Beware! Financial-Agent.com 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.
Financial-Agent.com’s ambiguous name can be interpreted in two ways, one of which is to fully trust this brokerage and dedicate your time and money to it. However, the alternative is to doubt the legitimacy of this company because, really, who would name his/her brokerage company thusly and not expect some kind of ridicule? We stick with the latter, for the site is filled with signs to support it. The first obvious one is the copy-paste nature of the website, a very reminiscent source for a ton of other shady brokerages. There is more where that came from. Read the review to discover more.
We encountered a major problem that we were not too surprised by, in that we could not create an account. The issue was simple: the broker never sent us the much-needed verification code that is the one thing between us and the user area. Without it we were doomed to an unregistered user experience.
It greatly upset our flow, due to the fact that now we have no choice but to take all the trading and payment info from the site.
With that said, we found out that there is no value given to spreads, while the leverage is apparently capped at 1:1000. This is a dangerous value and must be carefully considered before using it. As for the tradeable assets, they are forex currency pairs, metals, oil, and indices. There are quite a few missing.
The website is available in English and Chinese.
FINANCIAL-AGENT.COM REGULATION AND SAFETY OF FUNDS
After going into some deep research, we found out that this here broker is one of those that aim to keep it on the downside as much as possible. In other words, there is nothing on the entire website of the broker to suggest a license or an address.
Financial-Agent.com is completely anonymous, and it seems that the only way to find it, is if it wants to be found. This is usually turned on its head because the only way this can happen is if Financial-Agent.com finds you.
There is nothing more to it: Financial-Agent.com is UNREGULATED and a risk to all that invest in it!
The short legal documents that don’t contain important info are another sign of the firm’s lack of a license. With short legal docs, companies have much more freedom as to their handling of customers.
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
FINANCIAL-AGENT.COM TRADING SOFTWARE
Today’s broker claims to be offering an alleged MT5. This would have been a superb addition, one that, nevertheless, would not have redeemed the company’s lack of a license.
Here we encounter something that is typical of scammer brokers. The name of the company providing the MT5, and thus its servers, is irrelevant to Financial-Agent.com. Both companies have nothing in common or at least nothing in common that we could find. This is why we think that Financial-Agent.com does not provide the MT5, but probably a simple and boring web trader of some sort.
FINANCIAL-AGENT.COM DEPOSIT/WITHDRAW METHODS AND FEES
Here’s the other big problem we had with this sloppy brokerage: it offers no deposit or withdrawal insight. There is nothing to give potential users any further info about the broker’s payment methods and fees. There was even no mention of a minimum deposit!
Usually, the minimum requirement to open an account is around $250, while the payment methods most popular with unlicensed brokers are those confined to cards or cryptocurrencies. As for any fees, most illegally operating brokers do have some sort of fee structure attached almost always, even if they don’t tell you.
Overall, we cannot in any way recommend this broker to anyone. It’s a disaster, and one to completely avoid. Do not invest in Financial-Agent.com!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!