Finantia TX – Can You Trust Them?

Website URL: https://finantiatx.com

Founded: 2022

Regulations: Unregulated

Languages: English, Mandarin (China), Cantonese (Hong Kong)

Deposit Methods: Unknown

Minimum Deposit: 100,000 VND (~$5)

Free Demo Account: No

Number of Assets: Unknown

Types of Assets: Forex

Trading Accounts and Conditions

Finantia TX does not give any details with regard to their trading accounts. We do not know much in terms of trading conditions either. On their homepage, there is a chart that shows a limited number of currency pairs, and there we see that the broker promises that their spreads are close to zero. The broker also states that their leverage is 1:1000.

In their terms and conditions section, the broker mentions that they charge commissions, transfer fees, dormancy fees and registration fees. The broker also mentions taxes, and other liabilities and costs. However, the broker does not quantify these types of charges.

Finantia TX – Advantages

We could not find anything positive to say about the services offered by Finantia TX, so we left this section of our review blank.

Finantia TX – Disadvantages

Here are all the issues we uncovered which leads us to believe that we are dealing with yet another scammer in Finantia TX:

• Unregulated Broker

Finantia TX claims to be regulated by two separate financial regulators – the FCA (Financial Conduct Authority) in the UK and the FSA (Financial Services Authority) in St. Vincent and the Grenadines. The broker claims that they are jointly operated by Finantia TX Limited (which is regulated by the SVGFSA) and Finantia TX (UK) Limited (which is regulated by the FCA). The broker also provides a registration number for its SVG regulation.

So, we decided to verify their claims. The SVG part was easy. We checked and found that Finantia TX Limited was, indeed, registered with the SVGFSA. However, this does not mean anything from a regulation point of view. This is because the SVGFSA has publicly declared that they do not offer regulatory oversight to forex, CFD and Binary Options brokers. Therefore, even if this broker is registered in SVG, it does not mean the broker is appropriately regulated.

Next, we checked the FCA’s online register to see if the broker had told the truth about being regulated by this financial authority. We found out that Finantia TX has lied about being regulated in the UK. There is no record of this broker or its parent company being registered with the FCA.

What our investigation has revealed is that this broker has lied about their regulation status. This broker is therefore a scammer and is operating outside the bounds of the law.

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

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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.

• Suspicious Software

Finantia TX does not offer any trading software that we have heard of. Instead, the broker offers what it calls its own trademarked software, which is called mF4 Trader. This software needs to be downloaded, which were not comfortable doing, especially considering the fact that we had already found out that this broker was operating illegally and therefore a scam.
It is wise for traders – especially novice traders – to remember that legitimate brokers ensure that they have only the best possible trading platform on offer for their customers. This usually means offering users either the MetaTrader 4 or MetaTrader 5 software. These are the top two trading platforms in the world today. These two platforms are so user-friendly that even novice traders will not have any problems using the software. And for the more experienced traders, there is a massive range of tools to make trading more intuitive and effective.

Thus, the mark of a scam is usually poorly designed or suspicious software like what Finantia TX offers.

• Poor Trading Conditions

While Finantia TX did not even bother giving details about its account types, we did manage to glean some information about some of their trading conditions. We know that their spreads start from zero and that their maximum leverage is 1:1000. There is no way to confirm this information since we were not willing to download their trademark trading software.

If we are to believe what this broker states about their spreads and leverage, this is what we have to say. A spread of zero means there have to be some commissions added, otherwise the broker would be losing money. However, while the broker has admitted that they have commissions and fees, they have failed to mention exactly how much. The lack of transparency is another sign of a dishonest broker.

As for their leverage, it is ridiculously high. Traders need to know the dangers attached to high leverages. While there is a chance of making a big profit, the chance of losing your money is much, much higher. In fact, 75% to 85% of all traders lose money on the market.

This is an issue that even regulators have recognized, and many jurisdictions across the world have now placed limits on how much leverage brokers can offer their customers. So, in the UK (which is where this broker claims to operate from), that limit is set at 1:30. Similar leverage ratios exist in other parts of the world too. What this tells us is that the leverage offered by this broker is not only too high, it is also illegal.

• Unclear Payment Methods

Finantia TX is completely unclear about the payment options they have. And since we could not register for an account, there was no way to confirm the information they did provide.

According to their website, the only currency they will accept is VND – the Vietnamese Dong. And the minimum deposit is 100,000 VND, and the minimum withdrawal amount is 250,000 VND. That equates to approximately USD 5 and USD 110 respectively.

Besides this information, we have no idea how you can make these payments, since the broker has not provided any information about their payment methods. 

Conclusion

Finantia TX is a scam operation, and it would be in your best interests to stay away from this broker.

Finantia TX

2.5

User Experience

3.5/10

Payment Options

2.2/10

Security

2.5/10

Support

2.3/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated Broker
• Suspicious Software
• Poor Trading Conditions
• Unclear Payment Methods