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Finex Global Markets (finexglobalmarkets.com) is a broker the Financial Conduct Authority flagged. There’s a valid reason why the FCA doesn’t see this broker as fit enough to offer liquidity services.
Our Finex Global Markets Review explains why this broker is a high-risk investment for everyone. Those who have invested and traded with the broker are crying foul. It turns out the broker has nothing to do with offering safe investments.
Learn more in our detailed finexglobalmarkets.com review.
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There’s nothing to write about regarding investing with this broker. Everyone who has deposited seems to share the same story. Before we dive deeper into the broker, let’s check the finexglobalmarkets.com background and history.
Finex Global Markets is not your average crypto or forex trading platform. Those who have invested with the broker are crying foul. It turns out the broker is blocking withdrawals. The moment you deposit funds, consider them lost.
Once you land on the homepage, you find a platform that seems to offer much in terms of liquidity. In addition, the broker does a good job of convincing users of the website’s aesthetics. Yes, anyone can quickly go for such a broker with straightforward sales tactics.
Not everyone, however, can decipher the broker’s end-game. You need to pry the entire website to find these red flags. Those who have invested with the broker also have an issue with changing trading conditions.
Experts recommend doing due diligence before engaging with any broker. It would be best if you found out whether the broker is legit. Go for brokers that offer legit services and enjoy credible regulators’ backing.
The broker claims to have won an award for creating their tantalizing trading platform. But, far from it, the broker wants to create a roost about their inept trading terminal. The broker claims a wing of its company created this terminal.
The broker claims the platform has won several awards to try and convince members. These include the Multi-asset trading platform and the best platform in the fintech industry. However, these are false awards as the platform embeds logos you can easily download from the web.
Instead of offering users a world-class trading terminal such as MT4 or MT5, the broker provides an unstable platform. There are a lot of loopholes with this platform. These include instability and a lack of appropriate trading tools.
The platforms also lack slow execution, which risks your trading position. Finally, we don’t recommend using a platform that doesn’t sync well with mobile devices. It makes trading on the go a colossal problem.
Finex Global Markets offers one account for all services. And this becomes a problem for novice traders who don’t know about trading. The broker fails to provide much in terms of credibility and transparency.
We also don’t know the set leverage and spreads. Despite our efforts to get a quote, you must open an account to enjoy the changing conditions. We see a broker offering leverage starting from 1:200.
Leverage on all trading assets should not exceed 1:100. Only crypto assets enjoy a much higher leverage due to the market’s volatility. Therefore, any broker offering leverage above 1:100 for forex assets puts your trading position at risk.
Another problem to face is the acceptable minimum deposit. Again, the broker fails to offer a minimum deposit amount to investors. And they do this knowing all too well the maximum acceptable deposit.
You shouldn’t deposit more than $250 when testing a broker. Regulators insist on this amount to protect investors from rude brokers. As is the case with finexglobalmarkets.com. Avoid brokers whose intent is to defraud members.
Opening an account with a broker seems like an easy and fast process. All members must do is fill in a form and later deposit funds. After depositing funds, you can start trading with the harsh trading condition set.
The moment you want to withdraw funds, that’s when the broker will insist on verifying your account. And that means having to ensure members send valuable documents, including bank statements and credit card information.
You will also have to send a copy of your ID to ascertain the account belongs to you. We don’t see why this broker would want to go for these documents. Today’s broker is using a two-factor authentication process.
We strongly believe the broker wants to sell your information to third parties. Imagine what hackers can do once they get access to these banking documents. Even creating a new persona with these documents becomes super easy.
There are five classes of trading instruments available on the platform. These include commodities, crypto, forex, indices, and stocks. Commodities found include those from household stuff such as sugar and wheat.
Crypto assets include leading cryptos such as Bitcoin and Ethereum. The broker seems to pair these against each other. Rarely do you see a broker failing to offer crypto pairs against major currencies?
Speaking of major currencies, there are over 20 major currency pairs for the forex assets. In addition, you also get to trade with several minor currencies. The broker, however, fails to offer exotic pairs meaning not having to spread your risks.
At the bottom half of the homepage, the broker lists the company members. It’s clear to see that these are stock images downloaded from the web. Michael Mathew is the proposed CEO and Founder of the company.
There’s no professional profile such as that you would expect on LinkedIn. Moreover, none of the listed staff members have any links to social media accounts. And that’s how you know Finex Global Markets is an anonymous forex broker.
We give the broker a zero rating as there’s no actual trading. Those who have invested with the broker are facing a hard time. The broker blocks withdrawals with no proof of anyone benefiting from the services.
You won’t find any positive reviews of the broker anywhere on the web. And that shows the broker doesn’t offer much in terms of creativity. Moreover, the broker enjoys no standing in the crypto or forex communities.
Don’t expect any contact from the broker; there’s not even live chat. And that shows we are dealing with a broker who doesn’t want to engage with members. To the broker, these are potential victims of the plot.
Finex Global Markets wants to defraud members by taking their deposits. Complaints have reached the Financial Conduct Authority. And the action was taken as a warning statement was issued by the regulator.
Please avoid brokers who fail to offer valid license details for their craft. You need to invest in a broker that provides much creativity and transparency. Check with your local regulator to confirm a broker’s license.
Please avoid the broker; you won’t get a dime from your trading activities.
PS: Here are the best crypto investments to go for.
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