Beware! Fintrust Managers 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.
Fintrust Managers is presented as a leading global online trading provider, offering Forex, Indices, Precious metals, Energies, Stocks and other CFDs allegedly traded on a state-of-the-art platform. Part of the statements is true as the brokerage provides MetaTrader, but it also falsely claims to be regulated, so it’s just another suspected scam we’ll review. So, let’s get started now.
Fintrust Managers REGULATION AND SAFETY OF FUNDS
Fintrust Managers presents itself as a Nigerian brokerage purportedly affiliated with a St. Vincent and the Grenadines IBC that’s operated by a British fintech company. However, Fintrust falsely claims to be licensed in SVG as an International Brokerage Company- a blatant lie as the local regulator SVGFSA doesn’t license or in any way monitor Forex brokers. Not to mention that IBC stands for International Business Company, not brokerage company. Taking these false claims into account, we firmly believe that Fintrust Managers is a scam scheme that should be avoided at every cost. In any way, though, it’s unregulated, which is enough for us to confirm that your funds will be at risk if you deposit.
Dealing with shady entities like Fintrust Managers is dangerous as they are unaccountable and can do anything with your funds. With no regulators or other authorities to supervise the brokerage, Fintrust Managers can put your money at risk or downright steal it, getting away with the crime. Even more so, it indicates to be linked with St. Vincent and the Grenadines shell company, meaning that clients’ money will simply disappear if the brokerage move deposits offshore. If this happens, people will be left with almost no chargeback options; even more so, as SVG allows the creation of anonymous companies, so you won’t even know who’s in charge of Fintrust Managers.
That’s why we recommend only duly adequately regulated brokers holding licenses issued by trustworthy regulators like CySEC (Cyprus) or FCA (Britain). The companies authorised by European regulators are proven safe as they should follow numerous customer protection rules that guarantee ethical business behaviour and help prevent fraud. Such a rule is account segregation- brokers should store clients money in segregated bank accounts, meaning that if a broker gets in trouble, traders will get their money back much more easily. What’s more, the European brokers are covered by deposit insurance funds, which makes the environment even safer. Accordingly, CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000 per person. Well, if Fintrust Managers were reliable, it would do what it takes to get a license and proves its business-like intentions. Now, it’s just another suspected scam.
Fintrust Managers TRADING SOFTWARE
Fintrust Managers comes with MetaTrader4– a leading platform featuring sophisticated tools like Expert Advisors, reliable complex indicators, easy-to-use charting tools and a marketplace with more than 10 000 trading apps. However, the MT4 availability doesn’t necessarily mean that Fintrust Managers is a legit brokerage- it’s still a suspected scam due to the absence of regulation.
The trading costs revealed by the platform are seemingly excellent- 0.4 pips EUR/USD spread ($4 per lot traded, which is pretty much in line with the industry standard). Still, the regulation deficit massively overshadows the favourable spread.
As for leverage, it’s up to 1:500, which further proves that the brokerage isn’t actually authorised to operate throughout the world as many jurisdictions impose restrictions- 1:30 in the EU, UK and Australia and 1:50 in the US, to name a few. Avoid!
Fintrust Managers DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $20 via Credit/Debit cards and Bank Wires. Out of both, the latter is considered unsafer as it’s final and non-refundable, while bank card funding allows chargebacks for up to 540 days after the transaction. However, on the FAQ page, Fintrust Managers claims that the minimum deposit is $25, which is an inconsistency and a red flag- no legit broker allows such foolish mistakes.
As for withdrawals, there is nothing designated at all. The broker doesn’t even have legal documents, which is yet another red flag indicating that the brokerage reviewed is a scam. Nevertheless, Fintrust Managers mentions that there are some fees imposed but once again fails to specify further- another red flag nonetheless.
HOW DOES THE SCAM WORK
Fintrust Managers is a shady unregulated brokerage that’s most likely a scam scheme, so we’ll quickly describe how Forex fraud usually happens.
Scammers will try taking you for a ride in several ways, but basically, each scam is a repetitive process that doesn’t differ much from scheme to scheme. When they get hold of your contact numbers, they’ll reach you at once, promising to make you rich if you start investing with them. To gain your confidence and take the guard off, those criminals usually pretend to work for governments, financial authorities, banks, multinational companies etc. Scammers will be confident in what they are saying, and if you don’t recognise the warning signs, you may end up depositing. However, just then, the Forex fraud actually begins. Once they have your money, the cons will distort prices and forge fake reports to make you believe that you are on the winning side, manipulating you to start thinking big and consider even bigger deposits.
Gradually, the fraudsters will ask you to increase the size of your investment and will make up stories claiming that you need to fund your account for whatever reasons. Sooner or later, you’ll get determined to withdraw your money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise that there is something wrong, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank and ask them for instructions and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!