Beware! Finnex Markets 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.
Finnex Markets is an incredibly shady offshore broker – and luckily, it seems that opening an account with it is not possible at the time of writing. Submitting our information with the company just left us staring at the following message:
Should registration become available in the future, we urge you not to use Finnex Markets’ services – here is why:
Finnex Markets regulation and safety of funds
Finnex Markets is not a regulated broker and it hails from an infamous offshore scam haven – St. Vincent and the Grenadines. Here is the broker’s address to confirm that:
St. Vincent does not regulate its markets in any capacity – this has made it quite attractive to scammers of all sorts who set up shop on its shores so they can run their schemes without any accountability.
Finnex Markets actually claims to be licensed in South Africa, as you can see below:
This claim can be dismissed outright – the FSB is not the regulatory body in South Africa anymore, as this is now the job of the FSCA. If you wish to know more about the regulator and the brokers it oversees, you can find that information here. But be it by the FSCA, or any other regulatory body, always make sure that the broker you aim to trade with actually holds a license and is not just claiming to!
Finnex Markets trading software
Finnex Markets provides access to the Metatrader 5 platform. This piece of software has become what is regarded as the industry standard – and for good reason! MT5 has powerful automated trading features packed in a clean and user-friendly interface. Here is what Finnex Markets’ distribution of it looks like:
The platform itself is great, as we stated – and the spreads on it are well under the generally accepted upper limit of 1 pip for Forex majors like the EURUSD – however, the leverage Finnex Markets provides is simply too much – sitting at 1:100. Most regulatory bodies have banned brokers from providing such amounts on the grounds that they are simply too risky for the retail client to have access to. And yet, unlicensed brokers like Finnex Markets have them on offer, in a bid to attract more traders – so if you see a company offer them in the wild, be careful – you would be dealing with a scam nine times out of ten!
Finnex Markets deposit and withdrawal methods and fees
Finnex Markets accepts deposits in several ways – through credit cards, the Neteller and Skrill e-wallets, FasaPay and wire transfers. However, when it comes to withdrawals, things are not so clear-cut – the broker does not really have its Terms and Conditions available anywhere on its website, which means that we cannot know what fees it charges its clients – but we expect them to be nothing short of ridiculous!
How does the scam work?
At this point in the review, it should be clear that should you chose to deal with Finnex Markets, you would be dealing with scammers! We have seen this exact scheme unfold many times – here is what usually happens:
First off, someone stumbles on the website Finnex Markets operates – from there, they are prompted to make an account with the broker, leaving their phone number in the process. Once that is done, the scammers will abuse this contact line to constantly demand deposits. More and more money will be taken from the victim, until they realize what is going on and either demand a withdrawal or stop depositing altogether. At this point, the scammers usually just cut them off and move on to new targets!
What to do when scammed?
If you recognize yourself in the scenario depicted above, you might be, or have been scammed! Do not worry, though – here are what steps you can take to limit your future losses:
First off, you need to recall what forms of ID, credit cards and such sensitive information the scammers had access to – and immediately issue new documents. Also, remove any form of desktop-sharing software from your PC – this is crucial in restoring your compromised privacy!
Once that is done, you need to think about getting your money back. The best way to do that would be by calling your bank and asking them to walk you through your available chargeback options. If contacted by any recovery agency, which demands an upfront fee for its services, however, do not give it a dime! This is simply a scam designed to prey on people who have been scammed previously!
Finally, do not hesitate to leave a comment below with your experience with Finnex Markets – in doing so, you will be helping us raise awareness of the scam, and may even protect someone from falling for it!