FinFreetrade is a clone of Hextra Prime, and both are offshore and unregulated forex investment platforms. Once you land on both pages, you will clearly see the similarities. Fn Free Trade claims to offer an amazing pack. However, there are a few differences, such as the available accounts. Finfreetrade.com provides fewer accounts but a higher welcome bonus. Please find out more in our clear FINFREETRADE REVIEW.
There’s a sales pitch on the platform claiming you will earn consistent trades. Of course, with volatile markets, making such a bold statement is uncalled for. However, the platform is making these statements to try and get more investors to sign up.
FinFreetrade also promises liquidity and technology all in one platform. You get a promise of optimizing your trading performance through their technology. We notice the high leverage of 1:5000, which is an insane one.
Only offshore platforms offer such high leverage putting your trading at risk. Investors are bound to lose huge volumes in case trades go wrong. And this is the reason regulators put a cap on maximum leverage at 1:100.
One proven way of successfully investing in the forex market is using transparent platforms. You can sign up with creative investment platforms offering groundbreaking solutions. These options include Coin Staking, DeFi, and Masternoding.
The so-called generous bonus offerings will come back to bite the user. We have seen plenty of cases where investors can’t withdraw unless they pay back the bonus. And such platforms demand full payment with a new deposit.
Other features to spot include claims of access to detailed statistics and a variety of extra commissions. The platform is also restricting users from certain regions. However, that doesn’t mean they have barred investors from depositing funds.
FinFreetrade offers two account types with the minimum deposit set at $10. One of the positive aspects of the platform is the low minimum deposit. The two accounts include Standard ECN and Raw ECN.
These two accounts almost have the same features apart from a few points. One of them being the availability of bonuses and the leverage set. In addition, margin call and stop-out levels on both accounts are set at 50 and 30 percent, respectively.
Standard ECN
For the standard ECN account, you get commissions per 0.01 lot from $0.10. Spreads are set at 0.1 pips, with the leverage being 1:5,000. The base currency for both accounts is set at USD, with an affiliate partnership available.
Raw ECN
With the Raw ECN, users get commission(per 0.01 lot) starting from $0.03. The minimum allowed deposit for this account is $500. Order distance restriction is not available on both accounts.
Fin Free Trade also promises to offer copy trading solutions. According to their records, they will soon avail of this service to investors. We bet the platform will offer the same copy trading services as Hextra Prime.
The platform offers users a deposit and welcome bonus. There’s a 50 percent deposit bonus and a 100 percent welcome bonus. In addition, the platform promises to match your first deposit when you sign up. It all looks appealing to the eye.
Well, most newbie investors and traders will fall for it. In their eyes, they see their funds double and a chance to make more trades. However, there’s a catch with these bonuses, and withdrawal is impossible unless you pay back the full bonus amount.
It’s the reason regulators had to step in and protect investors from such harsh conditions. Regulators are restricting platforms from offering bonuses. Instead, it seems the platforms are offering loans in the form of bonuses.
The people who run the platform pull strings behind the curtains. We don’t know anyone who works for the platform. There’s no mention of any skilled employee on the platform. Apart from claiming to be different, there’s no distinctive feature.
And that’s why the platform is a clone. It’s unclear whether the two platforms are related to each other. Despite claiming the platform is registered in St Vincent and the Grenadines, there’s no proof.
The platform does not provide any registration documents of the parent entity. So we don’t know the CEO or CFO of the platform. And this is one of the many reasons we doubt their credibility.
Although there’s a live chat agent, we suspect these are bots. After asking a few questions, support went dark. The only response we had was the statement showing member countries. Fin Free Trade is only accepting clients from Brunei, Malaysia, and Thailand.
Another shocking aspect of the platform is there’s no contact page. You can only make contact via chat or email. And this leads us to believe the platform wants to control the communication lines.
One of the few positive aspects of the platform is the fact that they provide a demo account. The demo account comes with an MT4 trading platform which enhances your trading experience. We recommend using demo accounts first before committing funds to a real account.
To ensure users deposit funds with ease, the platform has several funding methods. These include bank transfers and wire transfers. In addition, the platform will soon accept Bitcoin and Skrill payments on their platform.
Withdrawing funds is a huge problem with the platform. There’s no clear information on how long it takes to process withdrawals. In addition, we haven’t seen anyone coming forward with proof of withdrawing funds.
FinFreetrade is not a licensed platform, although they claim to be registered. Offshore platforms will do or say anything to sound legit. There’s even a registration number they claim to receive from the Financial Services Authority.
The disclaimer at the footer of the homepage claims Finfreetrade Group of companies operates the website. However, there’s no record of such an entity in St Vincent and the Grenadines Company register.
We recommend that you do due diligence before signing up with online investment platforms. Make sure the platform in question is licensed and regulated by reputable institutions. These include ASIC, BaFin, CNMV, CONSOB, CySEC, FCA, SEC, and more.
The platform also offers users a chance to trade with one of the best trading terminals. MT4 provides an incredible user interface. You can learn a lot using the platform as it offers advanced tools.
There are partner programs available on the platform. These include affiliate programs and introducing brokers. Before joining them, you need to understand the impact of it. You will be redirecting users to an offshore and unregulated platform.
The security of funds is out of the question with a platform that doesn’t comply with regulations. You stand to lose your deposit in case of bankruptcy or insolvency. In addition, there’s no safety net provided by the platform, such as insurance cover.
Here are the reasons why we don’t recommend finfreetrade.com
If you want to trade safely, you need to use platforms with a proven track record. That way, you can earn realistic returns.
Feel free to leave a comment or write to us in case of any queries.
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