FinTech Platform review: 5 things you should know fintechplatform.pro

Beware! FinTech Platform 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.

FinTech Platform is a common FX fraud and a risk to your investments. Don’t let is say otherwise.

FinTech Platform Regulation and safety of funds

Theone thing we found deep in the legal documents that held our hand from marking FinTech as “anonymous” was a claim that the broker is located in the Marshal Islands, or at least that it adheres to the Marshall Island laws. But even if true, it wouldn’t make a big difference. The only thins that it would mean is that FinTech is recognized by one of the worst jurisdictions to be appreciated by in the FX industry. Not only is there no FX regulator there, but the laws and lawmaker seem to all turn a blind eye to scammer, and even let them base their businesses remotely. In other words, it’s the perfect place for a scammer FX broker to thrive in.

FinTech is unlicensed and a risk to all.

FinTech Platform Trading software

We were able to register easily, and were directed immediately to the web trader, which is a common move for scammers to focus the attention of the user on anything but its rough edges. To make matter slightly worse for clients is the web trader which in reality is quite decent.

However, with that said, the web trader is known to be widely used by unlicensed brokers, which is one of the main reasons why we do not recommend it. Putting aside some of its great features, the fact that it is a popular one among scammers means that we are missing something about it that makes it appealing to fraudsters. So, the trading conditions we get from it may be manipulated.

FinTech Platform Trading instruments

From the web trader, we get forex currency pairs, stocks, indices, crypto, commodities, and metals, as the available instruments for trading. A great list, but nonetheless does not mean that suddenly the user should start trading with FinTech.

FinTech Platform Spreads and cost of trading

The spreads on some of the most popular FX pairs found on the web trader are as follows: 0.4 pips for the EUR/USD, GBP/USD, and the USD/JPY. That’s right, they all share the same cost of trade. We believe that there are hidden commissions, or that the broker has purposefully manipulated the trading software, which actually brings us back on the previous point we made that the web trader may have hidden secrets available only to scammers. Such a low spread is way too good to be true.

FinTech Platform Maximum leverage

In much the same way as the spreads, all leverages, or at least the values for FX pairs, shares, and crypto share the same value: 1:10. Unlike the spreads, the leverage value here is misunderstood. By that we mean that, for a FX pair a 1:10 leverage is way too low, while being very high for cryptocurrencies. If you want high leverage brokers that are legal, then we suggest looking at these high leverage-offering companies.

FinTech Platform Deposit and withdrawal methods

From the user area we find dozens of crypto wallets, credit cards, and debit cards as the official payment methods. The only other news we have for you is that, according to the broker, withdrawals take between 2 and 5 days to process.

FinTech Platform Minimum deposit

According to the user area, the minimum deposit requirement is $250, which is definitely too high and way too risky with such an untrustworthy broker. Here a list of minimum deposit brokers to check out instead.

FinTech Platform Withdrawal requirements

In the legal documents we are told that the firm does not charge are fees for deposits or withdrawals. However, in a very scammer turn the website’s account section reveals that there are withdrawal fees based on the account type chosen by the user: the principle is that the higher the account type the lower the withdrawal commission. However, we were never asked to chose an account type while registering, and in the client portal there was never a choice of an account, making this choice a complete illusion made by FinTech. We can also consider that these fees are non existent, but you never know with scammers; after all, they are unregulated and can do whatever they want.

Further in the legal docs, we read about a $500 minimum withdrawal amount for bank transfer – which is an available withdrawal method even though it is not available for deposits pointing to another scammer element of FinTech, that it does not abide by AML rules -and $100 for cards.