FinmarkFX Review

Is FinmarkFX Scam or Legit Broker?

No it is not safe to trade with FinmarkFX, as the company is suspected of being a scam. FinmarkFX is owned and operated by Finmark Ltd located in Kingstown, Saint Vincent, and the Grenadines. Saint Vincent and the Grenadines is known for being an offshore zone. 

• St Vincent is an attractive solution among financial companies and those businesses that for one reason or another choose to operate through an offshore company. The jurisdiction itself offers easy-to-achieve setup demands through a very quick, simplified process, while the firm does not necessarily need an office in SVG. There are no strict establishment rules or requirements, giving an opportunity to run a global business. Furthermore, there is no sharp regulation or overseeing of the company operation implemented. Read more about why avoid brokers from St Vincent & The Grenadines. 

What is FinmarkFX?

FinmarkFX is a Forex, CFDs, and cryptocurrency broker. The company is owned and operated by Finmark Ltd (Kingstown, Saint Vincent, and the Grenadines). The services are provided by Financial Markets FX OU, based in Tallinn, Estonia.

• According to the broker's website, it is a regulated entity, however, we didn't find any information about its regulation. If they meant FinmarkFX is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, then we have to remind that FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities. Moreover, the broker has been banned by the CNMV in Spain in October 2016:
  "Financial Markets Limited https://finmarkfx.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency."

FinmarkFX Review Conclusion

We recommend avoiding doubtful offerings like FinmarkFX and signing with only tightly regulated brokers that follow strict guidelines from authorities such as  UK’s FCA or Australian ASIC. Traders should trade with well-regulated brokers such as such as BlackBull Markets and XM.

FinmarkFX Updates

Based on our research, the FinmarkFX website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.