Wefinex (WinsBO) – a famous name on the internet, especially social networks like Facebook, online money-making communities. Although in the financial field, we can see Wefinex players from all walks of life, from the elderly to schoolchildren, students, who do not know anything about financial transactions. Some advertisers for Wefinex say that investing in WinsBO can “make millions of dollars”, “X2 accounts in 60 seconds”, “buy super cars, houses”, and many other “wings” words. .
So what exactly is Wefinex game that can make money so easily, everyone gets rich quickly, is Wefinex a scam, multi-level, how risky is it when playing WinsBO, making money with Wefinex can as easy as many people say? This article I Love Bitcoin will dissect each issue with you.
What is Wefinex (WinsBO)?
Wefinex – also known as WinsBO, is an exchange binary options (Binary Option) or still known by traders as Trade BO for short. Basically, Binary Option is a form of predicting how the value of an asset (be it crypto, gold, stocks, shares) will move (up or down) over a certain period of time. , if the prediction is correct, you will win money, if you are wrong, you will lose money, imagine it like a game of money and faint.
Regarding BO trading in general, I already have a very detailed article, you can read it here, and this article I will only focus on analyzing the Wefinex project.
The relationship between Wefinex exchange and Winbank
Wefinex is a product in the ecosystem of WinbankAccording to the information I have learned, Winsbank claims to be a financial investment company with the full name of WINSBANK HOLDINGS LIMITED and WinsFun – a cryptocurrency MLM project previously evaluated by Toiyeubitcoin, also a product. in the Winsbank system. Although just launched at the beginning of 2020, Wefinex is currently extremely HOT in Vietnam, mainly thanks to its affiliate marketing network, aggressive advertising leaders to attract investors to participate in trading on the BO exchange. , of course, these leaders will receive attractive commissions when they do it well.
How to participate in trading on Wefinex exchange?
Similar to other BO exchanges, playing on Wefinex is quite simple, first you need to register an account, then deposit money into the exchange via Win (an internal coin of WinsFun) or electricity. such as Bitcoin (BTC), Ethereum (ETH), USDT (Tether), then you transfer money to a real trading account and finally choose the trading pair you want to play, the amount you want to bet and choose to increase or decrease. After a specific period of time, for example 60s, if the price follows your prediction, you will get 95% of your order amount, otherwise, you will lose 100% of your money.
Is Wefinex legal in Vietnam?
Wefinex in particular or form binary options trading In general, currently in Vietnam is not legal, but Vietnamese law has not banned this form of financial transaction. However, in the world, there are quite a few countries that consider BO trading as a form of gambling and banned, while some countries have issued a risk warning to the public.
What does it mean that Wefinex is not legalized in Vietnam? That means when you join the trade on Wefinex and suffer a loss, fraud, or loss of money, you will be responsible for it, the law of Vietnam will not protect you, so if it happens, In the worst case, if you have a lawsuit, no one will help you.
Is Wefinex a scam? What are the risks of playing Wefinex?
In addition to the “heavenly” advertisements of Wefinex leaders, there are still those who question themselves whether “Is Wefinex a scam?“. Before answering this question, let’s dig a little deeper into this BO exchange.
Who is behind Wefinex?
As mentioned, Wefinex was founded by Winsbank – a company that claims to be a leading digital bank, based in Belize. Wins bank in January this year also launched stock investment packages called eshare, when buying eshare packages, investors will receive high interest in the form of MLM, it is no different from Wins Fun before, a project MLM cryptocurrency investment project with extremely high interest rate. Although the project claims to be established abroad, there is no official information released by the host country regarding the legal registration of Winbank or Wefinex and even Winsfun.
The special thing, not only for the Winbank ecosystem, but most of the MLM projects never publicize the people behind the project, the information is very vague and general. As for Winbank, Winsfun or Wefinex, some sources we have received say that it was founded by Vietnamese people, and that one of the key figures could be “Tuan Cam” or Le Ngoc Tuan, a person The famous scammer in the Vietnamese crypto community, the person behind iFan – Vietnam’s trillion-dollar scam ponzi model, or recently BeeGroup – a fraudulent online course selling platform has also been warned by us.
Vietnamese press talks about Wefinex and Winbank
Do not see something published in the major press but consider it as a reputable source and especially rely on it to make investment decisions related to money. Winbank and Wefinex They all wrote very good articles in the newspaper Dan Tri, Vietnamese Law or even People’s Public Security Newspaper, however, you should keep in mind that all of these articles are in the form of “there is a fee”, that is, they spend money to be present in these newspapers. Each newspaper will have its own evaluation framework before approving a project to appear on its platform, and of course there are newspapers that exclude projects that are ambiguous, risky and may harm readers. , but there are also newspapers they don’t scrutinize before publishing.
Dan Tri newspaper had a good article about the iFan scam before, then when iFan broke and scammed thousands of people with a huge amount of several tens of trillions of dong, this newspaper deleted that article. This shows that the fact that a project is published in major newspapers does not mean that it is a prestigious project.
So is Wefinex a scam?
At this point, no one can confirm Wefinex exchange is a scam or not, especially since it’s only been out for a short while. However, based on the data surrounding it and the form of BO trading, it can be seen that it is extremely risky, and you can completely lose all your money when participating in the trade.
The most recent example is the BO exchange named “CJ Trade” – just like Wefinex, which has caused many people to lose billions of money, this incident has been reported by Vietnam Television Station VTV to warn investors. Currently, there are also many people who file denunciations with Vietnamese law enforcement agencies, but in my opinion, it is very difficult for these people to get their money back and especially difficult to do anything about the floor owner, why? As I mentioned in the legal section above.
Trade BO is not a new form, it has existed for a long time. You’ve probably heard the name “Binomo” – a binary options broker that can be said to be the most prominent in Vietnam, famous for a while on social networks for its advertising videos that are too much to entice. player. Wefinex or CJ Trade both follow Binomo with a similar trading system, but of course still much more sketchy. Trade BO is also referred to as “gambling” by many people, and I personally find that to be true.
Is it easy to make money with Wefinex? Is Trade BO really easy to eat?
Almost 100% of people are advertising for Wefinex in particular or BO floors in general all say that Making money with trade BO is easy, they even recommend you to join their “trade signal group” to be able to make at least 1%-3% profit every day without having to do anything. I can confirm with you that it is a “fake dog”, trading BO is a derivative transaction, making money in this market is not easy, especially for those who have no knowledge. about financial markets, about trading, about technical analysis, ..
Trading is actually a profession and it is completely possible to make money, but it is not for the “newbies” – new entrants, and no one can confirm that “I am always right” in this market. even professional traders who have many years of trading experience. If you’ve ever been invited to Wefinex, someone has probably advised you to join their “group” to “sit and get money”, they say their team has “experts”, PRO traders, who will help you. earn money every day. But if they really “sure” can make 1%-3% per day, it’s not your turn, and they don’t have to work as an affiliate marketing system to earn every commission.
To trade successfully, you need to have knowledge of technical analysis, read charts, analyze market movements, political situation, world economy, have a solid trading mind, have a specific trading plan. possible, good capital management, .. but if you deposit money and then play with emotion, it is 100% “gamble, and I believe you will lose all your money, very few people without knowledge can bring money out of the floor, not to mention the mentality of “get involved, lose money”, even if you win this time, you will end up in the end. You will also lose everything (burn your account) if you keep on trading. And not only losing money, losing money also affects your psychology, work and daily life, that’s for sure.
“Houses, cars, Hoblot watches, money piled up”
These are the images that you will often see on the Facebook accounts of “financial experts” who are working for Wefinex, Winbank or Winsfun. So where do they make so much money, is it thanks to their investment knowledge, earned through Wefinex trade, by investing in Winbank, Winsfun like the way they are trying to invite you to join or not, ? No, that money comes from you….