Finantiko review – 5 things you should know about finantiko.net

Finantiko review – 5 things you should know about finantiko.net

Rating: 1

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

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Today’s broker, Finantiko, seems to have taken a rather old-school approach to its forex experience. We cannot really put a finger on it, but mostly everything, on the visual side, about Finantiko seems to be date around 5 years ago, which makes it old school. The reason for this is the constant strife to move forward, an ambition that is constantly expressed in both scammer and legit brokers. At times you find those that do not care, like Finantiko over here, but these brokers seem to not understand that the way to go in this industry in particular, is always forward. Raed the review to find out what is holding Finantiko back.

We went through the registration process as easily as one can, and were redirected to a client dashboard in no more than 20 seconds. This haste with which we were able to open an account is actually not a good sign. This tells us that Finantiko will let just about anyone in its ranks. This is what fraudulent brokers ant more than anything- this way they have more chances of defrauding users, and thus gaining more.

We were able to open a web trader, with a real account at that, which again is a worrying sign. Nevertheless, we have some accurate trading conditions. The EUR/USD spread was on average 2.6 pips, which is not attractive to traders, considering that the average spread is usually around 1.5 pips for this particular asset. Speaking of assets, the broker offers forex currency pairs, indices, metal spots, commodities, equities, and cryptocurrencies. The leverage is capped at 1:200.

The website is available to speakers of the following languages: English, Polish, German, French, Slovak, and Czech.

FINANTIKO REGULATION AND SAFETY OF FUNDS

The footer of the website reveals that the broker is incorporated in the Caribbean offshore nation of Saint Vincent and the Grenadines. We have gone through this hundreds of times before: Saint Vincent and the Grenadines does not have an FX regulator. This means that none of the brokers there, thousands of them, are not regulated. And neither is Finantiko.

The terms and conditions do not validate this claim, nor do they ever mention if the broker is regulated by a specific agency or in a specific jurisdiction. This is disappointing, but not unexpected.

Moreover, we find no contact address on the website. Overall, everything that we have said thus far points to the broker being UNREGULATED. And we confirm it. Finantiko is a risk to all investments!

There is no reason whatsoever to invest in an unregulated broker. You will be faced with a ton of issues and will waste your time, not to mention money. Best rely on FCA or CySEC regulated entities, although any broker regulated by a legit agency will do. The crucial thing is to always make sure if the current broker you are willing to invest in has a license. Investing in a regulated broker will not only bring you safety and security, but it may also give you an advantage. For example, both the FCA and CySEC have a financial compensation scheme, each, meaning that they will pay back users who cannot get their money back from their broker, due to the latter’s insolvency or any other monetary issue. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

FINANTIKO TRADING SOFTWARE

This web trader is heavily used by numerous unregulated brokers that we have personally reviewed over the years. We are very familiar with it.

Nevertheless, it does the job of luring in users, and it may also serve some novice traders by giving them a taste of the industry. But, the web trader cannot be taken seriously by anyone looking to expand and develop their trade game. It doesn’t offer too much.

FINANTIKO DEPOSIT/WITHDRAW METHODS AND FEES

Let’s see what we can find out in the user area. The only way to invest seems to be through a credit card, and the minimum deposit requirement is $50.

The withdrawal area, on the other extreme, reveals that clients can invest through bank transfer, Neteller, Money Bookers, Master card, credit cards, and “other” (whatever they might be). According to the Refund and Withdrawal Policy, users will receive their funds in 7 days from the time their request a withdrawal. We also find that there is a €25 to €60 fee for all bank transfer withdrawals.

Finantiko offers nothing special or new. It doesn’t even come with a license, which is the worst part of all. All invested capital is at risk, and so are all your ID copies. Do not invest here.

How does the scam work?

The scam is simple, and it can be sub-divided into a couple of steps.

The first one is actually falling for the scam. This happens when a user clicks on an ad that promises any of the following: an unrealistic profit gain; luxurious items and houses; a carefree lifestyle; and anything and everything in-between these. It’s easy to see why so many still fall for investment scams.

Next, the client will be asked to provide an email, or a phone number, or both. These are essential for the scam, as they will be used by the fraudsters to contact you in the next step.

Which is actually to convince users to deposit. Some might throw themselves in, while others might be more skeptical. It is the job of the scammers to make up the minds of the skeptical bunch. Once a first deposit is made, the user has lost her first deposit!

The final step is simple. The pers have solicited an initial deposit; now they want as many investments as possible until the client realizes the true nature of it all. Once this happens, the broker will block all withdrawals.

What to do if scammed?

File for a chargeback if you have used a credit or debit card to pay the scammers! MasterCard and VISA have a chargeback period of 540 days.

Call your bank if the transaction happened through a wire transfer. And make sure to change your bank account user name and password ASAP!

Unfortunately, crypto deposits are lost and cannot be retrieved. That is why we urge readers to never deposit through any crypto method!

And let us not forget NOT to trust the recovery agencies or agents who are also just as fraudulent as the investment scammers, sometimes even more!

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