Fin Brokers Review: A Forex Broker In A Shady Jurisdiction

Fin Brokers is a forex broker that claims to offer the best forex brokerage services. The company even calls itself the finest broker. However, this company has only been in the market for less than six months. It takes longer for any company to gain a positive reputation among traders. The company wants you to believe that it has a safe trading environment.

Do not take this company for its words. There are better companies out there that will offer you better returns. Stick with companies that have the trust of millions of investors. That is the best way to avoid losing your money to scammers in the forex market.

For your peace of mind, invest only with the top forex brokers in the market. Such companies will provide you with the best services without compromising on funds’ safety. Only trustworthy companies can help you profit from the forex market.

In the meantime, here is our review of Fin Brokers.

Finobrokers.com Review

Illegitimate companies will say anything to get investors to invest their money. For instance, this company is claiming to provide one of the best trading platforms in existence. They are promising clients an MT5 platform to execute trades. However, when you try to access the trading area, the link does not work.

There is no point in investing in a forex broker that does not have a trading platform. You have to ask yourself where your money is going. Clearly, these people are scammers who do not care about servicing your investment needs.

Additionally, this shows that the people running this company are not professionals who know what they are doing. No professional would ever put out a website with links that do not work. Even the social media links redirect you to the home page. There is no use for these links whatsoever.

Further, Fin Brokers has terrible customer support. The only way to contact customer support is by emailing them at support@finobrokers.com. We all know that emails can go for days without a reply. The company claims that you can call them at any time, but it fails to provide a phone number. This is not the kind of company you want handling your funds.

Account Types and Trading Conditions

There are not a lot of options to choose from when it comes to investment plans. This company has only three account types to choose from. These include the Standard, Classic, and Expert accounts.

The Standard account accepts a minimum deposit of $100.this account gives clients spreads starting from 4.5 pips. The maximum leverage for this account stands at 1:400. 

The Classic account accepts a minimum deposit of $1,000 and has spread from 3.5 pips. The maximum leverage for this account is also at 1:400.

The Expert account accepts a minimum deposit of $5,000. This account comes with floating spreads from 2.5 pips. The leverage for this account is also at 1:400.

These are some of the worst trading conditions in the market. The spreads that this company offers make it extra expensive for traders. Additionally, the leverage that this company offers increases the risk that clients face in the market. That is why regulatory bodies cap leverages at 1:50.

Founders and Physical Location

Fin Brokers does not introduce us to any of its founders. There are no names or faces on the website. Additionally, the company does not have a social media presence. This is a common characteristic of fraudulent operations. 

People running illegal operations hide their identities to ensure that the law does not track them down. There are too many risks involved in investing with such companies. The founders may decide to take off with your money. You will have no one to turn to in this case.

In terms of physical location, this company is operating from one of the shadiest jurisdictions. The company gives the address of its headquarters as Suite 305, Kingstown, Saint Vincent and the Grenadines. 

This location has very loose laws. Anyone can register and run a company here without ever stepping foot in the country. Therefore, the address that the company provides may not be real. You will not find these people at this location should you choose to visit them.

Furthermore, no legitimate company would want any association with a shady jurisdiction. These people are operating from this location for a reason.

Regulation and Fund Safety

No company should provide financial services without a license from a regulatory body. Regulatory bodies keep companies in check to ensure they are operating within legal boundaries. Unsurprisingly, Fin Brokers does not have a license to operate from any regulatory body. This is because Saint Vincent and the Grenadines does not have a reliable forex regulator to keep companies in check. The people behind this company are running an illegal operation knowingly.

No unregulated company can assure you of your funds’ safety. The company boasts of having segregated bank accounts to protect client funds. However, there is no evidence of this. Regulatory bodies ensure that companies have these measures in place. However, unregulated companies do not need to have segregated accounts.

Moreover, there is no evidence of systems protection. We have no idea what software or hardware this company has in place to protect client funds from third parties. This means that hackers can easily access and steal your funds and sensitive data.

There is just too much to lose with this company. There are too many risks involved in investing in unregulated companies. Eventually, the law will catch up with this operation and shut it down. You do not want to be a customer when that happens.

Domain Insight

The official domain for Fin Brokers is finobrokers.com. The registration date for this domain was the 5th of October 2020. The expiry date stands on the 5th of October 2021. This company only has a one-year registration for its website. This is common with illegitimate operations. They take out short registrations and disappear when the registration period runs out.

Additionally, the site metrics for this website reveal some shocking details. The company claims to have over 2 million trading accounts on the platform. However, Alexa.com records reveal a different story. 

The website’s metrics are so low that Alexa.com does not even track them. This company is lying about the number of its clients to look like a professional operation. There are no real people using this platform. Do not be the first one.

Final Verdict

Fin Brokers has some of the worst trading conditions in the market. The company claims to be one of the best forex brokers, but this is all for show. The services this company offers do not match the talk they put on. 

Moreover, the level of transparency on this platform is abysmal. We have no idea who is running this company. The identity of the team members remains a mystery. Additionally, this company has a terrible customer support system.

Furthermore, this company is an illegal entity. It is offering financial services without a regulatory license. Avoid this company like the plague.

You are better off investing in trustworthy and regulated forex brokers that have been in the market longer. Such companies have the trust of millions of traders due to their professionalism.

 

 

Tags: Fin Brokers Scam Reviews, Finobrokers.com Review