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FinRally Review - is it scam or safe?

FinRally Review - is finrally.com scam or good forex broker?

RATING: 1 / 0 REVIEWS FinRally
FinRally is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Bronze  $250 1:100 1 pips
Silver  $1 000 N/A N/A
Gold  $3 000 N/A N/A
       

 

FinRally is a hybrid brokerage, offering both forex and binary options trading on a web-based trading platform. While the forex trading conditions listed above don’t seem bad, be sure to check out at least the first point of the negatives section, if you are going to skim through the review. We have major concerns regarding this company, which will be highlighted below.

 

 

FinRally Advantages

 

Seemingly good spreads, solid leverage

Although FinRally’s website is not very informative regarding the broker’s trading conditions, one can get acquainted with them on the test-drive the broker provides. So, the spread on EUR/USD is fixed at 1 pips, which is really low, since most fixed-spread brokers offer a spread of 2 pips for this pair.

 

Also, it becomes clear that FinRally offers a leverage of 1:100, which is a solid ratio. Many jurisdictions cap leverage at significantly lower levels due to investor protections concerns. As most of yyou probably know, higher leverage involves greater risk of losses.

 

Good selection of assets

Furthermore, the broker provides traders with a wide variety of CFDs – on currencies, commodities, indices and stocks. So, basically the most popular asset classes are covered, with only cryptocurrencies missing.

 

If you are into digital assets like Bitcoin, here is a list of licensed forex brokers that offer trading in cryptocurrency CFDs.

 

 

>> Licensed Bitcoin forex brokers <<

 

 

FinRally Disadvantages

 

An offshore shady broker, blacklisted by CNMV

FinRally is a trading name of Algobit Ltd., a company registered in the Seychelles. This offshore zone is a popular forex broker destination for providers looking for low registration fees and taxes, as well as freedom from all kinds of regulatory requirements and oversight.

 

In other words, brokers in this offshore zone are not subjected to strict oversight on the part of a governmental agency, nor have to follow any strict rules, such as keeping clients’ funds in segregated accounts, providing insurance in case of bankruptcy, etc.

 

Furthermore, we found out that FinRally and the company behind it are blacklisted by the Spanish financial watchdog, the CNMV. This is a sign of trouble because the broker obviously targets European investors without being authorized. What is worse, in most cases financial regulators issue warnings against unregulated brokers after they have received complaints and alerts from traders who have fallen victims to scams.

 

The other brands of the company are just as dubious

Actually, Algobit Ltd. is not unknown to us, as we have reviewed a number of brands which are also run by the company -  SmartNationFX, Smart Stock Options, Worldwide CapitalFX, and Lite Options. These brokers are just as dubious as FinRally, and the latter two are blacklisted by the Cyprus Securities and Exchange Commission (CySEC).

 

Trading conditions not fully disclosed

As we mentioned earlier, FinRally has not announced any reference spreads on its website, nor the maximum leverage levels provided, and other essential parts of its offer. This is a worrisome sign, as it shows lack of transparency.

 

No access to MT4 

Instead of a proven platform like MetaTrader4, FinRally offers its services on a very simple web-trading interface, which can be used for trading both forex and binaries. However, it cannot be compared to the industry leading MetaTrader4 (MT4).

 

 

Click on the image to view larger.

 

Most investors will surely prefer trading on the MT4, which offers a full spectrum of trading tools and services: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Besides, traders can download ready-made or create their own EAs and let the program do all the work.

 

 

>> Choose some of the best MT4 brokers <<

 

 

Conclusion

 

Taking into account that FinRally is not licensed, its website does not disclose essential trading conditions, and that it was blacklisted by the authorities in Spain, while the other brands of Algobit LTd are flagged by CySEC, it is very probable that this broker runs some sort of investment scam.

 

The forex and binaries industry is unfortunately packed with scammers. In order to protect yourself from investment fraud, you’d better invest only with brokers licensed by reputable authorities such as Cyprus’ CySEC or Australia’s ASIC.

 

 

>> Find the best CySEC-regulated brokers here <<

 

 

And finally, here are the highlights of the present review of:

 

Pros

Cons

Solid leverage, seemingly good spreads No legit license, blacklisted by the CNMV
Good selection of assets The other brands of the company are just as dubious
  Trading conditions not fully disclosed
  No MetaTrader

 

Latest news about FinRally
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Traders` reviews for FinRally

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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