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Finexro is a company that claims to be involved in forex trading and CFDs. However, the company is an unlicensed broker with no credible information on its trading activity on the website. You should invest with reputable forex trading companies.
Forex trading has revolutionized the conventional way of trading and investment. Finexro claims to offer forex and Contract for difference (CFDs), a lucrative venture if done right. Some investors who have traded in legit forex trading companies have reaped massive benefits and owe their wealth to this venture.
However, it can result in significant losses if not done diligently. Loss occurrence is also the case if investors trade on scam forex sites. Nothing good comes from these sites despite the catchy marketing clichés they use. The good news is that there are always some red flags that you can note indicating that something is amiss with such a platform if you are keen.
In this review, we want to show you why finexro.com is just another scam broker angling for your hard-earned money.
Finexro poses as a Bitcoin-built trading platform offering leveraged trading on digital assets. According to this platform, the company was founded in 2018 and has since expanded its operations to over 150 countries. Among the countries that it allegedly operates in include; US, Japan, UAE, UK, and Kingdom of Saudi Arabia.
The company states that it provides clients with top-tier cash-flow access and various trading tools while maintaining a safe and secure trading environment. Its robust trading platform supposedly enables clients to access an ultra-fast execution of orders in less than 7.12 minutes, a trading engine with live risk management and, a robust and secure infrastructure that is Amazon AWS powered. According to the platform, clients can trade in commodities, indices, forex, stocks, cryptocurrencies, and open savings accounts.
The site has an economic calendar, demo account, trading signals, and market news for helping clients get a picture of the current market. Finexro claims that it is the leading Bitcoin trading platform with multiple awards.
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That is their version of the story, but we want to show you the other side of the coin, what they are not telling you.
Founders and Team
Details on the founders of this company are unavailable. A company does not just spring up from the woods, and if it is hesitant to reveal the pioneers, you have no reason to trust them. Why is the site just making a vague allusion to a group of experts and financial professionals? We need individual names of the so-called experts for accountability and to know the executive framework.
Finexro Domain Insight
Finexro.com domain expires in September 2021. According to Who.is, the company registered in September 2021. Why did the company wait till 2021 to register the company?
The company is allegedly owned and operated from Cyprus. The address given is 238, Ayias Fylaxeos Street, Anna court, 1st floor, 3082 Limassol Cyprus. The telephone numbers available are +442038076932 for support and +442080893035 for trading. After searching the company’s name in the CYSEC register, the regulatory body in Cyprus, the term is missing. We have a bad feeling about this. It appears the company may not be existing after all.
In its terms and conditions, the company states that Finexro is owned and operated from Strongex, Elscot House, Arcadia Avenue, London, United Kingdom, N3 2JU. As expected, the company’s name is missing in the FCA register, the UK’s regulatory body. Interestingly, the company also states that St. Vincent and the Grenadines laws govern it in its terms and conditions.
These three statements, coming from the same company, are contradicting. It is not clear from which country the company operates. There is no better way to confirm that this company is a classic case of a scam broker.
Finexro Trading Platforms
Finexro platform offers a WebTrader known as Sirix and MeTa4 software for trading. The tools at clients’ disposal include; index, forex and, cryptocurrencies price charts, bitcoin leverage, and short/long trading.
The platform offers various account options; bronze, silver, gold, and platinum, all with different funding thresholds.
If an account is inactive for over 45 days, a dormant fee of $100 applies monthly. If a client registers and deposits funds using the auto-trading platform, they have to trade a minimum of 20 trades before they can be able to close and withdraw from an account.
Clients’ funds are purportedly segregated in a separate bank account for security purposes.
Spread and Leverage ratio
The leverage ratio for retailers is 1:30 and 1:200 for professionals. The retail leverage is within the acceptable range; however, this could be the only thing they got right. The spreads offered by the platform is a variable 0.1 pip.
Deposits and Withdrawals
The minimum deposit is €200, although the recommended amount is €1000. The company claims that the minimum recommended deposit is to allow the client to optimize trading. Why can the platform give a conclusive minimum deposit amount? We all know the answer; they are not straightforward and twist every detail to suit them. No transparency is on this platform. Run!
The minimum withdrawable amount and withdrawal fee are not available.
Any oversight authority does not regulate Finexro. This is typical of all forex brokers who are a scam.
We found an alarming statement on the company’s site, warning clients that in case of a dispute with the company, clients have no right to report them to Cyprus Financial regulator. This is a threat as well as an admission to lack of regulation.
Why should you take this broker seriously when it is issuing covert threats to you? You will be trading in fear, and even if they swindle your investment, they have already proved that they are above the law. This is a glaring scam.
Also, the company’s statement that it is governed by the laws of St. Vincent and the Grenadines is completely ridiculous. There are no financial regulators in this country.
Is finexro.com licensed?
Finexro is not a licensed forex broker. It has done its best to polish its website to make it look legitimate. There is no proof that this company is even under any regulation.
The company only makes unconfirmed claims of being an award-winning broker. Meanwhile, no client feedback has been featured on its page. There is only a flimsy accreditation from Business Insider, and laughably, the company expects you to buy into that.
Finexro is a shady broker who should not be taken seriously by any investor. It is not even clear what the company’s trading name is; whether it is Finexro or Strongex. The company’s various activities remain mysterious, and it has not provided a concrete location or operation address. Most of its claims sound suspicious. The company also threatens clients against reporting it to Cyprus Ombudsman, which is unprofessional.
This is an offshore and unregulated broker that does not have any credibility to manage your forex trading.
Investors should fully understand the risks and losses they are exposed to in forex trading. It is Judicious to weigh all the options available before deciding to trade in such a platform. Should you site dubious platforms like finexro.com, you should steer clear of them. Your assets and investments are invaluable so you should always entrust them with brokers who are transparent, secure, and with a reputation of compliance with laws and regulations.
You should invest with legit and reputable forex trading websites where you enjoy professional services and transparency. As for finexro.com, our stand remains clear; this platform is a scam.