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There is no doubt that the advent of the internet has brought a horde of advantages for people and conveniences. Online trading wouldn’t have been possible without it and it is undoubtedly a big benefit because you can trade from anywhere and anytime. Of course, brokers are the ones who facilitate people and there are plenty of them to be found. However, scam brokers have also popped up and this is one downside people have to deal with. Over the years, these scammers have become rampant masquerade as legitimate platforms to confuse people. This Finexoinv review can show you just how they go about it.
Yes, it is important for you to learn about scam brokers and their tactics because you certainly don’t want to fall into their trap. It is easy to fall into their trap if you don’t know how to be able to spot them. This is how they have managed to exploit so many people out there and you don’t want to end up the same way. Do you want to hand over your hard-earned money to a scammer? No one wants to do that and you can prevent it by knowing just what makes a broker a scam.
Claiming to be one of the most renowned brokers in the market offering forex and CFD trading services, Finexoinv will catch your eye because it is offering low latency connectivity, unrivaled and deep liquidity, raw spreads that start from zero, cutting-edge trading platforms and leverage that goes as high as 1:500. It sounds like a package any trader could wish for and this is exactly what these fraudsters do. They create such offerings that are bound to draw the eye, as Finexoinv claims to want to revolutionize the world of forex trading.
Most people would be eager to sign up with Finexoinv, given that it is such a comprehensive trading solution, but you need to know its reality before you take any step. This is because the broker is an outright scam and you will come to know it soon enough. What makes it a scam? You can find some reasons below:
It has been blacklisted by Italian authorities
Before you register with any broker, it is best for you to look into its background to determine its authenticity and you need to do the same in the case of Finexoinv. You will find that the broker claims to be owned and operated by a company named STRAT LTD, which is registered in Saint Vincent and the Grenadines. The problem is that this is an offshore jurisdiction and they do not regulate their forex industry, which essentially means that you are dealing with an unregulated platform.
If that wasn’t a problem enough, you will also discover that CONSOB, the financial regulator in Italy, has issued a warning against Finexoinv. The broker may claim to comply with regulations, laws, rules and policies, but it does nothing of that sort.
It is an anonymous broker
As aforementioned, the company that owns and operates Finexoinv is based in St. Vincent and the Grenadines where there is no regulation and this renders the broker completely anonymous. As you cannot verify the credentials of the company in the register of an official regulatory authority, you cannot be certain that their address is authentic. Furthermore, offshore companies by definition are more or less anonymous. There is no information about who is actually behind the broker, so you have no idea who you are dealing with. If the broker was to up and disappear, you would have no one to turn to for assistance.
It has unusual withdrawal conditions and fees
The problems that you will find when you check Finexoinv are not over yet because you will discover some unusual withdrawal conditions they have. Since they are an offshore and essentially unsupervised broker, it appears that they can just come up with just about any excuse for canceling your withdrawal requests altogether. They have linked the cancellation with a trading bonus, which has become a common tactic of scam brokers.
The funny part is that they have set some minimum volume requirements that you have to achieve even without a trading bonus. Otherwise, you will be charged a levy of 10%, along with the other withdrawal processing and handling fee that Finexoinv apparently charges. Moreover, they have clearly said on their website that they do not have a time frame for processing withdrawals, which means you will have no idea when your request will be processed. This is essentially code for not processing requests at all.
It doesn’t appear to have a trading platform
The feature of a broker that allows you to start trading in the financial markets is their trading platform and you have to have access to a good one in order to enjoy a good trading experience. When you check the Finexoinv website, they do promise cutting edge platforms, but there are no other details provided. As a matter of fact, even after you register yourself, you will not be able to access their trading platform, which means there is a possibility that they don’t have one at all. Yes, this is also common in scam brokers, as their goal is to just get your money, so they don’t really bother to add a platform. Legitimate brokerages, on the other hand, will offer you the MT4, or the MT5 trading platforms that are well-known and recognized in the markets.
It has a high minimum deposit
When you open an account with a broker, you are asked to make a minimum deposit and this is also applicable in the case of Finexoinv. But, what is alarming is that their Micro Account requires a whopping deposit of $1,000, which is four times the average minimum deposit that authentic brokers ask for.
Taking all of these problems into account, you can easily see that Finexoinv does not have any characteristic of a legitimate broker and has all the hallmarks of a scam.