FinanzEXP review – 5 things you should know about finanzexp.de

FinanzEXP review – 5 things you should know about finanzexp.de

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

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FinanzEXP offers trading in Forex, Indices, Stocks and Commodities. They have three types of accounts, differing in the minimum deposit requirement – from €250 to €1000, and in the trading commissions – the Gold account offers up to 10% discount on them. They also advertise a Demo or Sample account, but we did not find this option during registration or in their client area.

The registration form for a Live account required First and Last names, Email address, Phone number, and Account currency with only option available, EUR. The process was successful and we were redirected to the client area, while an email was sent with our credentials – not the best practice from a security and privacy perspective, as email communication can be intercepted.

FinanzEXP Regulation and safety of funds

The broker has a contact phone number and physical address in Germany. We tried to find some kind of legal document on their website – Terms and Conditions or a Client Agreement – but apart from a short Privacy Policy, there was nothing to shed light on the company behind this website, where it is registered and whether it is regulated. There was a checkbox on the second step of the registration process to agree to the Terms and Conditions, supposed to have a link to them, but the link was broken.

Buried in the FAQ section we found this statement. Here again the link led to a Page Not Found.

A quick search revealed that Maxiflex LTD is registered as a Cyprus Investment Firm (CIF) and is licensed by the Cyprus Securities and Exchange Commission (CySEC). The other thing we found out, however, is that there is no connection nor relationship between the two entities. Actually, Maxiflex has put a Fake Website alert regarding FinanzEXP on one of its websites:

In light of this we believe this is an unregulated, scam broker. There are other false or misleading statements in the FAQ page:

Here we see that FinanzEXP is claiming policies that regulated brokers must adhere to. The CySEC and UK’s regulator, the Financial Conduct Authority (FCA), impose strict rules on their licensees – Negative Balance Protection ensures that traders cannot lose more money than what they invested, while Client Account Segregation requires that clients’ funds are kept separate from the broker’s operating funds. Other rules include a Minimum Capital Requirement of €730 000 in order to guarantee the broker’s good financial standing and participation in Compensation Schemes, which provide additional assurance for investors’ funds up to a certain amount (85,000 GBP in the UK and 20,000 EUR in the EU).

FinanzEXP, however, is not regulated so it is not bound by these rules and policies. They may claim your money is safe with them, but we would not advise risking that.

FinanzEXP Trading Software

The broker claims to provide the MetaTrader 4 (MT4) platform as a Desktop, Web and Mobile (Android and iOS) application. Apart from links to the App stores, which anyone can put on their website, this software is not available. In the client area there is only a Live Webtrader, which is quite far from professional standards in terms of design, features and functionalities. The Demo or Sample option advertised throughout their website is also not available.

Respectable forex brokers provide access to established trading software for their traders, such as the MT4 or MetaTrader 5 (MT5) platforms. MT4 is considered the world’s number one platform, preferred by over 80% of users. It offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. Its successor, MT5, has some advantages – it allows traders to execute trades on different financial markets through a single account and there is a hedging option. Both platforms are available as desktop and mobile (iOS and Android) applications as well.

FinanzEXP Trading Conditions

This scam broker is full of false claims – they say they are a Straight through Processing (STP) broker, which would mean there is no conflict of interests between them and their clients. STP brokers are usually big and regulated brokers, which benefit from the great number of trades that pass daily through their automated systems. FinanzEXP on the other hand, as nearly all brokers, legit ones including, act as market makers, which basically means that they make money when their clients lose.

The broker also claims to provide narrow spreads – from 0.1 pips. In the platform screenshot above, however, we see a 5 pips spread for the most traded EURUSD currency pair. Such a wide spread makes the cost of trade very high and it is not to the trader’s advantage, but guarantees hefty profits for the brokerage.

In line with the regulation tale they are telling, FinanzEXP mentions a leverage of 1:30 on the website. In the client area, however, one can request a change of leverage up to 1:300. Trading on leverage comes with significant risks, especially to inexperienced traders. Although it allows for making bigger profits, one may incur great losses too, often much greater than the invested funds. That is why, most regulatory authorities impose leverage caps for non-professional traders: in the USA it is 1:50, while for brokers licensed in the EU and the UK it is 1:30. The Australian Securities and Investments Commission (ASIC) also recently announced that from 29 March 2021 it will restrict leverage for major currency pairs to 1:30.

FinanzEXP Deposit/Withdrawal Methods And Fees

Regarding the payment methods available we see another false statement in the FAQ page – “there are several ways to make deposits, e-wallet, credit / debit card and bank transfer.” In the client area, the only option available, however, is Rashbe, which turned out to be an Estonian cryptocurrency purchase platform.

Bitcoin is a preferred payment method amongst scam brokers, because it is untraceable and completely anonymous, while with credit / debit card you can file for a chargeback in case of fraud.

FinanzEXP claims they do not charge any fees for deposit or withdrawals, and the processing times presented in the FAQ are normal. Considering all the falsities and misleadings we saw so far, it is hard to trust them. Overall, we advise our readers not to invest money with this unregulated, scam broker!

How does the scam work?

This section is dedicated to showing how the most common scams work. Usually they are pretty simple and straightforward. Through internet ads promising quick and easy profits from forex trading potential traders are induced to enter their personal information, such as email and phone number. Once the users input this information, they will start receiving unsolicited calls from illegitimate broker representatives whose job is to persuade them to make the first deposit of about 300 USD, from which they make a fat commission. When this is done, the traders are transferred to senior scammers who are very good talkers and will start working on them to deposit even more money. At this time, if not earlier, most people will start suspecting some fraudulent activity and will want to withdraw their funds.

This however often proves impossible to do as the scammers put all their resources into convincing them that now is not the right time or that such action will lose them a lot of money in “potential profits”. If the users persist, these con-artists will find a number of excuses, usually hidden in the clauses of the accepted agreements, to delay withdrawal requests for as long as possible. The end purpose is to miss the limited time period for filing a chargeback with their bank and thus lose any chance of getting their money back.

What to do when scammed?

If you have deposited with VISA or MasterCard there is still a chance to get you money back since recently both companies extended their chargeback period to 540 days, especially when an online scam is involved.

Scammers will not stop at stealing directly from your bank account if you have provided sufficient details, so if this is the case be sure to change your password or security code right away.

Also beware of being scammed again by so-called “recovery agents”. They will ask you to pay a fee to recover your losses, but after paying them you will never hear from them again.

Rich Snippet Data
Review Date
Reviewed Broker
FinanzEXP
Broker Rating
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2 Comments

  1. I also fell for FinanzEXP. Should always invest more. When I did not comply, the “financial advisors” stopped calling. A withdrawal request has not been met until today. And retrieving the stake via VISA is not possible, as it was paid in / booked via Coinipop.
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    Ich bin auch auf FinanzEXP reingefallen. Sollte immer mehr investieren. Als ich dem nicht mehr nachgekommen bin, haben sich die “Finanzberater” nicht mehr gemeldet. Einer Auszahlungsanforderung wurde bis Heute nicht nachgekommen. Und den Einsatz über VISA zurück holen, ist nicht möglich, da über Coinipop eingezahlt/gebucht wurde.

  2. Grüß Gott. Auch ich würde Opfer von FinanzEXP. Ich kann es bisher immer noch nicht fassen wie Menschen so etwas tun können. Am12.8.2020 machte ich voller Vertrauen und Freude einen Vertrag über ein Handelskonto bei FinanzEXP. Mein damaliger Ansprechpartner hieß Benno Schwarz. Danach hatte ich eine Jana Hoffmann und zu guter letzt einen Herrn Mahler aus der Finanzabteilung der mir am 7.10. 2020 dann schließlich die Auszahlung meines Kapitals innert 14 Tagen zusagte. Noch am selben Tag dem 7.10.2020 wurde von Seiten FinanzEXP jeglicher Kontakt zu mir abgebrochen. Handys von diesen Brockern ect.wurden deaktiviert. Keine Möglichkeit für mich mehr jemand zu erreichen. Auch im Support ging niemand mehr ans Telefon. Seitdem warte und hoffe ich immer noch auf mein Geld,wahrscheinlich vergebens. Anzeige bei der Polizei läuft bereits und ich erfuhr einiges mehr. Ja,was soll man dazu noch sagen . Bewusst betrügen,Menschen um ihr Vertrauen und Erspartes zu bringen dafür muss man geboren sein. Frage mich oft wie diese Leute nachts schlafen können aber ich denke mal jedenfalls besser als ich denn finanzielle Sorgen ,so wie ich jetzt durch diesen Betrug,haben die sicherlich nicht. Müller Steffi

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    Good day. I would also be a victim of FinanzEXP. I still can’t believe how people can do that. On August 12th, 2020, I signed a contract for a trading account with FinanzEXP, full of confidence and joy. My contact at the time was Benno Schwarz. After that I had a Jana Hoffmann and, last but not least, a Mr. Mahler from the finance department who gave me on October 7th. In 2020, I finally agreed to pay out my capital within 14 days. On the same day, October 7, 2020, FinanzEXP broke off all contact with me. Cell phones from these brokers etc. have been deactivated. No more possibility for me to reach anyone. Nobody answered the phone in support either. Since then I have been waiting and still hoping for my money, probably in vain. The police report is already running and I learned a lot more. Yes, what else can you say? Consciously cheat, people to bring their trust and savings you have to be born for it. I often wonder how these people can sleep at night, but I think better than me because financial worries, like I am now through this fraud, certainly do not have them. Müller Steffi

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