Fundiza review – 5 things you should know about fundiza.com

Fundiza review – 5 things you should know about fundiza.com

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

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Fundiza is yet another broker whose name suggests anything but a broker. Why the name choice, we cannot answer, however, this can be easily seen as the first of many signs that this firm is going for something shady. Now that we think about it, Fundiza would be a perfect name for an online casino. It just roll of the tongue, doesn’t it. Anyway, this review concern the broker Fundiza. Read it to see for yourself of there is to known about this one.

To register a user has to provide a fair number of preliminary details, one of which is a referral code, which in suspicious brokers is most of the time obtained only through phone calls, a procedure that is a part of one of the most common scammer schemes out there. We have described it bellow, in the Scam section of the review.

What happened after we entered all our credential, was an error message, saying that we have to contact support to resolve the issue, or in other words we were not allowed access to the client area. This means that we have to take all trading conditions from the website.

So the EUR/USD spread is said to be 0.1 at its lowest, which we have a hard time believing, seeing that we cannot verify this for a fact. The leverage is capped at 1:400, and the assets with which the user can trade in are forex pairs, precious metals, other commodities, and shares.

The website had no way of changing the language from English and Arabic to anything else.

FUNDIZA REGULATION AND SAFETY OF FUNDS

One of the most revealing parts of the broker is the address given in the footer of the website, which is of course in the famous nation of Saint Vincent and the Grenadines.

We have said this ion hundreds of previous reviews before. The Caribbean nation does not issue FX trading licensed. One can easily register there a broker company, but cannot be regulated. Thus Fundiza in UNREGULATED, and a risk to all investors.

Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA  or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

Furthermore, the below clause, revealing that the user is bond by her own jurisdiction, is a typical provision used by scammer brokers. It can be interpreted as a way for Fundiz to subtly say it has no regulation.

 

FUNDIZA TRADING SOFTWARE

We can only hope that the supposed MT5 that is advertised throughout the website is in fact available to registered users.

The MT5 is considered as the best platform in the market, even if it is surpassed by the MT4, in terms of popularity. The MT5 is basically an improvement to every aspect of the MT4, yet people still seem to use the latter more than the former.

As of now, we cannot confirm that the MT5 is present here.

Note that Expert Advisors are considered an illegal activity. We remind users that Expert Advisors are a staple of both the MT4 and MT5, and by prohibiting them Fundiza is basically taking away a fundamental trader right!

FUNDIZA DEPOSIT/WITHDRAW METHODS AND FEES

All the following details in this section of the review are taken from the website, which is not regulated, and as such we do not trust it with it to the fullest.

According to the Terms and Conditions, the minimum deposit is $100. According to the Account page the minimum deposit is $5000, which is absolutely crazy. Which one of these ones is the right sum, we do not know. The FAQ claims that Visa, MasterCard, Skrill and Neteller.

All withdrawal requests are processed within a one to five days, as per the Terms and Conditions. The minimum withdrawals via wire transfer is $50.

The reader should not be surprised that the legal documents keep mentioning fees connected to both payments and other activities that have not been specified. Thus we urge users to be careful! Here is an example of one such elusive fee.

Here is another instance where Fundiza charges an unnecessary commission. This one concerns third party initiated fees, more specifically the user agrees to pay to these questionable third parties a commission based on their help to keep the relations between the company and its constituents healthy.

Next is a clause that gives the broker power to close an account for no reason.

If there has been no activity in an account for 30 days, Fundiza will close down the account.

Please not the following clause. Users cannot issue a chargeback, the only way to get your money back when defrauded by a scammer brokerage. This is another sign that Fundiza is nothing but a fraud!

Throughout the Terms and Conditions, Fundiza makes sure to mention more than a dozen times that it will not be held responsible for any losses that the user experiences. It goes on to cover an extensive number of situation where it will not be held accountable. The one attached below is just an example.

When the user submits a complaint, the broker has 30 days to examine this complaint. During this time period, the client has not the right to make any public statements related to the complaint, and in case he or she violates this he/she will be liable to pay a fee of $100 per day! Absolutely ridiculous.

How does the scam work?

The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.

These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.

When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.

What to do when scammed?

Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.

We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.

Rich Snippet Data
Review Date
Reviewed Broker
Fundiza
Broker Rating
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