High leverage of 1:500 and other unfair conditions led Finexico to face a ban. CNMV has already blacklisted finexico.com, terming it as an unregulated entity. The regulator further cautions users from investing with the platform. In addition, there have been complaints regarding how the platform treats new investors. New investors are having a hard time trying to withdraw funds for the first time. Here’s the complete FINEXICO REVIEW.
According to them, Finexico is one of the most renowned Forex CFD providers. And yet, they have a warning from CNMV, and other regulators are planning to follow suit. In addition, the platform claims to have a one-of-a-kind management team.
From what we see, the platform claims to bridge the gap between retail and institutional clients. And this shows that they are targeting all classes of investors. Some of their core values listed include fairness, honesty, integrity, and trust.
The disclaimer at the footer of the homepage would suggest this is a Cypriot-based platform. We know why the platform would love to associate itself with the region. Cyprus enjoys strict investment regulations.
And so it stands, all forex institutions want to look legit in the eyes of investors. However, some only use the name to fool investors into depositing funds. You might fall for the platform if you fail to spot the red flags.
There are proven ways of investing that are reliable and safe. However, today’s investor is looking for expert-backed investment alternatives. And this is what Coin staking, DeFi, and Masternoding bring to the table.
Finexico is merely a website that mimics a real trading platform. But, unfortunately, once investors sign up with the platform, it’s the last they will hear from it. And this is what we are trying to stop with the platform.
By reading reviews, you get an idea of what to expect without having to commit funds. But, of course, you have to do due diligence before committing yourself to any platform. Below are some of the red flags and features found in Finexico.
Finexico offers five account types with the minimum acceptable deposit set at $1,000. The platform is asking four times the amount set by regulators. These five accounts include Micro, Classic, Silver, Gold, and Platinum.
Micro
It’s the most basic account and comes with a minimum deposit of $1,000. In addition, the account comes with a welcome bonus of $100. No investment firm can claim to offer such high bonuses and keep business afloat.
Classic
For the classic account holder, they must deposit $5,000 to start trading. Members get an advanced market introduction and trading signals. There’s a 20 percent bonus amount available for this account.
Silver
With the silver account, members must deposit $20,000. In addition, members get a basic market introduction and a 40 percent welcome bonus. You also get a personal business plan and flexible spreads and swaps.
Gold
For the gold account, members must deposit $50,000 and get a full educational package. There’s also a welcome bonus of 75 percent. In addition, members don’t incur any withdrawal fees with the platform and get all trading instruments.
Platinum
It’s the most exclusive account, and investors must contact support for more. Account features include having a full instrument package and trading sessions with analysts. Unfortunately, there’s no mention of a welcome bonus.
As expected, the more you deposit, the higher your rewards. You get to unlock more features with the amount of money you deposit. And this doesn’t paint a picture of a fair and inclusive trading platform.
Some of the account features don’t make any sense at all. For example, why would the platform offer a personal business plan to investors? Such features are available only on wealth management service providers.
Depositing funds is via bank and wire transfer. There’s a five-day delay for the funds to appear in your dashboard. And this is against the norm as funds appear immediately once you make a deposit.
We don’t understand the delay since the bank transfer is direct. There’s a high chance the platform will block your access. Complaints on how the platform fails to show account balance are there to be seen openly.
Withdrawing funds from the platform is the biggest hurdle most face with the platform. Most have not had the chance to withdraw from the platform. Those who withdraw have to have a huge balance amount after withdrawal.
You can only withdraw part of your investment, not the whole amount. And this is unacceptable as investors are free to withdraw funds as they please. The platform is blocking withdrawals from remaining relevant.
SLN Development Ltd is the entity listed as the parent company. The disclaimer claims the entity has a business address in Cyprus. These are false claims as the company registrar in the region has no such entity.
The homepage also fails to mention the names of people involved in the day-to-day operations of the platform. It would be best if you stayed away from it as it’s an anonymous platform. They fail to give users information on the CEO or CFO of the company.
Investing with an anonymous platform is a no-go zone for us. We highly recommend against it as the risks outweigh any rewards. In addition, victims of the platform can testify to it as there’s no way of recovering funds.
Another fascinating feature of the platform is the lack of direct support from the team. You don’t get any contact from the team, which is a problem. On the contact page, there’s a phone number with a voice message.
You can also leave a message and wait for a response. It usually takes four to five business days for the platform to respond. It’s not acceptable as this is not a way of offering financial related services. Support should be available 24/5.
There’s no such thing as a demo account with Fnexico. Once you sign up with the platform, you are using a live account. And this is a disadvantage for newbie traders. The platform ought to give them a chance to test the platform.
As far as trading platforms go, Finexico offers a custom-made trading terminal. However, it lacks advanced trading tools and a chance to customize trading. The platform also offers high leverage putting your investment at risk.
There are over 200 trading instruments, and the high leverage will make you lose more. Losing trades is part of investing, and in this case, members are bound to lose heavily. It’s the reason regulators put a cap on leverage to 1:100.
You won’t get any safety cover from the platform. Finexico fails to comply and thus, doesn’t offer insurance cover for deposits made. As a result, regulators won’t help you recover funds in the event of bankruptcy or insolvency.
Here are the reasons why we don’t recommend the platform
Now you know the risks that come with investing with Finexico.
You should make an informed decision and use tested investment platforms. It’s the only way to invest safely with forex.
If you have any questions, drop a comment or email us.
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