Financial Agent – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Financial Agent - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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.
Website URL:https://financial-agent.com
Founded:2020
Regulations: Not Regulated
Languages: English, Chinese
Deposit Methods:Unknown
Minimum Deposit:Not Specified
Free Demo Account:No
Number of Assets:N/A
Types of Assets:Indices, Commodities, Foreign Currencies
Trading Accounts and Conditions
This broker has not provided any details about the types of trading accounts it offers. There is also no information given about its trading conditions. However, while trying to register for an account with Financial Agent, we saw that the maximum leverage was set at 1:1000.
Financial Agent– Advantages
We could not find anything that could be considered an advantage with this broker.
Financial Agent – Disadvantages
Here are all the reasons why we would recommend that all traders not trade with Financial Agent.
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Anonymous, Unregulated Broker
Before you sign up with any broker, the first thing you need to check is its legitimacy – is it operating illegally or not. Therefore, we checked this broker’s credentials.
We found that there is no information about the company that runs this brokerage. There is no company information, contact details, its location, etc. This means that this company is operating anonymously. And this is a clear signal that we are dealing with a scammer.
Next, because there is no information on this broker’s website about its regulation status (no license number, no registration number, no location, no company information), we can conclude that this broker is operating illegally without any proper authorization.
Regulated brokers, especially those who are regulated strongly, such as those by the UK’s FCA, are expected to protect their clients’ interests – the authorities make sure of it. In case your broker scams you or goes bankrupt, then your funds will be protected, and you can even get compensation for lost funds. However, with an unregulated broker like Financial Agent, there is not such protection that you are afforded. In fact, it will be almost impossible for your to get your money back from such scammers.
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.
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.
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MT5 Platform in Another Company’s Name
Financial Agent offers its clients the use of the MetaTrader 5 platform. Normally we would put this as a huge advantage. The MetaTrader 5 or MT5 platform is one of the best trading platforms in the world. It has a wide range of tools that can help with trading –customizable market indicators and charts, Expert Advisors (trading bots), financial calendars and so much more.
The problem we have here is that this platform is not registered in this broker’s name. This platform is registered under the name of a company called EastCentury Capital.
And finally, there is no free demo account with which we can actually test this broker’s trading conditions.
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No Trading Account and Trading Conditions
As we mentioned earlier, this broker has not given any information on the types of trading accounts it has on offer – we do not even know if there are, in fact, any working trading accounts at all.
The broker has also failed to provide trading conditions. We do not know what the spreads are, what the transaction fees are and the only way we found out the leverage was because we tried creating an account with this broker and we were able to espy the leverage, which is at a massive 1:1000.
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Very High Leverage Ratio
Financial Agent offers its clients a maximum leverage of 1:1000, which is just too dangerously high. Financial regulators in the top forex markets have limited the leverage ratios to a maximum of 1:30, 1:40 and 1:50 (UK, Europe, US/Canada). This is because they understand how dangerous high leverage ratios can be.
While it is true that getting a high leverage means that you can invest more and therefore stand a chance to earn more, chances of your losing all your funds are much higher. Statistics show that 75% to 85% of all trades end in losses, so higher leverages mean huge losses.
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No Minimum Deposit Mentioned
Financial Agents hasn’t even bothered to mention the minimum deposit you need to make to open an account with them. The fact that such basic information is missing makes it so apparent that this broker is simply out to scam unwary and novice traders.
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No Payment Methods Mentioned
Some more critical information is withheld. Financial Agent does not bother to tell us what payment options it offers. We do not know whether you can use a bank card for your transactions, a bank wire, e-wallets or even cryptocurrencies.
This lack of transparency is just another indication of a scammer.
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No Information on Withdrawal Policies
The black hole of information continues. Financial Agent hasn’t even provided information on its withdrawal policy. We do not know what fees you will be charged in you wish to withdraw your funds. We do not know the processing time for a withdrawal request. We basically do not have any information about this.
We can say for certain that there will be fees charged. We just don’t know what they are going to be. This is a typical tactic used by scammers –withholding key information from their customers until they have already registered and then have no choice but to comply with the broker’s demands.
Conclusion
There are so many things wrong on so many levels with this brokerage that it should be apparent to everyone that it is a scam. Financial Agent is operating without a license and anonymously. Its trading platform is registered to another company, its leverage ratios are ridiculously high, there is no information on its trading conditions, trading accounts or even minimum deposit requirements. And there is no information on the policies or payment methods.
All in all, this is a pure scam, and it would be advisable to stay away from Financial Agents.
Financial Agent
Pros
- None
Cons
- Anonymous, Unregulated Broker
- MT5 Platform in Another Company’s Name
- No Trading Account and Trading Conditions
- Very High Leverage Ratio
- No Minimum Deposit Mentioned
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.