ll have to get in touch with support and demonstrate your readiness to make a deposit.

We, of course, do not belong to those willing to lose money at Wiolin. Therefore, we did not receive an account. Consequently, we couldn’t examine how the client workspace is arranged, what features are available in the Personal Account, and how the trading platform works, unfortunately.

Trading Platform

Since Wiolin does not offer demo accounts, we couldn’t get a hands-on experience with the trading terminal without registering a real account. On the Platform page, there are photos of a terminal that seems suitable for stock trading (Market in Depth is visible by default), but it doesn’t offer any significant advantages for trading currency pairs and CFDs.

It also remains unclear whether they will provide traders with a mobile terminal and platform versions for other operating systems. We have doubts about this because the download links redirected visitors back to the Platform page without any other actions. During the review writing process, these links were replaced with links to the login form for registered Wiolin users.

Contacts

Wiolin’s developers have placed the platform’s contact information and FAQ on a single page, labeling the result as ‘Get Help.’ Here, the following information is provided:

• Company address: Bonovo Road, Fomboni, Comoros
• Phone: +18007386280
• Email: customercare@wiolin.com.

Additionally, like on all pages, you can contact support using the online chat.

However, a message constantly appears in the chat: ‘Our agents are not available right now, but you can still send messages.’ Moreover, the provided address does not inspire confidence since it lacks information about the building and office number. The phone number is also puzzling, as it appears to be associated with South America, whereas Comoros is geographically considered an African region. Furthermore, typically, addresses in Fomboni do not explicitly mention Comoros; they usually refer to the island of Mwali (Moheli). However, why would the scammers behind Wiolin be concerned with these details? Especially considering that this address appeared on the website just two days before the review was written.

Analysis of Services Offered by Wiolin

We are confident that this broker belongs to the extensive cohort of scam projects, and its appearance only reinforces our belief. And this is just from a first look at the official website. Let’s see what Wiolin has to offer traders.

Funding and Withdrawal

In Wiolin’s FAQ, they promise to accept deposits through various methods, including:

• Bank transfers.
• Payments using VISA/MasterCard credit or debit cards.
• Digital currencies.

Naturally, in their AML policy, it is stated that withdrawals are made through the same method and to the same account from which the funds were deposited.

We’ve grown accustomed to the fact that scam brokers’ statements about payment methods on their official websites do not always align with what is actually available in the Client Area. Unfortunately, we couldn’t verify how this works with Wiolin.

Wiolin Trading Conditions

We have mentioned before that creators of scam platforms have a very vague understanding of trading conditions that would genuinely interest traders. Wiolin, or more precisely, the table of account types, is a perfect illustration of this notion. All specific details that the project’s staff were capable of formulating were limited to minimum deposits.

So, Wiolin offers clients a choice of 6 account types:

• Starter, requiring a deposit of $1,000 to get started.
• Classic, which needs to be funded with $2,500.
• Intermediate, available to traders with an account balance of $5k.
• Advanced, with a minimum deposit of $10k.
• Ultimate, accessible with a deposit of $50,000.
• VIP, which becomes available with an account balance of $100k.

Apart from this, the listed trading conditions and account features can only provoke laughter. Do the people behind Wiolin genuinely believe that they can attract traders by promising them, for instance, the ability to trade from mobile devices or access to technical analysis of assets and economic news? How disconnected from trading must the creators of this absurdity be to not know that most reputable brokers offer mobile platforms to everyone and that analytics and economic news feeds can be found freely on hundreds of websites, even with deposits as small as a few dollars.

Is Wiolin Trustworthy and Reliable?

On the company’s official website, we’ve already seen enough evidence of fraudulent activity and had a good laugh at what Wiolin calls trading conditions. And we haven’t even gotten to the official information about the broker yet. It’s time to check that, too.

Assessing Legitimacy

In the footer of Wiolin’s main page, they claim to be registered in Comoros at the address provided in the contacts and operate under license HY00623403. We know that the local financial regulator MISA is responsible for issuing licenses on Mwali. There is no such company or license number in their register (in general, broker license numbers typically start with ‘T’, have a different number of digits, and follow a different format).

By the way, mentioning the license number together with the address is a new addition; no one at Wiolin mentioned it before.

Note! The Terms & Conditions text is quite telling in this regard. It doesn’t mention an address, license, or the jurisdiction in which the company operates at all. It doesn’t even specify under what laws and in which courts disputes can be considered.

Therefore, it’s safe to conclude that the Wiolin project operates solely on the internet, is not officially registered, and does not have a license. Naturally, all activities of this pseudo-broker are illegal.

Established Track Record

Typically, projects created by scammers for collecting and misappropriating traders’ funds don’t last long. We’re confident this is true for Wiolin as well. We can verify this using information from the whois service, specifically, the domain registration date.

Although we see that the domain was registered back in 2020, this date is not the actual start date of the fraudulent Wiolin project. Data from the web archive service shows that there has been no activity on the domain since 2020. The only snapshot, taken at the end of 2021, shows that the domain was parked at GoDaddy at the time and was waiting for a buyer. Most likely, it was purchased by the creators of the site that caught our attention in August 2023 (Updated on 2023-08-24).

Indirect confirmation of this comes from the frequent corrections made, almost daily, such as the address on the contact page and license information in the footer of the pages. This suggests that Wiolin hasn’t been in operation for even a month.

Traders should be aware of this information because this is precisely when a fake broker builds up its client base. We recommend completely ignoring any communications from its staff and offers to open an account.

Implications for Traders

Wiolin tried very hard, but managed to convince us that it was nothing more than a virtual, fraudulent project existing solely on the internet. There is no talk of company registration, let alone obtaining licenses. Moreover, not a single byte of information posted on the website can be trusted. Dealing with such a scam broker means losing all the money deposited into the account. We strongly advise against doing this.

Strengths and Weaknesses of Wiolin