Former SHB banker defrauded colleagues of VND 4.3 billion after being empty-handed on the Wefinex multi-level exchange
Wefinex (WinsBO) – a famous name on the internet, especially on social networks like Facebook, online communities for making money. Despite working in the financial sector, Wefinex players can be seen from all walks of life, from the elderly to college students who are clueless about financial transactions. Some advertisers for Wefinex say that an investment in WinsBO can “make millions of dollars,” “X2 accounts in 60 seconds,” “super cars, buy houses,” and many other “wing” words.
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So what exactly is a Wefinex game that is so easy to make money from, everyone gets rich quick, Wefinex is a multi-level scam, how is it risky to play WinsBO, making money with Wefinex as easy as many people say?
What is Wefinex (WinsBO)?
Wefinex – also known as WinsBO, is a trading platform for binary options (Binary Option) or known by traders as Trade BO for short. Basically, the binary option is a form of predicting how the value of an asset (be it crypto, gold, stocks, shares) will develop (up or down) over a certain period of time. If the prediction is correct you will get money, if you are wrong you will lose money, you will think of it as a game of money and you will pass out.
On BO trading in general, I already have a very detailed article that you can read here and in this article I will only focus on the analysis of the Wefinex project.
The relationship between Wefinex Exchange and Winbank
Wefinex is a product in the Winbank ecosystem, according 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 previously evaluated MLM project for cryptocurrencies product in the Winsbank system. Although only launched in early 2020, Wefinex is extremely HOT in Vietnam right now, largely thanks to the affiliate marketing network, aggressive promotional directors to attract investors to participate in trading on the BO exchange. Of course, these leaders receive attractive commissions if they do well.
How can I participate in trading on the 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 from WinsFun) or electricity, such as Bitcoin (BTC), Ethereum (ETH) , USDT (Tether) then you transfer funds to a real trading account and finally choose the trading pair you want to play, the amount you want to wager and choose whether to increase or decrease. If after a certain time, say 60s, the price moves according to your forecast, you will receive 95% of your order amount, otherwise you will lose 100% of your money.
Is Wefinex Legal in Vietnam?
Wefinex in particular, or the current form of binary options trading in Vietnam in general, is not legal, but Vietnamese law has not prohibited this form of financial trading. However, in the world there are some countries that consider BO trading as a form of gambling and are banned, while some countries have issued a risk warning to the public.
What does it mean that Wefinex is not legalized in Vietnam? That said, if you join trading on Wefinex and suffer any loss, fraud or loss of money, you must be responsible, Vietnamese law does not protect you, so if it happens, in the worst case, if you have a lawsuit, nobody will solve for you.
Is Wefinex a Scam? What are the risks of playing Wefinex?
In addition to the “heavenly” advertisements from Wefinex executives, there are still people who wonder, “Is Wefinex a scam?” Before we answer that question, let’s dive a little deeper into this BO exchange.
Who is behind Wefinex?
As mentioned earlier, Wefinex was founded by Winsbank – a Belize-based company that claims to be a leading digital bank. Wins Bank also launched stock investment packages called eshare in January this year. When buying eshare packages, investors get 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 based overseas, there is no official information from the host country about the legal registration of Winbank or Wefinex and even Winsfun.
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The special, not only for the Winbank ecosystem, but most of the MLM projects never publish the people behind the project, the information is very vague and general. As for Winbank, Winsfun or Wefinex, some sources we received say they were founded by Vietnamese and one of the key characters might be “Tuan Cam” or Le Ngoc Tuan, human The famous scammer in the Vietnamese crypto community, the person behind iFan – Vietnam’s trillion-dollar scam Ponzi model or, more recently, BeeGroup – a fraudulent online course selling platform was also warned by us.
Vietnamese press talks about Wefinex and Winbank
Instead of seeing anything in the big press, consider it a reputable source and especially rely on it to make investment decisions related to money. Winbank and Wefinex have both written very good articles in Dan Tri, Law of Vietnam, or even People’s Public Security, but you should keep in mind that all of these articles are “paid” articles, that is, they are spending money to be present in these nhatroso.compapers. Each nhatroso.compaper has its own rating framework before approving a project for publication on their platform and of course there are nhatroso.compapers that exclude projects that are ambiguous, risky and could harm readers. , but there are also nhatroso.compapers that do not check them before publication.
Dan Tri nhatroso.compaper previously had a good article about the iFan scam. Then when iFan burst and cheated thousands of people with a huge amount of tens of thousands of billion dong, that nhatroso.compaper deleted this article. This shows that the publication of a project in major nhatroso.compapers does not mean that it is a prestige project.
So is Wefinex a scam?
At this point, no one can confirm whether or not Wefinex is a scam, especially since it has only been on the market for a short time. However, based on the data around it and the shape of the BO trade, it can be seen that it is extremely risky and you can lose all of your money if you participate in the trade.
The most recent example is the BO exchange named “CJ Trade” – just like Wefinex, which has led many people to lose billions, this incident was reported by Vietnam Television VTV to warn investors. There are also many people who file complaints 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 landowner, why? Section above.
Trade BO is not a new form, it has been around for a long time. You may have heard the name “Binomo” – a binary options broker that may be considered the most famous in Vietnam and has been known for some time on social networks for its promotional videos that are too much to be enticing. Wefinex or CJ Trade both follow Binomo with a similar trading system, but of course much more sketchy. Trade BO is also referred to as a “game of chance” by a lot of people, and I personally think that’s right.
Is it easy to make money with Wefinex? Is Trade BO really easy to eat?
Almost 100% of the people who specifically promote Wefinex or BO brokers in general say it is easy to make money BO trading, they even recommend you join their “trading signals group” to be able to earn less% benefit every day without doing anything. I can confirm with you that it is a “wrong dog” trading BO is a derivative business, it is not easy to make money in this market especially for those who have no knowledge. about financial markets, about trading, about technical analysis, ..
Trading is actually a profession and it is entirely possible to make money, but it is not for the “newbies” – newcomers and no one can attest that “I am always right” in this market of trading experience. If you’ve ever been invited to Wefinex someone has likely advised you to join their “group” to “sit and get money”, they say their team has “experts”, PRO traders to help you, everyone Day making money. But if they can really “safely” earn 1% -3% per day, then it’s not your turn and you don’t have to operate as an affiliate marketing system to earn every single commission.
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To trade successfully, you need to have knowledge of technical analysis, read charts, analyze market movements, political situation, world economy, have a solid trading understanding, have a specific trading plan, be good at managing capital … but when you deposit money and then with Play emotions, it’s 100% “gamble” and I believe you will lose all your money, very few people with no knowledge can make money out of the ground, not to mention the “meddle, lose money” mentality. “Even if you win now, if you keep breaking your trade, you will eventually lose everything (burn your account). And not just losing money, loss affects your psychology, work, and daily life as well , that’s for sure.
“Houses, cars, hoblot watches, piled up money”
These are the images you often see on the Facebook accounts of “financial professionals” who work for Wefinex, Winbank or Winsfun. So where do they make so much money, is it their investment knowledge that they made by trading Wefinex, investing in Winbank, Winsfun, how they try to invite you to join or not? No, the money comes from you. Why?
All of these projects have an affiliate marketing program, which means you will receive a commission whenever you invite new people to invest, or trade. Winsfun used to pay up to 8% from Formula 1, for example when you invite a newbie to buy a $ 100 million investment package …