Beware! Finvesting 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.
Finvesting is not worth your time or money – investing with it will only lead to headaches. Here is why:
Finvesting regulation and safety of funds
Finvesting is not a regulated broker – it operates from the Marshall Islands, one of the worst offshore jurisdictions out there. The Marshalls do not regulate their Forex markets. Here is Finvesting telling us it hails from the island nation:
The opinion that Finvesting is an unregulated scam is not just ours – check out what the UK’s FCA has to say about the broker:
Finvesting has been providing its services in the UK without the authorization of the FCA. And the regulatory body is one of the strictest in the world, demanding all brokers under its watch report on a daily basis on open and closed trades to prevent any sort of market manipulation, and follow many more rules. Here are some UK brokers to pick from – trading with them will be infinitely more profitable than doing so with scammers like Finvesting.
Finvesting trading software
Finvesting provides access to a distribution of Metatrader 4 – the leading trading platform, famous for its powerful automated trading features. Here is what that distribution looks like:
The spreads Finvesting offers are too wide for a major FX pair like the EURUSD – they should be within 1 pip. What’s interesting is that on the other platform Finvesting has, a web-based one, the spreads are perfectly in like. Check it out below:
What’s true for both platforms is that they have an unacceptable amount of leverage available – Finvesting offers amounts of up to 1:400, much higher than what most regulatory bodies will allow. This is common with scammers – they will offer such amount to attract more clients in a blatant disregard for the safety of their funds. If you see a leverage that seems too high out in the wild, exercise caution!
Finvesting deposit and withdrawal methods and safety of funds
Finvesting accepts deposits via credit cards and wire transfers – we recommend the former, as it allows for a chargeback to be filed, while wire payments are always final.
And to get your deposit back from Finvesting without any complications, you will need a chargeback – check out the broker’s Bonus policy:
It seems to be able to withdraw any of your profits or bonuses you would need to execute an impossible turnover – even in the example, the client has received a bonus of $200, and has to achieve 50 lots, with a standard lot being worth $100 000 in the case. Therefore to withdraw the $200 bonus, this trader has to have a turnover of $5 million – does that seem even remotely fair?
As for withdrawal fees, Finvesting never mentions them, but we are sure the broker has them too – scammers can never pass the opportunity to bleed you dry with all sorts of fees.
How does the scam work?
Finvesting is a scam – that much is evident. Here is how the scheme the broker runs plays out:
First off, a person stumbles upon an ad that promises them quick and easy profits, or something to that effect. They follow the ad to the scammer’s website, which looks a lot like Finvesting’s own. There, they are prompted to leave a phone number – a crucial part of the scheme. Once the scammers have it, they will use it – ceaseless calls, demanding deposits.
If the victim invests, more and more money will be demanded of them – and that will go on until they realized they are being conned – at which point they will either stop depositing or demand a withdrawal. The scammers will not allow that, of course – they will simply cut the victim off and move on to other targets.
What to do when scammed?
Have you been scammed by a scheme that resembles the one described above? Well, do not worry – here are some steps you can take to limit your further losses:
Start off by deleting any software the scammers had you install on your PC – they often use TeamViewer or a similar program to snoop around it without your permission. Recall what IDs, credit cards and other such documents you gave the scammers access to – and get new ones issued as soon as possible. You do not want your sensitive information to be in the hands of these criminals.
Once your privacy has been reestablished, it is time to think about recovering some of your lost deposits – that is best done by contacting your bank and explaining your predicament. You should watch out for further scams – there are a lot of fake recovery agencies that contact scam victims, demanding an upfront payment for their services and promising to restore losses – needless to say, they only add to them further!
Finally, do not hesitate to speak up about your experience – there is nothing to be ashamed of if you have been the victim of a scam and the only way to curb the spread of the scheme is by raising the general awareness of it. Do not hesitate to do so in the comments below, or by sharing this review with someone you find to be vulnerable to such scams.