Review of the fake broker Finotec – real reviews and scam schemes
Review of Finotec Broker: Reliability and Reviews
The internet is full of various information, including negative reviews about the CFD broker Finotec. Users claim that the company is a dubious project, promising favorable trading conditions but then failing to fulfill withdrawal obligations. To understand the situation and provide an objective assessment of the service, a thorough analysis of the official website finotec.com was conducted, and the opinions of traders on forums and other platforms were studied. Detailed research results are available below.
Registration and Licensing
According to information on the website finotec.com, the company was founded in the UK in 1998 and is owned by Finotec Trading Inc. Some reviews, however, claim that the broker started operations in 2001. The official address of the legal entity is listed as Mappin House, 4 Winsley Street, London. The broker, according to their claims, operates under an FCA license, but the corresponding regulatory documents are not listed on the website.
We analyzed the information on the regulator’s official website and found mention of the British company, but it was noted that its data could be used by third-party organizations (clones). This situation is often typical of fraudulent schemes. It should also be noted that the company does not comply with European standards for anti-money laundering. Therefore, it can be argued that the service does not comply with British legislation, and client funds are not guaranteed.
Trading Conditions
The Finotec broker offers its clients trading in currency pairs, oil, precious metals, and stocks. Contracts for Difference (CFDs) are available as trading instruments. The company positions itself as a broker for experienced traders and large investors.
According to the information on the official website, the minimum entry amount is $25,000. Some reviews claim that the minimum deposit starts from $200. The commission for trading operations, according to information on the Finotec website, is $3. However, clients note that the service charges between $8 and $9 for every million dollars of turnover. The broker also offers a fixed spread of up to 3 points and margin trading with a leverage of up to 1:200.
Website Interface
Trading is carried out on the MetaTrader 4 platform, which has received positive feedback from clients. However, the interface of the official website is far from ideal: slow loading, overloaded content. The service also offers to accept the Cookies policy, which raises questions.
The overall impression of the finotec.com website is comparable to a single-page builder. It seems that the organizers do not prioritize appearance and performance, which raises skepticism among potential clients.
Analysis and Education
Reliable CFD brokers usually provide educational materials and regularly publish market analysis reviews. However, the company Finotec does not pay due attention to this area. Seminars, according to reviews, are held only in London. The website only offers a link to download the trading platform and an online chat.
Account Funding and Withdrawal
The Finotec service allows account funding and withdrawal through various methods: bank transfer, VISA and MasterCard cards, electronic payment systems. Online reviews indicate delays and issues with withdrawing large sums of money.
Review of Finotec Company Reviews
Reviews of the Finotec company among users leave much to be desired. Negative comments indicate problems with fund withdrawals and service quality.
In conclusion, after analyzing the website and reviews, we conclude that the Finotec broker is likely risky. It is necessary to carefully weigh all aspects and risks before deciding to collaborate with this company.
Author: Victor Saltykov