Beware! Finexey 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.
How many brokers do you reckon have promised to deliver the best services in the industry? Finexey is just one of the thousands of such companies that claim to offer the best services but deliver completely different results. However, this should not be a surprise to anyone. Even legitimate brokers at times commit this sin and do not deliver on their promises. This company is clearly not worth investing in. Please read the review to find out exactly why.
We were redirected to a very detailed user area after registering for less than 20 seconds. Brokers that allow users to create an account with such ease are companies that expect just about anyone in their midst. The more users there are the more potential deposits- this seems to be the philosophy Finexey.
We could not access a trading software because we never received any credentials. But there’s more. We are not even sure that the broker allows for trading at all. The reason for this has been explained in the relevant section of the review.
Even with our uncertainty will try to give uses what’s best for the review. According to the website the leverage is kept at 1:400 is kept at its highest for the most expensive account type. The average spread is 1.5 pips, however, there are no specific spreads for specific instruments. Users can trades apparently with forex currency pairs, indices, cryptocurrencies, commodities, and shares.
The website of the company is available only in English.
FINEXEY REGULATION AND SAFETY OF FUNDS
Finexey is quite simple and does not hide its true purpose quite well. It hangs onto a single claim and does not let go of this no matter what this assertion might bring it.
We are talking about the st. Vincent and the Grenadines alleged registration. In a recent review we revealed that st. Vincent and the Grenadines is perhaps the most popular location for brokers in the globe but not for the reason that many of you might think.
St. Vincent and the Grenadines is a country that does not have an FX regulator, and is very known for its looser law systems. Add to that the ease with which companies can register and incorporate themselves and what we get is the best breeding grounds for scammer brokers in the world. Even after years of scammer accumulation st. Vincent and the Grenadines is still head first.
There is no other information that could be used for us today. Finexey is unregulated in a risk to all investments.
Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.
That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.
We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.
Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
FINEXEY TRADING SOFTWARE
As we mentioned we are quite uncertain about the training grounds that this broker provides. In the user area, clients are redirected to a web Trader that does not bear the name of the broker currently being reviewed. And thus we cannot be certain that this web trader is actually devoted to the broker; it can just me some to some random web trader owned by another shady broker. We have seen this done many times before and we will not be surprised if this is the case here.
However, seeing that we could not access any trading software we have to leave this as it is.
FINEXEY DEPOSIT/WITHDRAW METHODS AND FEES
Deposits can be made by means of a wire transfer or a bitcoin wallet. Both methods are difficult to get your money back from which makes them the most preferred payment methods used by fraudulent brokers. The minimum deposit is $250.
We learn from the user area that withdrawals are processed in 3 days. In the legal documents we find the presence of a 20% commission but don’t know towards what means it applies.
Finexey is just about any other unregulated broker out there. Do not invest here!
How does the scam work?
It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.
In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.
Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.
The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.
Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.
The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.
If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.
And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.
What to do if scammed?
Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.
One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.
And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money.