Finex Global Markets is a fake offshore broker. That may seem bold, but the company has received a fraud warning from British authorities. The organization appears to have been providing its services in the UK without proper authorization, which is regrettably prevalent nowadays. That is why you must exercise extreme caution before trading with any business.
And Finex Global Markets has all the red flags that one could expect, from its lack of regulation to its horrible trading conditions and interface, which only offers forex, crypto, commodity, indices, and stock CFDs. If you want to know why this firm is so awful.
Finex Global Regulation and Security
Although Finex Global claims to have offices in Curaçao, Ukraine, and Poland, no license was mentioned. A broker would need to obtain a license from the Polish Financial Supervision Authority (KNF) or another EEA authority in order to legitimately conduct business in Poland. Due to Poland’s membership in the EU, any broker with a valid license from another EU member state may freely provide services there. However, this broker hasn’t mentioned either an EU or Ukrainian license.
The FCA, a prominent UK financial authority, recently issued a warning claiming that this broker is unlicensed and risky, which is even more troubling.
Trading Software Used by Finex Global
With Finex Global, there is only one trading platform available. Interestingly, the company’s website claims that this software is accessible on PCs, iOS, and Android smartphones. There is simply the web trader in reality.
The platform’s functionalities are also somewhat constrained., although there are a good number of charting tools available and we appreciate the built-in economic calendar that also indicates how significantly the events listed in it will affect the markets. But the more intriguing features and tools you might find with something like industry standard Meta Trader 5 are absent.
Finex Global Account Types
Finex Global offers just one account type. However, there aren’t many details about this account only the basic details, like minimum deposit and leverage.
Real Elite 1
- $3000 minimum deposit
- 1:200 leverage
This broker also offers two demo accounts, for their users. However, even though they claim to offer accounts to try out, that is completely not the truth. Because you would still need to make a deposit to be able to use them.
Deposit and Withdrawal Methods
Given that the minimum deposit for their live account was $3000, Finex Global would not be our first option for a broker. This is a large sum of money to pay for a basic account. Most genuine brokers would not charge more than $250, but even that is considered a little too high at this time.
We were unable to see the deposit methods Finex Global offers since we were unable to register an actual account with the broker. Furthermore, information about withdrawal is unknown so we strongly advise you not to deposit with such dubious firms because any money you put in will be permanently lost.
How Does The Scam Work?
These frauds are far more prevalent than you might realize. The fraud begins innocently enough when you encounter an advertisement for the broker’s website, which makes grand claims of big returns and favorable trading terms. You register an account out of curiosity, giving the scammers access to your email and phone number.
Following that, the broker will continue to contact you via phone and email and ask you to make a deposit. These folks can easily convince you to invest money with them because they are typically skilled scammers who are well-prepared.
However, things don’t stop there; over time, you will be required to make steadily greater deposits.
And you could even be willing to invest at this point because you might be making money. Platforms are usually manipulated by scammers to display positive results. However, when you try to withdraw, you will immediately learn that all of these earnings were fraudulent.
The instant you attempt to withdraw your investments is when things start to change; scammers will try to invent excuses as to why this is difficult, including unexpected Terms and Conditions clauses or additional taxes. By the time you realize there is a problem, the broker will have already left with your money.
Suggested Forex Brokers
If you’re investing and want to keep your money, brokers can assist you along the route. By using them, you won’t need to be concerned about financial fraud.
There are many registered brokers who come highly recommended by experts. The brokers listed below are reputable, licensed, and have a long history in the industry.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Finex Global Summary
Finex Global is a high-risk investment for everyone. This broker has all of the warning signs that one may anticipate. From its lack of regulation to its unfair trading conditions and platform.
Furthermore, not only is this broker not licensed, they are on the FCA, the leading financial regulator in the UK, warning list. Finex Global proves over and over again, that they can not be trusted. We advise you to avoid trading with this fraudulent broker.
FAQs About Finex Global Broker
Is Finex Global Regulated?
Finex Global is unregulated and on the FCA (Financial Conduct Authority) warning list.
What Are The Funding Methods for Finex Global?
Information about the funding method for Finex Global is unknown and undisclosed.
What is the Minimum Deposit for Finex Global?
The minimum deposit required for Finex Global live account is $3000.