Online trading has always been a popular trend, but it saw its popularity surge in the last couple of years for several reasons. Cryptocurrencies were added to the mix and this drew a lot of people, along with the COVID-19 pandemic eliminating, or limiting, a lot of traditional sources of income. But, this popularity comes at a price because criminal activity has also increased in the space, which means the number of scam brokerages has multiplied. This FinexTrader review is an example of just how these fraudulent platforms are operating in the market.
Statistics show that scam broker trading platforms are successfully exploiting people and this primarily happens because people make the mistake of not doing their due diligence. When it is the internet, it is not what is on the outside that is important; it is the inside that matters and this is something that people are missing out on. Most of the victims of these scams share that they were drawn in by a brokerage’s website because it looked very professional, or it seemed to have all the tools and services they were looking for. This is exactly what you need to be wary of.
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Your decision to use a broker’s services should not depend on their website, or their claims; you need to be diligent and ensure there are no troubling issues before you go ahead and make a commitment. If the company is a scam, it will become apparent. You will see it yourself when you go check out FinexTrader that is presented as a world-class forex and CFD brokerage, offering access to hundreds of trading instruments. The website has a clean and precise interface and it seems that all relevant information has been provided.
The offerings also seem to be just what most traders require, which makes FinexTrader appear like the right option. But, a little bit of diligence reveals some troublesome details about this broker. Want to know what they are? You can check them below:
Lack of licensing
If you are looking for an online broker, your top priority should be to find one that is licensed and regulated. Opting for a licensed platform can keep you safe from scams because fraudulent ones are never going to be able to pass the screening process involved in getting a license. That is the whole purpose of regulation; ensuring that only genuine companies operate in the market that are capable of providing transparent and fair services. With licensed brokers, you can get quality trading services and also benefit from security, which makes them a sound choice.
Unfortunately, when you do your diligence, you will come to know that FinexTrader is not a licensed and regulated brokerage. It has made no mention of it on its website anywhere; you can go through the presentation and not find any hints. As a matter of fact, it seems that you are dealing with a completely anonymous brokerage because there is no information about the company at all. You will not find any corporate address, or background, so you cannot check for licensing on your own.
Similarly, there is no contact number provided for you to get in touch with the FinexTrader team. They have only shared an email address, which is not helpful in any way. When you go through the Terms and Conditions of the brokerage, then you will come to know that they comply with the laws of Saint Vincent and the Grenadines. Again, this does not help because it is an offshore zone that does not regulate its forex industry, which means there are no rules. In fact, SVG is known as a scam haven because of this lack of regulation, which means that FinexTrader cannot be considered reliable.
Bonus availability and the policy
The next troublesome detail that you will find about FinexTrader is that it is offering a trading bonus to its clients. As appealing as a bonus sound, you should remember that this particular practice is no longer considered welcome in most countries around the world. This has happened because of the policies associated with them and you will understand it when you go through the bonus policy that FinexTrader has devised.
As per the terms, those who receive a bonus at FinexTrader will have to achieve a minimum turnover requirement before they are permitted to make a withdrawal from their account. First off, no legitimate brokerage would ever block your access to your own funds. Secondly, you will find that the turnover requirement mentioned is impossible to achieve. Even professional traders are unlikely to come close to it, which means your funds belong to the broker.
Stealing information and money
It gets worse as you continue your diligence, particularly when you notice the two benign icons labeled AnyDesk and TeamViewer on the FinexTrader website. They appear to be harmless at first glance, especially when you do not know what they are. But, you will eventually find out that they are remote desktop applications developed to give users access to their PC environment over the internet, regardless of location.
This sounds very convenient, but there is a catch here; FinexTrader will ask you to share installation details with them when you download any of these remote desktop apps. This means they get access to your PC and everything on it, including any sensitive data like your credit card numbers and passwords. Thus, they can steal your information, along with your hard-earned money.
High minimum deposit
To open an account with a broker, you have to make a minimum deposit. Nowadays, thanks to the competition, most platforms allow you to open a micro account with just $10. Therefore, it comes as a big shock when you find that FinexTrader is asking you to deposit at least $5,000 to do so. This is just excessive, especially when the standard deposit amount does not exceed $250. But, it sounds apt for a scam brokerage because they are likely to get just a one-time payment before their jig is up.
Bottom Line
These troublesome details reveal that FinexTrader is a forex scam and is not the brokerage it claims to be and is best shifted in the rejected pile.
