File a Complaint Against
Know Your Options and Recover Your Funds
If you are looking for a reliable and trustworthy online broker, you might have come across Finutrade. Finutrade is a forex and CFD broker that claims to offer competitive trading conditions, advanced platforms, and professional customer support. But are they really as good as they sound? Or are they a scam that you should avoid at all costs? In this Finutrade broker review, we will examine their features, fees, regulation, and reputation to help you make an informed decision.
What is Finutrade?
Finutrade is an online broker that was founded in 2019 and is based in St. Vincent and the Grenadines. They offer trading in various instruments, such as forex, indices, commodities, stocks, and cryptocurrencies. They have two main trading platforms: MetaTrader 4 (MT4) and FinuTrade WebTrader. MT4 is a popular and widely used platform that supports multiple charting tools, indicators, and automated trading. FinuTrade WebTrader is a web-based platform that does not require any download or installation and can be accessed from any device with an internet connection. Both platforms have user-friendly interfaces and fast execution speeds.
Finutrade also provides various educational resources, such as webinars, videos, articles, and ebooks, to help traders improve their skills and knowledge. They have a dedicated customer support team that can be reached via phone, email, or live chat 24/5. They also have a FAQ section on their website that answers some of the common questions that traders might have.
What are the advantages of Finutrade?
- They offer a wide range of trading instruments, including forex, CFDs, and cryptocurrencies.
- They have low minimum deposit requirements, starting from $100 for the basic account type.
- They have competitive spreads and commissions, starting from 0.6 pips for forex and 0.04% for CFDs.
- They have flexible leverage options, up to 1:500 for forex and 1:100 for CFDs.
- They have multiple payment methods, such as credit/debit cards, wire transfer, Skrill, Neteller, and Bitcoin.
- They have a generous bonus program, offering up to 100% deposit bonus for new clients.
- They have a loyalty program, rewarding traders with points that can be redeemed for cash or prizes.
What are the disadvantages of Finutrade?
- They are not regulated by any reputable authority, which means that they do not have to comply with any standards of security, transparency, or fair practice.
- They do not accept clients from certain countries, such as the USA, Canada, Japan, Iran, North Korea, and Syria.
- They do not offer negative balance protection, which means that traders can lose more than their initial deposit in case of extreme market volatility.
- They do not have a demo account option, which means that traders cannot test their services before risking real money.
- They have limited customer support hours, which means that traders might not be able to get assistance during weekends or holidays.
Is Finutrade a scam?
Based on our research and analysis, we also cannot recommend them as a reliable and trustworthy broker. There are several red flags that raise our suspicion about their legitimacy and credibility. The most obvious one is their lack of regulation. Finutrade is registered in St. Vincent and the Grenadines, which is known to be a offshore jurisdiction that does not have any strict rules or regulations for online brokers. This means that Finutrade can operate without any oversight or accountability from any authority. This also means that traders do not have any protection or recourse in case of any dispute or issue with the broker.
Another red flag is their bonus program. While bonuses might seem attractive and tempting to new traders, they often come with hidden terms and conditions that make it difficult or impossible to withdraw any profits or funds. For example, Finutrade requires traders to trade a certain volume of lots before they can withdraw their bonus or any profits made from it. This can expose traders to unnecessary risks and losses.
A third red flag is their lack of negative balance protection. Negative balance protection is a feature that prevents traders from losing more than their initial deposit in case of extreme market movements. Without this feature, traders can end up owing money to the broker if their account balance goes below zero. This can result in financial distress and legal troubles.
In conclusion, we do not recommend trading with Finutrade. While they might offer some attractive features and benefits, they also pose significant risks and challenges to traders. Their lack of regulation, bonus program, and negative balance protection are major drawbacks that outweigh any potential advantages. There are many other online brokers that are more reputable, regulated, and transparent than Finutrade. We advise traders to do their due diligence and research before choosing a broker to trade with.
What to Do If You’ve Lost Money with Finutrade?
If you have been scammed by Finutrade or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.