Finotrader Review: Fake UK Licensed Firm Exposed In Detail

Many proprietary firms are not regulated and regulation is usually not expected of them. Although we would never recommend a firm like that, we appreciate the transparency they offer by saying they are not a regulated entity. 

However, when a company starts claiming they are licensed in the UK and there is no information about them in the FCA’s register, that is when we start doubting the firm’s reliability. Keep reading our Finotrader review to learn more about this company and its operations. 

Who Is Finotrader?

FinoTrader is a proprietary trading firm created by professionals with over seven years of expertise in the trading and fintech industries, according to the firm itself. For traders, FinoTrader created a special 2-step evaluation course before allowing you to become a funded trader. The purpose of this evaluation process is to identify potential traders.

However, this prop firm is not what it seems and our Finotrader review is here to shed light on the firm’s operations. Despite their claims, they are not a licensed company, especially not in the UK. Before delving further, make sure to check our Zignaly review as well. 

Regulation Info

Prop firms usually don’t require regulatory oversight, but some offer it. We would always choose a regulated prop firm rather than an unregulated one, simply for protection and security. Scams are less likely to happen if the FCA, the SEC, or any other reputable authority oversees the firm’s operations. 

That said, the regulation simply falls onto the brokerage you plan on using. With prop firms, they are partnered with a specific broker you will have to work with, like in this case, IC Markets. IC Markets Global is the trading name of Raw Trading Ltd, which is regulated by the Seychelles Financial Services Authority (FSA) with the Securities Dealer’s license number SD018.

Finotrader Profile

You can trade a variety of instruments with a true ECN/STP broker IC Markets. Phase 1 is the initial stage of the assessment procedure. To proceed to the risk evaluation step, traders must first pay a charge for the trial account and achieve success. 

This demonstrates trading prowess and self-control in following the guidelines. The profit target for phase 1 is 7% and 9% is the initial deposit drawdown. The last stage before becoming a funded trader is phase two. After you complete this task and your findings are confirmed, you will be given access to all of the capital available for trading. 

Is Finotrader Safe?

According to several reviews we’ve found on Trustpilot, Finotrader doesn’t seem like a safe option for traders. The perks of this company include the partnership with a regulated broker, and the 85% profit split but what good will that do if you never make profits? 

Our Finotrader discovered numerous red flags that are surrounding this prop firm and we can’t turn a blind eye to them. They don’t offer any type of educational material and they lie about being a licensed company. That is not something we can ignore so it would be best to choose a better alternative than this prop firm to become a successful trader. 

Traders Share Their Experiences

Finotrader Trustpilot reviews are not at all favorable. There are no five-star reviews, and to make things even worse, the total of 10 comments they have are all unfavorable. This does not only indicate potential issues while using this prop firm but also their lack of transparency and reliability. Let’s see what some of the traders had to say. 

According to several traders, customer support at Finotrader is not the best. It takes a while for them to respond to your query, and even when they do, you won’t get an efficient solution. Furthermore, traders accuse this firm of a scam due to the customer support. 

As soon as you deposit the money for the evaluation, the customer service stops replying and you are left without your credentials. It’s like you never even deposited. Proceed with caution while using this prop firm. 

Deposits and Withdrawal Methods

You will get 85% of the revenue as a trader, and it will be paid to you via Bitcoin, PayPal, or bank transfer. When you select “Request withdrawal” from the dashboard, the money will be transferred to the BTC address you specified in your account settings, PayPal, or the bank information you added.

In the tab Payouts, you will also get an invoice and a certificate for each requested payout. You can pay via Credit Card (Stripe) or through Crypto Payment (CoinBase). It is a fully refundable one-time fee. 

Weighing the Pros and Cons

Can I Make Money While Trading Online?

Using helpful tools like Altrady can enhance your trading skills, however, it’s still important to have at least some base knowledge. Educating yourself will help you out in the future, boosting your chances to become a profitable trader. You should only invest money that you can afford to lose. 

Because our AI Analysis Bot can improve your trading skills by making intelligent recommendations, we encourage you to give us a call. AI.F keeps track of the most recent information, both historical and contemporary, and recognizes patterns in comparable historical moments.

If you’re serious about improving your trading performance, think about incorporating AI.F into your strategy to gain a competitive advantage. For the first 100 traders to get in touch with us, we provide a 14-day free trial. Get started on a prosperous trading path right now!

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