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Financika Review - is it scam or safe?

Financika Review - Is financikatrade.com scam or good forex broker?

RATING: 1.5 / 5 REVIEWS ForexBrokerz Financika
Financika is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type  Minimum deposit  Maximum leverage Spread
Standard $200 1:200 From 3.0 pips

Financika is a forex and CFD broker, which offers a single account type. While the trading conditions are not amazing, at least they don’t discriminate clients based on the size of their initial investment.

 

The Company. Security of Funds

 

 

Company Country Regulation
FINANCIKA (SHARP TRADING) LTD  Vanuatu VFSC

 

Financika is owned by FINANCIKA (SHARP TRADING) LTD. This legal entity is based in Vanuatu and is registered with the local Financial Services Commission (VFSC).  

 

While this is better than a total lack of regulation (which isn’t as rare as you may think), the island-nation of Vanuatu has earned a reputation for loose oversight of forex brokers. The aforementioned Commission has set a minimum capital requirement of $2,000, which basically allows anyone to set-up a brokerage there. This doesn’t automatically mean all of the companies registered there are scammers, but we have received complaints in the comment sections of quite a few reviews. You can go to the bottom of the page to leave your feedback, if you have experience with this broker. 

 

Other jurisdictions have much higher initial capital demands (as well as other regulations) from similar companies. Let’s take another popular island – Cyprus. The local Securities and Exchange Commission (commonly known as CySEC) has put the entry bar at € 730,000, which ensures the people behind a given broker have serious intentions. 

 

>>Looking for a CySEC regulated broker? Click here<<

 

Additionally, the Commission imposes multiple strict rulings upon those who have registered with it. When it comes to the security of your funds, two are the most crucial. First of all, traders’ funds must be kept in segregated accounts – a mechanism which prevents brokers from simply draining your account and providing a simulated trading environment. Additionally, participation in the local Investor Compensation Fund (ICF) is mandatory. This is a structure to which brokers periodically deposit a portion of their profit. In turn clients are guaranteed compensation in case their investment intermediary goes bankrupt. Your funds are safe, up to €20,000. 

 

Trading Conditions

 

Minimum Initial Deposit

Financika requires a minimum investment of $200. This is a relatively acceptable level, given the fact the current industry average is probably around $100.  

 

Some of you may find these levels to be very small, but others may be willing to start out with an even smaller deposit. Luckily, there are some companies who have no limitations, like the FCA-regulated forex pioneers at IG

 

Average spreads & Commissions

Spreads at Financika start from 3.0 pips on EUR/USD. This level is substantially higher than the industry average. Most brokers offer something around 1.0 – 1.5 pips for the most liquid currency pair.

 

>>Forex brokers offering lower spreads<<

 

We usually like to test a broker’s claims with their platform. However we couldn’t access the one provided by this company. Then again, the claim isn’t too good to raise any suspicion.

 

Leverage

The maximum leverage at Financika is 1:200, which may be considered a middle ground in the contemporary forex landscape. Other brokers offer much higher leverage possibilities, although we would not recommend utilizing them to the full capacity.

 

As you may know, a higher ratio only allows one to take bigger risks. This may sound lucrative at first, but it is easy to lose track of your trading strategy and investment objectives. If you turn your trading into gambling, you are very likely to eventually blow out your entire account.

 

Trading Platforms

 

The platform of choice of Financika is the web and mobile-friendly PROfit. As we briefly mentioned above, we couldn’t register an account with this broker, so we couldn’t really play around with the platform. The company doesn’t accept clients from more countries than the ones listed on the website.

 

That being said, we have experience with PROfit, which leaves mixed emotions. It may offer some nice features and the charting is fairly decent, but it feels slightly counter-intuitive at times. When compared to the industry standard, MetaTrader4 (MT4), this is (in our opinion) an inferior choice.

 

 

>>Click here for a list of brokers offering MT4<< 

 

MT4 offers possibly the best charting package, lightning fast order execution, and a lot of custom tools. In case you are a fan of technical indicators, you can find almost every possible one on this platform, or even some you can’t think of in the built-in marketplace. This feature makes MetaTrader stand out the most – the place where developers can list their new creations and show/sell/lease them to others. In case you are into automated trading, the store has you covered, with the thousands of available Expert Advisors.


Methods of Payment

 

The payment methods at Financika are few, but very popular: Bank Transfer, Credit Card and Skrill. While other brokers may provide an even bigger diversity, these feel sufficient to most traders (with some major exceptions, like China and Russia, where other solutions are even more dominant).

 

Conclusion

 

Financika is an off-shore forex broker, registered with the Vanuatu Financial Services Commission. This may not be a top-tier agency, but is still better than no regulation at all. The trading conditions at Financika are not up to date with the things provided by other brokers. Here is a brief summary of this broker’s strong and weak sides:

 

Pros Cons
Still some form of regulation Off-shore regulation
  High spreads
  Unusual trading platform
  Couldn’t register an account

 

Latest news about Financika
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Traders` reviews for Financika

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

financika.mx

La compañía offshore financika.mx es una entidad legal que acepta la función de acuerdos mutuos con clientes, cierra las posiciones de los clientes si es necesario, alquila servidores y mantiene distribuidores que pueden no estar en un solo lugar, sino dispersos por todo el mundo. Esta compañía no es prometedora y no valora su propia reputación y clientes, no existe una oficina de representación propia o compañía asociada con la que los clientes puedan contactar en caso de necesidad.

Translated by Google:

The offshore company financika.mx is a legal entity that accepts the function of mutual agreements with clients, closes the positions of clients if necessary, rents servers and maintains distributors that may not be in one place, but dispersed throughout the world . This company is not promising and does not value its own reputation and customers, there is no own representation office or associated company with which customers can contact if necessary.

Marta 12/10/2019

me estafaron

afortunadmente no perdi mucho fonero con ellos
pero cuando les quedo claro que no invertiria mas dinero hasta recuperar toda mi inversion original simplemente me envolieron a arriesgar mi cspital y en 2 horas perdi todo debido a la caida repentona de un producto.


Translated by Google:

I have been cheated
Fortunately, I didn't lose a lot of phone with them
But when it became clear to me that I would not invest more money until I recovered all my original investment, I was simply involved in risking my capital and in 2 hours I lost everything due to the sudden fall of a product.

inversor defraudado por financika 11/15/2019

Stay way from Financika.They are crooks

stay away from these crooks.I lost $3 000 within 4 weeks.They ask for your money and then disappeear.CROOKS,CROOKS AND SELFISH PEOPLE

Diego 07/22/2019

Stay way from financika. They are crooks

These people are crooks and I advise you to stay away from them.

Barbarah Mutemererwa 07/22/2019

this compani is scam

sine i start trading this company i lost more than r30000. the company promis to half amout still not thing and empty promis.pleas guys be away this like scame

GEZAHEGN DAREBO 07/08/2019

financika trade is a big scam - ask for money then disappear

please read (sorry my english is translated by google translator) https://www.broker-fraude.com/financikatrade/ financika is a scam, I'm in contact with more than 30 affected people in latin america so be careful, they are really smart on the phones and will promise you the sun and the stars, but once you deposit they will disappear

thanks

inversor enojado 11/29/2018

scamed within 2 weeks

lost 9200 USD within 2 weeks calling if need money again but if you don't have money more finish they will kick you very bad treat ment as if you are their servant I want to send message to every one all over the world do not trade your money in financika sure it will be lost one day god willing this company will be binary one day and god will take the rights of all people scammed by them

safaa 02/14/2018
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