Finco is a forex broker that claims to offer a variety of trading services, including CFDs, forex, and cryptocurrencies. However, there are a number of red flags that suggest that Finco is a scam broker.
Company Overview
Finco is a relatively new broker, having been founded in 2022. The company is headquartered in St. Vincent and the Grenadines, which is a known haven for scammers. Finco does not have any regulation from any reputable financial authority.
Does Finco Have Any License?
No, Finco does not have any license from any reputable financial authority. This is a major red flag, as regulated brokers are subject to strict rules and regulations that help to protect their clients.
Is Finco Regulated By Any Authority?
No, Finco is not regulated by any authority. This means that there is no governing body to oversee the company’s activities and protect its clients.
Pros and Cons
Pros:
- Finco offers a variety of trading instruments, including CFDs, forex, and cryptocurrencies.
- They offer a demo account that allows you to practice trading without risking any real money.
Cons:
- Finco is not regulated by any reputable financial authority.
- Finco has a high minimum deposit requirement.
- Finco’s spreads are high.
- Finco has a poor reputation online.
How Does Finco Reach To Their Prey?
Finco targets unsuspecting investors through a variety of methods, including:
- Online ads that promise high returns with little risk.
- Cold calls from “brokers” who offer to help you make money trading.
- Social media posts that promote Finco’s services.
Technical Details
Minimum Deposit:
The minimum deposit requirement for Finco is $350.
Trading Platform:
Finco uses the MetaTrader 4 platform, which is a popular and well-respected trading platform.
Spread:
Finco’s spreads are high, which means that you will pay more when you buy or sell an asset.
Leverages:
Finco offers high leverage, which means that you can control a large position with a small amount of money. However, high leverage can also magnify your losses.
Packages and Products They Offer
This company a variety of trading packages, each with its own set of features and benefits. The most basic package is the Starter Package, which offers a $350 minimum deposit and a 1:100 leverage. The most advanced package is the VIP Package, which offers a $10,000 minimum deposit and a 1:500 leverage.
Withdrawal and Deposit Method
They offer a variety of withdrawal and deposit methods, including credit cards, debit cards, wire transfers, and e-wallets. However, there are a number of reports of Finco delaying or denying withdrawals.
What Do Their Previous Traders Say?
The reviews of Finco from previous traders are overwhelmingly negative. Many traders have complained about the company’s high fees, poor customer service, and inability to withdraw funds.
Summing Up- Why Should Not You Trust Finco
There are a number of reasons why you should not trust Finco. The company is not regulated by any reputable financial authority, it has a high minimum deposit requirement, its spreads are high, and it has a poor reputation online. If you are considering trading with Finco, I urge you to reconsider. There are many other, more reputable brokers available.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money to Finco, you are not alone. We are here to help you. You can submit your case to us and we will provide you with a free consultation call. In this call, you will get some professional guidance and recovery service recommendations to help you recover the lost fund.
File A Complaint Against Scam Broker's
Final Thoughts
Finco is a scam broker that should be avoided. If you are considering trading with Finco, we strongly advise you to stop this. There are many other, more reputable brokers available. If you have lost money to Finco, you should contact the FCA or another financial regulator for help.
We hope this article has been helpful. If you have any questions, please feel free to ask.
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