Beware! Financo Innovation 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.
It is impossible to distinguish Financo Innovation Markets from many other scammers we have reviewed – their website is so stock it hurts. The problems with the broker are countless – from the false claims of regulation to the complete lack of Terms and Conditions and a functioning trading platform. There is no good reason to open an account with Financo Innovation Markets – you won’t get anything in return for your investment and it is very likely that you will never see any money you deposit with the broker again. This scam company does not offer anything a regulated broker cannot – so think twice before investing with them. They literally say on the website that they offer zero trading instruments.
Avoid such scammers at all costs – your investment is at risk with them.
Financo Innovation Markets REGULATION AND SAFETY OF FUNDS
Financo Innovation Markets claims to be regulated by different financial authorities in different sections of the website – at one spot, they claim to be regulated by the GSE, USA, at another – by the UK financial regulator, the FCA. The broker has not provided an address, just a US phone number. There are multiple problems with these claims. First of all, US brokers must be regulated by the NFA and the CFTC, not the GSE – such a financial regulator does not exist in the US. Secondly, we could not find the broker in the registers of the NFA and the FCA which means Financo Innovation Markets is not licensed but is pretty okay with lying about it. This is a huge offense as regulations are the first and most important thing you should check when choosing a broker – a license by a reputable regulatory body proves the broker is trustworthy and abiding by the law. If you choose to do business with someone like Financo Innovation Markets, you won’t even be able to be sure where your broker is based and who the people behind it are – they are completely anonymous and not to be trusted under any circumstances.
Enlist the services of a licensed UK, EU or Australian broker if you want to be sure your funds are in good hands. Such brokers have to meet many requirements to obtain a license and their actions are being observed by strict authorities like the FCA, CySEC, ASIC as well as by some well-known local regulators like the German BaFIN or the Italian CONSOB. European brokers have to maintain the capital of at least €730 000 while those in Australia have to have at least A$1 million. The sum might be even bigger for companies that have more clients. Client deposits must be kept in segregated accounts – this not only makes withdrawals faster but also proves that the broker cannot reinvest your money because they have very limited access to it. All European brokers must provide capital for compensation schemes so if a broker goes bankrupt, their clients would be able to receive compensation of up to €20 000 in the EU and £85 000 in the UK depending on the size of their investment. You could also benefit from negative balance protection – you could never lose more money than you have in your account. The only way to turn a profit and trade securely is with a regulated company – so always research who you open an account with carefully.
Financo Innovation Markets TRADING SOFTWARE
We did not manage to get access to a functioning trading platform with this broker, only a client area with a connection to TradingView. This means it is virtually impossible to trade with Financo Innovation Markets and there is no way for you to invest with them.
Better look up licensed brokers offering the two most popular platforms in the industry – MetaTrader 4 and MetaTrader 5. Both versions of the software are fantastic and offer a variety of useful features and tools. You can use pre-programmed Expert Advisors that track the market and trade with accordance with an algorithm, try and develop your own trading bots and indicators using the platforms’ coding languages, share what you have created with a huge community of traders, and even subscribe to other people’s signals.
Financo Innovation Markets TRADING CONDITIONS
The minimum deposit with Financo Innovation Markets is $500 – which is simply too much considering the fact that many legitimate brokers would set up an account for anywhere between $1 and $100.
The leverage supposedly offered by the broker is 1:500 – but since Financo Innovation Markets does not have a functioning platform, we would say that leveraged trading would not be possible with them. The leverage of 1:500 is too high anyway and proves once again that this could not be a licensed US or UK broker since both countries have imposed restrictions on this trading tool- 1:30 for the UK and 1:50 for the US. Leverage is restricted for your safety – since high leverage could not only lead to huge profits but also to enormous losses.
Additionally, the broker offers some ridiculous returns of investment – you could gain between $2500 and $3000 if you only invest $500. This is at least 500% – when not even top traders could achieve such returns for as much as one year. Nobody could guarantee your returns considering the volatility of the markets – which is why legitimate brokers never do so.
Financo Innovation Markets DEPOSIT/WITHDRAWAL METHODS AND FEES
The only way to deposit or withdraw money with this broker is via a few different cryptocurrencies – Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. Although regulated brokers sometimes offer such payment methods as they are completely legitimate, they do so alongside other options like Visa or MasterCard. Cryptocurrency transactions are irreversible which means you won’t be able to ask for a chargeback when you figure out you are being scammed.
HOW DOES THE SCAM WORK?
Scams like this have become more popular in recent years and have almost gained the status of an industry. It is important to know how such schemes work in order to avoid them.
The whole thing usually starts pretty innocently – you see an ad on the Internet for some scam broker’s website and are drowned in promises of immense wealth and luxury. So you decide there is no harm in earning a little extra money and provide the scammers with your contact details. This is when the game begins – you will start receiving calls and emails asking you to invest. These sort of people specialize in the art of smooth-talking and you will soon find yourself transferring your first deposit. After that, they won’t leave you alone asking for more money. You might see you are even turning a profit – it is easy for scammers to manipulate platforms to make it seem like your trading strategy is incredibly lucrative. The problems will start when you try to withdraw and are unable to do so for some crazy reason – like additional taxes, for example. At some point, you will start sensing that something is wrong – and that is when the scammers will disappear into thin air and stop answering your calls.
WHAT TO DO IF SCAMMED?
Be prepared that the chances of recovering your deposits are slim and such cases rarely have a happy ending. Still, if you have deposited with a credit or debit card, you could file for chargeback within 540 days. Change any passwords or banking details you have provided the scammers with. Notify your local authorities and try sharing your story with as many people as possible – this way, they won’t get scammed the same way you did. Last but not least, don’t trust any so-called ‘recovery agents’ that promise to retrieve your money for a fee – this is just another type of scam praying on desperate victims.