Finbitex sounds like a Crypto currency exchange but as a matter of fact, it is a CFDs broker offering derivatives on major coins in the market. The offer which they are making to their target customers aren’t quite attractive according to the industry’s going rate but at least they are making it clear that their service is of a specific nature.
Finbitex has 4 different types of trading accounts namely Basic, Silver, Gold and Platinum. For $250, traders can get started with their basic account and for $75,000, traders can open a Platinum account with Finbitex. Maximum leverage is unspecified and so are spreads except for the basic account which they say will be charged at $75 (1.16%) for BTC/USDT + 1% clearance fee.
There are a few strong points to talk about when reviewing a trading platform like Finbitex. Trading on this broker’s website is done via a web based platform which has a great charting package. Looking closely at this charting package, we realize that Finbitex has incorporated TradingView, which is currently the best charting provider in the industry. Many brokers use their service to facilitate ease of trading. TradingView is also considered a favorite among many Crypto currency brokers in the industry. This is because the analytical features of their charts is unrivaled.
On top of this, the broker offers more than 40 trading instruments which include BTC, ETH, XRP, DASH, XMR and so much more. Besides, they also support USDT and EUR. As a CFDs broker, Finbitex accepts fiat currency payments as well. Payments can also be transferred through Bank Transfer, credit card payments, Neteller, Skrill and Western Union. At the moment, the broker isn’t supporting Crypto currency payments. But traders who are versed with traditional means of payments will find it convenient because at least one of their convenient payment methods is supported by this broker.
With the mashrooming of CFDs brokers who offer Crypto currencies, it is not clear whether some of them offer speculative trading or actual buying and selling of Crypto currencies such as that which normally happens in a Crypto exchange. Unless a broker is specific about what they offer and are able to produce proof of the same, it can be very difficult to tell the truth. Is Finbitex specific about what they offer? Yes they are. But there are a number of cons which we want to mention afterwards. If you are comfortable with the cons, you can go ahead and explore what they offer. But we promise you that by the time you finish reading the disadvantages of this broker, chances are that you will get extremely bored and even afraid to invest with this broker.
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If this statement describes you at the end of this review, then it means that Finbitex is clearly not your preferred broker. You must invest with regulated and professional brokers in that sense. We have a long list here.
Unfortunately, FinBitex is not a regulated broker. The company that oversees its activities is called RedSunrise LTD. They are based in Sofia, Bulgaria but as you may know, this company requires that all its trading services must be registered or licensed with the local financial commission of Bulgaria. We know some people might think this is not a big deal since Crypto currencies are not supposed to be regulated. That’s fine, but you must also know that EU countries have a different opinion.
According to ESMA (European Securities and Markets Authority), Crypto currencies are not considered securities but companies that are offering their derivatives for trading must seek a license before the law can allow them to operate legally. So that means that the kind of service that is provided by FinBitex falls within this requirement and that means this broker is required to seek licensing before they can legally target residents of the EU. As far as this is concerned, we can assure you that FinBitex does not have a license for their operation.
Leverage and spreads are not specified and yet this information is very important when it comes to deciding whether or not you should use the services of this broker. If you are a naive trader, it might not prove to be a challenge. But if you are the kind of trader that needs fine details when making a selection of your best broker, we assure you that these things matter. By not incorporating these details on their website, we think that FinBitex is not handling the matter with the necessary care that it deserves. This simply means that if you become their customer, a lot of things will most likely go wrong and you won’t have a chance to get them fixed. It is as simple as that.
Well, the kind of deposit requirements stated on this site does not look any favorable. Nowadays the standard that a Crypto currency CFDs broker can ask of as minimum deposit is $100. So this broker is actually demanding $250 and not giving the ordinary trader a chance to test their service for $50. This is actually a big set back.
Their fees are not specified openly on their website. Instead, they are hidden deep within the websites terms and conditions. On top of this, we have found that the broker is charging a plethora of fees and they are not openly making this available for the public. This seems a little bit shady. All professional brokers have their fees outlines on their website for every trader to see. If there is no transparency, then it often means that the broker is shady and is only intending to slap unsuspecting traders with fees which they had not planned to pay.
Finbitex is not regulated. The other fact is that they are a CFDs broker dealing in Crypto currencies and not Forex trading but are honest that they are not an Crypto currency exchange. We prefer these brokers though.
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