Is FinnexBot Legit or a Scam?
FinnexBot is not a legit broker. They have some warnings and insufficient regulations and registrations. These lackings make this broker more susceptible to being a scam broker. Read the review further to know the facts of FinnexBot.
What is FinnexBot?
FinnexBot, a relatively new entrant in the world of online trading platforms, claims to provide users with advanced trading solutions and a seamless trading experience. The platform markets itself as a cutting-edge brokerage service, enticing traders with promises of high returns and a user-friendly interface.
Some traders might find the leverage of up to 500:1 offered by FinnexBot to be appealing. But it’s important to understand that there are a lot of risks associated with using such high leverage.
FinnexBot uses an online trading platform. The platform lacks the more sophisticated capabilities available in MetaTrader 4 (MT4) and MetaTrader 5, the two most popular trading platforms in the market, even though it includes the fundamental elements needed to place orders, customize charts, and apply technical indicators (MT5).
FinnexBot Details
Before delving into the potential red flags and warning signs associated with FinnexBot, let’s take a closer look at some key details about the platform.
Regulated by: | Unregulated Forex Broker |
Is This Company Safe? | No, this company is blacklisted for a lack of license and is not safe! |
Known Websites: | finnexbot.com |
Have Warnings from: | BaFin |
Registered in: | UK (alleged) |
Operating since: | 20.02.2023. |
Trading Platforms: | Web Trader |
Maximum Leverage: | 1:500 |
Minimum Deposit: | $5,000 |
Deposit Bonus: | Hinted, undisclosed |
Trading Assets: | Forex, Cryptocurrencies, Stocks, Indices, Commodities |
Free Demo Account: | No |
How to Withdraw from This Company? | Contact our chargeback experts for help with asset recovery. |
Deposits and Withdrawals
Trades can open accounts with different minimum deposit requirements with FinnexBot. These go up to a significant €250,000 for their top-tier Diamond account, from €5,000 for a Silver account.
Finally, there is no information on their website about minimum withdrawal amounts or withdrawal costs. This lack of transparency should be taken into account when assessing the broker because it might make it difficult for traders to efficiently arrange their financial operations.
Account Types
FinnexBot offers multiple account types with varying features and minimum deposit requirements.
Red Flags and Warning Signs
The website’s homepage states that this broker is licensed by CySEC and the Financial Conduct Authority (FCA) and has its headquarters in England. The UK financial regulator is the first organization; nevertheless, the Cyprus Securities and Exchange Commission is the second organization. The broker’s owner is identified as Finex Capital M LLP.
FinEx Capital Management LLP is a business that shares the same name but is not listed in the FCA database. This is a genuine business that does business under the finxcapital.com domain; it is unrelated to FinnexBot.
Germany’s BaFin, another European authority, has warned that FinnexBot is utilizing the British company’s details illegally and without authorization.
Customer Complaints and Negative Reviews
A quick search online reveals a plethora of customer complaints and negative reviews regarding FinnexBot. These complaints span a range of issues, including withdrawal problems, unresponsive customer support, and dissatisfaction with the overall trading experience.
FinnexBot Alternative Brokers
For traders who are considering alternatives to FinnexBot, it’s essential to explore more reputable and regulated brokerage options. Some well-established brokers with positive reviews and a track record of customer satisfaction include HF Markets, XM, and FP Markets. These alternatives offer a more secure and transparent trading environment, minimizing the risks associated with unregulated platforms.
Got Scammed by FinnexBot? We Help Victims!
If you’ve fallen victim to the dubious practices of FinnexBot, you’re not alone. Many traders have faced similar challenges, and there are avenues available to seek assistance. Reporting the issue to financial authorities and seeking legal advice can be crucial steps in recovering lost
