Fintegral Review: Reasons You Should Not Trust This Broker
Fintegral main website looks simple, with a white background and many stock pictures sliding up and down. Parts of the website also seem broken. The first impression is certainly not positive.
The parent company of Fintegral is Ethereal Group LLC, registered in St. Vincent and the Grenadines. Although the company registration checks out, we couldn’t ignore the scam warnings published by 2 regulators from the EU.
|Company||Ethereal Group LLC|
License for Fintegral and Security of Funds
As we mentioned before, the parent company of Fintegral is legally registered in St. Vincent and the Grenadines. This is where the legality ends. You see, the small island nation of SVG does not issue brokering licenses anymore. They simply lack the capacity to do so.
We are aware that Fintegral is offering its services to clients in the UK, Germany, Italy, Poland, and Spain. All these developed countries have very strict regulatory standards, to which Fintegral does not adhere.
In order to understand the risks, here is what German BaFIN, and by extension, other EU regulators require from their brokers:
- Maximum leverage of 1:30
- Negative balance protection
- Bank account segregation
- The initial capital of 730 000€
- Compensation scheme of 20 000€
- Financial transparency in accordance with MiFID
- Bonuses are not allowed
In the Accounts section of our Fintegral Review, you will see that this scam broker offers bonuses and leverage as high as 1:100. For this reason, they would not be eligible for a trading license. Sure enough, we have checked the databases of FCA, BaFIN, CONSOB, KNF, and CMNV, and found out that CONSOB and CMNV have issued a scam warning about Fintegral!
Trading Platform Available at Fintegral
Same to other scammers like MG Trade Solutions, the Fintegral scam also implements the Web Trader software. Even though all these frauds claim to have an innovative trading platform, it is a far cry from what you would call a secure solution.
Swindlers are known to edit trading information to show fake profits or great losses of funds. The functionality of the platform is also limited, especially when compared to MT4 or MT5.
Current industry-standard software for online retail is MT4 and MT5. These programs have shown great reliability and versatility, and judging from the long track record of MT4, are here to stay. Both applications have their own pros and cons, with MT4 being optimized for older hardware, whereas MT5 brings advanced automation solutions to the table.
Options for Deposit/Withdrawal
We found it rather difficult to find deposit or withdrawal methods on Fintegral. Although the scammers advertise large card companies like Visa and MasterCard and even Bank Wire transfers, we could not find any evidence that Fintegral uses any of these.
We tried depositing money through the website, but the deposit form is broken and does not work. When we tried the Web Trader deposit, it redirected us to a 3rd party payment website called “f-l.world”. It doesn’t even come up on Google when you search it. This is where Fintegral’s boiler room agents come into play.
The withdrawals are as difficult as you’d expect from a shady broker – fill out the form, print the document, sign it, photograph it, jump through 3 flaming hoops, swim across the Atlantic then attach your personal ID and send it via mail. They will let you know if your withdrawal has been approved in 5 work days after they receive the letter.
Fintegral Account Types
A client of Fintegral may choose one of the 4 live trading accounts, with no demo or special provisions for Islamic traders. The accounts are tiered, and will hypothetically give the client greater benefits when they reach a certain deposit threshold. This is very reminiscent of other scam brokers, like SuccessfulTrade24 which we reviewed earlier.
Here are the Fintegral trading accounts, and the associated benefits:
- Mini – $500, only FX, leverage up to 1:20
- Standard – $1 000, FX and CFDs, leverage up to 1:50
- Classic – $5 000, FX, CFDs, Stocks, leverage up to 1:80
- VIP – $10 000, all assets, leverage up to 1:100
Notice how it takes progressively more money to trade the less volatile assets, but the leverage is enlarged to make the trades more risky. Another alarming thing is that the cheapest Mini account does not cover education. This means that the most volatile and risky FX market leaves the rookies clueless as they lose their money due to unfavorable conditions.
Fintegral Offers Bonuses
Fintegral does not disclose the bonus amount to their clients. There is a recruitment bonus, which the scammers would allegedly award to their members. The more people you bring into the scheme, the more bonuses you earn.
This is not how a brokerage operates and is more reminiscent of an MLM or a Pyramid Scheme. No wonder there are warnings about this brokerage!
How the Scam Is Executed
Fintegral preys on novices. Their cheapest accounts are the riskiest for investment and don’t include an education course. Instead, they will allocate a boiler room agent that pesters you continuously until you give in and deposit money!
The deposits at Fintegral are handled through a shady 3rd party service, making them difficult to track. When it comes to withdrawals, they are extremely complicated and no doubt subject to large fees and other charges.
Fintegral is a fraud broker that has attracted the attention of Italian CONSOB and Spanish CMNV. These dangerous people use the boiler room agents to bully people into depositing funds.
Your money is not safe with these people at all, they use a separate 3rd party scam site to cover their tracks. Their trading platform is flimsy and unreliable, and the trading accounts are insanely pricey. Don’t deal with the scammers, and try one of our recommended brokers instead.
FAQs About Fintegral Broker
Is My Money Safe with Fintegral?
No, Fintegral is a known fraudulent entity with a bad reputation!
Is Fintegral a Regulated Broker?
No, Fintegral lacks any regulation or authorization!
What Is The Fintegral Minimum Deposit Amount?
The minimum deposit amount at Fintegral is $500