Apart from having a warning from the Financial commission, FINMSK is also an offshore platform. And this creates doubt in the minds of forex experts who deal with investments. You see, an offshore platform with a warning is without a doubt a financial risk. Some investors don’t do due diligence and blindly sign up. The regulator blacklists Finmsk.com for a reason. Please find out more in our clear FINMSK Review.
The About Us page claims a group of professional traders founded the platform. You would expect the platform to name these traders. Far from it, they fail to mention a single name on the platform.
You are signing up for an anonymous website with no information on who runs the platform. The disclaimer at the footer of the homepage tells a different story. AAA Global Ltd is the parent company that owns this entity.
The parent company is located in the Marshall Islands. It’s an offshore registered entity which says a lot about their compliance. We know why most companies prefer offshore registration. These companies avoid the tests from reputable regulators.
We have to give it to them for creating a compelling and engaging website. The design aspect makes it look legit. And, of course, the platform does offer real trading services. The only problem is the outcome and regulation.
To avoid all the hustle and bustle, you need to have a reliable partner. You need to invest in tested options that guarantee safety. Today’s investor is going for Coin Staking, DeFi, and Masternoding for credible investment.
It would be best if you understood the risks that come with an offshore-based investment firm. If you don’t, the post will enlighten you and, above all else, open your eyes. FINMSK may appear legit, but there are a few red flags to spot.
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One issue we have with the platform is the lack of clear information on the account types. The platform only claims to offer real accounts. There’s no mention of the available conditions or acceptable minimum deposit.
We don’t understand why the platform would fail to mention the most important aspect. It could be that the platform wants to lure all classes of investors. So, without mentioning the minimum deposit, they might ask for any amount.
You should know that the regulators in most jurisdictions have set a minimum deposit at $250. Therefore, the leverage should not be more than 1:100. We see no reason why the platform would fail to provide this information.
There’s a demo account where investors can test how the platform behaves. We did so, and the demo account only has the buy and sell option. It does not give users the chance to see the MT4 platform at work.
Having a demo account with all features available is great for investors and traders. It helps you to get a feeling of what to expect in a real trading environment. But, unfortunately, the Buy and sell options don’t come close to real trading.
There’s an IB program available on the platform. You will get a commission for every client you direct to the platform. If you think about it, being an affiliate partner is an excellent way of earning passive income.
It’s only possible if the platform guarantees they will release commissions. With no way of tracking leads, most end up not getting a dime. Although the platform claims to offer real-time performance reports, we highly doubt it.
There’s also no mention of how the platform sets its commissions. We don’t know whether affiliates are paid in rates or stock options. It’s best to know the payment methods before venturing into an affiliate partnership program.
Your funds are at risk with an offshore and unregulated platform. These platforms fail to provide insurance cover for deposits made. Unlike a regulated platform, unregulated entities don’t cover risks made by investors.
If the platform faces bankruptcy or insolvency, all your funds will disappear. So even if you have a huge account balance, the platform won’t compensate you. And this is why it’s best to use regulated platforms.
There are six trading instruments: currency pairs, energies, futures, indices, metals, and shares. The platform does not indicate whether they offer Crypto assets. Most of the Crypto pairs are from exotic, major, and minor currencies.
You can expect to trade stocks of leading companies all over the world. The platform offers stocks from the FAANG group, which is exciting. From the homepage, we can see the platform offers CFDs on Crypto.
The crypto pairs are listed against the US dollar. There are three crypto-assets which include Bitcoin, Ethereum, and Litecoin. All of them are paired against the US Dollar. In addition, some of the most popular metals, such as Gold and Silver, are available.
FINMSK is not a licensed entity and does not hold a valid registration document. However, the platform is using the same registry address as most offshore platforms. We have seen this registration number before on several offshore platforms.
The platform also fails to inform users of their current regulatory status. It’s their prerogative to inform users that they don’t comply with regulations. That way, investors will know what they are getting into.
Without any compliance, the platform fails to protect the interests of clients. You get a platform with no oversight. The platform is free to operate as they want with no boundaries. It’s the reason they fail to mention available trading conditions.
When investing, kindly check whether credible regulators register a platform. Credible and reliable regulators include ASIC, BaFIN, CONSOB, CySEC, FCA, FINMA, and more. For international regulation, check with The Financial Commission.
There’s a pop-up chat session on every page of the website. Steve was the representative we had. To start the chat process, you must leave your full name and phone number. Then, finally, you must leave an email address.
We got no response as all agents were busy. Then, a few hours later, we started getting bombarded with calls. Finally, the call agent insisted they had a lucrative opportunity for us. All we had to do was sign up and deposit $1,000.
According to the caller, the higher our deposit, the higher the chances of winning. We asked for proof of concept or if anyone had made any profits. That’s when the line went dead, and we haven’t heard from them since.
There are only two options when it comes to funding, MasterCard and Visa. Funding is straightforward, and the process takes less than fifteen minutes to complete. Withdrawing funds takes longer.
The platform fails to indicate the withdrawal process and how long it takes to process withdrawals. These are the reasons why you have to insist on confirming whether withdrawal is possible.
One of the few things the platform got right was offering the world-class MT4 trading platform. You can use the platform on any device as it’s compatible. Members also get a guide on how to use the MT4 platform, which is secure and stable.
Here are our reasons for NOT RECOMMENDING FINMSK
Those are the reasons why we won’t recommend anyone using the platform.
The only way to invest is to use tested platforms with a proven track record. It’s the only way to earn realistic returns.
For more on investment, leave a comment or drop an email; we would gladly engage.
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