FinexTrader – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FinexTrader - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
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://finextrader.com
Founded: 2022
Regulations: None
Languages: English, Spanish, German, French, Italian, Greek
Deposit Methods: HIGHPSP e-wallet (Blocked)
Minimum Deposit: €250
Free Demo Account: No
Number of Assets: N/A
Types of Assets: FX Pairs, Real Stocks, Indices, Stock CFDs, Cryptocurrencies, Commodities, Futures, ETFs
Trading Accounts and Conditions
FinexTrader has not provided any information at all about the kinds of trading accounts they offer or the trading conditions they have in place. We do not know anything except that the minimum deposit requirement is €250.
FinexTrader – Advantages
There are no advantages to trading with FinexTrader.
FinexTrader – Disadvantages
Here are all the red flags that have led us to believe that FinexTrader cannot be trusted and is a scam:
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Issues with Regulation Status
The broker claims that their website is operated by Finex Group Ltd. In their About Us section, the broker claims to be an award-winning and regulated broker, however, they do not specify which jurisdiction they are regulated by.
In their Contact Us section, the broker provides us with a UK address and telephone number. In their Terms and Conditions section, this broker claims to be regulated by the laws of the UK, but not explicitly by the country’s regulator – the FCA (Financial Conduct Authority).
However, in another section of their website, the broker claims to be regulated by a body called the International Regulator Brokerage E-Markets – IRBEM. We checked and found out that this so-called body is actually a fake organization, a scam regulator set up by scam brokers!
In yet another part of their website, FinexTrader claims to be regulated by the MFA – but the broker does not specify what the MFA is. In still another section, this broker claims to be regulated by the Swiss Financial Securities or SFINS. This is yet another bogus claim, since the real Swiss regulator is called the FINMA – the Swiss Financial Market Supervisory Authority.
To operate out of the UK, brokers need to be regulated by the FCA. And to operate out of any of the EU member nations (which is where this broker seems to be targeting), brokers need to be regulated by any one of the EU member nations’ regulators. FinexTrader has no such license or authorization. In fact, all this broker has done is lie about their regulation status.
Thus, based on our investigation, we can conclude that this broker is not regulated at all and is actually a scammer.
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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Incomplete Legal Documents
The first thing that we had an issue with is that we had to download their legal documents. Once we did so, we found out that they Terms and Conditions are couched in generalities. There are no specific terms of service. Nothing that tells us what this broker is offering as a service and what their conditions for those services are – no information on commissions, fees, policies and so on.
This clearly tells us that we are dealing with a scammer, since authorized brokers are legally required to have detailed legal documents in place.
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Poor Trading Platform
FinexTrader would like us to believe that they are actually offering the MetaTrader 4 platform to their clients. However, when you read through their website carefully and actually access their platform, you realize that what you really get is a poorly designed WebTrader software – one that we have seen a little too frequently on other scam websites.
This broker has a shabby trading platform that doesn’t do much more than offer a buy and sell option. And this tells us that we are dealing with a scammer.
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Issues with Trading Conditions
The first issue we have is with the fact that FinexTrader does not bother to specify what types of trading accounts they offer. It seems that this broker offers a one-size-fits-all type of trading account!
Added to that, they have not bother to specify what their trading conditions are. So, first we have a really shoddy trading platform, and then we do not even get to know the trading conditions this broker is offering.
All we get to know from their website is that there is a minimum deposit requirement of 250 Euros. Beyond that, we needed to log into their trading platform to find out more. And we didn’t find out much more.
We only found out that the leverage was maxed at 1:500 and that the spreads start at 0.0 pips.
A leverage that high is not only seriously risky, but it is also illegal in all the jurisdictions that FinexTrader is targeting. Added to that, no broker can offer 0.0-pip spreads without having rather hefty commissions and fees in place. Otherwise, this kind of a spread would lead the broker into losses.
All of these points only serve to highlight this broker’s scam.
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Issues with Funding and Withdrawal Policies
This broker continues to withhold information at every point. We do not know what the funding methods are. We checked their user area and found out for ourselves the one and only funding method is an e-wallet called HIGHPSP.
And here’s the interesting part: this e-wallet was blocked and we were instructed to get in touch with the broker in case we wished to deposit funds!
What is of greater concern is the fact that we could not find any information on HIGHPSP – we not know what this e-wallet actually is.
As for the withdrawal policy, there doesn’t seem to be one! We do not know if there is a minimum withdrawal requirement. Or if there are fees attached to withdrawals, or even how long does a withdrawal request take.
Considering the fact that we know FinexTrader is just another scammer, it is completely possible that there isn’t any withdrawal policy because you will never get a chance to withdraw your funds anyway!
Conclusion
FinexTrader cannot be trusted. This broker is a scam.
FinexTrader
Pros
- None
Cons
- Issues with Regulation Status
- Incomplete Legal Documents
- Poor Trading Platform
- Issues with Trading Conditions
- Issues with Funding and Withdrawal Policies
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.
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