Beware! Finq is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Finq.com is an offshore forex and CFD broker offering several account types with a leverage of up to 300:1 and the MetaTrader4 platform.
Trading instruments include over 50 forex pairs with a good selection of exotic currencies like Israeli Shekel, Turkish Lira, Chinese Yuan, Indian Rupee, Brazilian Real, Romanian Lei, Russian Ruble, South African Rand, Singapore Dollar, Swedish Krona, Polish Zloty, Norwegian Krone, Mexican Peso, Hungarian Forint, Danish Krone and Czech Krona.
Other instruments include CFDs on gold, silver, platinum, palladium, oil, natural gas, agricultural commodities, stocks, indices and bonds.
With their opening Micro Account spreads are advertised to start at 3 pips, which is at least twice higher than the levels traders usually expect with a standard account.
Trading conditions put aside, however, we have some concerns about the regulatory status of the broker, so if you are considering opening a trading account with them be sure to read the following lines.
Finq regulation & safety of funds
Finq.com is operated by Dilna Investments Ltd on behalf of Leadcapital Corp Ltd, which is the owner. Leadcapital Corp Ltd is an offshore company, based on the Seychelles and they are registered with the local Financial Services Authority Seychelles (FSA).
The problem with offshore regulators such as the FSA Seychelles or let say the Vanuatu Financial Services Commission, is that apart from the technical absence of regulatory requirements, they simply lack the capacity to oversee internationally operating forex and CFD brokers – e. g. a Seychelles license simply can not be compared to the license issued by respectable institution such as the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC).
The regulatory requirements enforced by FCA in the UK, CySEC or ASIC include strict reporting, external audits, negative balance protection for all traders, segregated accounts for all client finds and a certain minimum operational capital requirement for licensed brokers, which with FSA Seychelles is just 50 000 USD, while with brokers regulated in EU is 730 000 EUR and with ASIC in Australia – 1 000 000 AUD.
On top of that brokers regulated by FCA in the UK or CySEC in Cyprus are even required to insure traders funds. Thus the insurance with a CySEC broker covers up to 20 000 EUR of your funds, while with a FCA broker the insured amount is 50 000 GBP.
Finq deposit/withdrawal methods and fees
Finq.com accepts payments with all major credit cards like VISA and MasterCard, bank wire and a number of e-wallets like Neteller, Skrill, Globe Pay and FasaPay. The minimum deposit requirement is 100 USD and that is in line with what most other brokers would ask you for with an opening account.
The broker, however, offers trading bonuses, which are linked to special withdraw condition – you should reach a trading volume of at least 10 000 USD for every bonus dollar you have received and that in just 30 days.
The practice of offering trading bonuses is highly controversial and is prohibited by all regulators in the European Union.
How does the scam work?
Scam scenarios are designed to make yo believe you can earn easy money in a matter of days or weeks. Scammers are well organized and employ lots of resources. They use call centers and the so called robo- scam websites like Crypto Revolt and Bitcoin Evolution – anonymous web pages, usually build around a well edited video add, promising you guaranteed returns if you only join some innovative trading app or platform. And all you will be asked in the beginning is your e-mail and phone. After that you will be automatically transferred to the web page of a unregulated, offshore broker, where you will be invited to open a trading account.
At first scammers would not ask you for much – usually the initial deposit requirement is just 250 USD. And take a note that your first trades will seem quite profitable. Almost all of your deals will be successful and soon the 250 USD in your account will almost double. That however will be fake. Scammers are not responsible to file reports to an official regulator, which means they can manipulate your account and trading results as they will.
Besides, all that will be done with the sole intention to trick you to invest more. And more or less at the same time you will get a phone call as well. It will be a “senior account manager” or a “senior market adviser”, who will confidently explain you, that if you really want to make some proper cash you will surely have to invest more – at least 10 000 USD.
And chances are that most people do invest that kind of money, without realizing they have been scammed until the very moment they decide to withdraw some of their funds, when they will be told they can not withdraw, because of some minimum trade volume requirement, possibly linked to the welcoming bonus they have accepted with their account.
The pretext, of course, might be different. Few people read the “Terms and Conditions” they agree with. In any case the end result will be the same – after a lot of hassle your withdraw request will be canceled, all your positions will turn red and pretty soon your account will be depleted.
What to do if scammed?
Unfortunately, if you are a victim of a scam the options you have are just few. The first and most important step is to immediately file for a charge back with your credit card provider. The good news here is that since October 2018 MasterCard and VISA extended the maximum period in which you will be bale to do that to 540 days.
Besides, do not send scammers copies of your ID and a proof of address (your latest electricity bill for example). If you send them those documents, they will have a stronger case when you file for a charge back.
Also, in case you have been tricked to reveal your credit card number and online banking password, immediately change the password and block your credit card.
And finally, if you accept an offer by the so called “recovery agencies” you will simply be scammed a second time. Those people will make you pay them some money in advance without helping you in any way.
Rehan Fernando
Definitely these guys who represent Finq are scammers!!!
Jagath Silva
actually I went there recently. though they wanted identity and address proof, they did not ask me for it. they said the minimum investment is USD3000.00 which is not true. iam in doubt.
iftikhar ahmad
Dont invest with him
iftikhar ahmad
yes
Jagath Silva
ah u from Sri Lanka. can u tell more
iftikhar ahmad
Search other broker
Luckson Fernando
I just ended a video conference with more than 3 of their representatives as they kept taking shifts as I kept asking complex questions. By god’s grace I referred to other Sri Lankans and their experience with these “FINANCIAL EXPERTS.”
sandman
They want to suck the money out of your pocket. They softly ask you to start with 3000, but then they bother you to invest more and softly threaten you to not give ‘good advises’ if you don’t. That’s how Finq operate. Some bloody crooks
iftikhar ahmad
I invest there but i found fully fraud because i loss 4000 Dollors in one day by these instructions. i request dont invest with Finq.com search other one.
Please dont invest with him
Mian Asad
Finq.com guys are calling me and force for opening the account with 100$
Kindly advise if they are frud .
Rahul
Yes they are called me also. they are asking for 100$.
zainab
its a scam.They haave sr managers who will give you wrong deals and make you loose
Antonio Fady
Unless you have visited any brokers office, dont invest even $1 – I have invested and lost huge money. Remember one thing guys all the brokers work only on commision and instincts.. If anyone knew that the market will go up or down then they will invest their own money and become millionaires.. Basically they will guess if the market will go up or buy and accordingly they will ask you to buy or sell, if the market moves as per their advice then they will act like geniuses and if the market moves in the opposite direction then they will say oh its the market and anything can happen and ofcourse you have signed all the risk documents… so dont invest and save your hard earned money. Most of them have ficticious offices in some tax haven island and no one can be reached.. Please try to reach anyone of them, you cannot even in good times and in bad times just forget it. So most if not 99.99% are scammers and the genuine ones who will have a office in your city will charge very high margins and commissions that it will be very difficult for you to make any $$. Finally Stocks trading is all about gambling which is controlled by the elite 1% who rule the world so please forget making $$ and be ready to loose. Yes people have made money but those are again the 1% of the 100% who lost their money. All the best.
Ganesh
I just creat account on finq with unsufficent balance. Now its pending. Can they withdraw money from my bank account when i have balance. I did not share pin verbal , just type card no and pin.on their payment methods and its pending due to unsufficient fund. Do i need to block my debid card? Plz sugeest
sara sara
no way for them to withdraw your money , this is a legal company is not allowed, even your bank will not allow it .
Mohammed Ali
I have lost $20000 because of Finq. They gave wrong positions and some right ones to make you believe you are earning money. When you first deposit money they will ask a copy of your ID (front and back) and a copy of your card (front and back) you will not see this in other recognized brokers. Also, I believe the information I sent to Finq was used by other scammers to try to steal more money from me which is why you shall not share a sensitive information about you with untrustworthy organizations. My advise stay away from them.
Fsgm
Unfortunately, the same happened to me with $50,000 🙁
Fathima Himaza Mohamed Fias
Seriously, I was going to invest USD 25,000 they sounded so very authentic.
Good thing I wanted to check their review
Sampath
I have lost 10000$ because of finq. Initially I didn’t know about this field and they encouraged me to start an account and they told me that they will guide me to take profit > 30% of deposited value per week. And the so called marketing manager told me that he will provide me an personal account manager and market analysts but my manager didn’t know how to analyse the market they gave us invalid position to be traded. Only thing they do is keeping contact with us with a msg or call and force us to make multiple trade without assessing our risk levels and most importantly they forced us to not to put stop loss which caused to grow our lost further and pushing up to margin call. After that they call us and asked to add funds again and reassured to recover as soon as possible and no one will responsible after that. Another thing is they will interfere when we are going to withdraw money somehow they try to hold it for some days and cancelled several times. It’s very difficult to withdraw money. They make money from us by misleading and they know nothing about Marcket environment. Finally my advice is never ever deal with finq.com keep your hard earned money with you.
Kelvin
finq.com is calling me to invest 100$, please I need advice from honest people.
Sampath
Never ever do that keep your hard earned money with you. I have really bad experience with finq
saleh khalfan
i also got a call not long ago some guy try to convice me of the same things like invest 100usd and we gonna gibe u 100usd for free and teach u trading but comming across this website i learned all about them that there scammers i opened an account with them but i didnt deposit so thats a good thing
kakun
Do not do any investment in FINQ. They are scammer.They will loot all your saving if you will be trapped by them.Only 1% people are getting profit who are controlling the whole markets and rest are loosing.
Aware others not to join Finq.They know the trick how to loot.
yash1td
Scammer Alert!!!
They are the biggest scammers in this industry. they advertise saying only $100 to start with, and insists you to put you more money.
I lost $600 within a week,
initially gave some good trade position, later push me to open more bad trades and convinced me to deposit more, at last all trade closed because of margin shortage. Account managers are worst and they don’t mind they are playing with our hard earned money.
They used to call every single day 4 times, but since I lost all money they stop calling me. They know how to manipulate your mind.
Please don’t waste your time and money. At the end you will loose everything.
Deana Rebello
PLEASE DO NOT INVEST WITH FINQ.COM
I lost USD 93,000, this is the largest unscrupulous legal scamming platform. They target and exploit vulnerable people with the promise of making a lot of money.
The account managers are trained to push you to place large positions, that will go in the wrong direction forcing you to keep topping up your free margin as they tell you that you’ll lose everything you’ve invested if you don’t add more money to your account.
Finq will manipulate you by showing you a great day on the market, and when you do finally have funds available to withdraw – they will make sure you never get any of your money out by fearmongering you into believing that if you withdraw any of your own funds, you’re taking a huge risk and losing all your bonus. Every position they give you is misguided and manipulated, they will sabotage you so that you lose everything sooner or later. Do not believe them they tell you they have clients that have made millions.
I beg you do not listen to their promises of wealth and prosperity. They are scammers and I fell for into their trap.
Fun
I received a call from them today. The person guided me through setting up the account and then when it comes to paying USD100, I told him I’ll do it later as I didn’t have my credit card with me. He kept asking me to go and get my card, he can wait, even for 10 mins. It was the way he kept insisting that I pay right now, that I became suspicious. I asked him ” why the rush?” He said I’m keeping him from completing his work. I refused to get my credit card and pay right then, and asked to let me think about it. He became very angry and started shouting at me. I had to hang up and block his number. It was after that I started googling about this company, that I found out its a scam. I’m so glad I didn’t give him my $100. I just regret the 1 hour I spent on the phone with him.