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Finorax Review: Who Is Behind This Broker?

Overview of Finorax

Finorax seemed to be yet another swindler in the vast ocean of forex scammers, so we wanted to take a closer look. In our research, we found too many red flags to count and put all our thoughts in this text.

Our Finorax Review will answer the question “Is Finorax legit?” and give you all the other answers you need. So without further ado, let’s begin.

Who Is Behind Finorax Broker?

Finorax says on its website that they are based in Hungary, so we decided to test that claim. However, we could not verify this information, as we had very little to work with. We could not find who their owner is, and on the provided address we could only find a hair salon and a locksmith.

And even more alarming is their lack of license. Hungarian National Bank is the forex regulator in Hungary, but we did not find any trace of Finorax in their registers. Hungary falls under the jurisdiction of ESMA as well, and you can already guess that Finorax’s name does not appear in their registers either.

Finorax

Legal name: N/A
Regulation: Unregulated
Registered in: Budapest, Hungary
Established: 2022
Website: finorax.com
Financial Authorities Warnings: CSA, MSC
Contacts: [email protected]
If a withdrawal is possible: Highly unlikely
Fees: Not specified
If Active on Social Media: No
Investor Protection: No

Compliance and Fund Safety of Finorax

If the lack of a license is not enough, certain regulatory authorities also issued public warnings against this scammer. The Canadian Securities Administrators (CSA) and the Manitoba Securities Commission (MSC) both put Finorax on their warning lists in May 2023.

When a broker is not regulated by UK FCA, US CFTC, Australian ASIC or other Tier 1 authorities, you can begin to suspect they are up to no good. However, when a regulator explicitly warns you against doing business with a broker, that is advice you should listen to!

Finorax Broker Profile 

Trading platforms: WebTrader
Account types:
  • Standard – $10,000
  • Bronze – $25,000
  • Silver – $50,000
  • Gold – $100,000
  • VIP – $250,000
  • Pro – $1,000,000
Financial Instruments On Offer:
  • Forex (EUR/USD, USD/JPY, GBP/USD, etc.)
  • Commodities (oil, timber, aluminium, etc.)
  • Indices (NASDAQ100, S&P500, NIKKEI225)
  • Stocks (Google, Apple, Nike, etc.)
  • Crypto (Bitcoin, Ethereum, Tether, Litecoin, etc.)
Maximum leverage: 1:400
Minimum Deposit: $10,000
Commissions/bonuses: Yes
Mobile app: Yes (allegedly)
Desktop app: Yes
Autotrading: No
Demo account: No
Education or Extra tools: Only for the two most expensive accounts

Is Finorax.com Broker Safe?

The short answer is NO, but we will elaborate. There are many reasons why Finorax is not safe, the most important being the lack of a forex trading license. Since they are not regulated, they cannot be held accountable for any shady activity putting investors in grave danger.

Furthermore, their domain is very young. We found it was established in 2022, and young domains usually point to a scam.

With all this in mind, you should avoid Finorax as they cannot provide you with any guarantees that your money will be safe. If you want to find a good broker, contact us, and we will consult you about everything free of charge.

Finorax Traders Reviews – Sharing Experiences

As a part of our Finorax Review, we want to show you not only what we think of the broker but what other people who had experiences with them think as well. One victim of this scam said, “They stole everything from my account and they don’t let me withdraw my money…”

Another investor elaborated even more by saying “They are very persistent at trying to get you to dump more and more money in their system (borrow from bank, from friends, find money anywhere etc. ) ….. They don’t want to let you withdraw a portion of your investment profit without having you to put back a good percentage of your own money in order to transfer your profit withdrawal…”

How Finorax Platform Reaches Clients and Who Are They?

Finorax is not different from EduTrend, AzaForex and many other scammers in terms of the method they use to scam people. The scheme itself is not sophisticated at all. 

They will use the contact information you give when making an account and start calling you. The scammers will tell you dreamy scenarios that sound too good to be true to get you to invest. And after they get you to make your first investment, they will disappear without a trace, and you will not be able to contact them in any way.

While doing research, we found that Finorax operated in Canada, Australia, Italy and Turkey, so people from these countries should be extra careful.

Finorax Funding Methods

Finorax requires you to verify your card against KYC standards. This would probably lead you to believe you could use your card to fund your account, but you would be wrong.

When you go to the Client Portal, you can see that the only payment method this broker accepts is crypto. This currency is convenient for them as it is harder to track and anonymous – all perfect for a scam.

Reasons To Avoid Finorax Broker

In this Finorax Review, you could see there are no benefits to investing with this broker. The main criteria for any trader should be a 100% legitimate license, and since Finorax does not have one, you should avoid them.

You could also see from other reviews that people had bad experiences with this scammer, and financial swindlers do not easily change their ways. If you do business with them, you can become just another victim of theirs and lose a lot of money. As a bonus tip, we advise you to cross Prime XBT off your potential broker list.

Our Safe Trading Experts’ Opinion of Finorax Broker

Finorax is undeniably risky for business. They exhibit classic scammer behavior, and without a license and much concrete information, you should not trust them with your money.

However, forex trading is a lucrative business, and you should not miss out on it because of fraudsters like Finorax. We are here to help, so contact us if you need any advice for finding a reliable broker.

FAQ Section

Is Finorax Trustworthy?

No, Finorax is not trustworthy. They operate without regulatory oversight, and since no regulatory body vouches for them, you cannot trust them.

How To Start Trading Safely?

The first thing you can do is become knowledgeable about the world of trading. The next crucial step is finding a reliable broker that can shield you from potential harm, as even seasoned traders can be vulnerable to scams. Contact us today for any questions you might have and any suggestions you need.

How Can You Help Me Choose the Best Forex or Crypto Broker?

The most important thing we do is analyze your needs. We take into account your skill level, what you want to achieve, and your preferences and needs and then try to find you a broker that best fits all that. And the best thing of all is that our consultation is completely free.

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