Finvestmenthouse review – 5 things you should know about finvestmenthouse.com

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Beware! Finvestmenthouse is an offshore broker! Your investment may be at risk.

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Finvestmenthouse or Fisher Investment House, as they call themselves, is an offshore broker we are going to review in this article. We’ll intentionally call them Finvestmenthouse, and you’ll see why in the following text. It’s one of the very few allowing Cannabis CFDs trading, which is a weird offer nonetheless. In fact, the instrument they claim to offer is highly unpopular, so we can reasonably suspect price manipulation simply because there is no way we can make a comparison. However, there is something much more important about this broker, and we are going to reveal it in the full Finvestmenthouse review.

Finvestmenthouse REGULATION AND SAFETY OF FUNDS

Finvestmenthouse allegedly originates in St. Vincent and the Grenadines, which is a major problem. The island is a shady tax haven, and the companies registered there are virtually anonymous, so you don’t really know who are the people you are dealing with. The financial authority SVGFSA poorly regulates its financial markets, and the brokers operating there are neither licensed nor controlled in any possible way. The regulation deficit is the single most important reason making St. Vincent and the Grenadines overcrowded with scammers and you should always be cautious when you see a company registered there.

However, something even worse about this broker came about. The company running the business is CCAI Limited and it was detected by the Spanish regulator CNMV, which issued a warning exposing it as a scam. Your funds will be in danger if you deposit with Finvestmenthouse because it’s a proven fraudulent scheme that you should avoid.

Also, Finvestmenthouse puts a UK address on the website, which actually belongs to a company named Fisher Investment House, but it has nothing to do with this fraudulent broker. Moreover, the British company is already dissolved, so Finvestmenthouse turns out to be a clone firm. Clones pretend to work for authentic companies and abuse their names, addresses, license numbers etc. Scammers do it to make people believe they are dealing with legit business, and that’s a very basic but really dangerous strategy. Finvestmenthouse is a dirty scam!

That said, we can offer high-rated EU brokers and British brokers, which are trustworthy and stringently regulated. The European companies are secured by deposit insurance funds, laid down to protect clients’ money in case of insolvency or fraud, and that’s why we highly recommend those. For example, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are of even up to 85 000 GBP per person.

Finvestmenthouse TRADING SOFTWARE

Finvestmenthouse’s trading software is web-based and can’t offer anything over MetaTrader4. The platform is inferior, ugly and has no advanced trading tools whatsoever. Worse, though, only cryptocurrencies are available, which is a major red flag because those instruments are seen as prone to fraud and price manipulation. The trading is also pretty costly because the BTC/USDT Buy/Sell difference is around $180, which is a rather unfavourable spread. Many other brokers offer BTC CFDs at the price of $50 to $100, so it’s not worth wasting your time with already an exposed scam.

Instead, you’d better consider the MetaTrader4 brokers and MetaTrader5 brokers topping both lists. The MT platforms feature advanced tools such as Expert Advisors, complex indicators, and first-class charting tools, which are also very easy to use. MetaTrader also comes with a Marketplace where traders and investors can find more than 10 000 apps and third-party developed solutions.

The default leverage with the starter account is 1:200 and can get up to 1:400, depending on the sum clients are ready to deposit. Alarmingly, no level adjustments are possible, so Finvestmenthouse knowingly creates an overly risky environment. Furthermore, such wild ratios are totally inadequate for crypto pairs, and traders will get a margin call right after the position opening. Well, Finvestmenthouse is a scam scheme, so it’s not something we didn’t expect.

In fact, leverage is so dangerous that many financial authorities imposed a market cap restricting its usage on the respective markets. Consequently, EU, British and Australian brokers are bound to limit clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t provide more than 1:50. Most of the high-leverage FX companies are poorly regulated and very likely a scam, so be cautious.

Finvestmenthouse DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit with Finvestmenthouse is $5000, a fortune compared to the regulated brokers’ requirements- $100 on average. The funding methods are unmentioned on the website, and we couldn’t test their deposit system either, so there is nothing we can discuss.

Instead, we can offer Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose among the high-rated ones.

Finvestmenthouse doesn’t specify withdrawal requirements or restrictions and doesn’t determine any fees, except for the inactivity charges. However, in the T&Cs, they mention unspecified fees way too often, meaning that they actually reserve the right to charge traders’ account on the run. That’s unacceptable, but as we already know, Finvestmenthouse is a scam, so nothing surprising in the end.

The inactivity policy is among the worst we’ve ever seen. According to the clause, within 30 days, traders need to trade 30% of their balance, but they do not specify what exactly this should mean. If this doesn’t happen and the balance goes below 20 units, Finvestmenthouse is going to freeze the account for 12 months, and traders will neither be able to trade nor withdraw. That’s a fraud!

Overall, Finvestmenthouse is a scam scheme we exposed in this review, so make sure to stay away from this shady business.

HOW DOES THE SCAM WORK

Scammers are working online today. Social media and the Internet, in general, is plagued by scammers and their fraudulent offers. If you fancied an opportunity, clicked on and submitted your e-mail and contact numbers, scammers would ring you at once. They are seasoned manipulators who would promise the moon and the stars to lure people into their crooked schemes. During the phone call, you’d be offered bonuses, promotions, risk-free offers, bitcoin deals, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on while pushing you to invest with them. Those thieves lie big time and would promise you anything to gain your confidence and steal your money thereafter.

But the first deposit is just the beginning. Steadily scammers would carry on asking for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, you’d be convinced to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do whatever it takes to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.

Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent chargeback and fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!

Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-30

Reviewed Broker

Finvestmenthouse

Broker Rating

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