The Finorax Review Has All the Information About This Cyber Scam

We got to admit, Finorax boasts a nice-looking website but the content of it does not seem legit at all. There are several indications that this broker is a scammer.

In order to avoid getting defrauded by this financial swindler, please read our Finorax Review and learn the truth! Here you have all the answers about this illicit broker.

Is Finorax Legit or a Scam?

Finorax is undoubtedly a trading scam. Although the website we found looks appealing, it lacks key information we need to check out this broker’s legal status.

By that, we mean under which jurisdiction Finorax operates, the name and status of the company behind the brokerage, and most importantly, the trading license. Finorax revealed none of those details because the broker is anonymous and deceitful.

We found a couple of complaints against the broker as well as two regulatory warnings. All the pieces of the puzzle are there – Finorax is a trading scam. Avoid this broker. Do not deal with OptimalStocksPro either. 

Instead, find a reliable provider regulated by a reputable Tier 1 financial market authority such as the FCA (UK), CFTC (US), IIROC (Canada), ASIC (Australia), BaFin (Germany), etc. 

Trading with a regulated broker bears numerous benefits and perks such as a segregated bank account, negative balance protection, leverage restriction (1:30), and a compensation scheme (i.g. up to 85,000 GBP from the FCA).

Warnings Against Finorax

As mentioned, we found two regulatory warnings against Finorax. Both warnings were issued in May 2023 by the Canadian Securities Administrators (CSA) and the Manitoba Securities Commission (MSC).

This means that Finorax was caught-red handed in Canada. It was only a matter of time before regulators reacted to this cyber threat. We must urge more watchdogs to issue warnings.

Where Does the Broker Operate? – Countries of Service

We did some research to find out where Finorax was active, i.e. in which countries this scammer looked for victims. Here is a list of domains where the financial swindler left traces:

• Canada;
• Australia;
• Italy;
• Turkyie.

To reiterate, this broker is on the blacklist in Canada. Such an anonymous scammer could never get a pass in domains such as Italy and Australia. The regulations there are pretty heavy.

What Do Traders Think About Finorax?

Traders are not satisfied with Finorax. On the contrary, there are several complaints against the broker. Withdrawal issues seem to be a recurring thing. For that reason, you best avoid risking money with Finorax.

They stole everything from my account and they don’t let me withdraw my money…

– ScamAdviser user, May 17, 2023.

They are very persistent at trying to get you to dump more and more money in their system (borrow from bank, from friends, find money anywhere etc. ) ….. They don’t want to let you withdraw a portion of your investment profit without having you to put back a good percentage of your own money in order to transfer your profit withdrawal…

– PersonalReviews user, April 4, 2023.

How Does the Finorax Scam Work?

Like any other trading scam, Finorax operates using the basic method. The broker will be persistent and use sweet talk to persuade the trader to invest as much money as possible.

Once the trader deposits funds, Finorax will embezzle them and cease all communication, which is exactly how the complaint from the previous section outlined the scam. 

Withdrawal issues and illegal upfront fees are inevitable with scammers such as Finorax and WM Global Forex. 

Finorax’s Account Types

Let’s take a look at Finorax’s trading account types:

• Standard – 10,000 $;
• Bronze – 25,000 $;
• Silver – 50,000 $;
• Gold – 100,000 $;
• VIP – 250,000 $;
• Pro – 1,000,000 $;

Imagine having to deposit a whopping 10,000 $ just to start trading with an anonymous website. Looking at the staggering prices of other account types gives us headaches. Yes, it’s insane, which is why you must forget about Finorax.

There are many legitimate brokers that offer a Micro account for just 10 $. Finorax also charges a commission of 1% for all executed traders. As for the max leverage Finorax offers, it can be set as high as 1:400. 

From this, we conclude that Finorax is definitely not a European or US-based broker since the regulatory leverage limits for retail clients in these domains are 1:30 and 1:50 respectively.

Can I Run a Demo Account?

No. Finorax did not include a risk-free demo account. Basically, if you want to check out the rudimental web platform and trading conditions, you have to deposit 10,000 $.

We beg you not to risk this money. All legit brokers offer a free demo or trial account that you can use for practice until you become sure you want to trade.

Is Withdrawing Profits Possible?

We’re afraid not, judging by the complaints. All we found out from Finorax’s withdrawal policy is that requests are processed within seven business days. The dormant fee is 30 $. Payment methods include:

• Credit/debit cards;
• Wire transfers.

What Should I Do If I Have Been Scammed by Finorax?

If you have evidence that Finorax violated any terms and conditions, please notify our team about it. We will gladly report the scammer to the authorities in hopes of finally shutting this website down.

If you need help getting your money back, we are at your disposal. Our experts can guide you through the chargeback or recall process. It is imperative that you act as quickly as possible.

If you need help with chargebacks, book a free consultation with our chargeback specialists who will help you to regain your money.