Finex Trader broker is yet another trading scam enticing traders into its cyber fraud disguised as a legitimate brokerage service.
This unlicensed company has not much to offer but only manipulative trading software, no money withdrawal guarantees, and detrimental trading conditions – a recipe for financial disaster.
So, please continue with our Finex Trader review to get more details about how this broker scam is carried out and how to recognize and avoid similar tricksters.
|Minimum Deposit||250 EUR|
|Broker Type||Forex provider|
Regulation and Security of Finex Trader
Finex Trader claims its HQ is in the UK and is a part of Finex Group Ltd. First, no registered entity under Finex Trader or Finex Group can be found in the UK Companies House. Second, all UK-based brokers must be licensed by the British financial market regulator (FCA). However, there is nothing about any of those two organizations in the FCA database.
According to its website, Finex Trader states that it is authorized by three different institutions, i.e., IRBEM (a fake regulatory agency), MFA (the link to this organization doesn’t work; still, MFA is not a real financial authority), and SFINS (based in Switzerland but can’t be related to the Swiss FINMA; so another irrelevant and false supervising body).
On top of this, several watchdogs have put Finex Trader and Finex Group on a warning list, including Italian CONSOB, Austrian FMA, and French AMF. It can be interpreted as meaning that this unauthorized broker operates illegally. Thus, you don’t need more reasons than these to avoid this unscrupulous broker like the plague.
Trading Platform at Finex Trader
Talking about a trading program, Finex Trader professes that customers can trade on its modern platforms available as a desktop version, a browser-based platform (web terminal), and a proprietary mobile trading app (Forex Trader for Android and iOS). That still doesn’t change the fact that Finex Trader is a fraudulent broker you shouldn’t trust.
If you want to trade on proven and tested platforms, you should opt for well-established forex brokers that utilize reliable and latest trading programs, such as MetaTrader4, MetaTrader5, cTrader, and Sirix.
These powerful platforms provide profitable and safe trading with advanced tools like expert advisors, economic calendars, market analysis, stop loss, copy trading, and automated trading.
Finex Trader Trading Instrument
Regarding trading instruments, Finex Trader says it supports many markets to address the needs of every trader, obviously, following what other genuine brokers do; so it reportedly offers 1200 trading assets, including the following.
- FX pairs: EUR/CHF, GBP/CAD, EUR/JPY, CAD/CHF, USD/EUR, etc.
- Stocks: Apple, Microsoft, Tesla, Amazon, Netflix, etc.
- Indices: FTSE 100, Dow Jones, DAX 30, S&P 500, NASDAQ 100, etc.
- Cryptocurrencies: Bitcoin, Dogecoin, Litecoin, Tether, Ethereum, etc.
- Futures: gold futures, USD futures, oil futures, BTC futures, Tesla futures, etc.
- Commodities: gold, silver, crude oil, natural gas, wheat, corn, etc.
In addition, this phony broker claims it offers advantageous trading conditions that include rapid order execution time and no hidden fees, which I doubt. Also, concerning its offer of zero spreads (starting at 0.0 pips), it is less likely since legit brokers charge at least small commissions.
Finex Trader Deposit and Withdrawal Method
About the funding methods available with Finex Trader, this bogus brokerage provides little to no information on this matter.
It only reveals that it requires a 250 EUR minimum opening balance. In our opinion, this amount is an avoidable and unnecessary risk since you can start trading with a trusted company for only 5 USD.
Unlike Finex Trader, legit brokers are transparent and unambiguous about accepted means of payment and related fees and processing time. With most companies, you can use the same methods for deposits and withdrawals (abiding by anti-money laundering policy); the most common payment means are credit/debit cards, e-wallets, and bank wire transfers.
How The Scam Was Carried Out
Scam brokers use many dirty tricks to lure unsuspecting victims with their legitimate-looking websites, lucrative opportunities, and generous bonuses. The Finex Trader scam is perpetrated in like manner; this financial swindler fraudulently imitates a genuine broker and capitalizes on people’s inexperience and blind faith.
Once fraudsters rope victims into depositing, they keep insisting on more investment until a victim is completely ripped off. When you request withdrawals, an online trading scam will cook any excuse to prevent payoffs. Also, con artists demand advance payment to release your money.
If an investment scam has defrauded you, it is important to act fast. Getting your money back is possible with appropriate actions, such as seeking advice from cyber security experts, informing relevant authorities, and leaving negative Finex Trader reviews. Have in mind that scams can happen to anyone! So, don’t feel embarrassed about reporting a scam!
Best Performing Forex Brokers
We have made a list of the most recommended companies for forex trading, which you can review in the table below. These forex providers are considered the best of the best due to their exceptional services, reliability, and safety.
Each of these corporations is approved by high-ranked financial market regulators. Their licensing requirements are demanding, for instance, FCA requires a broker maintains 1M GBP operating capital, CySEC demands 730K EUR, and ASIC requests 1,5M AUD. That ensures that these brokers won’t cease trading quickly.
|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 Trader Summary
In summary, this shady brokerage faces a considerable amount of scam allegations due to its involvement in fraudulent trading activities. It is an exposed fraud by several financial market authorities. Even its regulators are fake.
If we neglect everything above mentioned, this unlicensed brokerage remains a bad choice due to inadequate service and inauspicious terms of exchange. Lastly, think twice before taking any risks while investing money. Trade only with proven brokers, such as those that we have recommended in this article.
FAQs About Finex Trader Broker
Is Finex Trader Legitimate Broker?
No, it isn’t. Finex Trader operates unlicensed and unregulated and is blacklisted by several financial authorities.
What is the Minimum Deposit for Finex Trader?
250 EUR is the minimum deposit required by Finex Trader, which is an unneeded risk when you can open an account with a legitimate broker for as little as 5 USD.
How Long Does it Take to Withdraw from Finex Trader?
This anonymous broker reveals very little about deposits and withdrawals. I am sure that you will have many withdrawal issues with this company.