Beware! FinaOptions 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.
With FinaOptions the consensus is that you get what you see. And what we see is a confused broker that knows its ultimate goal but does not know how to reach it. Part of the issue here is that the ultimate goal of FinaOptions is to scam as many as possible, which can be hard to do especially when you look and present yourself as FinaOptions does. We understand those that find FinaOptions appealing, but this is exactly what such fake brokers are able to scam so many people because they rely on inexperienced users! Please read the following review before doing anything that you might regret!
To create an account we were presented with a relatively simple form to complete. And so we did, in a matter of seconds. A fast and light registration process always points to a broker that has taken things unprofessionally. Usually, this is the moment when the broker gets to know its users, and in providing a simple and boring account creator you are conveying a message that you do not care who joins your member’s area!
Once we filled in the form, we were in. The resulting user area was nothing to be excited about, even though it was unexpectedly different from the rest of the broker in terms of color and setup. Nevertheless, there was not too much to do. We learned a lot from it that the website does not tell. Probably the best thing we took from it was that FinaOptions really is a simple and transparent broker. Readers that were somewhat intimidated by the website should rest easy. The trading area is quite frankly laughably child-like.
Another major obstacle that we learn off in the user area is that FinaOptions does not come with a trading software. There is something that bears the minimum resemblance of one, but it definitely is not one! More on this major issue in the appropriate review section. As of now, we can conclude that FinaOptions does not offer trading services, and therefore none of the spread values, leverages, and even financial instruments advertised apply!
English is the only available language.
FINAOPTIONS REGULATION AND SAFETY OF FUNDS
FinaOptions offers two addresses to consider. One is in the United States and the other is in Jakarta, Indonesia.
In the United States, the regulation of the FX market falls into the hands of the CFTC and the NFA, arguably the strictest of all regulators! They demand a starting capital of $20 million from all their brokers, on top of hundreds of scrutinizing requirements! We are more than confident in claiming that FinaOptions is not legitimized to operate in the US!
As for Indonesia, it’s the Commodities and Futures Trading Regulatory Agency (BAPPEBTI) that aims to sustain the local FX market industry while also trying to push for more investors to join. We found no evidence nor any results in the regulator’s database that FinaOptions is licensed to operate legally.
Furthermore, FinaOptions nowhere asserts that it is actually regulated, only that it is located in these two countries. Whatever it may be, FinaOptions is UNREGULATED and a risk to all investors!
Never invest in brokers that do not have a license or claim to have one without any evidence to support it. We recommend to all our readers to invest in FCA or CySEC regulated entities for these are some of the top FX overseers working today! These licensors, alongside others, employ scrutinizing rules and demands from their registered brokers. These prerequisites are very taxing, and that is why unregulated brokers are what they are; they simply cannot meet them! A good example of a requirement from most regulators is a specific starting capital that ranges from $50 000 to $20 million! Furthermore, the FCA and CySEC, specifically, offer compensation schemes to users of brokers under their gaze. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
FINAOPTIONS TRADING SOFTWARE
Rest assured that this is in no way a trading software. That it bears some elements with one, does not give it the right to be called a trading platform. This chart is completely useless, with unresponsive buttons and random numbers.
FinaOptions does not have a trading software, which begs the question: what kind of a brokerage experience is FinaOptions trying to push us if it even cannot cover the bare minimum? A scammer one for certain.
FINAOPTIONS DEPOSIT/WITHDRAW METHODS AND FEES
Through the user area, we learn that deposits can be made by means of Bank Transfer, credit card, and debit card. However, the currency in which one can deposit is based on one of three cryptos: Ethereum, Bitcoin, and Litecoin. In the end, all things resulted in us being redirected to a common scammer BTC buying website. By buying bitcoin users are in no way investing in the fake broker. They are simply buying bitcoin and making some fraudsters more money!
As for withdrawals, well, FinaOptions reveals nothing! There is absolutely nothing on withdrawal to be commented on. What’s more worrying is that the client area’s withdrawal section is broken. Or at least no functional for us. We assume that one must deposit first, but we won’t be doing that. Ever! We are sorry to say that there is no way for us to reveal any withdrawal fee, processing times, payment methods, or even a minimum withdrawal amount.
At times, we put clauses in our reviews that further support the fact that the reviewed broker is scammer. Unfortunately, FinaOptions does not have any legal documents, so any provision snippets are excluded here. However, the lack of these docs in and of itself can be interpreted as a sign that the broker is a complete fraud. Do not invest your money here!
How does the scam work?
The most common scammer scheme is also the easiest one to apply. It requires a sort of hierarchal structure within the scammer community, but the structure is the same in most illegal brokers. The only differences here are observable when brokers add their small twists to it.
The scam starts when users are baited by one of the thousands of investment ads that are scattered throughout the internet. These are mostly found in popular websites, such as social media outlets and similar sources. The ads are very colorful and convincing, most utilizing some sort of a lure, be it a beautiful woman, luxurious houses or/and cars, or a rich lifestyle where money is easily made through online FX investing. The fulfillment of these dreams is just a click away!
Once clicked on these ads, the user will be sent over to the broker’s site or an intermediary website. In any case, users will be required to give away their contact details in order to continue. If one gives these away, then he or she will definitely start receiving calls or emails from the first wave of fraudsters, the so-called “openers”, whose job is to guide you through your first deposit.
Once deposited for the first time, the second wave of the scammers hit. These are high-level fraudsters who are after the big money. They will push users to deposit more and higher amounts while promising unrealistic returns of profit. Their methods of conviction are not to be underestimated, for they are as charming as they are dangerous.
Sooner or later, the investor will want her money back, either due to suspicion or just because. It is then that the final step of the scam is activated. During this step, the criminals will do whatever it takes to stall or withhold all withdrawal requests. Other extreme measures include closing down a user account, blocking it, or completely shutting down the website.
What to do if scammed?
Probably the first thing one should do after being defrauded by a scammer broker is to file for a chargeback. Credit card and debit card companies allow for this option mainly because of similar cases. It’s probably the best option! MasterCard and VISA have a chargeback period of 540 days.
Money lost through a bank transfer should induce the user to immediately change her bank account password and username, to reduce any further damage. Furthermore, the user’s bank may have a specific plan in motion for such cases, so it’s always a good idea to contact the bank directly.
Never invest in fake brokers through whatever currency they offer. Crypto deposits are untraceable and as such are forever lost once processed.
One last thing to remember is to stay away from recovery agencies or agents. You will stumble upon people who claim to be able to return all your lost funds, but what they don’t tell is that they are scammers as well. They will ask for a fee in return for their “services”. If you pay them, the money is lost, for they will disappear.