Beware! FiniVieX 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 reviewing FiniVieX, an offshore Forex broker blacklisted by a rigorous financial authority in Europe. In other words, the entity in question is an officially exposed scam scheme, and people shouldn’t even consider opening an account there, no matter the trading conditions or the promises made. The rest of the details about this fraudulent broker are in the full FiniVieX review.
FiniVieX REGULATION AND SAFETY OF FUNDS
FiniVieX is a brand of Finiviex Dynamic Ltd, a company incorporated in St. Vincent and the Grenadines. Indeed, there is such a legal entity, and it’s even enlisted by the local regulator SVGFSA, but this fact doesn’t change anything. SVG doesn’t regulate Forex brokers, so FiniVieX is just a high-risk offshore IBC.
Worse, though, the British financial regulator FCA detected the broker and issued a warning against it, exposing it as fraudulent. The bottom line is that your funds will be in danger if you deposit because FiniVieX is unregulated and a confirmed scam.
Avoid it and consider the high-rated EU brokers and British brokers instead. The companies we recommend are competently regulated and, most importantly, covered by deposit insurance funds. Namely, if you trade with CySEC brokers, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. Europe is safe, and it’s worth opening accounts with companies holding EU or UK licenses.
FiniVieX TRADING SOFTWARE
FiniVieX delivers MetaTrader4, which is high-end trading software, but this fact is not a positive feature in this case. Many people can fool themselves into thinking that FiniVieX is a worthy broker just because of the excellent platform provided. Well, it’s not! That’s a scam, and you should avoid it.
Instead, have a look at the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are also delivering the best distributions available. We recommend MT brokers because their trading terminals are packed with sophisticated features such as Expert Advisors, complex indicators, and excellent charting tools. MetaTrader also comes with a peerless advantage- a Marketplace where people can choose from more than 10 000 apps and other trading solutions if they want to increase their chances.
FiniVieX’s distribution provides a EUR/USD spread of 1.5 pips, which is a tolerable Buy/Sell difference, but not the best one on the market. Currently, most of the adequately regulated brokers are offering spreads of 1 pip or less, so it’s not challenging to find better opportunities.
As for the other critical element- leverage, the broker allows up to 1:600. Well, it is an utterly risky ratio that can cause severe losses if people are not careful enough while using it.
Actually, leverage is so dangerous that many financial authorities even regulate it to reduce its usage by clients. Namely, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. High-leverage offshore brokers are poorly regulated or not at all, so you’d better be suspicious about their offers.
FiniVieX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is said to be $1000, but it’s actually possible to deposit less- starting from $250. The broker certainly shows inconsistency, but it’s nothing we haven’t expected from an exposed scam like FiniVieX. Anyway, the regulated companies’ standard is $100 on average, and many reputable ones will even let traders open accounts for as little as $5. Those things considered, it’s a waste of time dealing with the unregulated FiniVieX even if it wasn’t officially exposed.
The funding methods are Credit/Debit cards and Wire Transfers, out of which the first-mentioned is considerably safer as it allows chargebacks for up to 540 days after the transaction. However, as FiniVieX is run by scammers, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are competently regulated, and you won’t face scammers if you choose among the high-rated ones.
The minimum withdrawal is $50, which is a requirement we deem unfair because most of the licensed brokers impose no or minimal restrictions on clients.FiniVieX says there is no fee for Credit/Debit cards but specify nothing about the Wires. That’s a red flag nonetheless because those fraudsters leave the door open to invent unbearable charges on the run. Beware!
FiniVieX offers bonuses, but that’s a trap. The additional provisions significantly worsen the trading conditions, and people will get burned if they accept incentives. According to the clauses, the bonus is valid for 60 calendar days only, and within this time frame, people have to execute a quarter of the sum in lots. Namely, if you get $200 bonus money, you need to trade 50 lots for 60 days to become eligible for withdrawal. If you fail to meet the requirement, the broker takes its money back plus the profits generated. That’s too challenging nonetheless.
Overall, FiniVieX is an officially exposed scam, so you should steer clear of it.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their tricky 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 don’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!