de | cn | ru

Finodax Review - is it scam or safe?

Finodax Review - is finodax.com scam or good forex broker"

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

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Min. trade size Spread
Micro $500 0.1 3 pips, fixed
Standard $1 000 0.1 N/A
Premium $50 000 0.1 N/A



Finodax is a forex and CFD broker, which seems to target mainly European clients. It offers several account types, bit the website contains no relevant information on the different trading conditions, apart from the initial investment required. Instead, the Account page of Finodax includes details on some extra services, such as Daily market analysis, Free trading signals, right to attend trading seminars and conferences, etc.



Finodax Advantages



Sirix platform offered
The only good thing we can say about this broker is the platform it uses. Leverate’s Sirix is a web-based platform that offers relatively decent charting and ease of use. Actually, its main selling point is the integrated social trading stream, which allows investors to copy the trades of experienced traders. The "Copy" function enables them to have positions opened, updated and closed without any explicit action or confirmation on their side.

 

 

A Finodax’s Sirix. Click on the image to zoom in.



Finodax Disadvantages


Not regulated, CNMV warning
Finodax does not tell potential clients anything about the company owning and operating the brand. In fact, even the name is not mentioned anywhere on the broker’s website, which is a huge red flag. More importantly, there is no mention of regulation by a financial authority.

 

To make matters even worse, we found out that Spain's financial markets regulator CNMV has issued a warning against Finodax. So, you’d better not mess up with this broker.


Sloppy presentation

Not only that Finodax has not shared any information about the company behind it, but actually
its website contains no details on its trading conditions – spreads, leverage, etc. Such lack of transparency leaves a very bad impression.



High fixed spreads
As we tested the platform offered by Finodax, we found the spreads on the most liquid trading pair, EUR/USD, fixed at 3 pips, which is too high for the current state of the industry. The majority of the fixed-spread brokers provide spreads of 2 pips for this pair, and some even lower. That being said, the companies who work with floating spreads, have better offers.

 


>> Compare the spreads of the best forex brokers <<



Negative user reviews

As we did our research on Finodax for the purposes of this review, we came accross a number of negative reviews in some Spanish web-sites. While one must always take anonymous online posts with a grain of salt, given the overall impression left by this broker, it sounds quite possible that some people have been scammed by it.


High deposit requirement
One would have to deposit a minimum of $500 to open an account at Finodax, which is a comparatively high initial investment. Many reliable and licensed brokers require much less. For example, one can open an account with major global brokerage IG by depositing a couple of pounds or bucks.


MT4 not supported

While most traders who offer Sirix also support the good old MetaTrader4, this is not the case with Finodax. The charting provided by the MT4 is even better, a lot of similar copy trading options are available as well as fwide range of automated trading strategies (Expert Advisors).

 

 

>>Top-tier MT4 Brokers<<



Conclusion

 

Finodax offers nothing special in the world of trading: forex and CFDs broker on the Sirix web platform, wide fixed spreads, and a lot of uncertainty regarding the company behind it. Obviously, the broker is not regulated.

The biggest risk for those who decide to trade with such a broker or any other company operating without a license is that may not see their money back. Unregulated companies may be honest, but may also be complete scams. Considering the numerous negative reviews on Finodax and the CNMV warning against it, it probably belongs to the latter group.

 

That being sai, you’d better take a look at the link below and choose among forex companies operating legally in Spain and the EU.



>> Brokers authorized to provide financial services in Spain <<




To sum up our review on Finodax:

 

Pros Cons
Sirix platform offered Not regulated, CNMV warning
  Sloppy presentation
  High fixed spreads
  Negative user reviews
  High deposit requirement
  MT4 not supported

 

Latest news about Finodax
No news about Finodax. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Finodax

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

 

 

de | cn | ru