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Finbitex Review - is it scam or safe?

Finbitex Review - Is finbitex.com scam or good crypto broker?

RATING: 1 / 4 REVIEWS ForexBrokerz Finbitex
Finbitex is an offshore broker. Your money is not safe.

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 Trading Accounts & Conditions

  

Account type Minimum deposit  Maximum leverage Spread
Basic $250 Unspecified $75 (1.16%) for BTC/USDT + 1% clearance fee
Silver $5000 Unspecified Unspecified
Gold $25,000 Unspecified Unspecified
Platinum $75,000 Unspecified Unspecified

 

Finbitex may sound like a cryptocurrency exchange, but is actually a CFD broker offering access to derivative products based on the major coins. Their offer isn’t competitive with the current state of the industry, but at least they fully specify the nature of the service.

 

Finbitex Advantages

 

Nice charting, web-based platform

Trading at Finbitex is done via a web-based interface, which puts a great emphasis on the charts. This is probably due to the fact, they are one of the best in the business – the TradingView package. This company offers integration to a lot of brokers and crypto-exchanges and the analytical potential of the platform is basically unrivaled. Here is a preview:

 

The platform at Finbitex

 

Over 40 trading pairs

Finbitex covers some of the major cryptocurrencies like BTC, ETH, XRP, DASH, XMR and more. Trading is done in various pairings between the digital assets. Additionally USDT and EUR are supported.

 

Various payment options

As a CFD broker, Finbitex accepts fiat currency payments. This is done via Bank Transfer, Credit Card, Skrill, Netteler and Western Union. While blockchian transfers aren’t accepted, traders versed in traditional markets will enjoy these options.

 

Clear these are CFD

Before we get to the negatives, we feel the need to mention this as a positive. With the cryptocurrency boom, shady brokerages, who only offer crypto CFDs have started mushrooming left and right. Some of them don’t specify what they are offering is only speculative trading and not access to actual cryptocurrencies. Check the link below to see our detailed guide, featuring all the differences.

 

>>Crypto CFDs vs real crypto<<

 

Finbitex Disadvantages

 

Not a regulated broker

The legal entity behind Finbitex is called RedSunrise LTD. They are based in Sofia, Bulgaria, but aren’t registered with the local Financial Supervision Commission (FSC). 

 

Even if you think this isn’t a big deal, as cryptocurrencies shouldn’t be regulated, EU lawmakers have a different opinion. The ESMA (European Securities and Markets Authority) holds the position, that while cryptocurrencies aren’t securities, the derivative assets based on them are and companies offering such services should be regulated. 

 

>>Our list of regulated Bitcoin brokers<<

 

Some trading conditions unclear

Finbitex doesn’t reveal a target spreads and leverage ratios offered. This may not be a major issue, but is still indicative of a lack of care.

 

Spreads aren’t attractive

While the costs of trading with this broker aren’t disclosed on the website, one can easily access the trading interface itself. There we saw a BTC/USDT spread of $75 (which was around 1.16% of the value of a Bitcoin, at the time of writing). By itself, this may not seem that bad (although other crypto-CFD brokers offer even better conditions, in the  $30-$50 range), but Finbitex also charges + 1% clearance fee on all trades. The truly disappointing part is this fee is buried deep within the Terms and Conditions.

 

High deposit levels

The minimum deposit requirement with this broker is rather high, when compared to the requirements, which most forex brokers have. The “standard” level nowadays is probably $100, with a lot of companies having even lower entry levels. The rest of the levels offered only target very wealthy individuals (keep in mind, you should only trade with the so called “risk capital”, funds which you are willing to loose).

 

Focus on bonus offers

Instead of specifying the trading conditions, Finbitex puts a lot of emphasis on other benefits, such as deposit bonuses and consultations with a personal account manager. These services are often provided by brokers, who aren’t that trustworthy.

 

Extra (hidden) fees

The fact a lot of the fees charged by Finbitex are only mentioned in the Terms and Conditions can be seen as slightly shady by itself. What is even more troubling is the fact they are rather unusual, like the maintenance fee. Here is a preview of all the details:

 

The plethora of fees charged by this broker(click to zoom-in)

 

Conclusion

 

Finbitex is an unregulated crypto-CFD broker (basically a forex broker, which doesn’t offer anything other than the cryptocurrencies). We appreciate the fact they have very specifically stated the fact they aren’t an exchange, which some other companies don’t do. That being said, their offer isn’t impressive by any means – the costs of trading are rather high and the small print can actually turn out to be very impactful for some. 

 

Even If the conditions were better, this is still an unregulated company. Such trading partners always carry a level of counterparty risk. This is why most countries have dedicated agencies to monitor the financial services sector. On of the most reputable such watchdogs is the United Kingdom’s Financial Conduct Authority (FCA).

 

>>Brokers regulated by the FCA<<

 

All of the brokers registered with them are obliged to follow a lot of rules. The two ones which allow traders to feel safe for their investment are the segregation of client accounts and participation in the Financial Services Compensation Scheme (FSCS). The former simply means your money will not be mixed up with the company’s, in a way stopping direct fraud. The FSCS is mechanism which protects traders, in case their broker goes bankrupt (up to £50,000, per person).

 

A recap of our review of Finbitex:
 

Pros Cons
Nice charting, web-based platform Not a regulated broker
Over 40 trading pairs Some trading conditions unclear
Various payment options Spreads aren’t attractive
Clear these are CFD High deposit levels
 
Focus on bonus offers
 
Extra (hidden) fees

 

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Traders` reviews for Finbitex

Spread

Pros

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Slippage

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Requotes

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Price feed

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Platform

Pros

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Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

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Threat from Finbitex on writing reviews

Dear Amit K

It came to our attention that you have been conducting a negative public relations campaign against our firm, operated through the website www.finbitex.com (hereafter company.) We have received a few complaints through our clients that you had engaged in slander, defamation and publishing libels about the company.

The purpose of this letter is to order you to stop with your activities which are considered damaging to our reputation and refute the claims which you had made against us with those affiliates and advertisers. In case you don't comply with our request we will be left with no other choice but to submit an actual claim against you in the court of law and make you liable for damages direct and indirect which were caused by your posts and actions.

Please consider this letter as a notice for you to not delete, or in any way destroy or alter any evidence of your activities since they can be used as evidence to any claims which we might have in the future against you in case you won't cease the activities which we are considering harmful, to our brand and reputation. Any destruction of those communications will be considered as evidence tampering.

Moreover, we strongly encourage you to settle any differences you might have with our company through company representatives themselves. To submit your complaint feel free to send an email to disputes@finbitex.com for them to evaluate any claims which you might have against the company.

However no steps will be taken to make a settlement with you, until you stop with your slander, and until you refute and deny the damaging claims which you have made against the company with our advertisers and affiliates.

Best Regards,

Sebastien R.

Legal Department

Finbitex.com

Amit K 10/30/2019

Plz Plz do not invest with FINBITEX

Ok, Again I've been advised on Telegram to check with Finbitex. The pushed me hard to deposit/ start with 3 BTC. Ok, I did it with 25% bonus on that. No one traded my account for months, while they signed agreement for account mgt. After repeated follow up, Jacob started to manage my account (from Aug - Sept)
Story took, no trades since Oct - Dec 2018. Again, multiple follow ups and new crook took over my account Josef, asking excuse that Jacob resigned.
Now, I wanted to withdraw my funds and as mentioned by many people in reviews. You can't get your funds back. Never Never Never. Forget your funds if you deposit with Finbitex. Finbitex was never clear on terms of withdrawal. Finally, Josef neither managed my account nor perform follow up, finally I started trading and slowly lost hope of getting my money back. Still my account shows 10 BTC but they are not ready to let me withdraw my funds.
Never Never Never invest/ trade with Finbitex

If required I am ready to share my email history with them.

Amit K 10/29/2019

Finbitex lost $300k in under a month!!

Finbitex is no more than a scam, they promise to trade your account up, as they did to over $300k, then when you want to start taking out funds they begin placing trades that seem quite stupid, I downloaded the history and is their tactic is to trade up and then a massive drop in bitcoin, from 24BTC to under 4 BTC in under a month when Bitcoin is Bullish? Then no response to requests to discuss the rapid decline in your account.

Doug 06/13/2019

Finbitex withdrawal Issues

Hello,

Can you let me know if you have ever had any dealing or correspondence with anyone from Finbitex the CFD broker?

Also have you had any feedback or complaints from other users of this service to build a case against them?

I'm interested to know as these people are clearly untrustworthy and I would like to gather as much information as I can as to who they are and where their business is located, which is like a needle in a haystack it seems.

Thank you in advance,

Thea

TheaH 06/03/2019

duped

This finbitex company took me for a ride to the tune of 150,0000 USD. They have no intention of returning any of your money back. One stock broker by the name of Adam Foster is a sweet taking crook in this company. This is a cheat company who was doing business under the name of cryptoeu.

Kindly do not invest in this company.

Nafisa Deepu Raj 03/14/2019

Worst and criminal platform

I had the stupidity to register to this damned FINBITEX platform, after seeing attractive advertisement on Telegram. One brocker call me then immediately, and convince me to start at least with 0.05BTC (320 $), but no better advises, and then when I wanted later on withdraw my fund, impossible... up to now!!! (2 weeks). Apparently you need to have the approval of one broker!!!! Then they apparently charge also 0.01 BTC??!! But anyway it's even not working so for me it's a fucking big SCAM, nothing is clear in their site after a mote detailed verification :-( I hope and wish no one will fall again in their trap!!!
Bad, very Bad experiences...

Arnaud HAVET 09/30/2018
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