Fishy Forex Broker with a Long List of Warnings
In this post, we’ll analyse FXFinest and find out whether they are worth doing business with, or not. Without beating around the bush, let’s get started.
Spurious Registration Number
FXFinest is a broker company. It is supposed to be owned by TD Corp group. The address details are not provided by the company. The TD group is stated to be registered with the International Business Companies’ Registry with the registration number 25066 in the year 2018.
The International Business Companies’ Registry has no results with the same registration number or with the name of TD Corp. Thus the company is not registered with any of the reputed regulating authority of the financial institutions.
No Mention of Address and Governing Laws
FXFinest has not provided any address or its office location. It seems to be a floating identity with no workforce employed. FXFinest has mentioned in its terms and conditions policy that the arbitration proceedings will be conducted in London.
This is another false claim of the company. Any arbitration proceeding requires the company to be registered at the regional financial regulating authority. The company is not found to be registered with the reputed Financial and Conduct Authority of the UK. The address is not provided, the company is not registered and there can be by no means that the arbitration proceedings are conducted by the company. It is written to gain the confidence of the traders at the sake of credibility of the company.
Ban by FCA
The Financial and Conduct Authority of the UK has issued a red flag against the fraudulent services of the FXFinest. It is providing its services to traders based in the UK without being regulated by the FCA. Thus, it strengthens the fake claim of the company that it is working under the jurisdiction of the governing laws of London. The regulatory body for all of the financial institutions has already banned the company from doing any business in the UK.
Warning by DFSA
The Financial Services Authority of Dubai has also raised a red flag against the operations of FXFinest. It is the governing financial authority and has issued a security warning while dealing with non-registered firms like the FXFinest.
Warning by CONSOB
The Italian Companies and Exchange Commission has issued a warning against the fake claims of the company. The Commissione Nazionale per le Societa e la Borsa has clearly mentioned that FXFinest is not registered to operate in the regions and is found to deal with the illegal regions.
Warning by FSMA
The Financial Services and Market Authority of Belgium (FSMA) have also made a public announcement to its traders about the illegal services of the company. The company is not allowed to deal with the Belgium traders’.
Warning by CNMV
The National Securities Market Commission of Spain (CNMV) has tipped in its circular about the fraud proceedings of the FXFinest. The Comision Nacional del Mercado de has clearly mentioned that the company does not have any registration or regulation to provide services to the Spanish traders.
FXFinest is banned by the top financial regulating bodies internationally. Be it the FCA, the FMSA, the CONSOB, the CNMV, or the DFSA the authorities have cleared about the bogus services of the company. I don’t recommend trading with FXFinest. An unregulated broker that cannot be even considered as an offshore as the address of the company is missing is highly risky. The owners of the company have kept their identities hidden. This is only in the case of floating clone companies that do operate from hidden places and never come back to the traders.
Trading Services and Accounts
FX Finest is into forex, crypto, CFD’s, indices, and into shares. The demo account must be free irrespective of any of the charges or promo codes. The demo account provided by the FXFinest requires all the details to be furnished. The account is not free and requires the details of the currency. Irrelevant details at the time of a demo account are highly not appreciable.
The company provides 4 types of live trading accounts.
- Standard Account: It is the basic account of the company. It starts with a minimum investment of $500. The leverage is as high as 1:500. It must not go beyond 1:100 in ideal conditions. The spread is cited to start from 2pips per lot.
- Silver Account: The silver account of the company has a minimum investment of $2,500. The leverage and spread remain the same as that of a standard account.
- Gold Account: The minimum initial investment rises to $6,500 and the leverage remains the same as that of a standard account.
- Platinum Account: The platinum accounts attract $25,000 as the first minimum deposit. It is very hard to understand the classification of accounts as only minimum deposit limits are rising and nothing else.
The company provides another pip at the charge of $20 per lot. The live accounts of the company start from $500 as minimum initial investment, which is almost 10 times higher than the industry standards. The trading conditions are not specified and there is hardly any change in the services starting from a standard account to a platinum account. Traders gripe over the mismatched leverage and spread as committed by the company.
Doubt Over the Trading Platform
FXFinest has mentioned in its terms and conditions that the company has its trading platform. On the website, it is mentioned that it deals with the Meta Trader trading platform. Thus, very little can be drawn about the actual trading platform of the company and about the relevant trading conditions.
Meta Trader is the most efficient and most reputed trading platform to be used globally. It is available in desktop and mobile-based applications.
Deposit and Withdrawal Options
The company has mentioned the name of another company FxBreeze in its terms and conditions policy. The authenticity and reliability of the terms and conditions policy of the company cannot be established. It is not only once, but throughout the policy that the name of FXFinest is not taken, instead, the name of FxBreeze is written which is a different broker company. The FXFinest has thus copied the agreement of another company.
Although the reliability of the company is not established, the company mentions that the transfer can be done through credit/debit card and bank wire transfer only. There is no facility of any other mode as falsely mentioned over the website of the company. There are no details about the deposit. The withdrawal has a minimum limit of $200 for credit/debit card and $500 for bank wire transfers. There must not be any limits defined on the withdrawal processes. Also, the company charges a dormant fee of $50 per month after 2 months of deactivation only. Other regulated brokers always keep the dormant charges after 6 months of non-transaction.
Website and Online Presence Analysis
Their domain is found to be registered in the year 2018. While the real address of the company is not mentioned, there are 2 countries involved in the set up of the website.
FXFinest is not available on any of the popular social media platforms like Facebook, Twitter, etc. The absence of social media for a broker company takes a toll on the trader base. The traders may get connected to the company newsletters and updates through social media itself. However, for a fake and spam company like FXFinest it is no new story to keep itself out of the vision of the regulating authorities.
There is no provision for live chat or the availability of around the clock technical support from the team. A single UK based number is provided over the website. There is no regional or linguistic support team. The customer support provided by the broker is a clear indication of the reliability of the company. If a broker does not want to help its trader, it is clear that the company wants to make money with unprofessional means and then terming it as a trading risk.
The company has failed to work under the guidelines of the regulating bodies. It has given a fake registration number with no details about the owners and the address. FXFinest is one of the fake broker companies that traders must not deal with. It has no credibility and no reliability in its operation.
FXFinest has been banned by several regulation entities. With a fake registration number and anonymous owners, they prove that they are a scam.
- Banned by FCA
- Warning by DFSA
- Warning by CONSOB
- Warning by FSMA
- Warning by CNMV
- pip @ $20 per lot
- $500 minimum investment
- Contracitory information on Trading platform used
- Fake terms and conditions
- Anonymous owners
- No customer support