The offshore, allegedly Luxemburg based, FX broker Finaxis provides trading on the MetaTrader platform. It features six different account types. At first, the website of Finaxis showcases much literary information. But when we tried to read the information, we found nothing important and just a web of entangled sentences without any meaning. Please follow this scam broker review to know Is Finaxis Scam or Legit?
In this section, we will be discussing the only advantage of this broker. The Finaxis provides trading on a reliable MetaTrader platform. The reason behind MetaTrader’s reliability lies in charting, Expert Advice, Back Testing, MQL and much more.
Now, its time for disadvantages, while reading all the vast information on the website of Finaxis we did not come across its owners or any proper licensing. This is not strange, because as mentioned in the introduction this broker wants to hide its real identity behind unuseful information. In this case, we always treat such brokers as a potential scam broker. Furthermore, in 2019 the Spanish financial regulatory authority named the Comision Nacional del Mercado de Valores (CNMV) issued a warning against Finaxis for illegally providing trading in the EU and operating without licensing. The CNMV is also treating Finaxis as a potential scam broker. This is evident that potential customers of Finaxis should consider the risk associated with this broker. Also, the information on trading condition is not at all clear. We tried hard to get at least a glimpse of trading conditions on the website and failed measurably. This opaque nature is a fact of worry and can involve a scam. Traders must be aware of such uninformative FX and CFDs brokers to safeguard their funds and investments.
The main aspect of withdrawal of one’s profit is very crucial in the trading and Finaxis provides all the information about it. But as usual, the terms and conditions associated with withdrawal are unacceptable. The minimum withdrawal amount at the Finaxis is capped at dollar two hundred and fifty. This withdrawal has very salty charges on it. Trading volume minimum of 200 is required to qualify for the withdrawal if not 10% additional charge is applied. All this situation is against traders and unacceptable in the normal trading marketplace. The demo account provided helped us to peep into the trading environment provided by the Finaxis, the spreads of 2 pips was provided on euro/dollar pair on the basic account. Which is unattractive.
Is Finaxis scam or legit?
After the above discussion, our readers will also be able to answer this question. But to put in a simple way, the Finaxis is unregulated, unlicensed, offshore, FX broker. It has a warning against it issued by one of the top financial regulators. The traders trading with Finaxis are subjected to substantial scam risk, please avoid it.
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