Finbitex is a forex and CFD broker that is headquartered in Saint Vincent and the Grenadines, which is a notorious offshore tax haven. Finbitex is not regulated by any financial authority, which means that traders have no protection if the broker goes out of business or engages in fraudulent activities.
There is a wealth of evidence to suggest that Finbitex is a scam broker. In this review, we will take a look at some of the red flags that you should be aware of before investing with Finbitex.
Company Overview
Finbitex is a relatively new company, having its headquarters in Saint Vincent and the Grenadines, which is a notorious offshore tax haven. Finbitex is not regulated by any financial authority.
Does Finbitex Have Any License?
No, Finbitex does not have any license. RedSunrise LTD is in charge of the business. The school is in the city of Sofia in Bulgaria. This is a foreign business company, as you can see. This kind of business comes with a very high risk.
Is Finbitex Regulated By Any Authority?
No, Finbitex is not regulated by any financial authority. They did not show any regulation from the SVG or its mother company’s country.
Pros and Cons
Pros:
- None
Cons:
- Not regulated by any financial authority
- Negative customer reviews
- High spreads and fees
- Limited withdrawal methods
- Not a well-established broker
- Lack of transparency
How Does Finbitex Reach To Their Prey?
Finbitex uses a variety of methods to reach out to potential victims, including:
- Cold calling
- Email marketing
- Social media advertising
- Fake websites and reviews
Technical Details
Minimum Deposit:
The minimum deposit required to open a trading account with Finbitex is $250.
Trading Platform:
A web-based tool is used to trade at Finbitex, and the charts are given a lot of attention. One reason for this is likely that the TradingView package is one of the best in the game. This company lets a lot of traders and crypto exchanges connect, and the platform’s analyzing power is pretty much unmatched. Here’s a sneak peek:
Spread:
On BTC/USDT, the company gives a difference of 1.16 pips. It’s not that bad of a range. Not only that, but some companies are giving even better deals than Finbitex.
Leverages:
Finbitex offers high leverage of up to 1:1000. Leverage can amplify your profits, but it can also amplify your losses. High leverage is not suitable for inexperienced traders.
Packages and Products They Offer
Finbitex offers four trading accounts:
Withdrawal and Deposit Method
Finbitex offers a limited number of withdrawal and deposit methods. This can make it difficult for traders to withdraw their money from their trading accounts.
What Do Their Previous Traders Say?
There are many negative customer reviews for Finbitex online. These reviews allege that Finbitex has poor customer support, slow withdrawals, and manipulative trading practices.
Summing Up- Why Should Not You Trust Finbitex
Finbitex is an unregulated scam broker. There is a wealth of evidence to suggest that Finbitex is not a trustworthy company. Traders should avoid investing with Finbitex at all costs.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have been scammed by Finbitex, there are a few things you can do:
- Report the scam to the relevant authorities.
- Contact your bank or credit card company to see if they can help you recover your money.
- Seek legal advice.
There are also a number of companies that specialize in helping victims of forex scams recover their money. These companies can provide you with free consultation calls and recovery service recommendations.
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Final Thoughts
Finbitex is an unregulated scam broker. Traders should avoid investing with Finbitex at all costs. If you have been scammed by Finbitex, there are a few things you can do to recover your money. You can report the scam to the relevant authorities, contact your bank or credit card company, or seek legal advice. There are also a number of companies that specialize in helping victims of forex scams recover their money.
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