Beware! Finexero 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.
At least Finexero tries to promote its services. So many questionable brokers have passed through our hands, and so few have tried to push their services beyond just lying. Finexero attempts to fool users into thinking its offering legitimate services, not only through its misleading clams but also by means of its polished website. Is this a broker trying to conceal something, or is what you see what you get? Read the review for the answer.
In order to register, we have presented a very simple process that did not give us any hope for the rest of the broker. And in a way we were right: the user area is very simple and nothing to be impressed about. What’s more, is that we could not log into the webtrader. The broker sent us over credentials for opening an account with the trading platform, but they were incorrect. We tried over and over again, with o result.
In the end, we could not register a trading account. So, all trading information will be taken from the website. The worst part about this is that we can not verify if the broker actually has a trading platform.
With that said, it was disappointing, but not unexpected, that the spread values were not indicated. The leverage is capped at 1:200 for professional clients and 1:30 for retail users. Users have the following financial instruments at their predisposal: forex currency pairs, commodities, indices, stocks, and cryptocurrencies.
The official language of the website is English. It can also be translated into French, German, and Spanish,
FINEXERO REGULATION AND SAFETY OF FUNDS
It is said that the parent company of the broker is located in Cyprus. However, the Terms and Conditions claim that the broker is governed under the laws of Saint Vincent and the Grenadines. Which one is it?
In Cyprus, all legit brokers are regulated by CySEC. This is one of the best regulators in the industry. It has its own database of all the regulated brokers. It’s not shocking that Finexero is not to be found in the registry. So, Finexero is not licensed by CySEC. If it was located in Cyprus, it means that it is operating there illegally.
Next, the Saint Vincent and the Grenadines address. The nation does not have a FX regulator, and so cannot license forex brokers. That means that all brokers there are operating illegally. And so is Finexero.
Therefore, Finexero is UNREGULATED, and a risk to all investments!
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself, but the traders as well.
FINEXERO DEPOSIT/WITHDRAW METHODS AND FEES
$250 is the minimum deposit amount according to the payment area. The means through which one deposits are credit cards. The depositing portal offers no other options.
Withdrawals are done solely by credit cards and wire transfers. There is no indication of a minimum withdrawal amount. Furthermore, there is no indication of any withdrawal fees. However, unregulated brokers commonly issue undisclosed fee, so please be aware of this as a possibility.
In conclusion, Finexero is not worth your time and money. You will lose both things should you invest in it.
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.