Frostwin Review: A Scam with Fake Withdrawal Process

Frostwin touts itself as a broker for CFD, stocks, commodities, cryptocurrencies, ETFs, bonds, futures, indices, and crypto derivative trades. They claim to offer a fully-fledged platform (frostwin.com) for trading these assets. But is it true that this broker is really what they claim to be? For this and other questions you might have regarding the product, read my unbiased Frostwin review below. Before we delve into more details about the product, here’s the company overview according to the product website and third-party sources:

Frostwin Review and Why It’s a Scam

1. Suspicious Physical Location

One thing that is common with many scam brokers, including Zertom, is that they always have a physical location within the Caribean region. Like Zertom, this broker claims to have a physical address in St. Vincent and the Grenadines, raising suspicion. At least that’s what I read on their website, www.frostwin.com when I went to sign up. 

2. Scamadviser Revies and Warning Against Frostwin

When you go to Scamadviser and search “frostwin.com,” the first thing you’ll see in the results is the following warning message:

 “Suspicious website identified. Read the analysis” 

As if that were not enough, scamadviser.com also shares two bad Frostwin reviews. Both reviews are authentic, and you can see them in the screenshots below:

A screenshot shows a negative Frostwin review written in Spanish on Scamadviser.

A screenshot shows a negative Frostwin review on Scamadviser.

Furthermore, Scamadviser also reports under the “Negative Highlights” section that the domain (www.frostwin.com) is only 3 months old. As if that were not enough, the scam checker site also reveals that Frostwin’s server has many other negatively reviewed domains similar to Frostwin and that Frostwin did not allow it to analyze its content.

3. They Can Call, You Can’t!!!

In the first Frostwin review on Scamadviser.com, as shown in the screenshot above, the customer reported that they had no way to contact the broker. They pointed out that the phone from which the company called him was set up in such a way that it did not receive incoming calls. They also made it known that the email address shown on the website’s contact page was configured in such a way that it rejected all emails to the company’s inbox. If not a scam, then I don’t know what to call it. 

4. A Frostwin Review On Scamadviser Reported Unwanted Calls from Frostwin Representatives

Making unsolicited calls is a typical behavior of scam FX and crypto brokers. Did you read my honest RontoXM review, where I mentioned how the company bothered me with countless calls? If not, you can go through it to see how the Frostwin scam is very similar to it. 

Frostwin demonstrates high levels of unprofessionalism by subjecting its customers to bothersome calls, further proving that it’s a scam. A customer who became very frustrated with the company’s endless unsolicited calls to their phone wrote the second Frostwin review on Scamadviser, as shown in the screenshot below:

A screenshot of the second negative review of Frostwin on Scamadviser.

As you can see, this customer couldn’t help but lament about receiving bothersome calls from Frostwin 2-3 times daily for some years, despite having never asked for it. They complained that the calls still came in, despite asking the company to delete them from its database. Danielsen concluded their sentiments by mentioning that not being able to get rid of those unwanted calls became very frustrating.  

5. A Frostwin Review On Scamadviser Reported Fake Withdrawal

Sometimes scammers may manipulate a system so that your account displays fake profits all in a bid to encourage you to deposit more money. When you fall into their trap, you’ll have been duped not once but twice. But when you opt to back away by withdrawing all your money instead, you’ll simply never see it in your bank account. 

Let’s go back to the first negative Frostwin review on Scamadviser, alongside its Google-translated version. As you can see, the customer painfully writes about how the frostwin.com platform did not let them withdraw money. They report how the withdrawal process was a lie, bringing to light how the broker used the system to hold on to their funds.

6. Deposit Bonus Offer Nothing But a Con Game

Like other scammers, including Fxonic(www.fxonic.com) Frostwin promises a deposit bonus (50% deposit bonus) when you top up your funds. 

But upon further probe, I discovered that this bonus is nothing but a smart con game.

How It Works

Once you deposit money and start trading, profits will immediately begin trickling in. Soon afterward, a company representative will approach you, convincing you to top up your account to supposedly make more money. Promising you a 50 percent deposit bonus in exchange, this individual may ask you to top up with 10,000 EUR or so. The part where they say you can then withdraw your additional top-up and continue trading using the bonus you earned is where it gets even more interesting. 

As you can see in the same Frostwin review above, the customer recounts a couple of things, including how:

• They entered €250 on 10/20/23 as the minimum deposit and made a 58 EUR profit at the beginning.
• A guy named “Carlos” shortly afterward tried to convince them to invest an additional 10,000 EUR or more and get a 50% bonus (5000 EUR) in exchange.
• When they declined the offer, the individual suggested that they invest 300 EUR instead if they wanted to see their account grow fast.
• The scammer began to show their true colors when they opted to withdraw their profits instead of topping up.
• The profits and the withdrawal process were unreal, pointing out how the broker did not credit anything into their account but instead used frostwin.com to hold on to their money. 

7. Frostwin Is Unregulated 

The post “How to Spot a Forex Scam,” which appears on Investopedia, points out a lack of regulation as one of the surefire signs of a scam broker. This is especially true if the broker has an offshore physical address, e.g., Frostwin. 

Like Efixxen, Zertom,SwiftTrading, HudsonTrust, and other brokers that I have reviewed in this blog, Frostwin is unregulated. It turns out that all these brokers are scams. This means that Frostwin, which shares many similarities with them, is also a scam. After all, they say birds of the same feather flock together. 

8. Frostwin Trustpilot Reviews

Unlike other scam brokers, e.g., Efixxen, Frostwin is mentioned on Trustpilot. I noticed, however, that most Frostwin Trustpilot reviews were negative, suggesting a scam. Of all the nine Frostwin reviews, only two praised the broker, while the rest called them a scam. The majority wins, meaning Frostwin isn’t legit.

9. Frostwin Has a Minimal Digital Footprint

As always, I looked up Frostwin on Facebook, LinkedIn, and YouTube just to be sure that I did not unfairly consider it a scam. But I did not find it on any of these platforms. 

Facebook did not return a single business page named that way. Meanwhile, LinkedIn said, “No results for Frostwin,” whereas YouTube had only two Frostwin reviews, all of which reported that Frostwin is a scam broker. You can see the results of my Facebook and LinkedIn searches in the screenshots below:

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A screenshot shows no results for Frostwin on Facebook

I also tried looking up Frostwin on LinkedIn, but there was no information about the company. 

A screenshot shows no results for Frostwin on LinkedIn.

Scammers tend to minimize their digital footprint by avoiding obvious places where people would look them up, e.g. social media, LinkedIn, and video. It’s a strategy they use to hide their true identities, activities, and reputations. The goal is to continue to dupe as many unsuspecting traders as possible. 

Frostwin Review and My Final Verdict

Is Frostwin legit or a scam? If you read my independent Frostwin review up to this point, you have the answer. Frostwin is a scam broker who shares many similarities with other like-minded brokers out there. Although they use many tactics, one that stands out for me is the additional deposit bonus. This is where the broker persuades you to deposit additional money into your account and earn a 50% bonus. They convince you that once you get the bonus, you can withdraw your deposits and remain with the bonus to trade. Honestly, I’ve never heard about this lie before from any broker. 

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