Finexoinv review – 5 things you should know about finexoinv.io

Finexoinv review – 5 things you should know about finexoinv.io

Rating: 1

Beware! Finexoinv is an offshore broker! Your investment may be at risk.

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Finexoinv is underwhelming at best and unresponsive at its worst. This broker does very few things right, and even they are not nearly enough to make it worth your while. We have a hard time distinguishing this broker from the thousands of unregulated companies that we have reviewed in the past, and that is pretty much the most general thing you must know about Finexoinv. In essence, this broker is not different from 99% of all scammer brokers.

The registration process was both easy and familiar, and by the latter we mean that we have seen the registration area used by hundreds of other unlicensed brokers. So, of to a not-so-great start. But a start nonetheless.

The user area is also one of the most common ones, and the same can be said of the web trader. There we learn that Finexoinv offers forex currency pairs, commodities, cryptocurrencies, indices, and stocks as its financial instruments. The average EUR/USD spread is 0.1 pip, which we find hard to believe since such a low cost of trade must be commissioned or is used as a lure.  The leverage cap is at 1:200.

The website of Finexoinv is accessible in English, Italian, German, and Spanish.

FINEXOINV REGULATION AND SAFETY OF FUNDS

The broker clearly states that it is operated by a company with a registration address in Saint Vincent and the Grenadines. There is no quarrel here; nearly all those that claim to be registered in Saint Vincent and the Grenadines are actually incorporated. The issue is not the registration but the regulation. The Caribbean nation does not have an FX regulator – its officials have said so many times in public- and cannot regulate the thousands of shady brokers currently residing in the country, of which Finexoinv is one.

So, Finexoinv is not licensed in Saint Vincent and the Grenadines, even if it is located there, and this makes the whole difference in the world.

In fact, the broker does not hold a license anywhere. It is unregulated and a risk to all.

Investing in unlicensed brokers is a huge risk and a complete waste of money. We urge all readers to check for a license first; this should be their first move when looking for a broker. Any  UKEUUS, or Aussie-licensed broker will do, although each broker has its own peculiarities. Yet, all regulated brokers are prohibited from putting their self-interest above that of their clients, and therefore clients’ safety and security id their top priority. Not to mention that providing a fair trading environment is at the top of their list as well.

FINEXOINV TRADING SOFTWARE

The following web trader is perhaps one of the most overused ones by scammer brokers. It’s easy to see why though- it looks pretty good, and there are some helpful functions here and there, but the overall package is definitely lackluster and will get boring fast.

We also found out that users are given the option of an MT4, although not without encountering some shattering issues. The truth is that the provided MT4 is actually under a different name which means that the software’s trading servers belong to a different broker. Therefore, the MT4 is not really available.

FINEXOINV DEPOSIT/WITHDRAW METHODS AND FEES

From the user area we gather that the minimum deposit requirement is $250. However, the depositing area itself did not work properly, and therefore none of the payment methods appeared. We have no idea why this happened; whether it’s because of an internal error caused by the broker’s ignorance or because of some other unrelated issue.

We must depend on the site for all the payment details. Note that what we are to reveal may not be remotely close to the actual payment conditions.

The Deposit and Withdrawal Policy reveals the withdrawal fees. These are $35 for credit cards, $50 for wire transfers, and $25 for the other payment methods. A 10% commission exists applied to users who withdrawal before making a trading turnover of at least 200 times the initial deposit. $250 is the minimum withdrawal for bank transfers and $100 for all other methods. Withdrawals are processed within 5 to 7 days.

We assume that the same methods used for withdrawing are used for depositing, although we cannot be sure.

The crucial thing to know about this broker is that it is not licensed and is as a result of this a risk to all. Nothing else matter.

How Does The Scam Work

The scam does not work in mysterious ways, nor in any complex manners. It’s actually criminally simple, which begs the question as to why are investment scams still so rampant?

Maybe to answer that, one must realize that the simplicity of things tends to create a calm that cannot be fostered if one is subjected to complex tendencies.

Clients who enter into these scams are either those that have provided a contact – as a result of online ads or surveys- or users looking for a quick buck. Either way, one is either in or out; there is no middle ground.

The most important job of the broker and its reps is to overcome the user’s reluctance and compel him or her to invest an initial deposit. This is done through long conversations or email correspondence. Usually, the broker will promise high returns, rewards, and the like. It’s crucial for them that the user invests because when that happens the client is invested in the scam, not only monetarily but also mentally. This way, the victim will be more prone to invest in the scheme.

Now, it’s up to the scammer to drain as much money as possible until the client realizes what is happening. Usually, this happens after the second or third deposit, although cases greatly differ.

When the realization that there are unpaid profits, multiple pending withdrawals, and unresponsive account managers comes to the user it may be too late. But there is still some hope.

What To Do When Scammed

Most payments are done by credit or debit cards. So, filling for a chargeback is the safest way to try to get your money back. ISA and MasterCard have extended their cash-back period to 540 days.

The other popular payment method is a bank transfer but it’s much hard to get your money back here. Our advice is to call the corresponding bank and make a plan of action. It’s also crucial to change your bank account user name and password to prevent any possible money drainage!

All crypto-based payments cannot be traced, and are therefore lost! Never invest with crypto wallets in unlicensed brokers. Moreover, these investment methods are the fraudsters’ favorite.

Don’t put your money with recovery agents or agencies. These are either extensions of the scam itself or independent fraudsters. They promise to track down your lost investments but will only do so in return of a hefty fee. Once the fee is paid, they will disappear without a word!

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