Abstract：We all know forex is risky. Examine a broker's regulatory status before investing to avoid a Forex scam. FinexTrader is a phony forex broker since it claimed to be licensed, but none of the regulators are correct. If you don't know what a regulator does or who the forex regulators are, you're in danger.
We are all aware that forex trading is a dangerous trade. To prevent fraud as a Forex trader, it is important to examine the regulatory status of a certain broker before investing. FinexTrader is an example of a fake forex broker since it claimed to be licensed but after further research, none of the regulators cited are correct. If you don't understand what a regulator does or who the world's forex regulators are, you're on the verge of slipping into this kind of trap.
FinexTrader is a UK-based online trading broker owned by Finex Group Ltd and situated at 173 Latchmere Road, London, SW11 2JZ.
FinexTrader begins with a highly bright website that seems to be designed to celebrate the arrival of a new year rather than a broker. It was also excruciatingly sluggish to load, irritating in its lack of consistency, and very glitchy. It was a hassle to go through, and it certainly made our experience with FinexTrader worse than we expected. And we haven't even gotten started on the other features that each broker, including FinexTrader, defines. So keep reading to learn more.
According to its official website, the name FinexTrader is licensed by RBEM, MFA, and SFINS, all of which are currently renowned as major forex broker regulators. However, based on their location, we can determine whether they are indeed regulated by one of the world's most respected authorities, the UK FCA.
There are no results when their names are searched on the FCA's official website.
The clause that is unreasonable
Many individuals are not used to carefully reading the Conditions and Conditions, so when there is a problem with the trades, some fraudsters may discreetly put some absurd terms and claim that everything was agreed to in advance by the investor.
It, like FinexTrader, states that it reserves the right to stop a customer's usage of the website at any moment for any reason and without prior notification to the client. When a consumer signs such an absurd provision, whether legal or not, it becomes a justification for fraudsters when complaints arise.
The hoax was discovered by WikiFX around a month ago. Over time, authorities have increased their monitoring of scammers. Three separate forex authorities have issued warnings to FinexTrader during the last three months.
See how CONSOB alerted FinexTrader here: https://www.wikifx.com/en/newsdetail/202209136304627931.html.
The Austrian Financial Market Authority (Austria FMA) has issued a warning that FinexTrader is not allowed to carry out financial operations in Austria that need a license, implying that the firm is not licensed to do forex trading.
FinexTrader is not permitted to offer forex services in France or Italy, according to France's Autorité des Marchés Financiers (AMF) and Italy's Commissione Nazionale per le Società e la Borsa (CONSOB).
Every forex trader should be familiar with forex regulators, and WikiFX may be of great assistance in gathering all broker information.
WikiFX Support may also assist in recovering cash from fraudulent forex brokers. You may get in touch with them using the information provided below.
WikiFX is a search engine for worldwide corporate financial information. Its primary duty is to search for basic information, regulatory licenses, the credit assessment, platform identification, and other services for the participating foreign currency trading firms.
There are about 39,000 brokers listed on the marketplace, both licensed and unregistered. WikiFX's staff has been working hard with 30 financial regulators from across the world to guarantee that the information supplied is accurate and up to date.
You can check out more of FinexTraders on WikiFX Dealer Page
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WikiFX App may be downloaded via the App Store or Google Play.
Prevention is better than cure, this is why it is important to download the WikiFX app. WikiFX is a forex broker inquiry app, which allows traders to verify and review brokers before they use them. WikiFX is preventing scams in the forex market, just like this one.
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