Caution Investors FantomFinanzen – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
Overview:
If you are looking for a broker to invest in the financial markets, you may have come across FantomFinanzen, a website that claims to offer trading services in various assets, such as forex, stocks, commodities, indices, and cryptocurrencies. But before you sign up with them, you should be aware that the Austrian Financial Market Authority (FMA) has issued a warning against this provider, stating that it is not authorised to conduct banking activities in Austria and that it may be involved in fraudulent schemes. In this blog post, we will review FantomFinanzen and its products and services, as well as its regulation and compliance, customer reviews, location, and customer service. We will also provide our conclusion on whether FantomFinanzen is a scam or a legit broker.
Regulation and Compliance:
One of the most important factors to consider when choosing a broker is its regulation and compliance with the relevant authorities. A regulated broker must adhere to strict rules and standards that protect the interests and funds of its clients. A regulated broker must also undergo regular audits and inspections to ensure its transparency and fairness. A regulated broker must also keep its clients’ funds in segregated accounts, away from its own funds, and provide compensation schemes in case of insolvency.
FantomFinanzen, however, is not regulated by any authority. As mentioned above, the FMA has warned investors against dealing with this provider, as it is not licensed to operate in Austria. The FMA also stated that FantomFinanzen may be part of a scam network that uses fake websites and email addresses to lure unsuspecting investors. The FMA advised investors to exercise caution and to report any suspicious activities to the authorities.
Moreover, FantomFinanzen does not provide any information about its legal entity, registration number, or address on its website. It only provides an email address ([email protected]) and a phone number (+43 720 022 222). This lack of transparency raises serious doubts about the legitimacy and credibility of this provider.
Customer Reviews:
Another way to assess the reputation and reliability of a broker is to look at its customer reviews. A good broker should have positive feedback from its clients, who should be satisfied with its products and services, as well as its customer support. A good broker should also respond to any complaints or issues that its clients may have and try to resolve them in a timely and professional manner.
FantomFinanzen, however, has very negative reviews from its customers, who have reported various problems and issues with this provider. Some of the common complaints include:
– Difficulty in withdrawing funds or closing accounts
– High fees and commissions
– Poor execution and slippage
– Manipulation of prices and charts
– False or misleading information
– Aggressive or rude sales representatives
– Harassment or threats
Many customers have also claimed that FantomFinanzen is a scam and that they have lost their money to this provider. Some customers have also reported that they have been contacted by other scam brokers who claim to be affiliated with FantomFinanzen or who offer to help them recover their funds for a fee.
Products and Services:
A good broker should offer a variety of products and services that suit the needs and preferences of different types of traders. A good broker should also provide a user-friendly and secure trading platform that offers various tools and features that enhance the trading experience. A good broker should also offer competitive spreads and leverage, as well as educational resources and market analysis.
FantomFinanzen claims to offer trading services in various assets, such as forex, stocks, commodities, indices, and cryptocurrencies. However, it does not provide any details about its trading conditions, such as spreads, leverage, commissions, or margin requirements. It also does not specify what trading platform it uses or what features it offers. It only states that it provides web-based and mobile trading platforms.
Furthermore, FantomFinanzen does not offer any educational resources or market analysis on its website. It only provides some basic information about the assets it offers and some general tips on trading. It does not provide any tutorials, videos, webinars, articles, or news that could help traders improve their skills and knowledge.
Location:
A good broker should have a physical presence in the countries or regions where it operates. A good broker should also have local representatives or offices that can assist its clients in their native languages. A good broker should also comply with the local laws and regulations that govern the financial markets.
FantomFinanzen does not disclose its location or address on its website. It only provides an email address ([email protected]) and a phone number (+43 720 022 222). However, these contact details do not necessarily indicate where FantomFinanzen is based or registered. Moreover, FantomFinanzen does not state which countries or regions it accepts clients from or which languages it supports. It only provides its website in German, which may limit its accessibility and appeal to non-German speakers.
Customer Service:
A good broker should provide excellent customer service that is available 24/7 and that can respond to any queries or issues that its clients may have. A good broker should also provide multiple channels of communication, such as phone, email, live chat, or social media. A good broker should also have a dedicated and professional team of customer support agents who are friendly, helpful, and knowledgeable.
FantomFinanzen does not provide good customer service. As mentioned above, it only provides an email address ([email protected]) and a phone number (+43 720 022 222) as its contact details. It does not provide any live chat or social media options. Moreover, many customers have reported that FantomFinanzen’s customer service is unresponsive, unhelpful, or rude. Some customers have also claimed that FantomFinanzen’s customer service agents have harassed or threatened them when they tried to withdraw their funds or close their accounts.
Conclusion:
Based on our review, we conclude that FantomFinanzen is not a legit broker, but a scam. It is not regulated by any authority and it has been warned by the FMA. It does not provide any information about its legal entity, registration number, or address. It has very negative reviews from its customers, who have reported various problems and issues with this provider. It does not provide any details about its trading conditions, platform, or educational resources. It does not disclose its location or languages. It does not provide good customer service.
We advise you to avoid FantomFinanzen and to look for a regulated and reputable broker that can offer you a safe and secure trading environment.
