WikiFX Review: Is it okay to invest in INZO?

About INZO

Founded in 2021, INZO is a forex and CFD broker based in Saint Vincent and the Grenadines. The company is registered as INZO L.L.C and provides trading services to traders worldwide. INZO offers a variety of trading instruments, including forex, cryptocurrencies, stocks, indices, and commodities. WikiFX has given this broker a fairly low score of 1.78/10.

Regulatory Status

It appears that INZO is not regulated by any major financial regulatory authority. INZO is registered in Saint Vincent and the Grenadines, which is a well-known offshore destination for brokers. Saint Vincent and the Grenadines does have some regulatory oversight, but it is not as robust as other financial regulatory bodies such as the FCA or CySEC. Therefore, traders should exercise caution when dealing with unregulated brokers and do their due diligence before investing their funds.

Account Types & Minimum Deposit

INZO offers five different types of accounts. They are a Mini account, Stocks account, INZO VIP account, ZERO account, and Standard account. The minimum deposit of the account.

Trading Platform

INZO provides its clients with two advanced trading platforms, MetaTrader 5 (MT5) and cTrader. Both platforms are widely recognized in the industry and are known for their powerful features, user-friendly interface, and advanced charting tools.

MetaTrader 5 is a multi-asset platform that allows traders to access a wide range of financial instruments, including forex, stocks, and futures. It also supports automated trading through the use of Expert Advisors (EAs) and has a built-in economic calendar and news feed.

Spreads & Commissions (Trading Fees)

Like most brokers, INZO offers spreads and commissions vary depending on the account type and the specific instrument being traded. For example, the Standard account has spread starting from 0.8 pips with zero commission charged. The Zero account offers spreads starting from 0.0 pips with a commission of $8 per standard lot. The INZO VIP account offers spreads starting from 0.0 pips, with a commission of $4 per lot.

Some instruments, such as stocks (starting from 5 pips) and cryptocurrencies, may have higher spreads and commissions than other markets. Additionally, there may be additional swap fees for holding positions overnight.

Non-Trading Fees

In terms of non-trading fees, INZO does not charge any deposit fees and there are no fees for inactivity or account maintenance. However, there are some fees to be aware of when it comes to withdrawals. INZO charges a withdrawal fee of $30 for wire transfers, while e-wallet withdrawals are free. The minimum withdrawal amount for wire transfers is $100, while for e-wallets it is $10. It's important to note that third-party fees may also apply when making a withdrawal, so be sure to check with your payment provider for any additional charges.

Leverage

INZO offers varying levels of leverage depending on the account type chosen by the trader. The amount of leverage available on INZO's trading accounts ranges from 1:20 for the Stocks account to 1:500 for the Standard account. Leverage is a powerful tool that amplifies the potential gains and losses of a trade. It allows traders to control large positions with relatively small amounts of capital. However, it's important to note that leverage can also increase the risks of trading.

Exposure

WikiFX recently has received some complaints against INZO. These victims claimed that this broker refused to allow the withdrawals.

Conclusion

WikiFX exposed this case to the public to remind all traders of the potential risks. All traders should be vigilant when investing in a broker.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!