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No valid regulatory information, please be aware of the risk!
Finex Trade is a Forex broker that was blacklisted by the UK financial watchdog FCA. An official warning being issued by a financial regulator is the ultimate proof that a certain broker is a scam and you should avoid it.
Apart from the warning itself there are many other red flags that we managed to detect while doing this review, which undoubtedly prove that Finex Trade is a fraud. Find out everything you need to know about this Forex broker in the full Finex Trade review.
Finex Trade presents itself as an FCA regulated Forex broker which is run by FINEX CAPITAL MANAGEMENT LLP and acting on behalf of its parent companies operated by FINEX Ltd. But upon searched through the register of FCA and instead of a license the result found was a warning, stating that Finex Trade is a clone firm. Clone firms are abusing the names of a genuine firm, its registration numbers, reference numbers or other legal details linked with the authorized company. In this way the scammers are trying to mislead the people and trick them into believing that they are dealing with a legit Forex broker.
Therefore Your funds are in danger if you make a deposit with Finex Trade, its an unlicensed, unauthorized and unregulated, proven to be a scam Forex broker, which should be avoided. Report to WikiFX immediately if some of their representatives contact you, offering products and services.
There are bonuses, however, offered by Finex Trade, starting from 10% on the deposit. The bonuses and similar to them trading incentives are banned in Britain, which once again proves that Finex Trade is a scam Forex broker, trying to defraud the traders.
ACCOUNT AND LEVERAGE
The broker offers five account types for traders to select with, starting with Basic account with minimum deposit of $250 and spreads floating of 2.0, then Siocer account with minimum deposit of $1000 and spread floating at 1.1. Then Gold account type with minimum deposit of $5000 and floating spread of 0.8-1.2. Platinum account with minimum deposit of $10000 and and a floating spread of around 0.6-1.2. And then the last account type which is diamond with minimum deposit of about $25000 and 0.4-1.2. Even though based on the reviews from others, it shows that those spreads highlighted on their website are fake.
The leverage is said to be of up to 1:500, which undeniably proves that Finex Trade has nothing to do with FCA regulation, because the British watchdog has capped the maximum leverage that can be offered by the licensed Forex brokers at 1:30, as a customer protection measure.
The available Trading instruments on offered by this broker includes :forex, commodities, indices, and stocks.
Finex Trade does not offer Metatrader4 or Metatrader5 accounts to the traders, instead they are providing the customers with some web-based platform having a strange address- web.trading-space.com. It is a red flag itself, because you are being redirected to some totally unknown page that hasnt been mentioned anywhere on their web-page. Demo trading is possible, however, which is probably the only positive thing that we can say about this Forex broker.
DEPOSIT AND WITHDRAWAL METHOD
The minimum deposit is said to be $250, and the funding methods are supposed to be Credit/Debit cards, wire transfers and Bitcoin. We cannot confirm that these payment systems are available, however, because we were unable to visit their website. Definitely a major red flag, its yet another proof that Finex Trade is a scam.
No minimum withdrawal amount and no withdrawal fees known, which is a red flag.
No dormant account policy and no fees for inactivity known, which is a red flag.
Although All of the other contact information that the broker has provided matches perfectly with the one in the warning as well, but the said the that clients can reach them through those phone numbers and emails. provided.
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