Finance in Motion – Is it Legitimate or a Scam?

Website URL:  https://finaria-fx.com

Founded: 2018

Regulations: Unregulated

Languages: English, Italian, French, German

Deposit Methods: Visa, MasterCard, Bank Wire

Minimum Deposit: $5,000

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Currencies, Cryptocurrencies, Commodities, Indices

Trading Accounts and Conditions

Finance in Motion is also called Finaria-FX according to its Italian-version website. It claims to be a top CFD and Forex broker which offers its customers the chance to trade in various types of currency pairs, cryptocurrencies, indices and commodities.

The broker offers 3 different account types. They are:

• Standard Account: This basic account has a minimum deposit requirement of $5,000, a maximum leverage level of 1:200, a spread of 2.5 pips, and a payout of $8 per lot.
• Premium Account: This account type has a minimum deposit requirement of $20,000, a maximum leverage level of 1:200, a spread of 2.1 pips, and a payout of $3.5 per lot.
• VIP Account: The top account type has a minimum deposit requirement of $50,000, a maximum leverage level of 1:200, a spread of 1.5 pips, as well as a payout of $2 per lot.

Finance in Motion – Advantages

There is very little to say about the advantages that this broker has to offer. Here is the single advantage we could find about Finance in Motion:

• Support for the MetaTrader 4 Trading Platform

This is the only advantage that we could find with regard to trading with Finance in Motion – the fact that the broker offers the use of the MetaTrader 4 (MT4) trading platform.

The MT4 platform is the most popular trading interface for traders across the world. Its design is such that traders who are beginners as well as professional traders can use it with ease.

The is equipped with a range of excellent charting options, analytics tools as well as bots for automated trading.

Finance in Motion – Disadvantages

Finance in Motion has so many red flags that we can tell you from the outset that this is not a broker you should be trading with at any time, or you will lose your hard-earned money. Here is the list of issues we have found with this brokerage.

• Lack of Regulation

Finance in Motion is owned and operated by a company called GoldTech Media Services OÜ. While the broker claims that it is headquartered in Germany, its parent company is actually registered in Estonia.

Upon checking the online registry in both Estonia as well as Germany, we have found that neither the broker nor its parent company are authorized to operate a Forex brokerage by either the Estonian or the German financial agencies.

Both Estonia as well as Germany are member states of the European Union, which is a stringently regulated region. The fact that we found no evidence of this broker being regulated with any European financial body means that it is operating illegally.

Using an unregulated broker is very dangerous and you could end up losing your funds or fall victim to fraud. Added to that, when you deal with unregulated brokers, you do not get government protection in case the said broker goes bankrupt or defrauds you.

Plus500

$100

Minimum Deposit

Start Trading

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• CONSOB Blacklisting

The CONSOB (Commissione Nazionale per le Societa e la Borsa), the Italian financial authority has issued a warning against Finance in Motion. The regulatory body has listed this broker as a potential scammer, and has warned its citizens from dealing with Finance in Motion.

• Trading Bonuses

Finance in Motion also offers its clients trading bonuses, which is another red flag for us. According to the terms and conditions mentioned on the broker’s website, clients who have availed of the trading bonus have to achieve an unknown target trading volume before they are allowed to withdraw their funds.

This is a typical strategy employed by scammers to rob unsuspecting traders of their money. The target trading volumes are usually so high that they are virtually unachievable and the trader ends up never being able to withdraw earnings.

And that is why trading bonuses are prohibited in most regulated markets.

• Massively High Minimum Deposit Requirement

Finance in Motion will only allow you to open an account with them if you first deposit a minimum of $5,000. The industry standard is $100 to $250. Our warning to you would be to never make such a huge initial deposit until you have actually tested the trading conditions for yourself with a nominal amount – even when you are dealing with a regulated trader.

• Transaction Conditions are Suspicious

The terms around withdrawals and other transactions are also very suspicious. Withdrawal fees are not stated, which means you will not know how much you will have to pay until you actually try to withdraw your funds.

Furthermore, there is no information about how much you would need to pay for various transactions, such as trading fees, or even dormancy fees.

The terms also stated that the broker would take 21 days to process withdrawal requests, which is highly suspicious.

• No Demo Account

Finance in Motion does not offer any demo account either, which means that you cannot verify the trading conditions or even test their platform without spending real money.

• MT4 Platform Offered by Third Party

While the broker claims to offer the MT4 trading platform to its clients, a closer inspection shows that this platform is actually owned by a third-party company called Titanium Tech Solutions Limited. This is another red flag, since legitimate brokers offer their own licensed MT4 platforms.

Conclusion

After going through all the details about Finance in Motion, we conclude that this is a highly suspect broker that is not safe to deal with. We would advise you to not deal with this broker in any way.

Finance in Motion

3

User Experience

3.5/10

Payment Options

3.0/10

Security

3.2/10

Support

2.8/10

Reputation

2.5/10

Pros

• MT4 Trading Platform Offered

Cons

• Unregulated
• Blacklisted by CONSOB
• Extremely High Minimum Deposit Requirement
• Suspicious Transaction Conditions
• MT4 Platform Offered by Third Party