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The WikiFX Score of this broker is reduced because of too many complaints!

FintechFX

United States|Scam Brokers|
5-10 years|Regulated in Australia|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

Contact

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

Broker Information

More

Company Name

My Group Fintech Co Pty Ltd

Company Abbreviation

FintechFX

Platform registered country and region

United States

Company website

Pyramid scheme complaint

Expose

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This platform is a Ponzi Scheme. Please stay away! 7
Previous Detection : 2024-04-17
  • 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.

WikiFX Verification

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Expose

FintechFX · Company Summary

General Information & Regulation

FintechFX is a trading name of My Group Fintech Co Pty Ltd. FintechFX is registered with the Australian Securities and Investments Commission (ASIC, with regulatory license number 493603). While this adds certain level of reliability to the broker, it is not proper regulation, especially taking into account that the company behind FintechFX is incorporated in Saint Vincent and Grenadines.

Market Instruments

FintechFX offers less than 30 currency pairs to trade, gold and silver as well as the energy markets such as oil and gas, indices and commodities. Unfortunately, some popular financial instruments such as stocks or Bitcoin and other cryptocurrencies are not available with FintechFX.

Minimum Deposit

There are two types of account types offered by FintechFX, One of them is Standard account. The minimum deposit is $100 for Standard. There is no commission on the Standard account. Ultimate ECN is another one, offering $1,000 minimum deposit and with USD 10 commission.

Leverage

Fintech FX offers high trading leverage, reaching up to 1:500. However, high leverage ratios may both multiply your profits and your losses. Therefore pls dont forget your risk management strategy and be sure to understand the risks of trading on margin.

Spreads & Commissions

FintechFX does not specify the spreads it offers on the website, it only mentions the commission of $10 applicable to Ultimate ECN account holders. In its MT4 demo account, the spread itself was flaoting around 0.1 – 0.2 pips on EUR/USD, so the average trading costs are around 1.1 pips per standard lot for this pair, which is good pricing.

Trading Platform Available

FintechFX offers the most popular platform MT4. This popularity is owed to ease of use, advanced graphics, a wide variety of automated strategies (Expert Advisors) and technical analysis indicators, personalization options. This offer is an advantage for FintechFX.

Deposit & Withdrawal

FintechFX allows only wire transfer as deposit and withdrawal. Worse still, withdrawals take up to 5-7 business days and are charged at $ 20 each. This is absolutely unacceptable.

User Reviews

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郭长河
more than one year
OFFSHORE COMPANY. THEY DO NOT RESPECT YOUR TIME OR YOUR INVESTMENT AND THEY DO NOT RESPECT REGULATIONS. THIS IS WHY THEY ARE AN OFFSHORE COMPANY. THEY ARE ALSO ILLEGAL, STAY AWAY!
2023-02-21 13:54
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0
0
番茄就是西红柿
more than one year
Never trade with fintechfx! I'm sorry I didn't know about wikifx, a platform where you can quickly check the security of forex brokers. Now their website can't be opened, they must have escaped!
2022-11-30 14:52
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0
0
FX1054428181
more than one year
Notorious scam company! Relying on the fact that they are not under the supervision of any regulatory agency, no one can control them, so they acted recklessly and defrauded many people of their money, and they have not returned my money to me yet. Now they shut down the website and run away, I know I may never get my money back.
2022-11-28 11:40
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0
0
网谈天下~关注民生
more than one year
Don’t ever trade with this broker! I am the victim of this fraud, with all transaction in MT4 are decreased by this Fintech FX’s staff, all my money $5,000 was lost. I tried to contact its supported team, no one answered me! Does anyone experience the same with me? Maybe we can work hand in hand to get our money back?
2022-11-28 09:47
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