Experience of cooperation with Finteria Markets LLC: what is hidden under this name?
Many leading market players offer a variety of trading services, following the latest trends. Finteria Markets LLC is one such company that is expanding its offerings, dealing with both traditional currency pairs and popular cryptocurrencies. Below, we will consider how promising cooperation with this broker can be and what opinions traders express.
What does Finteria represent?
Information about the organization mostly comes from the finteria.com website. Despite the domain being registered in 2019, the company only recently began its active operations. There is almost no factual information or reviews about Finteria’s work online. The broker’s official website has a “News” section, where the first post only appeared in June of this year.
The company has accounts on social networks (Twitter, Instagram) and a YouTube channel, but there is no mention of this information on the website. It is likely that contacting representatives through social platforms will not be successful. These accounts seem abandoned: no recent posts, minimal followers, complete absence of reviews or comments. For example, the YouTube channel has only 65 subscribers.
Why did they start actively promoting this resource not long ago? Initially, Finteria was an educational portal focused on providing educational services. Courses from Finteria Academy can still be found on the Udemy platform.
On specialized forums and social networks, educational courses from Finteria were actively advertised: they promised to teach how to make money in times of economic crises to anyone willing to pay for the education.
After gaining a sufficient number of potential clients, the company decided to expand its business and quickly launch brokerage activities. It can be assumed that the Academy graduates will be able to apply their knowledge in practice. Thus, the company solved the problem of attracting new clients.
Regulation of the broker’s activities
The official addresses of representations are not specified on the website; instead, it is stated that Finteria Markets is registered in St. Vincent and the Grenadines at the address: Financial Services Center, Stoney Ground, Kingstown.
It is understandable why the company mainly works with beginners. Any trader with specific trading knowledge understands that a license from an offshore jurisdiction plays no role. Setting up a legal entity can be done by paying only a small amount, and no financial or accounting reports will be required. It creates a favorable field for scammers.
From 2018, the country’s financial regulator officially ceased supervision over brokerage activities. Such companies operate without any control, and in case of problems, the financial regulator of St. Vincent and the Grenadines warns: solve your problems on your own.
Fragment translation: If you suspect that you have fallen victim to financial fraud by companies trading in Forex or binary options, it is recommended to seek help from anti-corruption authorities in your country.
Trusting money to anonymous organizers from Finteria who do not disclose their identity and location, and are not accountable to any government authority, is highly risky. All signs point to typical scammers.
Working conditions for traders in Finteria
The company claims that its main target audience is inexperienced traders not ready for significant risks. They are offered to choose one of two types of accounts.
As expected, Finteria offers a large leverage ranging from 1:100 to 1:500. According to them, this will help when trading with small amounts. In reality, such leverage only increases the risk of losing everything in a single day.
It is important to note that all accounts are replenished only through cryptocurrency wallets. Even in the case of trading with fiat currencies, the trader must deposit cryptocurrency into the account. This is clearly stated in the “How to Deposit/Withdraw Funds” section, where instructions on working with cryptocurrency wallets are also provided.
Client reviews about Finteria
Thus far, there are no reviews from traders who have cooperated with this broker online. This is easily explained, as the company has just started its activities. However, we are confident that real and detailed opinions about this company will soon appear. Once we find objective reviews, we will definitely publish them in this section.
Dangers of cooperating with Finteria
Apparently, we are talking about an intermediary company with a typical “kitchen” scheme. Major liquidity providers will not interact with a suspicious offshore company, and no one will control whether the brokers send deals to the market or manipulate them manually. Scammers can tell a bunch of stories about a shaky market or a storm, moving your funds to their accounts.
In their reviews, users warn that using cryptocurrency as a payment method for clients is doubly dangerous. If scammers accepting payment in rubles or dollars theoretically can be identified and transactions canceled, with cryptocurrency, you will not see your funds again. These digital assets are not legislatively protected, so there is no possibility of refund in case of problems. By depositing cryptocurrency into Finteria’s account, you risk losing your money forever.
Conclusion
The conclusion about cooperating with Finteria Markets LLC is ambiguous: it is only worth being cautious of this broker. The organizers do not provide information about themselves, the company lacks a physical office as well as proper licensing. Its activities are not regulated by any leading regulators in the world. Registration in an offshore zone confirms all suspicions. There are no credible reviews as of yet, as the company is only beginning to rise. To avoid becoming victims of the first deceived clients, it is worth steering clear of Finteria.
