Consider trading with FintechMarket forex broker? Why FintechMarket is a scam! Let’s see FintechMarket review to know about this forex broker.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
FintechMarket FX otherwise known as FintechMarket.pro is an offshore brokerage company with a lot of promises for forex traders. Here, the broker’s address shows Steyr, Austria. More so, the company claims regulation and license from two different financial authorities, namely the Securities Commission of the Bahamas and Financial Conduct Authority, UK. Interestingly, you will find that out.
What is more, there are different account packages offered by the broker. See below.
Further, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
FintechMarket Minimum Deposit:
FintechMarket FX deposit is indicated $100 based on the account type. Even though this seems to be a good offer to start with, clients and traders must be more interested in investing in a licensed brokerage where they are sure of their funds.
In comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100.
As for the payment methods, the broker appears to accept options like credit cards and bank transfer. Rightfully, you should not consider making any payment with this broker because it is a risk.
For a quick reminder, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
FintechMarket FX Platform:
FintechMarket platform only offers web based trading platform with no mention of MT4 or MT5 (Industry standard trading platforms). Many scammers have trading software to fool their victims that their money is being invested.
Why use advanced trader such as MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
As for FintechMarket leverage, nothing is said. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing more money than making more profits.
Why You Should Not Trade with Fintechmarket.pro Forex Broker
First and foremost, Fintechmarket.pro has no financial authority overseeing its financial services. As far as we’re concerned, we discovered this broker is a huge risk as all its claims happened to be false after we verified on each financial authority’ s database — The Securities Commission of the Bahamas (SCB) and Financial Conduct Authority, UK ( FCA). Take a look at what FCA has to say–
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
FintechMarket Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
FintechMarket FX located at FintechMarket.pro has appeared to be a trustworthy trading brokerage, however, that cannot be ascertained. From indications, the firm is completely unlicensed and traders are advised to steer clear from such as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
In case you found this information valuable, please share with us your experience in the comment section below.