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Definite Financial Review - is it scam or safe?

Definite Financial Review - is definitefinancial.biz scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Definite Financial
Definite Financial is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

  

Account type  Minimum deposit Min. lot size Maximum leverage Spread (& Commission)
Standard N/A 1 1:200 Fixed, 5 pips + $50 / lot


Definite Financial is an offshore forex broker whose presentation is rather poor: it does not disclose the maximum leverage ratio it provides, the minimum investment it requires, nor its spreads and commission fees. There is no information about different account types either. We had to test its demo MT4 to find put most important details

 

Definite Financial Advantages

 

MetaTrader 4 platform available

One of the few strong sides of Definite Financial is that it offers trading on MT4, the most widely used forex trading terminal that has proved its reliability and ease of use over the years. It offers all a trader needs: solid charting, built-in technical analysis indicators, wide range of automated strategies (Expert Advisors), as well as many customization options.

 

>>Find a better MT4 broker here<<

 

IFSC License

Although we generally don’t recommend brokers registered offshore, we consider the fact Definite Financial holds a license from the Belize’s International Financial Services Commission (IFSC) as an advantage. Regulation in Belize is certainly better than none at all. Besides, it is better than those in other offshore destinations.

 

Definite Financial Disadvantages

 

Licensed offshore

In general, brokers registered offshore, even those licensed in Belize, are not to be trusted. Many of them are pure scams, and the rest are somewhat loosely controlled, so investing your money in offshore brokers is risky.

 

Poor presentation of trading conditions

As we have already mentioned, we could not find any relevant information on the trading conditions of this broker and other important details on its website. Such lack of transparency immediately lowers the credibility of Definite Financial and, combined with its offshore registration, raises a red flag.

 

Limited product portfolio

Judging by what’s available on the broker’s demo MT4, with Definite Financial one can trade in less than 15 forex pairs, as well as in silver and gold CFDs. That is all. There are no CFDs on commodities, indices, stocks, nor cryprocurrencies.

 

Very high cost of trading

Definite Financial’s spreads are fixed at 5 pips on EUR/USD, which is a lot higher than the average for the forex market. Most fixed-spread brokers provide spreads fixed at 2 pips for this pair, and do not charge any commission. Definite Financial, however, applies a salty fee of $50, which means that trading costs on EUR/USD amount to around 10 pips per standard lot. You can see for yourselves:

 

 

Definite Financial’s demo MT4 platform. Click on the image to zoom in.

 

This s one of the highest cost of trading we have seen, and we have reviewed hundreds of forex brokers.

 

>>Compare the spreads of top-tier brokers<<

 

Conclusion

 

Definite Financial is an offshore broker that offers trading in some forex pairs, as well as silver and gold, on its MT4 platform. What we don’t like about this broker, apart from its limited offering, is the extremely high cost of trading, which involves wide fixed spreads and solid commission.

 

Tthe company behind the brand, Definite Financial Ltd., seems to originate from Hong Kong. However, it is not licensed by the Hong Kong Securities and Futures Commission (SFC). Instead, it holds a license from the Belize International Financial Services Commission (IFSC).

 

Regulation in Belize is better than those in most offshore destinations, as IFSC has set a minimum capital requirement of $500,000, it charges an annual license fee of $25,000, and requires licensed companies to keep client funds in segregated accounts. However, it does not focus on monitoring of registered companies. Unlike UK’s financial watchdog and other governmental agencies, IFSC has liberal control over forex brokers. That is why we suggest that you choose a forex broker licensed by a reputable Authority, such as UK’s FCA, Cyprus’s CySEC or Australia’s ASIC, which impose strict rules and see to their compliance.

 

>>A list of brokers regulated in the UK<<

 

Here are, in a nutshell, the strong and weak sides of Definite Financial:

 

Pros

Cons

MT4 available

Offshore broker

IFSC License

Very high fixed spreads, plus salty commission

 

Poor presentation of trading conditions

 

Limited product portfolio, payment methods

 

No choice of trading platforms, account types

 

Latest news about Definite Financial
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Traders` reviews for Definite Financial

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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