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The WikiFX Score of this broker is reduced because of too many complaints!
FintechFX
United States|5-10 years| Suspicious Regulatory License|MT4 Full License|Regional Brokers|Australia Investment Advisory License Revoked|Suspicious Overrun|High potential risk|
https://fintechfx.com/
Website
Rating Index
MT4/5 Identification
MT4/5 Identification
Full License
2
Server Name
MyGroupFintech-Demo MT4
Server Location 
United States
United StatesContact
support@fintechfx.com
https://fintechfx.com/
The WikiFX Score of this broker is reduced because of too many complaints!
Licenses
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
Open Now
Disclosure
Danger
MY SCM
2020-01-01
INVESTOR ALERT LIST 
FintechFX
Contact number
Other ways of contact
Broker Information
More
Company Name
My Group Fintech Co Pty Ltd
Abbreviation
FintechFX
Platform registered country and region
United States
Company website
Pyramid scheme complaint
Expose
Check whenever you want
Download App for complete information
This platform is a Ponzi Scheme. Please stay away!
7
Previous Detection :
2024-07-27
- This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
- The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.
- United StatesNFA (license number: 0509912) The regulatory status is abnormal, the official regulatory status is Unauthorized. Please be aware of the risk!
- AustraliaASIC (license number: 493603) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
- This broker exceeds the business scope regulated by United States NFA(license number: 0509912)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!
- This broker exceeds the business scope regulated by Australia ASIC(license number: 493603)Investment Advisory Licence Non-Forex License. Please be aware of the risk!
- The number of the complaints received by WikiFX have reached 4 for this broker in the past 3 months. Please be aware of the risk!
WikiFX Verification
| Benchmark | -- |
|---|---|
| Maximum Leverage | 100 |
| Minimum Deposit | -- |
| Minimum Spread | -- |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | 0.01 |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | -- |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 100 |
| Minimum Deposit | -- |
| Minimum Spread | -- |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | 0.01 |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | -- |
Platform Capital Ratio
--% 
-- --
100%--% 100%
- Fundamental Item(A)
- Total Supplementary Items(B)
- Debt Amount(C)
- Non-Fixed Capital(A)+(B)-(C)=(D)
- Relative amount of risk(E)
- Market Risk
- Transaction Risk
- Underlying Risk
Capital
$(USD)
Meta Trader 4
Full LicensePerfect
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FintechFX · Company Summary
Is FintechFX a Scam？
- Scam Brokers List
FintechFX has been listed on WikiFX's Scam Brokers list. The platform operates as a Ponzi scheme. Please be aware of the scam domains as follows: https://fintechfx.com/https://fintechfx.com/？lang=en
- Regulatory Concerns
FintechFX claims to be owned and operated by MY GROUP FINTECH CO PTY LTD, a company registered in the United States. However, our investigation into the company's regulatory status with the National Futures Association (NFA) indicates that it is classified as “Unauthorized”.
Moreover, the company's Investment Advisory License by the Australian Securities and Investments Commission (ASIC) has been revoked.
All the above means that FintechFX is not validly regulated by any authority. Consequently, investors' funds in this company are unsafe and not protected by any laws.
- Scam Exposure
On WikiFX, “Exposure” is posted as a word of mouth received from users. Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter.
As of now, there are 8 pieces of FintechFX exposure in total. I will introduce 2 of them.
Exposure 1. MIA fakes orders
| Classification | Fraud |
| Date | 2019-06-09 |
| Post Country | Hong Kong |
The user said that MIA colludes with FintechFX, changing clients order data to lead their positions liquidated. All his accounts suffered great losses overnight. You may visit: https://www.wikifx.com/en/comments/detail/208067866308067.html
Exposure 2. Position liquidated overnight
| Classification | Unable to Withdraw |
| Date | 2019-06-05 |
| Post Country | Hong Kong |
The user said that FintechFXs people logged in his account and made all his $20000 position liquidated by setting no stop loss order. You may visit: https://www.wikifx.com/en/comments/detail/208069789704239.html
Scam Disclosure
- 2020-01-01 The Securities Commission MalaysiaListed FintechFX into INVESTOR ALERT LIST
On January 1, 2020, the Securities Commission Malaysia (SCM) issued a warning that FintechFX was included in Investor Alert List. You may visit: https://www.wikifx.com/en/regulator/disclosures/202306291229139866.html？path=2&code=1481932848
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