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

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In this article, we will review an officially exposed scam and try to find out some details about the fraudulent scheme and how it unveils. Finutrade should be avoided, and we’ll explain why!

Finutrade Regulation And Safety Of Funds

The first thing to discuss is the fact that Finutrade is an offshore broker registered in St. Vincent and the Grenadines only. The brokerage is not associated with other licensed companies, so the trading service is completely unregulated, meaning that it’s utterly dangerous for customers. The financial authority in St. Vincent and the Grenadine does not regulate or monitor Forex brokers, so the ones registered there are not required to follow established financial rules and practices. In other words, if Finutrade wants to scam customers, it can do it facing no obstacles, and these people will get away with the crime. Also, SVG is one of those jurisdictions that allow the creation of fully anonymous international companies that are not committed to providing access to their accounts. So, once you deposit with Finutrade, you’ll neither know who handles the money nor what happens with it – funds just disappear without a trace.

What’s most important in this case, though, is the fact that Finutrade was confirmed fraudulent. The Spanish regulator recently issued a warning against the broker, exposing it as a scam scheme, so you should avoid Finutrade no matter what. Have a look at the publication below, and make sure to stay away from offshore brokers, with or without warning on their name. These entities are dangerous!

Due to the nature of offshore brokers, we endorse regulated ones only – regulation ensures safety for clients’ funds, transparency, integrity and trustworthiness. For example, both CySEC (Cyprus) and FCA (Britain) regulated brokers are guaranteed safe as both impose strict regulatory standards, including clients’ accounts segregation and risk-reducing measures like leverage restrictions and negative balance protection. But above all, both jurisdictions maintain deposit insurance funds created to compensate clients if things go wrong – up to €20 000 in Cyprus and up to £85 000. And needless to say, if you get scammed by the unregulated broker reviewed, you’ll be unlikely to get any refund whatsoever.

Finutrade Trading Software

The only thing we know about Finutrade’s trading software is that it requires no installation, so based on this information, we believe it’s a Webtrader. Unfortunately, due to technical issues, registrations were unable at the time, and we can tell nothing about the trading platform. We can’t even confirm that Finutrade can provide any software whatsoever, and that’s why we would suggest having a look at the  MetaTrader4 and MetaTrader5 brokers on our lists. We recommend both MTs as the platforms are industry leaders, offering various advanced features like algo trading and expert advisors. And to wrap things up, we confirm that Finutrade can’t even prove it can provide trading software! But even if it could, the broker still remains an officially exposed scam you should avoid!

Finutrade Trading Conditions

The real trading conditions are unknown, and Finutrade doesn’t even mention anything about trading instruments, spreads or leverage. The only thing we know is that cryptocurrency trading is allegedly offered, but that’s not true either – Finutrade is a pure scam, so there are no real trading conditions to discuss.

Finutrade Deposit/Withdraw Methods And Fees

The same applies to the deposits, withdrawals and fees – Finutrade specifies little about it and the information presented is too messy. On the website, the starter deposit is said to be 5000 Tugriks (the currency in Mongolia), while a treacherous clause in the Terms reveals that the actual minimum is 0.1 BTC. We don’t know why Finutrade asks for Mongolian Tugriks in the first place, but whatever the case, it’s a proven scam, so you shouldn’t deposit anything whatsoever. Not to mention that crypto deposits are final and irreversible, meaning that once you deposit, you may consider your money gone forever.

As for withdrawals, there is nothing revealed, but even if the information were available, it would be strictly fraudulent.

How Does The Scam Work

Forex scams work in many different ways, but essentially, all of them are pretty much the same. Usually, the fraudulent schemes are registered offshore or are totally illegal, which makes it much harder to track the scammers down. And once you end up opening an account with such an entity, for whatever reason, you may expect an avalanche of phone calls from scammers who’ll do whatever it takes to make you fund your account as quickly as possible. They will promise bonuses, guaranteed profits, risk-free trading and anything else you could possibly imagine, urging you to start trading ASAP. And if you trust them and deposit money, you are very likely to become a victim of fraud – phone call urgency and big promises always suggest a scam!

In most cases, you will be shown fictitious profits and unrealistic gains – for example, if you deposited $250, you may expect to see thousands of dollars in profit the very next day. You’ll probably want to withdraw, but the experienced scammers won’t let you do so. They’ll insist that you can make even more money and will ask for more deposits. Or, they’ll tell you that you need to pay taxes in advance in order to get your money back, but no matter the scenario, the withdrawals will be impossible, and sooner or later, you’ll realise you’ve been scammed. It’s a horrible experience!

What To Do If Scammed

The first thing you should do is inform the authorities – call the police, contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.

If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!

And lastly, consider sharing your experience to help protect others and provide further information about how scams work!

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5 Comments

  1. All that I have read above is true and very helpful;I was taken in my Finutrade and robbed of my savings.They withdrew money from my credit card account without my permission. Bombarded me with what I would say is threatening talk to get more money from me.
    I thought I was investing into something that was a safe way to make money but I have lost everything.When I spoke to my advisor about selling all my coins and cashing in my money he wasn’t very happy.eventually I sold everything but now Finutrade are unavailable to talk to and I can’t withdraw my money. I wish I hadn’t been taken in by these people.

  2. Fernando González

    FinuTrade es un grupo de estafadores. Desde el primer dia, todo es ganancia y el futuro muy prometedor. Todo mentira. Hay indicios de que nuestro dinero no lo invierten, tienen una plataforma falsa en la que te hacen creer que te estas haciendo rico. Cuando pides que te reintegren parte del dinero, provocan una pérdida que te deja totalmente arruinado. A mi me dijeron que invirtiera en una criptomoneda (que era sólo en una letra diferente a otra) y me hizo perder todo el dinero. Luego insistieron que el error fue mío que había comprado la que no era, pero la verdad es que ellos me dijeron la criptomoneda inadecuada, aunque trataron de vender que no fue así. Todo falso. Tienen cientos de páginas web, probablemente creadas por ellos mismos para legitimar su hazaña, en las cuales intento copiar este mensaje pero no aparece reflejado porque no admiten comentarios. La realidad es que es una estafa real. Yo he perdido varios miles de euros, les pido que no caigan en la misma estafa. Mucho ánimo a los que como yo, han sido engañados.
    —————————–
    FinuTrade is a group of scammers. From the first day, everything is profit and the future is very promising. All lie. There are indications that our money is not invested, they have a false platform in which they make you believe that you are getting rich. When you ask for part of the money to be refunded, they cause a loss that leaves you completely broke. They told me to invest in a cryptocurrency (which was only in a different letter than another) and it made me lose all the money. Then they insisted that it was my mistake that I had bought the wrong one, but the truth is that they told me the wrong cryptocurrency, although they tried to sell that it was not. All fake. They have hundreds of web pages, probably created by themselves to legitimize their exploit, in which I try to copy this message but it is not reflected because they do not allow comments. The reality is that it is a real scam. I have lost several thousand euros, I ask you not to fall for the same scam. Much encouragement to those who, like me, have been deceived.

  3. The FINUTRADE platform does not deserve any trust. Once investments have been made in it, it is no longer possible to recover the money invested or withdraw the profits obtained.
    The account of what happened with my investments in FINUTRADE is sufficiently expressive of the tactic followed by the platform, abusing the good faith of investors and using deception to encourage them to make investments that they will never recover.
    I started investing in FINUTRADE at the beginning of last March, with the manager Emma. After checking the operation of the platform and withdrawing a small amount of money, encouraged by the promises of profits it offered, I significantly increased my investments until I reached a high amount of money.
    Once the account reached a significant balance, at the end of last March there was a change of manager, Joaquín entering the scene, who was always impatient to further increase my investments in the account with new promises of great benefits. At first, he proposed to me to participate in the market entry of a new cryptocurrency, sponsored by Paypal, with a minimum investment of 50,000 euros, assuring me that my profit would be very high, to which I flatly refused.
    Faced with my refusal to carry out new short-term investments, he increased his insistence under different pretexts and somewhat abruptly, to the point of conditioning the continuity of his advice as a manager to considerably increasing my investments in the account.
    It was then that I decided to check the availability of my funds, since the account already had several tens of thousands of usdt of available balance. At that precise moment, when I ordered my first major withdrawal of funds, the problems with FINUTRADE began. That withdrawal of funds was never authorized.
    Alerted by such a situation and in the belief that I was being the target of a SCAM, I decided to maintain a cordial tone with my manager and show interest in making new investments to try to recover, at least, the invested capital. In this way, I have managed to recover a part of my investment.
    Faced with my attempts to withdraw new amounts of money, I received a call from London who said his name was Trevor and he was responsible for FINUTRADE, asking him to resume operations with another manager and keep the account active, with the promise that he could withdraw my money later. .
    Other investors have recounted in their comments on FINUTRADE that they had been subject to reckless operations to empty their accounts before losing contact with the platform. Given this, I decided to carry out the following operations without advice or intervention from the FINUTRADE managers, to keep my account active as required and thus be able to withdraw more funds.
    However, I still haven’t been able to even recover the initially invested capital, although I still have a significant balance in the account. Communication with FINUTRADE is not possible, they did not answer any of the support phones, or the emails sent.
    In short, to the extent that investments in FINUTRADE increase, apparently everything is going well, but when the investor tries to withdraw significant amounts of money, problems begin, to the point of losing all contact with the platform.
    What is the use of investing in a trading platform, if you cannot withdraw your money?
    At this time, the reported events and other more serious ones that I cannot now make public have been criminally denounced in Spain. At the time that I am authorized to do so, I will inform through this website about the status of the CRIMINAL INVESTIGATION and I will offer a means of contact (telephone and/or email) so that anyone who wishes can join.
    ==================================
    La plataforma FINUTRADE no merece ninguna confianza. Una vez realizadas inversiones en ella, no resulta ya posible recuperar el dinero invertido ni retirar las ganancias obtenidas.
    El relato de lo acontecido con mis inversiones en FINUTRADE es suficientemente expresivo de la táctica seguida por la plataforma, abusando de la buena fe de los inversores y empleando el engaño para animarles a hacer inversiones que nunca recuperarán.
    Comencé a invertir en FINUTRADE a primeros de marzo pasado, con la gestora Emma. Tras comprobar el funcionamiento de la plataforma y retirar alguna pequeña cantidad de dinero, animado por las promesas de ganancias que ofrecía, fui incrementando notablemente mis inversiones hasta alcanzar una elevada cantidad de dinero.
    Una vez que la cuenta alcanzó un saldo importante, a finales de marzo pasado se produjo un cambio de gestor, entrando en escena Joaquín, quien se mostró siempre impaciente por incrementar aún más mis inversiones en la cuenta con nuevas promesas de grandes beneficios. En un primer momento me propuso participar en la entrada en el mercado de una nueva cryptomoneda, patrocinada por Paypal, con una inversión mínima de 50.000 euros, asegurando que mi ganancia sería muy elevada, a lo que me negué rotundamente.
    Ante mi negativa a llevar a cabo nuevas inversiones a corto plazo, fue aumentando su insistencia con diferentes pretextos y cierta brusquedad, hasta el punto de condicionar la continuidad de su asesoramiento como gestor a que aumentara considerablemente mis inversiones en la cuenta.
    Fue entonces cuando decidí comprobar la disponibilidad de mis fondos, dado que la cuenta contaba ya con varias decenas de miles de usdt de saldo disponible. En ese preciso momento, cuando ordené mi primera retirada importante de fondos, comenzaron los problemas con FINUTRADE. Nunca fue autorizada esa retirada de fondos.
    Alertado por tal situación y en la creencia de que estaba siendo objeto de una ESTAFA, decidí mantener un tono cordial con mi gestor y mostrar interés en realizar nuevas inversiones para intentar recuperar, al menos, el capital invertido. De este modo, he conseguido recuperar una parte de mi inversión.
    Ante mis intentos de retirar nuevas cantidades de dinero, recibí una llamada desde Londres de quien dijo llamarse Trevor y ser responsable de FINUTRADE, para que retomara las operaciones con otro gestor y mantener activa la cuenta, con la promesa de que podría retirar mi dinero después.
    Otros inversores han relatado en sus comentarios sobre FINUTRADE que habían sido objeto de operaciones temerarias para vaciar sus cuentas antes de perder contacto con la plataforma. Ante ello, decidí hacer las siguientes operaciones sin asesoramiento ni intervención de los gestores de FINUTRADE, para mantener activa mi cuenta como me exigían y así poder retirar más fondos.
    Sin embargo, aun no he conseguido recuperar ni tan siguiera el capital incialmente invertido, aunque mantengo un importante saldo en la cuenta. La comunicación con FINUTRADE no resulta posible, no contestaban a ninguno de los teléfonos de soporte, ni a los correos electrónicos remitidos.
    En definitiva, en la medida en que se incrementan las inversiones en FINUTRADE aparentemente todo va bien, pero cuando el inversor intenta retirar cantidades importantes de dinero comienzan los problemas, hasta el punto de perderse todo contacto con la plataforma.
    ¿De qué sirve invertir en una plataforma de trading, si no puedes retirar tu dinero?
    En este momento los hechos relatados y otros más graves que ahora no puedo hacer públicos se encuentran denunciados penalmente en España. En el momento en que me autoricen a ello, informaré a través de esta página web sobre el estado de la INVESTIGACIÓN CRIMINAL y ofreceré un medio de contacto (teléfono y/o email) para que quien lo desee pueda unirse.

  4. Finutrade contacted me after filling a form expressing interest in cryptocurrency trading. They were very professional setting up the account. There was a minimum deposit required which I gave. I was then assigned a trader, Rick, who helped me make trades. Some were profitable, some not. The trading platform allows you do trades on your own. With the trader, he advised, but I pushed all the necessary ‘buttons’. I made some profit and was strongly encouraged to deposit more funds so certain kinds of trades, signal trades, could be made. These are supposedly special trades, done at a precise moment when a profit seems guaranteed. I began to make some profit with these. I made a bad trade and nearly lost everything. I was then assigned a new trader, Martin. He was much more aggressive, much more professional, persuading me to make even more deposit to gain greater profit, which I did. On 15th Sept, I indicated I wanted to make a withdrawl, which was ignored. I did not hear from him. On 29th Sept, I was instructed to make a signal trade. He claims I put in the wrong amount. Well this wrong amount put me in debt and I was pressured to immediately put in funds to cover or I would lose everything. It was my mistake he said; I believe I put in the amount he stated. It was very high pressured. The company supposedly gave a short-term loan to cover the risk only on the grounds I was going to cover it with my funds. I was persuaded to put in £12.5k. This enabled the account to be covered and to have some funds to crawl back the loss on the trade by making other trades, mostly these signal trades which can only be done when instructed by the trader. My wife and I felt I possibly had been scammed but we could not be sure and I hoped the trader’s supposed plan to crawl back would enable me to reclaim most of the savings when the loss was eliminated. On 14th October, we had nearly recovered all the loss (£3k loss listed). I was instructed to make this signal trade and I performed in the way I always did, entering the correct amount. When I pushed the buy ‘button’ it showed a loss of £18k and I was told I made a mistake and pushed the buy button too soon, which was nonsense. I pushed when he told me and in the way all the other signal trades had been done. Now it all started again. Supposedly I had made a mistake and I needed to put in at least £5k to cover the loss. He almost immediately told me the risk dept had approved a short-term load again (last time it took awhile to get the loan approved). This time it was like it was already approved. It was very, very high pressured that I had to do it now or I would lose everything. I refused because I would have had to go into debt to cover this loss. I also believed this ‘mistake’ was created by them to manipulate me to put in more funds (after all if I wanted to save the money I had put in, I just needed to put in more money). My account was blocked supposedly while the risk department took control. I lost all my money as they closed the three open trades. Two of those when closed incurred losses greater than the loss that had been listed and some lame explanation why. I have been foolish, naive and a bit gullible. My trader established a very good relationship with me. I grew to trust him. But I believe both these ‘mistakes’ on so called signal trades were designed to create a false loss so that they could pressure me to put in more money, after all I made the mistakes according to them. BEWARE FINUTRADE and their Signal trades instructed by trader.

  5. I fully concur with everything stated above! My own experience of Finutrade is almost word for word what has been said. They are extremely good at gaining your confidence to the point where when I said I wanted to release some money they agreed to 500 to 1000 dollars. I took 500 out of the accounts and so felt it was a genuine trading platform. Obviously not!!!
    They are NOT to be trusted and I now realise to my detriment that I should never have got involved with them, especially MARTIN !!!

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