Beware! finexchnge.com 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.
Although finexchnge.com presented us with a fairly decent website and promised that its goal is to “provide satisfaction to our investors, supporting them in achieving their financial objectives by providing the knowledge and innovation in modern investment”, we were not fooled for even a second. This is your average unregulated offshore scam providing you with nothing more than ambiguous conditions and dubious clauses in the Client Agreement designed to prevent you from withdrawing your money.
finexchnge.com REGULATION AND SAFETY OF FUNDS
finexchnge.com is registered on the Marshal Islands – our first red flag. This country does not even have a financial regulator, and it is fairly easy to register a company there without even having visited it – all you need is access to a computer. Offshore companies are not obligated to disclose financial information – this enables all sorts of illegal activities like money laundering, tax evasion, and other types of fraud. To speak nothing of the fact that your broker will not be obligated to follow any laws and procedures, and could handle your money however they would like without worrying about strict financial authorities.
Turn to a broker licensed in the UK, the EU, or Australia – in this case, your broker will be monitored by reputable authorities making sure that the company you have chosen is conducting business in a legal and transparent manner. UK, EU, and Australian companies have to maintain a minimum operational capital of €730 000 and A$1 million respectively to prove their long-term approach and financial stability. Client money must be kept separate in segregated accounts – this proves that the broker would not be able to reinvest your money elsewhere, promotes transparency, and speeds up withdrawals. Negative balance protection is provided – this means you cannot lose more money than you have in your account, at least as a retail client. UK and EU brokers are obligated to participate in compensation funds (this is not the case for Australia-regulated brokers) – if such a broker goes bankrupt, each of their clients could receive compensation of up to £85 000 in the UK and €20 000 in the EU.
finexchnge.com TRADING SOFTWARE
finexchnge.com promised us access to their own advanced trading software – available in desktop, mobile, and web versions. Of course, we were interested and wanted to try that software to see if it is really all the broker makes it out to be – but as soon as we tried to download the platform’s desktop version, we were warned that its publisher is not verified and that we could be installing something potentially dangerous. We had no luck with the platform’s web version either – to access that, we had to verify our account, and we had no intention to provide unreliable companies with pictures of our personal documents. But before account verification, we were not able to get access to any of the features in the client area. This is quite the opposite of what legitimate brokers would usually do – they are generally eager to demonstrate how good their services are, and often offer demo accounts where you could “test out” the broker, so to speak, without risking any money.
Our suggestion is to take a look at our list of brokers who offer MetaTrader 4 – this platform revolutionized the world of trading when it was first introduced in 2005. This advanced platform offers not only a decent charting analysis package but also tools like Expert Advisors, VPSs, possibilities for developing custom trading bots and indicators, customizable signals, Strategy Testers, and more.
finexchnge.com TRADING CONDITIONS
finexchnge.com did not mention the minimum deposit amounts it asks for – this is weird since the broker’s website is pretty comprehensive otherwise. However, this is a dangerous scam that will steal whatever you invest – check out some reliable low-cost brokers instead.
The leverage this broker supposedly provides access to is between 1:200 and 1:400 depending on the account. Keep in mind that leverage is restricted in many jurisdictions – UK, EU, and Australian brokers are only allowed to offer up to 1:30 to retail clients. We always advise new traders to be careful with their leverage settings as trading with higher leverage can lead both to bigger profits, and to bigger losses. If you are an experienced trader looking for a broker who can offer higher ratios, however, check out FBS or FXTM – the offshore branches of both brokers can offer very high leverage on certain accounts.
finexchnge.com DEPOSIT/WITHDRAWAL METHODS AND FEES
Although finexchnge.com would not allow us to make a deposit or even see what payment methods were available before we had verified our account, the broker specifically mentioned that it accepts credit and debit card deposits. We suggest that you contact your credit or debit card provider as soon as you can if you have already deposited with this broker – to request a chargeback. With both Visa and MasterCard, such chargebacks are possible within 540 days of the transaction.
Finally, the broker offers bonuses – the only problem is that you would not be able to make any withdraws before you reach a turnover of the bonus divided by four. This could turn out to be a lot – for a bonus of just $100, you would have to reach a turnover of 25 lots or 25 000 000 currency units. And if you fail to do that, the broker would take the bonus back.
The broker explicitly states that all withdrawal requests you make before reaching said turnover will be denied – definitely not something that a legitimate broker would ever do.
HOW DOES THE SCAM WORK?
You might think that not many people fall for such scams but you would be dead wrong – some scams are quite elaborate and have managed to fool a lot of people. That is why it is important to know what to expect and look for in order to spot a scam broker from a mile away.
The scam starts with an ad on the Internet promising you an easy gateway to forex trading or investing – the only thing you would have to do is open an account with the broker. You know that there are people who trade for a job and that even regular Joes manage to earn a nice side income through trading and wonder why not do the same, there is no harm in trying. So you give in and provide the scammers with your contact details.
This is the moment when you will start getting constant calls and emails asking you to deposit – even if you have only opened a demo account. At some point, since everything seems legitimate, you do deposit and in the beginning, things might be looking great. The profits you were promised come soon but you should remember that it is easy for scammers to manipulate platforms to make it look like you are turning a profit. But you will be asked to keep on investing – and you would have no problem doing that because you will be smooth-talked into it by people who scam others for a living.
But when you try to withdraw, you will start running into different obstacles – obscure clauses in the Terms and Conditions preventing you from withdrawing, additional fees and taxes, weird procedures. At some point, you would not be able to deny the fact you have been scammed – but it will be too late. The scammers will disappear and stop answering your calls and emails and leave you wondering what to do.
WHAT TO DO WHEN SCAMMED?
Don’t trust anyone who calls themselves a “recovery agent” and promises to retrieve your money for a fee – this is just another type of scam targeting desperate people. Sometimes, the same people that were behind your “broker” are also behind your “recovery agent”.
What you should do instead is notify the responsible authorities and change all your banking passwords to avoid additional scams. If you have installed any remote desktop software, remove it instantly – you would not want scammers having access to your computer since they would be able to make whatever transactions they want and access all sorts of information. Contact your card provider if you have deposited with a card and ask for assistance. Both Visa and MasterCard allow chargebacks within 540 days. However, if your account has been verified, scammers might use this as a pretext to claim that you have been informed about the risks involved with trading, done everything voluntarily, and lost money due to bad luck and lack of experience, not due to fraud.
Be prepared that such stories rarely have a happy ending and there is a high chance that you would not be able to retrieve your money. That is why it is vital to trade with reliable, licensed brokers, check regulators’ registers and always read the Terms and Conditions carefully.
I want to file a complaint.
I was deceived by money,
Finexchnge. The broker calls himself Mark Fisher.
he disappointed me £ 128, I asked him to transfer the money he earned.
agreed when the start to take off turns out to be another hoax.
again disappointed 10 pounds, and 32 pounds.
now it is already 500 that I can earn a good living.
but I realized it was going on indefinitely.
I ask for your help to stop those scammers.
good afternoon. My name is Alfonsas. I want to write another letter to you. I don’t know what to do.Mark Fisher
[email protected] is his name and email. He’s just mocking me.
Every day they call, let’s get more money from the bank and we will withdraw money from our bank.
In this way, he withdraws money from the account. didn’t get started bullying.
threaten..He said yes and wife ana transfers money to us and get big..
It’s just terrible that my wife is already stressed, she can’t even communicate normally.
Hello! I join Alfonso’s complaint! Mark Fisher cheated me too. He is a manipulator of the highest level. His partners are Vladislav Agapov and financier Tatyana Nikolayevna. It is terrible that these people use their knowledge, abilities, knowledge and mind for such things.
Sveiki! Prisidedu prie Alfonso skundo! Mark Fisher apgavo ir mane.Tai aukščiausio lygio manipuliatorius. Jo bendrai Vladislavas Agapovas ir finansininkė Tatjana Nikolajevna. Baisu,kad šie žmonės savo išmanymą gebėjimus žinias ir protą naudoja tokiems dalykams.
good afternoon. I read your explanation about fin exchange. Now I understand that they are scammers.
I have already been deceived by Ani and I want to say to others, stay away from them. Very big scammers, when you start talking and withdrawing money, they begin to crawl into your personal life and try to like images taken for more money. 15 rass. I know their names too. But I think these fake names are to not find them. If you don’t agree to their condition, they even begin to threaten. search. Aurelius join me. I have already found good people in many countries, we will submit them to the authorities of the vlass and sit empty in prison there will not be mockery of us.
добрый день. Я прочел ваши объяснение про fin exchange.Теперь я понял что это мошеники.
Меня ани уже обманули и хочю сказать друим держитес от них по далше.Очень болшие мошеники кагда начинаеш говорить а вывод денег оны начинают лезт в тваю личную жызнь и пробует любим образам снят по больше денег.Как только не питались .В день звонят по 10-15 расз.Я имена их знаю элэтроние поти тоже.Но я дмаю имена эта липовые штоб ненаити их.Несаглашаешся на их условие начинают даже угражать.я тоже как и мои земляк Аурелиюс он совершено прав такие люди звонят недает поке зта же идевательство.Я начял поиск.Аурелиюс присаеденяися ко мне.Добрих людеи я уже нашол ва многих тран будем их подават органам власеи пуст сидят в тюрме там не будет издеватса над нами .
good afternoon. I don’t know who [Mark Fischer] is, but he’s a rare bastard. It’s a pity that he won’t meet a hide-and-seek like a hare on the phone nagli. .The proverb eats a thread like a nekrutis the end of the dakrutishsya. Mark Fischer this is not real, this one he is so pretending for nothing Fischer we will find you where the hell we will go.
добрый день.Не Знаю кто такои [марк фышер] но он сволач редкая .Жаль что неидет встретитса прячяца как заяц по телефону нагли .Нечево придет день не я другие паимают тагда будет управа на таких сволачеи.Я неудевлюс что неадин уже человек хочят его наити.Ест пословица нитка как некрутис канец дакрутишся.Марк Фышер эта ненастаящяе м эта он так прикриваютса нечево фышер наидем тебя куда небежи дастанем.
cryptiide001 outlook com
This is a very cruel company, their only interest is your money as soon as you stop giving they disappear. stay away and find your way out like i have done.
Hi cryptiide001, please explain how you got out? I’m very interested in this. Thanks.
So sad this broker is a scam. I was once scammed by them but I was able to get my money out. Cee my name here.