FinuTrade Review – Is This A Truthful Broker Or A Scam?

“The age of decentralized finance” – reads FinuTrade’s motto. A broker that tells you that it purposefully chose to operate unregulated? 

Something is fishy here so we decided to investigate. In the FinuTrade Review, we’ll share our findings and conclusions.

Furthermore, we highly recommend that you avoid the scam brokers Metadoro, Spartan Trade, and Trades Universal.

FinuTrade Is An Offshore Scam Broker?

Pretty much, yes. FinuTrade even said it’s unregulated up front in the FAQ section on the website and then listed the reasons and benefits.

This is a really poor attempt at reverse psychology aimed at deceiving potential clients. Of course, it’s a bunch of lies. The lack of transparency and warnings from financial regulators clearly indicate that FinuTrade is an investment scam.  

FinuTrade, operated by Shadorte Limited, is an offshore provider based in Saint Vincent and the Grenadines that boasts its unregulated status and offers crypto trading. After several warnings, we decided to cover this scam.

Reasons for Choosing a Regulated Broker for Trading

Forget what FinuTrade says. The broker is fraudulent and dishonest. Instead of dealing with these offshore hoax providers, choose an operator that is certified and licensed by top-tier financial regulators such as the FCA, BaFin, ASIC…

That way, you’ll get negative balance protection, segregation of funds, indemnification (e.g. 20,000 EUR), leverage restriction (1:30) and transactions reporting. Also, the broker must possess a substantial operating capital (e.g. 730,000 EUR in the EU).

Warnings From Financial Regulators 

Our doubts had valid grounds. Five reputable regulators from Europe issued warnings against this offshore scammer. 

Namely, the Spanish CNMV, Italian CONSOB, Norwegian FI, Belgian FSMA and Finnish FI put FinuTrade on their blacklists. FinuTrade’s shady business has been busted.

FinuTrade’s Available Online Trading Platform

FinuTrade didn’t leave many details about its trading platform. We know for certain that it isn’t the Meta Trader brand or cTrader.

Hence, it’s most probably a suspicious and unknown web-based terminal. The financial swindler also didn’t include a demo account so couldn’t check the platform.

What Financial Instruments Does FinuTrade Include?

According to FinuTrade’s website, the broker only deals with cryptocurrencies, over 200 of them to be more precise. However, the lack of a demo account made it impossible for us to confirm this.

Nevertheless, the crypto world is full of uncertainties and fluctuations. It’s the perfect place for scammers and their wrongdoings. 

FinuTrade’s Fraudulent Activities – What Are The Countries Involved?

FinuTrade is not that young – the scam broker started out in 2020 and has been active ever since. As for the countries where the fraudster spread out its tentacles, here’s what we know:

• UK;
• Germany;
• Spain;
• Sweden;
• Singapore;
• Australia;
• Netherlands.

All around the world, it seems. The Spanish CNMV is the only regulator from the list that has issued a warning against FinuTrade. 

Regulators from Italy, Belgium, Norway and Finland also reacted so FinuTrade could’ve trespassed in those countries as well. If you have more useful info, please share it with us.

​​What’s more, we strongly recommend that you avoid the fraudulent brokers SwissRoi, HighTrustCapital, and VintageMarkets.

FinuTrade’s Account Types – An Overview

There is a total of five different account types that FinuTrade made available:

• Micro – 5,000 ₮;
• Bronze – 25,000 ₮;
• Silver – 75,000 ₮;
• Gold – 150,000 ₮;
• Platinum – 1,500,000 ₮.

Mongolian tugriks? We’re certain Genghis Khan didn’t conquer all the way up to SVG. You cannot deny that it’s shady when a broker lists only rare currencies. It’s even more bizarre that 5,000 ₮ is just 1.5 $.

The leverage, spreads & trading commissions were not disclosed on the website. So we know nothing about FinuTrade’s trading conditions except for account prices.

FinuTrade’s Free Demo Account

Non-existent, we’re afraid. Thus, we could only observe this monkey business on a surface level. Regardless, there’s enough evidence on the website to expose this fraudster and never trust it again. Plus, we have all the warnings too.

FinuTrade’s Deposit and Withdrawal Policies

Remember the Mongolian currency? Turns out, it’s just an illogical ruse. The truth is that FinuTrade accepts payments via Bitcoin. Says here in the T&C section that the minimum deposit is 0.1 BTC.

That’s more like it. Now it actually looks like a scam. FinuTrade also claims the right to charge a “dormant commission of 0.009 BTC/week.”

FinuTrade’s Terms and Conditions

As mentioned, FinuTrade said it was unregulated right off the bat. That means that the scammer has the possibility of altering its own rules set in the T&C section since there’s no legal force to stop it.

This brokerage is basically an unambiguous trap awaiting unsuspecting traders to step right into it.

Scammed by a FinuTrade Broker? – We Want To Hear Your Story

A bit of an unusual scam but it probably did reel in victims. If you’re one, help us put this fraudulent broker on full blast and stop it from conducting its vile scheme.

As for us, we’ll help you get your money back. Book a consultation with us as soon as possible to see what you could do about the chargeback.

What Is the Chargeback Procedure?

Crypto transactions are tricky. Although the scammer will always remain anonymous in these cases, the transaction itself can be traced to a wallet within a crypto exchange.

Afterwards, you can request a refund from the exchange and hope for the best. You’ll need some expert assistance so feel free to give us a call.

Book consultations today!