Finetero Review – 5 things you should know about finetero.com

Finetero Review – 5 things you should know about finetero.com

Rating: 1

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

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At first glance, Finetero looks just any other run of the mill broker. However, there are some interesting facts we found about the company that can make you pause and think whether you should entrust your hard-earned money to this broker.

Finetero Regulation and safety of funds

The address of the company is shown to be in Cyprus where the Cyprus Securities and Exchange Commission (CySec) regulates forex brokers. Yet, Finplex Group Ltd that owns and operates Finetero is not in its register. However, we found a company with the same name registered with the Companies House which is the registrar of companies in the UK and is an executive agency and trading fund under the Department for Business, Energy and Industrial Strategy. Although the company has a registered address in the UK, its director’s correspondence address is in Bulgaria. Such controversial information does not inspire confidence and besides, if its business is to offer financial services and investments, it should be registered with an official forex trade regulator, either CySec or the Financial Conduct Authority (FCA) in the UK. We are suspicious that it could be a case of appropriating a legit company’s name. Anyway, we strongly advise you not to join this broker in any trading activities as it may expose your funds to risk.

UK brokers are strictly regulated by FCA and Cypriot brokers by CySec. In both jurisdictions, the conditions for forex trade are quite similar. First of all, forex brokers must have a substantial initial capital of 730,000 EUR which among other things serves to prevent scammers from sneaking in. Other measures to protect clients’ funds and to guarantee their safety include keeping clients’ funds segregated with tier-1 bank establishments, provide negative balance protection, report transactions on a regular basis and keep a limit on the leverage they offer and which is capped at 1:30. The difference between the two jurisdictions comes from the fact that the compensation funds and schemes established there provide different amount of compensation for the clients of a broker gone bankrupt. UK brokers regulated by FCA participate in the local Financial Services Compensation Scheme which can disburse up to 85,000 GBP per client if the broker becomes insolvent. On the other hand, forex brokers regulated by CySec deduct funds towards the local Investor Compensation Fund which can repay clients with up to 20,000 EUR per person in case of broker’s bankruptcy.

Finetero Trading software

Finetero trades in forex, indices, commodities, stocks and cryptocurrencies. The trading software consists of a web trader which according to Finetero is a Bitcoin-based platform. In the image below, you can see what the platform looks like. On the left-hand side are shown the trading products with their bid/ask price. In the middle is displayed the chart of one of these trading products, namely EUR/USD currency pair with the fluctuation in its price in a given time frame. From the bid/ask price, we can find out that the spread is 0.6 pips which is tight and beneficial for traders as the cost of transactions won’t be too high. Also, from the information provided on the website, we could find out that the leverage offered by this broker is 1:100. Actually, this information is somewhat controversial because, in the account types information (last image), we found out that the maximum leverage is 1:30, however for the professional account, it is 1:200. Firstly, this is proof that this broker is not legit because, as we already explained, for EU and UK licensed brokers the leverage for forex currencies is capped at 1:30. Secondly, although high leverage may give the impression that it can increase the potential for making a profit, this in fact is misleading as the majority of traders lose in transactions, therefore the high leverage will only increase the scope of financial loss suffered in these unsuccessful transactions.

 

Finetero trading platform

 

We also want to let you know that a web trader is not a competition at all for the top-notch trading platforms offered by legit and reputal brokers. The majority of these brokers offer to their clients either MetaTrader 4 or MetaTrader 5 which have an excellent package of trading tools and instruments that give a lot of advantage to the traders. We can mention the auto trading option, the VPS, code base with customs scripts, trading signals, the app market, the financial calendar, etc. If you add the many charting options and the array of technical analysis indicators that help traders predict the future direction of exchange rates and thus make a profit, you can understand why these two platforms are choice number one for brokers and traders alike.

Finetero Deposit/Withdrawal methods and fees

If you look at the image below, you will see that the number of trading accounts offered by Finetero is 5 – Bronze, Silver, Gold, Platinum and Premium. The information about the minimum initial deposit is rather confusing – it says that trading is available from deposits of 200 EUR but the minimum initial deposit for the Bronze account is once given as 1,000 EUR and then as 5,000 EUR. Again, such controversy does not inspire confidence in this broker.

Deposits and withdrawals can be done via credit card, bank wire, Skrill, PayPal and Neteller.

Beware that if you leave your trading account inactive for a period of 45 days, you will be charged a monthly fee of $100 which is quite hefty. Legit brokers normally give a 6 or 12 months grace period before starting charging dormant fees.

Should you choose to use the auto-trading software but then decide to close the account and withdraw your funds before trading a minimum of 20 trades, you will be charged $100 fee.

 

Finetero trading accounts

 

How does scam work?

Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mousetrap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for a while and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for a chargeback.

What to do if scammed?

There are a few things that you must do immediately – file for a chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for a chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such a desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives the scammer access to your personal data.

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24 Comments

  1. This is the greatest Scam that has ever existed. Never i repeat never invest any coin with these thieves. To cut the story short, i saw a popup advert on my pc about amazon stocks. then i clicked on on it. Shortly, a Lady calls. She was so convincing that one would expect this scam of our times to be a genuine investment. She then takes me through very quickly through the payment process. and i paid. After that so many calls from a guy who claims to be too busy with many customers calls and asks alot of personal information etc.
    He promised one day of trading to show me how the system works and how profits are made. Then from there he starts to convince me for more money to be invested. Non of their phones is available or can be picked. They promise to verify your account but can never verify it or get back to you. What was more annoying when i asked for a withdraw, it was never processed and what they did, they started to trade my account without my knowledge only t open i find it transacting in red. As i type this i have just found the account transacting without my knowledge and with zero balance.
    Please am advising the whole world and whoever reads this. NEVER INVEST IN THE SCAM CALLED FINETERO.

  2. I have been scammed of my family’s lifesavings by these financial rapists, because that is what Finetero staff are. They lure you with promises, they trap you, they strip you bare of your mental faculties and then they rape you financially before moving on to another victim. These thieves need identifying, prosecuting and locking up for a very long time. There must be experts out there who can get back at Finetero, give them some of their own medicine and recover the savings of honest people. Please get back in touch if that person/organisation is you.

    1. I would love to know how they get away so easily surely someone out there reading these comments cares enough to help us put a stop these scams

    2. U would think that somebody who cares enough or has the know how to help us put a stop to these nasty sadistic scammers

    3. George Hutchison

      Me too . who was you dealing with at Finetero my adviser was James Price .

      1. I strongly advise don’t deal with this company scammers,The guy who I was talking to and sound smooth and reassuring was Tom Spencer, he done me for over 10k,He used my card details buying bitcoins through Wisenex.com this was the other option how he scammed me.So fool of me.

        1. I too have been scammed by Tom Spencer they even set up a 25k loan out for me thinking that I would have thought they were paying money into my account.
          Have anyone managed to retrieve anything from them?

  3. U would think that somebody who cares enough or has the know how would help us put a stop to these nasty sadistic scammers

  4. Shows I have €404 in my account I have tried to withdraw but nothing …… in process since 8/3/2021
    Total Scam……!!!!!!

  5. Finetero is one of the biggest scam as a broker. You Will not be able to withdraw your funds. Their employees are professional thieves.
    Please don’t trust the positive reviews you read as these are written by their proper employees/scammers.

  6. Fine until you wants to make a whitdrawal someone called me up and explain what a nobody i am and then they scammed me. Haha this is for real. Scammed on 5400 euro. Hope that the police takes care of this idiots.

  7. Ron Finetero have scammed me out of £45 000 What a fool I have been they even applied for a £30000 loan via from my bank the reason it did not go through the bank questioned me they then increased my overdraft by £2000 which I cancelled
    I have changed my cards reported the scam to both Bank and the police unfortunately neither are able to help in full recovery
    They stripped our savings current account an my credit account
    The bank offered some return
    There must be some help internationally if not to recover but put these criminals out of business
    STAY CLEAR OF THESE CROOKS FINETERO

    1. I lost 36k too. If I can find them, I will gladly spend the rest of my life in jail. They took all my compensation for the abuse I recieved as a child. Bless you and all who suffer from them. British auction fraud are no help at all!!! Surely someone should be able to Bury these scammers. How are they allowed to do this INTERNATIONALLY??

  8. Do anyone know what to do when you’ve been scamned by Finetero? I’ve been stupid enough to be fooled by them Im desperate to get my money back.

  9. I deposited $250 and then decided to withdraw since 28/3 and till
    Now no news from them. They totally went silence. The guy Jake Donovan is my so called account manager and he sure is a scammer.

    1. Yes, can understand where you are coming from. The day after I paid my £250 through a lady called Veronica Evans,. Telephone number 07801 963014 who promised me that I could try their system for a week & if not totally satisfied could get a Full refund. The following day “Jake Donovan” phoned me on 07338 770391, I told him then that. I had changed my mind & wanted my money back. I have since had numerous phone calls & e- mails from them asking me to complete my registration, they asked me to download two apps called Binance & any desk so that they could view my computer remotely. I have been unable to get my deposit back to date. Albert Hanna.

  10. Finetero is the biggest SCAM ever.
    Why banks allowed transaction with Scammers !
    Why police don’ t do something to put all FINETERO in jail.

  11. SCAM! You’ll never see your money again!

  12. I invested £36000 pounds, how do I get this back? Its still in my finetero account

  13. BE WARNED!!!!!!! FINETERO IS A SCAM OPERATION!!!!!!!!!

    The reason I say this is a fake website is due to the phone number. It pops up on the same location as Finetero, Binance and other “trading portals”. Do not deposit ANY MONEY with these people, you will NEVER EVER see your money again! Find a legit crypto broker who is registered with Companies House. Most of these scam brokers use Elscot House, Arcadia Avenue, London, United Kingdom, N3 2JU, if they do, they are fake and not registered onshore, but offshore. FCA will not be able to help getting your money back. They will claim they are legit, but their only legitimacy is that they are thieves and very good at it! They will NEVER refund you or pay out profits. Stay clear of these crooks, they are dangerous! If you look at the picture you will see none of the redrawal requests have been approved yet.
    I have e-mailed them over and over, only receiving excuses and “someone at the financial department will contact you soon” bull$#*!! I will name 3 people that are involved in this scam, I have also told them that they will be hanged out on different medias online. Jason Pelosi (if this is his real name) is the senior broker/chief of operations, Philip Wagner (if it’s his real name) chief of finance, Daniel Miller (if this is his name) account manager. Jason said that Daniel had been fired due to irregularities, but I doubt that.
    Finetero is a scam, Binance is a scam, Wisenex is a scam, you will never get money out from them, NEVER! They will use Binance, Mirai and Wisenex as crypto exchanges, these you will not be able to get your money back from even if you have money in your wallet. Use Blockchain only, here you can deposit and withdraw without a lot of hazzle and lies!
    Finetero threaten with legal action if you begin harrasing them with asking for a refund.
    They are not legit according to FCA. Stay clear of this scam broker!
    They don’t even give you a receipt on the “purchase”!
    Today I got an e-mail from the support team (fake too I guess) from a guy named Ivor Grant.
    Shun them like the plague, and please tell all your friends to do the same, they will be forever thankful to you! Don’t let these snakes get to your money. Don’t let the access your computer, if you do, your money will be gone before you have blinked your eyes!
    I used their trading portal, but when I were told to put in higher amount they began trading it to negative and then they called me saying they needed me to put in more to get the negative into positive again. Just lies.
    Have now been e-mailing them since the 13th of May with only threats of legal actions because I had become very abusive in language, they found it threatening. I have asked many time why they can’t just refund my money as they promised instead of this tiresome game. Do NOT use Finetero, you will most likely NEVER see your money again. They even get you to borrow money in order to trade, don’t let them convince you to do that, you will be left with a loan that they benefit from and you have to pay for it!
    They will throw you back and forth between the broker and support, then they have Wagner call you to clear things out so they can refund or pay out profits. BULLSHIT all of it!
    Warn everyone about this scam operation!

    1. Guys I can only agree with all the comments. Finetero are criminals. The question o would ask though is why do Binance for example and other exchange sites facilitate Finetero. Also Google will not receive a complaint about them either. That seem to be one step ahead of the authorities. I am publicising on all social media platforms. Please just share the message. By the way they are physically based on Cyprus. All numbers and arrests used are false. They use burner phones which ping city’s for example on the UK so make it seem legit.

  14. I agree with everyone’s comments above any good reviews about Finetero are all FAKE.
    FINETERO are all criminals lies fraud and deceit & robbery are there trademark.
    A pack of faceless parasites’ they have all my details and they know where I’m available, come and visit me you pack off dehydrated terds, you have the money of everyone you have ripped off so you don’t have an excuse.
    I have burial plots marked out for any of Finetero’s staff in Belanglo State forest Australia and no one will ever find them. Brian Pearce & Jake Donovan fakes, may you suffer a painful slow agonising death, just remember what goes around comes around, you will spend the rest of your worthless pathetic miserable short lives looking over your shoulders you low life scumbags.

    1. Finetero is stealing my £400 I sent them as it will not send my money back plus the profit. About six weeks ago I emailed the company to get my money and the profit and the total was £ 900.
      I got off to a bad start. I think it must have been Mextrix who asked Adam Bell to ring me.
      I told him in March I did not want to invest in cryptos and I (that is what was bought for me) and I asked if the firm was regulated and Adam Bell said it was- it is not.

      Since March I had a short chat with my account manager but he did not tell me any details of what I had such as expenses and what I was invested in and what the gearing was. In the one short talk I had with my so called account manager he had the nerve to ask for another £1,000. I don’t invest with firms you can’t contact.
      I must have sent 50 emails asking for details of what I owned and Mui (?)was asked to email but never did.
      It is quite appalling customer relations and the firm should be fined very heavily. Then closed down. It’s day light robbery. It’s a complete disgrace.

    2. They have scammed me 8000.00 stay away from them u will not get ur money back they r scammers. Does anyone of a private investigator that could assist us getting our funds back. I saw some persons got assistance to get their funds back. Please advise.

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