Finex Trader Review – How to recognize a trading scam
This is a very specific company that was openly lying and misleading clients about its license. Since they are based in the UK, they should have FCA regulations.
The company states that they have a license from IRBEM – an international regulator. Which doesn’t exist at all. Throughout FinexTrader research, we found a connection with Finex Group LTD and some other fake trading companies linked to this one.
Also, remember the names of the Absolute Markets, EGMarkets and StellarFX trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FMA, CONSOB|
|Supported Platforms:||250 EUR|
|Minimum Deposit:||Yes – BTC, DOGE, ETH|
|Cryptocurrencies:||Forex, Indices, Commodities, Shares, Cryptos, ETFs, Futures|
|Types of Assets:||1:500|
|Free Demo Account:||NO|
|Accepts US clients:||N/A|
Finex Trader – A Few Facts About Broker Scam
It looks like the Finex Trader is just another brand of the Finex Group. They used to have eXFinances and XFINANCES brands before. Of course, none of them had a license for trading on Forex and CFD Markets.
Certainly, their goal is to get from clients as much as possible and to vanish.
Arguments For Trading With a Licensed Broker
To get a license, especially a Tier 1 like FCA, BaFin or ASIC, you need to provide regulators with certain information. Therefore, if they disappear, regulators know whom to chase. On top of that, during the trading, you have clarity on basic and trading T&Cs.
Just to make sure that this is a complete fraud, we checked the database of mentioned Tier 1 Regulators. As expected, the FinexTrader broker is not on that list.
Red Flags and Warnings from Financial Regulators
To find out if the company is good or not, you can find it in almost any FinexTrader review. It takes literally 15 minutes, to find all pros and cons.
If you think that even those are not genuine, then you can trust regulators that issued warnings against the company.
Some of those are CONSOB ( Italy ) and FMA ( Austria ). Check it out yourself.
Analysis of Customer Reviews Related to Finex Trader
It wasn’t hard as well to find other people’s opinions. On Trustpilot at the moment of writing, we could find 15 different reviews. But mostly with the same outcome – fraudulent activity. More than 60% of comments were rated 1-star and all are stating that FinexTrader trading company is a scam.
Overview of Finex Trader As a Trading Platform
Their web trader is nothing spectacular, something very user-friendly and most beginners would find it suitable. For some experienced traders, a lack of some features like social trading and EA tools would be a downside.
However, FinexTrader thought of that and they enabled access to the MT4 platform. This can be a huge benefit in trading since MT4 as well provides social and copy trading options. That way you can copy trades from successful traders all over the world.
Just be careful, since companies like this tend to fake those trades.
The desktop version of the software is only available with MT4. Which is good. If you don’t want to be lured into throwing money away stick to MT4.
Trading from Mobile Devices
Their web-based trading software is as well accessible over mobile devices. The functionality of the platform is questionable since we don’t have information is it optimized for those devices. Therefore, we advise you to keep using MT4 on your phone because that is one of the best software available.
What Financial Instruments Does Finex Trader Include?
This broker offers a wide range of instruments:
- Forex – USD/JPY, EUR/NZD, GBP/CAD
- Indices – BE20, FTSE100, CAC40
- Commodities – Silver, natural gas, crude oil
- Shares – Apple, Cisco, General motors
- Futures – US Tech 100, US30, S&P500
- Cryptocurrencies – Bitcoin, Dogecoin, Dash
- ETFs – Vanguard 500, SPDR, iShares
Even though, they offer a variety of instruments it is questionable if the data is reliable. Of course, we need to check how fast are trading executions and spreads before investing in those.
Areas Of Finex Trader Scam
Throughout FinexTrader reviews we discovered that they are scamming traders from:
Football fans would say a Big Five. All these countries are economically successful because of rules and they like it. Therefore, missing a license for trading with these is a big downside for FinexTrader broker.
Finex Trader And The Types Of Accounts Offered
Unfortunately, this broker didn’t disclose any information about account types. For a minimum requirement company is looking for a 250 EUR investment. After that, everything is in the ingenuity of their agents and the fairytale they will try to sell you.
Finex Trader Deposit and Withdrawal Policies
It is strange to deposit money somewhere if you don’t know how to get it out. What is even more strange is that you pay additional fees to get your money out. That is a standardized scheme FinexTrader is performing to extract as much as possible from its clients.
After that still you won’t get any of your funds. Because your account will magically become frozen.
Finex Trader Deposit Bonuses
Bonuses are another trick in the sleeve. If they provide you with a bonus, you know it’s not without a reason. Those are designed by the company as a luring tactic. That you decide to put more money.
However, in T&Cs states that you need to reach at least 30 times more to be able to withdraw that.
Finex Trader Terms and Conditions
The company made a long document about T&Cs that are boring to read. Therefore, most clients skip it but they shouldn’t. If you read it carefully you will find a lot of irregularities.
One of those is that company states that they operate under the laws of the UK, which is not the case. FCA is someone that regulates those laws and they don’t have their license.
Finex Trader Broker Scammed You? – Please Tell Us Your Story
We already found some stories where people were scammed by FinexTrader. If that is the case with you, let us know. You can still recover your funds. Contact us today for a free consultation!
What Is the Chargeback Procedure?
Whether it was a Debit/Credit card payment or crypto there is a solution. A chargeback can be issued by a cardholder or merchant. After that bank should revise the request and reverse the transaction.
Our team of experts can assist you with your first steps. Get back to us now!
What Is Finex Trader?
This is a non-regulated trading company operating allegedly from the UK under different names.
Is Finex Trader a Scam Broker?
Warnings from financial regulators are there to confirm that this company is a scam.
Is Finex Trader Available in the United States or the UK?
This company only offers services to UK clients but not US.
Does Finex Trader Offer a Demo Account?
The company doesn’t offer access to a demo account. Only live accounts are
available upon registration.