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Is Finarix a scam broker?
The FX Broker Finarix deals within the forex, binary options also many assets. It provides three different account types namely takeoff, standard, and Premium. Unfortunately, the trading environment is a blur and can’t see through it clearly. However, the main concern of the broker’s legitimacy is questionable. In this scam broker review we will answer all the questions genuinely so please follow it till the end.
The major advantage of Finarix is plenty of assets covering 200 of them. These 200 plus assets are cryptos, shares, indexes, and commodities. It also promises traders over 85% of profit at only one use. Sadly we were unable to verify all of these claims ourselves because we couldn’t open an account with this broker. The leverage provided is very attractive and comes near 1:200. This provided leverage is useful to all sorts of traders from rookie to expert. It can cause marginal profit as well as loss.
While researching this broker we came across two different company names viz Zolarex Ltd based on the Marshall Islands, and other Zola Ltd claimed to be registered in Bulgaria. The FX brokers operating from offshore require strict licensing and regulations to provide their brokerage business in regulated markets. This broker fails to provide any information on regulations and regulatory bodies.
Furthermore. the United Kingdom’s financial regulatory body Financial Conduct Authority has issued a potential scam warning against this broker.
As mentioned previously trading environment of Finarix is unclear. The traders can earn up to over 85% on ROI. It does not provide any info on specified spreads. The broker also avoid any demo account. Also, the platform provided by this broker is not clear and offers some web-based useless trading platform.
The terms and conditions of Finatrix are also unusual. It takes 21 days to process the withdrawal. Also, withdrawal is only telephonic approval. Such rules are meant to lure more money from the traders. The fees and charges on withdrawal are also heavy. It takes a 10% commission on each withdrawal. The withdrawal eligibility requires at least 200 trading volume.
Is Finarix scam or legit?
The FX broker Finarix is offshore based. In addition, It is not a licensed one and not regulated. Trading conditions such as minimum deposits, leverage, trade size, and spreads provided are unclear. There is a potential scam broker warning against it. All these factors are enough to proclaim this broker as a potential scam broker.