FinCryptoMarket review – 5 things you should know about fincryptomarket.com

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

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

FinCryptoMarket assures that it is a trusted forex broker that will help us navigate the financial markets. But this poor quality website provides no evidence that it represents a legitimate broker. In this review, we’ll take a detailed look at why it’s in your best interest to stay away from FinCryptoMarket.

FinCryptoMarket Regulation and safety of funds

If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation.

The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

It is a complete mystery who is behind FinCryptoMarket. Neither the website nor the text of the Terms and Conditions mention a company name. No address is given and the only means of contact is to send a request for a callback.

The Terms and Conditions state that the relevant jurisdiction is that of Estonia. But such an anonymous website could not legally operate in a member state of the European Union. No authorised broker using the FinCryptoMarket trade name and domain can be found in the Estonian Financial Supervision Authority database.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

FinCryptoMarket Trading software

In the Frequently Asked Questions section, one can see the statement that FinCryptoMarket offers its clients the industry standard trading platform Metatrader 4 (MT4). However, after registering an account, we only get access to web-based software with more limited capabilities than MetaTrader.

It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

There are more than enough licensed brokers offering clients the MT4 experience and/or the newer version of the software MT5. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

FinCryptoMarket Trading instruments

FinCryptoMarket claims to offer trading in all major asset classes, but does not offer detailed information on the terms of this trading as you will find on the websites of legitimate forex brokers.

FinCryptoMarket Spreads and cost of trading

According to the account descriptions, FinCryptoMarket offers spread trading of 2.5-3 pips. This level is double the industry average and is very unprofitable for the trader. FinCryptoMarket also does not clearly communicate whether it charges additional commissions.

FinCryptoMarket Maximum leverage

FinCryptoMarket claims that it offers a maximum leverage of 1:200, which is further proof that it is not a real broker licensed in the European Union.

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

The European Securities and Markets Authority (ESMA) and accordingly all EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies.

Another such evidence is FinCryptoMarket’s claim that it offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms. FinCryptoMarket does not provide clear information about the conditions attached to bonuses.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

FinCryptoMarket Deposit and withdrawal methods

The home page of the website states that FinCryptoMarket accepts deposits via credit cards, UnionPay, WebMoney and Safecharge. However, when attempting to use the deposit menu, a message pops up that we must wait for a representative from the broker to contact us.

In the withdrawal menu we see cryptocurrencies as an option, which is not mentioned anywhere on the website or documentation.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

FinCryptoMarket Minimum deposit

In the descriptions of the account types a ridiculously high minimum deposit of 5000 EUR is specified. The FAQ section specifies a more reasonable amount of 100 USD. But in any case it would be wiser to work with licensed brokers who offer starter accounts with a very low minimum deposit.

FinCryptoMarket Withdrawal requirements

Nowhere do we find information on fees and withdrawal conditions. But this does not mean that there are no hidden fees, which is typical for this type of shady brokers.