Finq Review – 5 things you should know about finq.com

Finq Review – 5 things you should know about finq.com

Beware! Finq is an offshore broker! Your investment may be at risk.

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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.
Rich Snippet Data
Review Date
Reviewed Broker
Finq
Broker Rating
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19 Comments

  1. Definitely these guys who represent Finq are scammers!!!

    1. 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.

      1. Dont invest with him

  2. ah u from Sri Lanka. can u tell more

    1. Search other broker

    2. 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.”

  3. 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

    1. Finq.com guys are calling me and force for opening the account with 100$
      Kindly advise if they are frud .

  4. Yes they are called me also. they are asking for 100$.

  5. its a scam.They haave sr managers who will give you wrong deals and make you loose

  6. 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.

  7. 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

    1. no way for them to withdraw your money , this is a legal company is not allowed, even your bank will not allow it .

  8. 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.

  9. finq.com is calling me to invest 100$, please I need advice from honest people.

  10. 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

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