FintechFX Review is fintechfx.com a Scam or Legit Broker

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Forex Brokers Lab

BROKERS with LOW SPREADS

ASIC REGULATED BROKERS

BROKERS with MINIMUM DEPOSIT

BEST FOREX BONUSES

FintechFX

Trust

Commissions and fees

Customer Service

Platform & Tools

Product Portfolio

  • MT4 supported
  • Registered with ASIC & NFA
  • Unregulated broker.
  • Spreads not indicated
  • Product portfolio is limited
  • High withdrawal fees, slow processing

Regulators :

Minimum Deposit: $100

Maximum Leverage: 1:100

Spreads: N/A

My Score: 1.8

FintechFX is a trading name of My Group Fintech Co Pty Ltd incorporated in Saint Vincent and the Grenadines. Fintech FX is an Australian broker who is registered with ASIC and NFA. This may be an advantage for the broker but is it enough for trust? For more information keep reading my FintechFX review.

When I decide to review a broker, I check the website of the broker firstly. I think FintechFX website, fintechfx.com, is not designed well. The website could have been more attentive. It is hard to find information about the broker. Anyway, I will give more info about below in the customer service section.

If you want to trade with a forex broker, you should know some features of it. For example, Is FintechFX scam or not? What is the account types that Fintech FX offers? What are the trading conditions offered by the broker such as spreads, minimum deposit, and leverage? What are the Fintech trading platforms? Don’t open an account before reading this Fintech FX review.

FintechFX Regulation and Investor Protection

FintechFX is registered with the Australian Securities and Investments Commission (ASIC). You should be aware that the broker is not regulated. In my opinion, this registration gives a certain level of reliability to the broker but it is not enough. I am saying that by taking into account that the company behind FintechFX is incorporated in Saint Vincent and the Grenadines.

However, it is not acceptable to offer online forex trading as an unlicensed broker. Because if you have any problems with the broker, you can contact the regulators to look up your rights.

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If the broker is regulated by ASIC, required to hold a minimum of AUD 1,000,000 to keep clients funds in segregated accounts. This broker does not fulfill this because it is only registered.

Account Types offered by FintechFX

As you see in the table below, there are two types of account types offered by FintechFX. One of them is Standard account. The minimum deposit is $100 for Standard. There is no commission on the Standard account. Ultimate ECN is another one, offering $1,000 minimum deposit and with USD 10 commission.

Both of them provide same leverage of 1:100, various spreads and the option to trade in micro lots. At the same time, both account types offer swap-free Islamic account option to investors of Muslim.

When I looked at the broker’ website there was no info about the spreads. I think a broker should specify spreads due to the transparency of the pricing policy.

Account Type Minimum Deposit Maximum Leverage Spreads & Commission Minimum Trade Size
Standard $100 1:500 N/A 0.01
Ultimate ECN $1,000 1:500 0.1 pips + $10 /lot 0.01

Trading Platforms

FintechFX offers the most popular platform MT4. This popularity is owed to ease of use, advanced graphics, a wide variety of automated strategies (Expert Advisors) and technical analysis indicators, personalization options. This offer is an advantage for FintechFX.

Trading Products

The broker offers less than 30 currency pairs to trade, gold and silver as well as the energy markets such as oil and gas, indices and commodities. Unfortunately, some popular financial instruments such as stocks or Bitcoin and other cryptocurrencies are not available with FintechFX.

Customer Service

As I say in the second paragraph of this article, their website is useless. The website supports English, Chinese and Indonesian. Most of the website’ visitors are from Indonesia. The broker has live chat but when I asked any question they told me to send an e-mail to take answers.

FintechFX Withdrawal and Funding Methods

The broker allows only wire transfer as deposit and withdrawal. FintechFX works with Morgan Stanley, BNP Paribas, Barclays, Bank of America and more. Worse still, withdrawals take up to 5-7 business days and are charged at $ 20 each. This is absolutely unacceptable. Despite most forex brokers have no fees for deposits and withdrawals, I couldn’t understand why FintechFX does this.

Conclusion

Although FintechFX has some advantageous, has a lot disadvantageous as well. The broker supports MT4, offers high leverage ratio, the minimum deposit is good. However, we don’t have any knowledge about spreads, trading products are very limited and the broker offers unacceptable withdrawal fees.

In addition, FintechFX is an offshore forex broker. They are just registered not regulated. I always say it so risky to trade with unregulated brokers especially offshore ones. It would be cruel to say that the FintechFX is a scam, but you must be careful to trade with them.

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FintechFX Review – 5 things you should know about Fintechfx.com

Beware! This is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

FintechFX is a МТ4 forex brokerage with a decent range of trading products. It provides its clients with a leverage of 1:100 and requires a minimum deposit of $100. There is, however, a serious lack of clarity regarding the brokerage’s address and country of origin.

FintechFX regulation & safety of funds

FintechFX is owned and operated by the company My Group Fintech Co Pty Ltd which has a contact address in St. Vincent and the Grenadines. As has been underlined many times – the government of St. Vincent and the Grenadines does not include forex trading into its regulatory framework. The broker does give an NFA number and an id number for the Australian Securities and Investment Commission. However, FintechFX is not regulated by the Australian authorities, nor the American, it is simply registered with them and attempts to mislead visitors of the website into thinking otherwise. The lack of regulation opens potential clients of the brokerage to a number of risks.

Regulatory bodies such as the NFA or CySec force a broker to comply with a number of strict rules that lower the risk of fraud and give assurance for the safety of the clients funds.

One such rule is the segregation of accounts which forces the brokerage to handle the finances of the clients separately from their own and greatly lowers the risk of commingling. Another is a requirement for a starting capital of € 730 000 which weeds out scammers.

FintechFX deposit/withdrawal methods and fees

Potential clients of FintechFX may deposit or withdraw only via bank/wire transfer and broker transfer. There are harsh withdrawal conditions. Clients wishing to withdraw will be charged $20 and have to comply with a minimum withdrawal amount of $100. Such conditions should not be present with a legitimate brokerage.

How does the scam work?

Unfortunately, taking part in forex trading also means exposing yourself to a substantial risk of fraud. The best prevention is being as well-informed as possible – here is a how a typical scamming operation would go about:

By clicking on an ad with promises for fast money you will be redirected to a nice-looking website such as BlackCoinTrends or ZemuSoft with a high-budget trailer. The video will convince you to register and give away your address, phone number and email. Minutes later your personal data will be sent to a number of brokers who’ll begin calling you with trading offers. After a few minutes on the phone with them you decide to deposit $200-250. And as effortlessly as that – the broker gets a commission of $50 from your initial deposit.

However, the scam is far from over. After your opening deposit, senior scammers take you on and begin persuading you to invest even further. After, perhaps, even winning a bit, you will want to close the account and call it a day.

Unfortunately, closing the account won’t turn out to be as simple as you would like, or as easy. You’ll most probably be redirected to the “recovery department” where yet another representative will have some other trading opportunities to share with you. His game is pretty simple – he has to mislead you into waiting six months or more so that you may not file a chargeback with your bank and get your money back. That possibility forever closes when six months pass after the initial deposit with the broker.

What to do if scammed?

A scam could happen to anyone, including you, and, in such a case, it would be best to know what options are still available to you.

You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.

If however you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should change it asap!

Scammed traders should take notice not to trust any so-called “recovery agencies”! Such agencies prey on vulnerable traders with talk of recovering their money in exchange for an “up-front payment”. After receiving the payment, the trader won’t hear from them again.

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