FinexGroup Review: Behind the Facade of Finexgroup.co
Some trading firms love to claim that they’re regulated and reliable, and some even claim they have licenses from multiple authorities. However, the truth is much worse. Our FinexGroup review delves deep into the broker’s profile, and what we uncovered will certainly change your mind in choosing them as a broker.
Instead of being regulated by multiple authorities, many of them issued an alert, warning traders not to invest with this sham firm. Additionally, everything that this broker claims is most certainly a lie, which makes them very unreliable. Keep reading to learn more, and don’t forget to check our evaluation of PrimeSpotWay.
Who Is FinexGroup?
Since 2006, Finex has experienced tremendous growth, registering over 300,000 customers worldwide and processing over two million trades each month. That is what they say and believe, at least, but the reality is considerably worse. Finex is nothing—it is neither a broker nor, more importantly, a trustworthy one.
They are scammers attempting to steal your money in the most heinous manner. They claim to be regulated by even 6 authorities, trying to present themselves as a reliable brokerage, and traders who don’t do research can easily fall prey to this shameless broker.
|FinexGroup||Reliable Broker Must Have|
|Legal name||Finex Group Ltd exFinances||Transparently displayed in the disclaimer or legal documents|
|Regulation||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in||Roche Tower, Grenzacherstrasse 124,4070 Basel, Switzerland
118 Mount St, North Sydney NSW 2060, Australia
2 Cheetham Hill Rd, Cheetham Hill, Manchester M4 4EW, UK
Ontario Tower, 57P6+CV7 – Business Bay – Dubai – United Arab Emirates
Minatoku Akasaka 2-18-1, Tokyo
|Your country or the country whose license applies in your legal jurisdiction|
|Established||2007||The older the domain – the higher the possibility the company is trustworthy|
|Website||finexgroup.co||Domain should be from local or international zones, no .xyz, etc.|
|Financial Authorities Warnings||
+1 6479301489, +61 721128189 , +64 98022589
|Phone, email, social media, web form|
|If a withdrawal is possible||Highly unlikely||Yes|
||Transparent fees – list of spread and commissions|
|If Active on Social Media||No||Often present on social media|
|Investor Protection||None||Compensation fund|
“We are one of the most secure brokers in the industry, with 7 regulations across 6 continents.” This is the statement provided on the broker’s website. However, neither the name of the regulators nor any kind of license information is provided with it.
For any trader who does any research, they will notice that instead of regulation, the brokerage has been blacklisted by several authorities, raising serious questions regarding their reliability. As soon as you google this trading firm, you will notice warnings from multiple authorities listed below:
FinexGroup Broker Profile
We believe the funniest thing about this fraudulent trading firm is the fact they claim to be rated on Trustpilot as a five-star broker, based on almost 2,000 reviews. The funny thing is that they didn’t try to be convincing because even some very reliable and reputable brokerage firms have less than a perfect 5-star rating.
|Trading Platform||Web Trader|
|Financial Instruments On Offer||
|Commissions/Bonuses||No commissions, no bonuses|
|Demo account||Yes but highly unlikely|
|Education or Extra tools||Trading Tutorials, Technical Analysis Indicators, Trading e-Books|
Is FinexGroup Safe To Trade With?
In addition to lying about reviews and regulatory status, the lack of transparency is so obvious and their effortless website doesn’t give us any security either. They claim to charge no commission and no trading fees and once you try to click on the “Learn More” button, nothing happens. This broker is an obvious scam and avoiding it would be in your best interest.
Additionally, this scammer claims to provide MetaTrader4 and MetaTrader5 platforms and once you try to click the link, you would expect it to take you to a download page. Instead, it does nothing. It seems that everything about his brokerage company is a lie and Finex Group is probably one of the worst ones we reviewed.
How Is the Scam Carried Out?
This broker tries to attract clients by providing false information like being regulated, transparent, and with a great reputation when, instead, the facts are much worse. For traders who don’t do enough research, this brokerage is an easy place to get scammed.
They aimed at investors from Canada and Italy and both nations have specific regulatory rules. Obtaining a license from IIROC in Canada and CONSOB in Italy is crucial to start operating from these countries and FinexGroup was not regulated by any authority.
Deposits and Withdrawal Methods
You should deposit your funds with Finex Group only if you are prepared to never see them again. Forget about making profits with this firm because they will likely keep your deposit and profits and leave you hanging. If you have already deposited your money, we suggest disputing the charge with your bank as soon as possible.
Withdrawing your funds is possible with regulated and reliable brokers. However, with firms like this one, it’s probably not. If you do get lucky to get the withdrawal ‘approved’, it will probably be delayed as much as possible, keeping you from disputing the charge. Being aware of all potential risks is key to profitable trading.
Weighing the Pros and Cons
Can I Make Money While Trading Online?
Trading with brokers like Finex Group or TradeFCA won’t get you far if you want to make money while trading online. Instead, educate yourself to better understand the market, make sure to always stay up-to-date because the market always shifts, and keep in mind that thinking of a plan before starting is important. You will also need the right tools and we can help with that.
Introducing our cutting-edge AI bot, which collects historical asset prices and data from charts, leveraging technical analysis to predict future prices and provide buy or sell recommendations. We know how challenging it can get so to help you get started, we are offering a 14-day free trial to the first 100 traders that reach out to us. Hurry up and grab this chance to start making trading smoother with the help of our bot!
What is FinexGroup?
FinexGroup is a scam brokerage company claiming to be registered in various nations and regulated by multiple authorities.
Is FinexGroup Regulated?
Despite the broker’s claims, FinexGroup was operating without a license and instead of regulation, they were blacklisted.
How To Get My Money From FinexGroup?
You might be able to ask your credit card company for a chargeback if you used a credit card to deposit money. Consider submitting a complaint to the appropriate financial ombudsman services and regulatory agencies.