Beware! Fin FreeTrade 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.
Fin FreeTrade seemed familiar the moment we opened it, and in no time, we rememeberd why- we had reviewed it before but in another form. Readers will get to know what we mean in the relevant revieew section. Otherwsie, Fin FreeTrade is your typical shady and offshre broker, down to its core! There is nothing here to read that has not been written before on hundreds of other illicit brokers.
We were not able to create an account. This was due to the fact that nothing happened when we clicked on complete, which was not too big of a surprise to us, since many shady brokers beforehand have been doing the same thing. They either judge us unworthy, or it’s just that the account creation process is really broken.
Whatever the case is, that does not change the reality of things. We have to take all of the trading and payment details from the website, and not from a user area. This means that all the following trading and payment info is not 100% accurate. Moreover, unlicensed brokers are known to lie on their sites!
With that said, we learn that the minimum spread is 0.1 pips, but we don’t know for which asset this refers to. Moreover, there is a $0.10 spread commission applied, meaning that the aforementioned 0.1 pip is increased. However, it is never mentioned whether the commission is per side or round turn.
The leverage is maxed out at 1:5000. This is a huge risk to all traders since it can easily lead to a huge loss!
The website claims that the available financial asset categories are forex currency pairs, commodities, cryptocurrencies, and indices.
English is the only language in which the website is available.
FIN FREETRADE REGULATION AND SAFETY OF FUNDS
The official address of the broker is in Saint Vincent and the Grenadines, meaning that it should be incorporated there. Whether or not this is true, what we do know is that Saint Vincent and the Grenadines is a location that has no FX regulator. Thus Fin FreeTrade is not licensed there.
There is no further regulatory or registration information contained on the website. The broker is content with the useless claim of being registered in an offshore and scammer zone.
Fin FreeTrade shares an uncanny resemblance with another unregulated broker that we reviewed recently by the name of Hextra Prime. In fact, Fin FreeTrade is the exact copy of Hextra Prime, with the only difference in the name and the logo. Otherwise, everything about the two brokers is identical to the little details.
Thus we can say with ease that Fin FreeTrade is a clone firm of another unlicensed broker or the other way around. We also are not ruling out the possibility that both these brokers are held by the same people.
Fin FreeTrade is UNREGULATED, a clone firm, a risk to all, and a scam! Investing here would be foolish!
We cannot, for the life of us, recommend to our readers, or for that matter to anyone else, to register and invest in an unregulated broker. It would be like throwing money down the drain. It is imperative to check that the broker is regulated by the FCA or CySEC, or any other license issuer out of the hundreds. Regulatory agencies make sure that their brokers function with the user’s interest as their top priority. Moreover, certain agencies offer compensation schemes to all users of their overseen brokerages. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000. These funds are applied when the regulated broker cannot pay its dues.
FIN FREETRADE TRADING SOFTWARE
Somehow, the broker was able to acquire the MT4. However, the one used here is under the name of Hextra Prime.
Thus Hextra Prime seems to be the original scammer broker making Fin FreeTrade the copier.
FIN FREETRADE DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $10. The legal provisons reveal that the payment methods are credit/debit cards, wire transfers, bitcoin wallets, and other alternative payment methods that have not been fully disclosed.
There are also a handful of fees and commission charged by the broker, both for withdrawing and for other services. But in typycall scammer broker style it has not reveaeld them.
Withdrawal reqeusts are said to be proccesed within a day or two.
Fin FreeTrade is a complete and utter scam! Do not waste your breath on it!
How does the scam work?
Users have entered the scam once they have registered or provided certain contact details to the broker or the investment schemes.
They get to this point once after being tempted by one of the thousands of alluring online ads that promise easy money and a chill lifestyle to go with it. Most of these ads lead to either the broker’s site or an intermediary website. Whichever one happens to be the source of the ad, either one will ask the client for contact details.
Through these contact details, the scammer will contact the user and solicit a first deposit in the scam. This is the most important step, for the first deposit is the initiating ritual, where the user gets to build an artificial trust with the reps of the scam.
After the first deposit, the broker/scammer is able to build on this relationship, lying to the user. As a result of this, more deposits will be demanded, and more fake promises will be wasted.
This is all a ticking time bomb, since the user will want, at some point, to withdraw his/her money. The scammer will deny this request and those that follow, making up excuses at it goes.
What to do if scammed?
Filling for a chargeback is the best solution. Credit and debit card companies allow for this service, The good news is that MasterCard and VISA have a chargeback period of 540 days.
Users should immediately change their bank account user name and password if they have lost money to an investment scam through a wire transfer. They should also contact their bank and try to find a solution with the institution.
Forget about being able to retrieve crypto funds. Crypto deposits are the surest way to lose money!
Moreover, do not trust recovery agents or agencies. These are either an extension of the investment scam or an independent fraud. They promise to return your lost investments but not before demanding a payment for their “services”. After the user pays them, they will disappear with the money!