Archives: Brokers

1. What is Finq?
2. Is Finq regulated?
3. Is Finq a scam?
4. Finq in India
5. Finq in the USA
6. Deposits and Withdrawals
7. Apps
8. Demo Account
9. Conclusion

Is Finq a scam or a legit broker?

Finq is not a secure Forex broker (see the list of Best Forex Brokers) since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

What is Finq?

Finq provides trading in CFDs by offering tried and tested reliable platforms for web and mobile with over 2100 assets – stocks, commodities, forex, ETFs, indices, bonds. According to the website, Finq takes no commission and has multi-lingual client support standing by 24/5 to give assistance for account holders. On Finq, they guarantee some of the lowest spreads (Check out lowest spread forex brokers) in the market and zero commission, whilst offering leverage up to 1:300. 

Among the platforms offered by Finq the WebTrader is one of the most up-to-date popular platforms giving clients an opportunity to trade over 2,100 assets backed by 90 edit tools, Trending tools, Analysis Recommendation tool and Events & Trade tool. The MT4 platform is also available to Finq traders.

Licenses & Regulation

Is Finq regulated?

It is not safe to trade with Finq, as it is an offshore company. Finq.com is operated by Dilna Investments Ltd which is the primary payment provider and website operator. Dilna Investments Ltd is acting on behalf of its mother company, Leadcapital Corp Ltd is regulated as a Securities Dealer by the Seychelles Financial Services Authority.

The point is that Seychelles offers an easy process of financial or investment firm establishment, through a very low list of requirements, small budgets and what is more crucial with no strict supervision of the brokers’ operation or history. For that reason, offshore zones attract vast non-scrupulous or shady brokerages such as Hugo’s Way, Prime XBT that aim to attract clients, to grab their funds and disappear.

Is Finq a scam?

There are a lot of offshore-registered brokers out there claiming that offshore registration is a legit thing that allows them to do business in the financial market. However, most of them are simply registered, and not licensed, nor monitored by any governmental agency, which makes those firms the most dangerous places for investing.

Finq in India

Finq has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here (forex trading brokers in india).

Finq in the USA

The United States is one of the countries that is not accepted by Finq. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Finq, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

The minimum deposit in FINQ.com is $/€/£ 100. The broker offers several payment methods: debit/credit cards, bank transfers, Neteller, FasaPay and Skrill. 

Apps

Finq provides its traders with mobile trading through its iOS and Android apps. The traders can trade on the branded Finq WebTrader to access 2,100 assets from the world’s financial markets with free apps for mobile trading. They can view the Traders Trend Bar, see the Trending Now asset list, and use Stop Loss, Take Profit, Entry Limit and Entry Stop as they trade. Most importantly, the broker’s technical team constantly updates its app to give traders the best solution for trading anytime anywhere, so they never have to miss an opportunity to trade.

Demo Account

Finq offers a demo account so you can try the Finq platform with virtual trading before you put down a payment. This FREE demo account comes loaded with $10,000 of virtual money. Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option. Also check info on FBS Broker Demo account.

Conclusion

In any case, we never advise trading with a non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple: the broker may promise the most competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a company means the trader will believe only on the broker’s words, and of course, it is a high risk. 

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or Australian Forex Brokers and reliable brokers such as AvaTrade and XM.com.

You can also share your trading experience with Finq by commenting on this review.

1. What is Brokerz?
2. Is Brokerz regulated?
3. Is Brokerz a scam?
4. Brokerz in India
5. Brokerz in the USA
6. Deposits and Withdrawals
7. Apps
8. Demo Account
9. Conclusion

Is Brokerz a scam or a legit broker?

Brokerz is not safe to trade with it. Brokerz is owned by Brokerz ltd which is an offshore company registered in St. Vincent and the Grenadines.

What is Brokerz?

Brokerz offers trading with Forex, CFDs, stocks, commodities and indices (Find out of the list the Best Forex Broker for you). Brokerz was founded in 2013 by a group of professional traders, investment managers and software engineers. The broker doesn’t disclose any information about its regulation and we suppose it does not fall under any regulatory oversight.

License & Regulation

Is Brokerz regulated?

However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link.

In any case, we never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

Is Brokerz a scam?

Moreover, Brokerz has been blacklisted by the Austrian Financial Market Authority (FMA):

“Brokerz Ltd is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade in financial futures contracts (futures) on its own account or on the account of others”

The pages and official sources of the international regulators’ list alert shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities and more. As Uptos got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.

Brokerz in India

Brokerz has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here. Check the list of Forex Trading Brokers in India.

Brokerz in the USA

The United States is one of the countries that is not accepted by Brokerz. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Brokerz, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

The minimum amount to open a Brokerz account is $/€/£ 250. Brokerz accepts a wide variety of payment methods, such as: Credit/Debit card (Visa, MasterCard or Diners Club), Fast Wire Transfer. 

Brokerz does not charge clients when they deposit funds into their accounts. However, they recommend you check with your bank or credit card company for any money transfer costs and/or extra charges. 

If a client deposits over $2,500, any transfer fees will be covered by Brokerz. Funds can be transferred directly to your bank account by wire transfer or returned to your credit card. However, a withdrawal can only be made using the exact same method you used for depositing. Withdrawal requests are usually processed within three business days of receipt of all required documentation.

Apps

All of the Brokerz’s mobile trading platforms are completely integrated with their trading software and online trading platforms, made to give traders the flexibility and choice of trading on their desktop, tablet or mobile. The traders get 24 hour dedicated support and trading platforms accessible whenever they need.

Demo Account

The broker offers a time-unlimited Demo account that provides you access to its MT4 demo platform. You can open as many demo accounts as you wish and have the chance to become familiar with the platform and its functionality for an unlimited period of time. For beginners, demo trading is the recommended starting point (Best Forex Trading Platform for Beginners). The broker is able to provide screen sharing demos of how to use the software with a member of their technical team. More experienced traders might also find this demo account useful to understand broker’s trading conditions, pricing and the symbols it offers. They might also be interested to conduct back-testing or try out manual or automated strategies, all of which are supported. Also check info on FBS Broker Demo account by link.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Yet, it is always great to hear your personal opinion about Brokerz. So you may share your experience or thoughts or discuss them below or ask us for additional information.

1. What is FINMAX?
2. Is FINMAX regulated?
3. Is FINMAX a scam?
4. FINMAX in India
5. FINMAX in the USA
6. Deposits and Withdrawals
7. Apps
8. Demo Account
9. Conclusion

Is FINMAX a scam or a legit broker?

FINMAX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

What is FINMAX?

FINMAX is a CFDs and binary broker (See the list regulated binary brokers). Its trading platform provides an opportunity to use in trading more than 1000 underlying assets, the list of which is constantly expanding. FINMAX offers assets from the groups of financial instruments as: Forex currency pairs, stocks, indices and commodities. The broker claims to have an amazing team of financial market professionals, however, with all the benefits mentioned on the website, we still have a lot of questions about the company’s reliability.

Licenses & Regulation

Is FINMAX regulated?

It is not safe to trade with FINMAX as it is not regulated. This broker is owned and operated by Max Capital Ltd, Svitrigailos, Vilnius with the operational office address in Sofia, Bulgaria. However, we didn’t find this company in the register of the Bulgarian Financial Supervision Commission.

Being located in Bulgaria, the FINMAX does not hold any financial license to offer its service across major markets. Apart from the legitimate status, the unauthorized nature of trading inflicts the highest risk to lose funds due to the fact that none of the authorities check on the implemented safety measures and protective tools. Therefore, the FINMAX or any other non-regulated broker may use and manage client’s money in any manner with no imposed consequences.

Is FINMAX a scam?

The terms and conditions of the broker state that the company is supervised under the laws of the United Kingdom, but there is no mention of the broker in the regulator’s register and FINMAX actually doesn’t have any legal rights to offer its financial services to the UK residents.

FINMAX claims to be regulated by the FMRRC. Although FMRRC is an independent self-regulatory agency which was created to provide a level of regulation for derivative dealers and brokers. It has no connection with the Central Bank of Russia, the official regulatory body in Russia, and has very few legal powers with regards to regulating FMRRC regulated brokers. 

FINMAX in India

FINMAX allows Indian traders to open accounts and trade. However, FINMAX has no mention of complying with any Indian regulators on its website. Here you can find the Best Forex Trading Platform in India for you. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here. 

FINMAX in the USA

The United States is one of the countries that is not accepted by FINMAX. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for FINMAX, you are only permitted to trade with the U.S regulated platforms.

Deposits & Withdrawals

The minimum deposit is 250$. The payment options include: credit/debit cards, bank transfer, Yandex money, Qiwi wallet, Webmoney, Perfect money. 

Apps

FINMAX offers a modern trading platform for your mobile device, we support the following – iOS, Windows Mobile and Android.

This platform is identical to the terminals that are available for desktop PC’s and laptops. However, it is fully adapted to mobile devices which allows you to trade with comfort from any location, where-ever you are, if your device is connected to the Internet.

Demo Account

The broker does not offer a demo account.

Read about FBS Broker which offers a Demo account.

Conclusion

Even though the trading offering might seem attractive, there are many questions in regards to the trust of the FINMAX company services and the manner they do operate the online trading itself. Of course, an offshore status of the company does not guarantee the provision of services at the necessary level of client and funds protection. 

For that reason, we would advise choosing the broker more carefully and check on the first step broker’s regulation status. The reputable firms that hold FCA, FINMA or other licenses are established in accordance with the international standards, protecting clients at every step and even compensating the trader in case the things go wrong with the company. So of course, we always advise only regulated firms to trade with, as the market trading business with its decentralized nature, unfortunately, attracts many scammers, and the trader should carefully check where to invest money and trade.

Yet, it is always great to hear your personal opinion about FINMAX. So you may share your experience or thoughts or discuss them below or ask us for additional information.