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Finaxis Review - is it scam or safe?

Finaxis Review- is finaxis.io scam or good forex broker?

RATING: 1 / 2 REVIEWS Finaxis
Finaxis is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Start  $250 N/A 2 pips
Progress  $500 N/A N/A
New Horizon $1 000 N/A N/A
Classic  $2 500 N/A N/A
Investor Power $5 000 N/A N/A
Financist  $10 000 N/A N/A

 

Finaxis is allegedly based in Luxemburg and offers as many as six trading accounts an access to the popular MT4 platform. As there are a lot of uncertainties regarding the broker’s offer and corporate situation, we don’t recommend it in general. Read on to get all the details regarding Finaxis.

 

 

Finaxis Advantages

 

MT4 available

In our view, the only possible advantage of Finaxis is the availability of the MetaTrader4 (MT4) platform. Supporting trading on any of MetaQuotes’ software – MT4 or MT5 – is always considered as an advantage of any forex broker. Most traders are well-familiar with the tools and features of the MT4, and love using it. The platform is popular for its great charting, the support of Expert Advisors, the back-testing environment, the MQL marketplace, and more.

 

 

>> Find a better MT4 broker <<

 

 

Finaxis Disadvantages

 

No company name, no license

Allegedly based in Luxemburg, Finaxis does not provide any ownership information. Despite our efforts, we could not find the name of the company behind the broker anywhere on its website. Even the Terms and Conditions don’t mention a company name. This basically means that their services are anonymous.

 

In any case, we can safely conclude that whichever the company operates Finaxis, it is not regulated. Anonymity and lack of regulation are very disturbing signs in the trading world, which unfortunately is full of con-artists. Bear in mind that investing in unregulated brokers is a recipe to get scammed, because such websites are totally unaccountable for the way they handle your money.

 

Blacklisted by the CNMV

Furthermore, it seems that Finaxis targets European Investors, although it is not authorized to operate in any regulated financial market. The broker has been blacklisted by the financial regulatory body of Spain, the Comision Nacional del Mercado de Valores (CNMV), as a potential scammer. 

 

 

All this highly inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

 

Trading conditions not fully disclosed

As we already mentioned, the Finaxis’s offer remains largely unclear, as the broker has not disclosed any reference spreads, minimum trade size, maximum leverage, etc. Such lack of transparency on trading costs with a forex broker is always a worrisome sign. Most scammers would not share much details about their offer, probably because they are afraid that some inconsistencies may show up and expose the whole set-up.

 

Excessive withdrawal fees & volume requirements

We also have to highlight that there is a minimum withdrawal amount of $250 at Finaxis and that the broker charges some pretty salty withdrawal fees. What is worse, any client of the company who has not executed at least 200 in turnover, will be charges an additional 10%. Such trading volume requirements expose traders to additional levels of risk, which is not a common practice in the forex industry.

 

 

Such excessive extra fees and trading volume requirements only further incline us to suspect that Finaxis has ill-minded intentions towards its clients.

 

Demo spreads not that good, limited product portfolio

We managed to log into Finaxis’ web MT4 in demo mode and saw the benchmark EUR/USD spread floating around 2 pips, which is not an attractive pricing.

 

 

Group’s demo web MT4. Click to view larger

 

We also noticed that the broker offers trading in less than 30 forex pairs, as well as CFDs on silver and gold. Most brokerages have more diversified product portfolios also including CFDs on indices, commodities, stocks and cryptocurrencies like Bitcoin. So, you might take a look at our list of licensed forex brokers which also offer trading in Bitcoin and altcoins as CFDs.

 

 

>> Regulated forex brokers offering Bitcoin trading<<

 

 

Conclusion

 

Finaxis is an unlicensed forex broker with very low credibility, which even has not mentioned the corporate entity that runs it. On top of that, we found out that it applies some unusual withdrawal fees and requirements and was blacklisted by the financial authorities in Spain. All this inclines us to suspect that Finaxis might be involved in some scam scheme, and that it clients are subjected to substantial risk.

 

When trading with such a broker, your entire investment is at risk and it is very likely that you won’t be able to withdraw anything. In contrast, when dealing with a licensed broker, you will be assured a certain level of protection. As usual, our best advice to investors is to deal only with brokers licensed by reputable financial agencies like CySEC in Cyprus or ASIC in Australia.

 

 

>> Trade with a CySEC-regulated broker <<

 

 

To sum up the strong and weak sides of MT4Invest:

 

Pros Cons

MT4 available

Unclear corporate situation, no license
  Blacklisted by the CMNV
  High spreads, limited product portfolio
  Excessive withdrawal fees & volume requirements

 

Latest news about Finaxis
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Traders` reviews for Finaxis

Spread

Pros

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Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Finaxis is a big scam - my opinion

Scam is imposible to withdraw - be careful with this f^ckers, they just dont let you withdraw, no excuses, no reason, just no withdraws

Don't make my mistake, invest with a regulated broker, not this pirate ghost company

Mexitrade 08/13/2019

finaxis is a scam

finaxis is a scam!!! they have stolen my money! Please help, how can i charge a law suit against them ? they have my personal data, access to my bank account. please contact me!

Sava Hristov 06/18/2019
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