Freedom Finances – Are They Safe?

Website URL: https://freedom-fin.com

Founded: 2022

Regulations: None

Languages: English

Deposit Methods: Wire Transfers, Credit & Debit Card

Minimum Deposit: $250

Free Demo Account: Not Available

Number of Assets: N/A

Types of Assets: Currency Pairs, Commodities, Shares, Indices, Digital Money

Trading Accounts and Conditions

Freedom Finances offers their clients three different types of trading accounts. They are:

• Basic: The minimum deposit is $250, and you are given a 5% to 10% Welcoming bonus. Leverage ranges from 1:100 and 1:200. There are no commissions.
• Premium: The minimum deposit is $2,500 and you are given a 5% to 15% bonus Each Time You Bring a Friend. Leverage ranges from 1:200 to 1:300. There are variable commissions which are discussed with you in advance.
• Business: The minimum deposit is $25,000, and you are given a 5% to 15% bonus Each Time You Bring a Friend. Leverages offered are 1:200, 1:300 and 1:400. Variable commissions are applied which are discussed with you in advance.

There is no mention of the spreads that this broker offers. However, we found out that the spreads started from 0.3 pips for the EURUSD pair after checking their trading platform.

Freedom Finances – Advantages

There are no advantages to be found in Freedom Finances.

Freedom Finances – Disadvantages

Here are the reasons why we would not recommend Freedom Finances to anyone:

• Anonymous and Unregulated Broker

The first issue we found with this broker is that they are operating anonymously and illegally. All brokers need to provide all their corporate information, however, with Freedom Finances, we do not know anything about them. There is no parent company mentioned. There is no physical address provided. There is only a US telephone number provided.

We could assume that this broker is based in the US, but when you go through their legal documents, then you find that the broker states that they are governed by the laws of Estonia and St. Vincent and the Grenadines (SVG).

Now, here are all the red flags with this information. To operate in the US, you need to be regulated by the CFTC (Commodity Futures Trading Commission) and they also need to be members of the NFA (National Futures Association). This broker is definitely not regulated by the CFTC or a member of the NFA.

Next, to follow the laws of Estonia, Freedom Finances would need to be regulated by their financial regulator, the Finantsinpektsioon (Financial Supervisory Authority), or any other EU-member country’s regulator. We checked the Estonian regulator’s online register and found that this broker is not regulated by them either.

And finally, St. Vincent and the Grenadines is an offshore location and this country does not have any regulations in place for forex and cryptocurrency brokers; the Financial Services Authority (FSA) of SVG has made this publicly clear. Therefore, even if this broker is actually based in SVG, they are not regulated.

Everything we have found about Freedom Finances’ regulatory status tells us that we are dealing with an anonymous and unregulated broker, which means that this is a scam operation.

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• Poor Trading Platform

Freedom Finances offers their clients a very basic web-based trading platform. This platform allows you to trade, has a few features to help with market analysis and charting and that’s about it.

Most legitimate brokers offer their clients the best possible trading platform they can offer. This usually means offering the MetaTrader 4 or MetaTrader 5 platforms. These are the world’s best platforms, each software offering traders a wide range of tools and features that make trading almost intuitive.

It is only the scammers who will either have basic platforms such as the one offered by Freedom Finances or not have a platform at all.

• Issues with Trading Conditions

A minimum deposit of $250 is not bad, but it isn’t great either. However, this is not the issue we have with Freedom Finances’ trading conditions. Let’s talk about leverages first. Rather than have a maximum leverage ratio limit, this broker provides options in leverage ratios. So, you can have a leverage of 1:100, 1:200, 1:300 or 1:400, depending on the account type you have chosen.

Considering the fact that this broker is targeting customers in the US and in the EU, we would say that this leverage is much too high. Because of the dangers associated with high leverage ratios, most jurisdictions around the world have placed limits on the maximum leverage brokers can offer. So, in the US, that figure is 1:50 and in Europe, it is 1:30. So even if you look at the least leverage ratio that this broker is offering, it is too much – and illegal.

And while there was no information about the spreads on their website, Freedom Finances’ platform showed a spread of 0.3 pips for the EURUSD. Such a tight spread is just not possible unless there are massive fees and commissions attached. And since this broker has not mentioned the fees, this is very suspicious.

• Very High Processing Fees

While we cannot comment on the payment methods offered by Freedom Finances, we can definitely raise a red flag about the kinds of fees they charge for using the payment methods they do offer. If you use the wire transfer option, you have to pay $50 for every transaction. For a credit card transaction, you have to pay $25 plus a $10 processing fee. Added to that, there will be an additional 10% of the amount you have withdrawn charged if your account hasn’t been verified or you have not reached a turnover target of 200 times. The same charges apply in case of refunds.

Conclusion

So, we can now answer our question: Is Freedom Finances safe? The answer is: No. This is not a broker that you should get entangled with; they are a scam and investing with them means that you would lose all your funds.

Freedom Finances

2.4

User Experience

3.0/10

Payment Options

2.0/10

Security

2.6/10

Support

2.1/10

Reputation

2.2/10

Pros

• None

Cons

• Anonymous and Unregulated Broker
• Poor Trading Platform
• Issues with Trading Conditions
• Very High Processing Fees