Beware! Finexics.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.
We are going to review a broker we’ll refer to as Finexics.com because there is another Finexics out there that’s equally shady, as a matter of fact. Finexics.com is allegedly offshore registered, but that’s the lesser problem because a European financial authority already blacklisted it. You should stay away from this entity, and you’ll understand why in the full Finexics.com review.
Finexics.com REGULATION AND SAFETY OF FUNDS
Finexics.com is introduced as a trading name of Harmonte Group LLC, a St. Vincent and the Grenadines, which can’t be regulated because the local authority SVGFSA doesn’t even license the brokers operating there. At the same time, in the Terms, we found out that the Dominican laws govern their business operations, and that comes to show how shady Finexics.com is. In fact, the situation in the Commonwealth of Dominica is not any better because the local financial authority doesn’t regulate Forex brokers, too.
However, Finexics.com’s offshore nature is not the main issue for traders. It was detected by the Spanish financial authority CNMV, which issued a warning, exposing it as a scam scheme. Conclusively, your funds will be in danger if you deposit with this fraudulent broker, and you should avoid it.
That said, we can offer the high-rated EU brokers and British brokers, which are regulated, trustworthy and most importantly, covered by deposit insurance funds. For example, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are of even up to 85 000 GBP per person. Make sure to stay away from unregulated companies, and it’s worth considering money protection when choosing a broker to trade with.
Finexics.com TRADING SOFTWARE
In this section, we’ll analyse the trading software provided by Finexics.com and primarily discuss spreads and leverage. By doing so, we’ll assess the broker’s services and show people whether it’s worthy to open an account or not. Well, in this case, the assessment will be less weighty for Finexics.com is an exposed scam, but there are essential things we need to note. For example, leverage entails high risks, so many financial authorities even regulate it to reduce traders’ losses. By way of illustration, EU, British and Australian brokers have to limit clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t provide more than 1:50. Most high-leverage FX companies are unregulated, so you need to be cautious.
Now we got on to trading software. Well, Finexics.com doesn’t have because the so-called platform is the generic MetaTrader, so no real trading is actually possible. The broker also speculates to deliver a Desktop distribution, but it’s broken, and we couldn’t even install it. Consequently, we can’t talk through real-time spreads, and the absence of a platform is an argument enough to stay away from Finexics.com, notwithstanding the warning issued against the broker.
The starter account leverage is allegedly up to 1:200, while the maximum allowed is 1:500, but we can’t validate this either.
As Finexics.com is a scam, you’d better consider the MetaTrader4 brokers and MetaTrader5 brokers topping both lists. The MT platforms are indeed the best globally and feature advanced tools such as Expert Advisors, complex indicators, and first-class charting tools. MetaTrader also comes with a Marketplace where traders can find more than 10 000 apps and third-party developed solutions.
Finexics.com DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is said to be €500 with the Bronze account. However, when we tested their system, it turned out that it’s possible to fund accounts with as little as €230. Well, both requirements are tolerable, but many legit brokers offer Micro Accounts starting from as little as $5, so it’s not challenging to find better opportunities.
The funding methods available are as shady as the broker itself. Finexics.com claims to offer some standard options like Credit/Debit cards and Wire Transfers, but that’s falsehood. It’s only possible to fund accounts via unpopular providers like Texcent, GumballPay, NeoBanQ and PayCent. We urge traders not to trust shady and suspicious payment processors they know nothing about because the risk of fraud is very real.
Speaking of funding, check some Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose among the high-rated ones.
The withdrawal policy is brutal. The minimum withdrawal is $250 for Wire Transfers and $100 for other methods. Each transaction is subject to unjustified fees- each Wire Transfer costs $50, while the rest will be charged $25 plus a processing fee of $10-$25, depending on the method. Moreover, traders need to execute 200 in turnover (whatever this should mean) to evade an extra 10% cut. That’s a scam!
The broker also designates inactivity fees but presents its clients with inconsistency. According to the Withdrawal Policy, after only 3 months of inactivity, the account becomes dormant and will be subject to a 10% deduction each month, which is a typical scam clause. However, in the Terms, Finexics.com claims to charge dormant accounts $100 every three months. Whatever the case, the broker is a scam, so it’s natural to give conflicting information about its services.
Lastly, we are going to discuss the trading incentives provisions. According to the clause, when clients accept bonuses, they have to execute a minimum trading volume of 30 times the deposit plus the bonus to become eligible for withdrawal. Such a clause literally locks the account and makes it impossible to withdraw any sum whatsoever.
Overall, Finexics.com is an exposed scam, so you have to steer clear of it.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their deceitful deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!