Is Finodax Scam or Legit Broker?

It is not safe to trade with Finodax. The broker does not hold any type of license, and engaging with it might be risky. Signing in with the broker means putting your investments at risk.

  • We never recommend trading with offshore or unregulated brokers as they might have attractive offerings, but the overall trading experience might prove to be negative. 

About Finodax
🗺️ Registered inNo Registration
🗺️ Type of LicenseNo License
🛡️ Is Finodax safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Finodax?

Finodax is a brokerage and investment firm specializing in online trading and investment, in Forex and CFDs trading specifically. The company claims to have offices in the UK, Spain, Norway, Japan, Australia, South Africa, and Mexico.

  • In order to provide its financial services, the broker needs to be regulated in those countries, although Finodax is not overseen by any of the regulators. The website supports English and Spanish languages, which could mean that the broker targets Spanish residents. As additional proof, there is a warning against Finodax, issued in May 2018 by Spain’s regulator CNMV (The National Securities Market Commission):
    “Finodax is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions.”

Finodax - official website
Finodax Review Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia, or CySEC in Cyprus. Check out a list of brokers authorized by FCA. We advise signing in with reliable brokers such as BlackBull Markets, XM, and BDSwiss


Finodax Update

We found the Finodax website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come. 

No news available.

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