Beware! FinoMarkets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Despite FinoMarkets trying to look all hip and unique, an effort, by the way, that seems to be forced rather than chosen, we cannot ignore the signs that the broker is indirectly giving us. As a matter of fact they are many, and so clear to us that we immediately knew the type of broker we were dealing with the moment we stepped in the website. We have reviewed similar looking websites, most of them owned by unlicensed and shady parent companies. Read the review to find out all there is to know about FinoMarkets.
Both the account creation process and the following user area are a clear reminder that we are dealing with a copy-paste type of broker. By that, we meant that FinoMarkets has recycled scammer broker elements -much like thousands of others before it have done and thousands of others in the future will do- and has labeled them its own. This is classic.
The shallow web trader revealed to us the following available tradeable assets: forex currency pairs, stocks, indexes, cryptocurrencies, and commodities. The EUR/USD cost of trade is ridiculous, at 8 pips. We could not trace any leverage value anywhere.
The website of the broker is accessible in English, French, Portuguese, Italian, Spanish, German, and Polish.
FINOMARKETS REGULATION AND SAFETY OF FUNDS
The contact address place the broker in the UK. There is no way that the UK is the legal home to this broker. It may be located there, and if it is it’s operating without a license. We assure you of this.
Another not-so-clear sign of the broker’s illegitimacy is the length of its legal documents. Usually, they span over 50 or more pages, we’re talking the terms and conditions here, but with FinoMarkets there is no such thing. Short legal docs mean that the broker does not cover nearly enough legal points, which exposes the user to more risks.
Yet, given their short length, the terms and conditions did not forget to mention the confusing provision stating that the broker is applicable only in jurisdictions where the local laws allow it. Well, obviously that’s true, but the problem is that FinoMarkets does not say where it is registered (the UK address is out of the equation). Thus this claim is nothing more than a tool to deceive users.
All in all, FinoMarkets is a typical illegitimate broker and an UNLICENSED one, making it a risk to all investments!
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
FINOMARKETS TRADING SOFTWARE
This is yet another common web trader for the scammer broker community.
There really aren’t too many options here, and the ones that are present will get boring very fast.
It also contains a third-party chart that in no way reflects the broker’s trading conditions. The presence of such a graph is a sign that the broker is unlicensed!
FINOMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
The only deposit method as seen in the user area is a wire transfer. However, the only way to invest is to contact the administrator. Therefore, we could not gather a minimum deposit through the client area. We found no minimum deposit requirement anywhere on the site. The average one is $250.
The only thing we learn from the withdrawal area is that the minimum amount is $100. There is no further withdrawal information anywhere to be disclosed. Unfortunately, we have to rely on our own speculations.
With that said the usual processing time is around 3 to 5 days, while withdrawal fees depend on the broker. However, scammer brokers tend to have hidden fees.
In any case, we don’t encourage clients to invest in FinoMarkets. This broker is a scam, unregulated, and a sure risk to all investments and users!
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!