Beware! Finx-Trade 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.
Finx-Trade comes with an appeal that is mostly due to the smart choice of colors, especially the usage of neo-green. It’s very interesting how easily a simple color can change the entire perception of the website, but here we are. Since Finx-Trade needs a check-up with us, there is only a very small chance that it is actually regulated. In fact, aside from the cool visual style, everything else points to another unregulated brokerage experience. In the following review, we will speak of all these shady sides, as well as give you our objective opinion of Finx-Trad. Read the review before rushing into something you might later regret.
The registration process couldn’t have been further from the aesthetic feel of the rest of the broker. While creating an account, we felt like we were opening one with a completely different broker. This may seem like a small detail, but similar inconsistencies are what make a scammer broker.
After filling all the fields in the user area, we went to our email to check the verification mail. The link in our email turned out to be an error. Therefore, we were not really able to register nor will we be accessing a user dashboard any time soon. We have no choice but to stick to the website with all the information contained there. This is us compromising.
The alleged trading assets are forex currency pairs, commodities, shares, cryptocurrencies, and indices. The leverage is capped at 1:400, and we find no spread details whatsoever.
Trading conditions cannot be fully trusted when taken from the website of an illicit broker!
The website is available in English and Russian.
FINX-TRADE REGULATION AND SAFETY OF FUNDS
The broker gives us contradictory pieces of regulatory information. First of all, there is a link on the footer to a Companies House registration. This is nothing more than the United Kingdom’s registrar of companies. We have seen many scammer brokers being registered there as a company. We believe that the requirements to create a company and register it are easily coverable by anyone.
The Companies House link that is given on the website puts the brokerage in UK territory, as in, the firm is incorporated as a company in the UK. However, the contact address sends the location of the website all the way to Saint Lucia, an eastern Caribbean island nation. As far as we’re concerned, St. Lucia has no FX regulator, and thus the broker is not licensed there, even if it might be registered there.
The legal documents also support the Saint Lucia registration, claiming that the local governing laws are what support the broker.
What we see are empty words: Finx-Trade is nothing more than UNLICENSED and a risk to all!
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.
FINX-TRADE TRADING SOFTWARE
There is no way at all to verify if the broker offers a trading software or not. One must create an account beforehand. There is no other way.
The way we see it, either Finx-Trade has a trading software or it doesn’t! We know it sounds arbitrary, but we have nothing else to add.
FINX-TRADE DEPOSIT/WITHDRAW METHODS AND FEES
There is a whole Deposit and Withdraw policy from which we can take most of the payment information. The only thing left out is the minimum deposit requirement of $250, according to the home page.
The supposed payment methods are credit cards, debit cards, and wire transfers. Withdrawals are sent over to a user account in 3 to 7 days. There is no mention of withdrawal fees charged by the broker itself. This is all we learn. However, we cannot trust any of these details!
In conclusion, Finx-Trade is your typical scammer broker, abundant in shady elements. 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!