FinoMarkets is claiming to offer the world’s largest trading network. According to the homepage, the platform gives users the confidence to trade. You can also trade popular cryptocurrencies on the platform. And this makes Fino Markets a crowd-puller thanks to their crypto-trading aspect. However, there are some red flags that we must point out on the platform. Learn more on our clear FINOMARKETS REVIEW.
According to the story behind it, the platform claims to have been a little startup. But, instead, FinoMarkets started as a simple trading operator to become who they are today. And this is a compelling story for investors.
What most don’t see is the huge issues we have on the platform. Most of the imagery you see on the about us page is copied from other platforms. And this means finomarkets.com lacks originality from the word go.
The platform claims to have garnered over 89,000 traders over the years. It’s a bloated number meant to insinuate a thriving investment platform. Far from it, the few investors who have deposited funds are ruing the decision.
When choosing the right investment option, you need to sign up with industry-leading platforms. Then, go for expert-backed platforms that have the pedigree to see you succeed. And this means taking a bold step in coin staking, DeFi, and Masternoding.
As far as transparency goes, FinoMarkets is hiding the fact that they have been blocking withdrawal requests. As a result, few investors have had the chance to withdraw funds from the platform for the past few weeks.
Before committing funds to any platform, you need to do due diligence. Make sure you search and hear what others are saying about the platform in question. An excellent way to start is by reading our reviews for a more detailed view of any trading platform.
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FinoMarkets offers three account packages for interested investors. The three include Silver, Gold, and Platinum. What’s even weirder is that we don’t have a quote on the acceptable minimum deposit.
Here’s a closer look at the three accounts
It’s the most basic account and comes with a personal analyst. Therefore, the account is best for beginners, even though we don’t have the minimum acceptable amount. You also get weekly reviews and private sessions with your analyst.
The gold account is for those who know the markets. According to the platform, it’s the best for advancing your trading skills. It comes with all the above features, including a smart plan for money management.
It’s the most exclusive account package on offer. The package is for seasoned traders, and there’s also no quote on the acceptable minimum deposit. Instead, you get a long-term financial plan and five projected trades.
We have to point out the elephant in the room regarding the deposit amount. There’s a reason why the platform decided not to quote the minimum depository amount. For those who don’t know, the industry has set $250 as the acceptable minimum deposit.
Without quoting a minimum deposit, the platform opens the floodgates for any amount. A newbie might invest $10,000 for the silver account. Another might invest $100 and still get the same account features.
It’s unfair to offer the same account features for different investment amounts. The platform is clearly taking advantage of naïve investors. We have to raise this as a red flag and ensure no one falls for it.
Fino Markets offers three classes of trading instruments, including CFD, Cryptocurrencies, and Forex. With the CFD assets, the platform has leveraged them at 50:1, which is fair. Some of the crypto assets include Bitcoin and Dogecoin.
With Forex being one of the most popular forms of investment, the platform only offers major currencies. The platform has a leverage of 1:300 for forex assets which is way above the regulator’s rate. Leverage (maximum) should be 1:100 for all asset classes.
What others might fail to find noteworthy is the people behind the platform. If you look closely, you notice there’s no mention of a single name. Sure, they have mentioned their history, but not a single mention of staff members.
The platform wants you to believe they reside in the U.K. Far from it, and these are likely offshore brokers trying their hand in the European sector. It makes Fino Markets an anonymous offshore investment platform.
Another worrying issue that we must point out is their support. For now, there’s none, and there are delays with email responses. Despite claiming to offer 24/5 support, it’s not the case as more members are complaining.
Without the right support, members feel at ease. If you have any issues, support is supposed to respond within 24 hours. Without it, members are left to fend for themselves, which is totally unprofessional.
Funding your account with FinoMarkets is straightforward, and the process takes less than five minutes. You can deposit using various channels, including bank and wire transfers. However, when it comes to withdrawals, it’s a whole new different ball game.
Withdrawing funds has been a headache for most investors over the past few weeks. But, unfortunately, none of them seem to know what’s happening. With the platform slow at responding to emails, some have given up.
Fino Markets is not a licensed or registered entity. The platform claims to reside in the UK, and regulators haven’t heard of them. We checked with the Financial Conduct Authority to confirm their residency.
What makes the platform suspicious is the fact that they don’t post any registration details. Even the Company House UK does not have the platform on their registry. And this makes it a financial risk.
Go for platforms that enjoy a regulatory framework. These platforms will guarantee your safety when trading. Some of the world’s leading regulators include ASIC, BaFIN, CNMV, CONSOB, and CySEC.
Others include FINMA, FMA, NFA, and the SEC. These regulators ensure all parties adhere to set rules. As a result, no investment platform will take advantage of investors, such as offering high leverage of 1:300.
One of the few interesting features of the platform is offering a world-class trading platform. The MT5 is seen by most as an advanced trading terminal that offers traders great benefits. Other terminals to use include MT4 and SIRIX.
Advantages of the MT5 trading terminal include accuracy, charts, and technical indicators. Others include forex analysis, market news, and price alerts. So it makes sense to go for such a platform that will boost your trading.
There’s no safety of funds with a platform that fails to get a permit from regulators. It means the platform does not put your interest first. Without regulation, the platform is free to operate as they please.
And this means they don’t deposit the minimum amount required to start such a venture. There’s no safety net to protect investors in the event of bankruptcy or insolvency. You should avoid such platforms as they are seen as a huge financial risk.
We have well-enough reasons why we won’t be recommending the platform
Now you know the risks that come with investing with finomarkets.com
For those looking for viable ways of investing, go for coin staking, DeFi, and Masternoding. You won’t regret signing up.
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