We looked into FinoMarkets broker to see if they’re legit or not, and it certainly seems like they’re not. The company is an absolute ghost online, with no reliable information about its actual location. They also have all the hallmarks of a scam, high leverage, lots of complaints, and unreliable information on their website.
|Regulated by:||No Regulators|
|Blacklisted as a Scam by:||None|
|Owned by:||Undisclosed Parent Company|
|Headquarters Country:||Undisclosed Location|
|Cryptocurrencies:||250 total including Bitcoin and Litecoin|
|Types of Assets:||CFDs, Forex, Crypto|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Regulation and Security
CFD and forex brokers are regulated by regional organizations that make sure they’re doing things by the book. Despite claiming to be based in England, our FinoMarkets review revealed that they have no registration with the UK’s FCA. In fact, they don’t have any registration with any regulator of any kind.
What this means is that there’s nobody watching their books to make sure they’re actually paying out trader funds. There’s no compensation fund for if they go under, which means they can disappear without a trace and take all your money with them. Trading with an unregulated broker is always a big mistake, and FinoMarkets broker is completely and unambiguously unregulated.
Warnings From Financial Regulators
From what our FinoMarkets review can gather, the company only began operations in 2021. It takes time for financial regulators to investigate these types of scams, so there aren’t any direct warnings about the broker yet.
The FCA routinely warns to avoid unregulated brokers in general and unregulated CFD brokers specifically. We’ll keep an eye out on the scam lists from the FCA, CONSOB, and other regulators that put out regular updates to watch for the inevitable warning about FinoMarkets.
Investors Given No Access to Their Funds
FinoMarkets is a classic example of how online investment scams work. They can offer all bonuses and leverage they want, but the grim reality is that investors simply aren’t able to take any money out. There are numerous complaints about this practice. We haven’t heard from anyone who managed to make a profit investing with FinoMarkets and then withdraw the money.
FinoMarkets Reviews From Their Former Clients
FinoMarkets reviews on Trustpilot are currently sitting at 3.7. This sounds bad enough, but it’s only this high because half of the reviews are fake 5-star ratings from the company itself. The remainder are 1-star reviews from their victims. They give the same details each time. They were pressured to invest more and more but got nothing back at all when they tried to cash out.
How Do Online Trading Scams Rip People Off?
FinoMarkets broker and others like it promise huge profits with little effort. They use promises like account bonuses that multiply deposits and dangerously high leverage to make investors think they can get ahead.
These practices are banned by most financial regulators for a reason. Once a tempted victim signs up, their account managers push for more and more deposits. If they ever catch on, the broker cuts contact entirely, keeping all your deposited funds.
Does FinoMarkets Have Your Money?
The most effective way to get your money back from an online investment scam is a chargeback. We’re experts at filing successful chargebacks and can help you get your funds back, even in the case of an unregulated broker like FinoMarkets. Reach out now for your free consultation.
What is FinoMarkets?
FinoMarkets is an unregulated online CFD broker that offers a chance to invest in many assets but quickly pulls the rug out and takes off with your funds.
Is FinoMarkets a Scam?
Based on the FinoMarkets reviews we found from their former customers, we’d say they are.
Is FinoMarkets Regulated?
No, they haven’t even bothered to register with one of the shady regulators that sell licenses.