de | cn | ru

FXFinest Review - is it scam or safe?

FXFinest Review - is fxfinest.com scam or good forex broker?

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

RECOMMENDED FOREX BROKERS

Scammed by FXFinest ? Click here!

Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Standard $500  1:500  from 2.0 pips + $20/lot
Silver  $2 500 1:500  from 2.0 pips + $20/lot
Gold  $6 500 1:500  N/A
Platinum  $25 000 1:500  N/A

 

 

FXFinest is yet another unregulated forex provider that is clearly on the dark side of things. It offers four account types, as well as access to the good old MetaTrader4, but doesn’t hold a legit license. Besides, it’s offer doesn’t seem that attractive anyway. Read on to get all the details regarding FXFinest prior to investing any money.

 

 

FXFinest Advantages

 

MT4 available

As more than 80% of all forex brokers, this one also allows you to access the global financial markets via MetaTrader4 (MT4). This piece of trading software is so popular among traders because it is user-friendly, and yet equipped with a set of professional features. Some of these pro tools include advanced charting package, numerous built-in analysis indicators, Expert Advisors for automated trading, and more.

 

Yet, we couldn’t test FXFinest’s MT4, and don’t recommend this broker in general, so you may check the below link.

 

 

>> Check out the top-rated MT4 brokers here <<

 

 

Generous leverage

FXFinest says to provide leverage up to 1:500, which we consider a plus, despite the controversial nature of margin trading. Leverage ratios that high will suit the needs of traders of all preferences and skill levels, yet we advise newbies to use lower levels. The reason for this is that the higher the leverage used, the greater the risk of losses.

 

 

FXFinest Disadvantages

 

Limited company information. No license

Our greatest concern with FXFinest is that the broker does not disclose much information about the company operating the brand. The broker says to be owned and operated by TD Corp., which doesn’t exactly sound like a proper company name. Besides, it remains unclear where is the company based or registered – there is no address, nor contact number. So, we can safely conclude that FXFinest is not licensed, nor overseen by any financial regulator, and traders have no way of contacting them.

 

 

Click to zoom in.

 

With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. Besides, traders have no guarantee for the security of their funds.

 

Blacklisted by the FCA

We should also note that unauthorized brokers like FXFinest are not allowed to operate on heavily regulated markets like the USA, EU, Japan or Australia. Yet, FXFinest seems to target European investors, given the languages its website supports - English, Italian, Spanish, German, and several more. This hasn’t gone unnoticed by the British financial regulator – the Financial Conduct Authority (FCA) has issued an official warning against the broker.

 

 

High cost of trading

First of all, FXFinest demands an initial deposit of $500 for the most basic account type, which is at least double the size of what most brokers require as a start. Second, the spreads announced on its website are starting from 2 pips on EUR/USD, and a commission of $20 applies, which is not lucrative for traders at all.

 

Even for fixed spread standards, this is a high level. As a comparison,  easyMarkets offers a 1 pip fixed spread on the most popular pair, to those clients who deposit more than $250.

 

The MT4 provided by a shady company

Although we couldn’t open a demo account with FXFinest, its MT4 is freely downloadable from the website, and we saw that it is in fact provided by a third party, Trading Technologies Ltd. The company has been blacklisted by Belgium’s financial regulator FSMA, as well as by the French supervisory authority, the AMF. This is another major red flag regarding this broker.

 

Minimum withdrawal amounts set

Furthermore, in Terms and Conditions uploaded on the FXFinest’s website we read that one cannot withdraw any amount below $200 or $500 (wire transfer), which is also unfavorable to traders.

 

 

Interestingly, the broker’s terms and conditions seem copy-pasted from the website of another shady broker - FxBreeze. A broker that even doesn’t bother to create legal documents of its own is certainly not reliable.

 

 

Conclusion

 

Overall, we believe that FXFinest is not worth your investment. Most likely, the broker won’t return your deposit, finding continuous excuses for not doing so, and won’t allow you to reap any profits either. This is what usually happens if you make the mistake of dealing with unregulated brokers.

 

It is only in the best interest of investors to select among companies that are reliable and licensed by well-established governmental agencies like the FCA in the UK or CySEC in Cyprus. This is the only way to minimize the risk of foul play in the forex and cryptocurrency market.

 

 

>> Our list of reliable crypto brokers <<

 

 

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

 

Pros Cons
Generous leverage Limited company info, no financial regulation

MT4 available

Blacklisted by the FCA
  High cost of trading
  MT4 provided by a notorious firm
  Minimum withdrawal amounts set

 

Latest news about FXFinest
No news about FXFinest . Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$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
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for FXFinest

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