Beware! Finanbelt.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.
Finanbelt.com is surely not a reliable broker – these scammers provide no company information or contact details, use another (scam) broker’s trading platform, and only accept cryptocurrency deposits that are irreversible. And the conditions they offer are not even that good – at any rate, a licensed broker could offer you far better ones. Stay away from this broker – there is no doubt about the fact that they will rob you before you know it.
Finanbelt.com REGULATION AND SAFETY OF FUNDS
Even after thorough research, we have no idea where Finanbelt.com is based or who the people behind it are – the broker has not provided any company information on the website, and you would only be able to reach them via email. No address or phone number were provided. We hoped to find out more about governing law and potential licenses in the Terms and Conditions but those did not exist (although you are asked to agree to some) – we were left empty-handed. You definitely cannot trust someone you know nothing about with your money – that much is evident. Such shady brokers are always unlicensed, and do not follow any laws when it comes to the way they operate – they would not blink before they scam you and run off with your deposits.
Your best bet is to choose a broker licensed in the UK, the EU, or Australia instead. Such brokers are obligated to follow the law and meet countless requirements before obtaining a license. They are obligated to report to authorities regularly, keep a clean profile, and conduct business in a fair and transparent manner. Companies have to prove their financial stability by maintaining a capital of at least €730 000 in the UK and the EU, and A$1 million in Australia. Client funds are kept in segregated bank accounts managed by independent third parties – this proves that the broker would not be able to use your investment for their own financial operations, speeds up withdrawals, promotes transparency, and protects your funds in case of unfortunate events like the broker becoming insolvent. Negative balance protection is mandatory – this policy prevents you from losing more money than you have in your account.
Choosing a licensed broker that has proven to be reliable is the only way you could be sure you will have a secure and proper trading experience.
Finanbelt.com TRADING SOFTWARE
Finanbelt.com promised access to one of the best trading platforms in existence – MetaTrader 5. We were indeed able to download the platform from the broker’s Client Area – the problem was that this MT5 terminal did not actually belong to this broker but to a different one altogether. That broker is called Capital Forex Live and is supposedly based in the UK – but we have already reviewed it and established that it is nothing more than a basic scam scheme.
It is common in the world of scam brokers for the same people to be running more than one website – this way, they can attract more victims, and disappear faster as soon as someone starts figuring out that there is something wrong going on. The names, domains, and logos change but software like MT5 is not cheap – this is why many scammers use the same terminal. We were not even allowed to log in to MT5 because Finanbelt.com did not provide us with the necessary logging in details like account number and password.
Check out these brokers who actually offer MT5 – this platform is a great choice if the broker is truly reliable. MT5 is fairly accessible even for complete beginners and provides access to a full charting and analysis package – countless indicators and timeframes, a multi-threaded Strategy Tester, the possibility to export charts, and much more. You would also be able to use features like Expert Advisors and VPSs, get the chance to create custom scripts, set signals or subscribe to those set by others, use hedging and netting options, access a community chat where you could exchange strategies, a built-in economic calendar, and a market for add-ons.
Finanbelt.com TRADING CONDITIONS
Finanbelt.com offers three different account types – the minimum deposit on the most basic, Silver, account is as much as $500.
This might not sound like that much but just consider that many great, established brokers would ask for as little as $10 in order to make you their client. Moreover, the Silver account provides access to very limited opportunities – for the same money, you can get access to an amazing trading environment with popular brokers like FBS or FXTM.
The leverage Finanbelt.com offers varies between 1:20 and 1:100 depending on the account type. We do not know where this broker is based but keep in mind that leverage is subject to restrictions in many jurisdictions. US brokers are only allowed to offer up to 1:50 on forex majors, while those in the EU, the UK, and Australia cannot go higher than 1:30. Restrictions are even stricter in Japan – 1:25, and Turkey – 1:10. Such laws exist to protect the retail investor from the much higher losses trading with higher leverage can result in. Always take factors like market volatility, and your own experience into account before setting your leverage higher than you can handle.
Finanbelt.com offers the chance to install remote access software – they would probably offer you to help with platform installation or technical problems, and make you install an app like TeamViewer or AnyDesk. To not take the broker up on such offers – all they want is access to all your banking information.
Finanbelt.com DEPOSIT/WITHDRAWAL METHODS AND FEES
Finanbelt.com only accepts cryptocurrency payments – in Bitcoin, Ethereum, Ethereum Classic, and Litecoin. In the “Deposit and Withdrawal” section of the website, the broker claimed that it accepts deposits made via a credit or debit card, wire transfer, or different e-wallets but the truth turned out to be quite different.
The problem with that is that cryptocurrency transactions are irreversible by default – all such transactions go in a ledger that cannot be changed at a later point. This makes crypto payments quite secure – but also means that you would never be able to get a chargeback on such a payment. Only transfer money in crypto if you are 100% sure you can trust the person or organization you are transferring money to.
One final thing – this broker offers a few types of bonuses (which are actually illegal in many jurisdictions such as the EU, the UK, and Australia). The reason for such bans is simple – scammers often attach clauses to these promotions that later prevent clients from withdrawing from their accounts before reaching some insane turnover. Often enough, this also includes your own deposits and all profits. This broker would not provide us with specific Bonus Terms and Conditions – and when we tried to access the general Terms and Conditions, we discovered those were missing since we only got a “404 – File not Found” message. However, you should always be careful when such an unreliable broker mentions anything about bonuses – those probably come with strings attached.
HOW DOES THE SCAM WORK?
In this day and age, such scams are far more frequent than you would think. With the rising number of people willing to invest in the forex market, the number of scam brokers has increased drastically. It is important to learn how such scams work in order to spot them and avoid them. Scammers are rarely very imaginative so you would not find a lot of deviations from the following scheme.
In your search for a broker to start trading with, you stumble upon one who promises particularly great conditions. Or maybe you were not even looking for a broker but have heard stories about people getting rich by trading and are tempted to see what all the fuss is about. This particular broker promises fast effortless profits, enormous promotions, and an all-around great trading environment. So you fall for it and provide the scammers with your email and phone number.
The moment you do that, you will start getting calls from the broker asking you to invest – the scammers will be persistent and promise you all sorts of tempting profits. If you give in and deposit, you will be asked for increasingly bigger amounts – and you will gladly deposit because, at this point, you would probably be seeing profits.
The problems will start once you try to withdraw those amazing profits – all sorts of additional fees and clauses in the Terms and Conditions will prevent you from doing so, or result in huge losses of capital. At some point, you will understand that you are being scammed – but the scammers will be long-gone by then.
WHAT TO DO WHEN SCAMMED?
Prevention is key in such situations. Make sure that you choose a reliable brokerage with a solid reputation, and always check the registers of the responsible authorities to make sure that all of the broker’s regulatory claims are true. Do not trust offers that are too good to be true.
If you have, however, already deposited with a scam broker, make sure to look up chargeback options as soon as possible. Both Visa and MasterCard, for example, allow chargebacks within 540 days of the transaction. Getting your money back if you have deposited via cryptocurrency or bank transfer, would not be possible. You should make sure to change all banking passwords, and remove any software the scammers had you install from your computer. They might have you believe that you should install some sort of remote access software to help you trading, or with technical issues but that is a lie – they just want access to your banking accounts.
Make sure to notify authorities about the scam and share your story with as many people as possible – this would prevent such scams from spreading.
Finally, do not trust anyone – usually calling themselves a “recovery agent” – who offers to retrieve your money for a fee. This is just another type of scam.