Scam or Legit? This is the first question popping up in our heads after finding out about an online broker. Scam brokers are getting more skillful at hiding their natural faces, and any average trader might find it difficult to distinguish them from the legit ones.
However, our professional reviews offer in-depth analysis and explain what we should believe and what not.
Today, you will be introduced to FINQ broker, a scammer with attractive services at first glance. FINQ review will go through the details and expose the general red flags.
FINQ: Who Are They?
Axes broker is a CFDs and Forex broker founded in 2020. It operates under the company Leadcapital Corp Ltd, located in Seychelles. FINQ broker claims to be regulated only by FSA-Seychelles Financial Services Authority.
However, our readers should know what Seychelle’s regulation means. Well, simply, it means nothing. Seychelles is an offshore zone, and its FSA has no power regarding funds protection.
Why wouldn’t they try to obtain a European regulation to guarantee funds protection and recovery for the clients? Well, because in that case, FINQ group would need to be regularly controlled by the financial authorities, which is not a scam company’s interest. That’s a severe red flag!
Finq.com also claims to have over million active users in more than 150 countries worldwide, offering the trading opportunity of CFDs, Forex, Shares, Spot Indices, Futures, Spot Metals, Spot Energies, with relatively tight spreads, and MT4 trading platform. Let’s overview the company more in-depth.
We already agreed that FINQ is not reliable and safe for your funds, as any prestigious authority does not regulate them.
Let’s still go forward and review their trading conditions.
Trading Accounts And Fees
FINQ requires 100 USD (Silver account) for a minimum deposit. This is a relatively average price, as some scammers even dare to ask thousands for the standard accounts. However, if you wish to use a slightly better trading account, the next option (A gold account) is already available for $10,000. That’s a huge price difference and won’t appeal to any trader.
The broker claims to provide MetaTrader 4 trading platform, an advantage we have always believed in. MT4 is currently one of the most critical trading software in foreign exchange transactions, and nearly 80% of users like it.
The platform provides:
- Advanced chart packages.
- Many technical indicators.
- An extensive backtesting environment.
- Various intelligent trading systems (EA).
However, we could not download the platform from the website at all. So, even if information about trading conditions is provided on the broker’s website, especially when it comes to shady broker’s website, we can’t 100% be sure it is true or not.
Now, let’s say you successfully traded with the FINQ broker. You even got the profit and are ready to withdraw the money. What withdrawal methods are available?
According to FINQ, you can deposit and withdraw money with Bank Transfer, Debit/Credit Cards, PayPal, Skrill, Neteller, and UnionPay.
The users do not verify these methods. The most common complaints come from the withdrawal procedure. Their customer support is super unresponsive when asked about the withdrawal. Scam brokers do not want you to withdraw your money!
The first thing a visitor sees on finq.com is their proud announcement of bonuses. At FINQ, users can get up to $4,000 as welcome bonuses. However, don’t let them fool you. The welcome bonus is a weapon fraud brokers use to attract newcomer or inexperienced traders. You will need to pay for their account, and you will “receive” the bonus. However, “surprisingly,” you won’t manage to withdraw the bonus funds.
To conclude, there is no single reason you want to use FINQ broker’s services. You should stay away from the broker by all means! Protect your data and funds from scammers.
If you desire to find a reliable and openly trusted broker, check our forex brokers list, read our in-depth reviews and choose the most suitable broker.