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Is FINAXIS a scam broker?

Overview:

FINAXIS is an offshore forex broker situated in Luxemburg. This broker provides six account types namely Start, Progress, New Horizon, Classic, Investor Power, and Finansist on the pioneer MetaTrader platform. The minimum deposit required for each of the above accounts is $250, $500, $1000, $2500, $5000, and $10000 respectively. The broker offers diversity in foreign exchange pairs and CFDs on various assets. Let us see the characteristics of this broker.

About FINAXIS:

The broker FINAXIS has a major advantage in MetaTrader. The out of the class performance, userfriendly nature, availability of charts, experts advises, also leader MQL markets make MetaTrader every trader’s favorite. The FINAXIS is supposedly operated from Luxemburg. Its website does not offer any information about the owner of the broker. Even the terms and conditions section does not shed any light on it. This is enough to understand that the owner of the FINAXIS wants to be anonymous. This also leads us to the fact that the FINAXIS is unregulated. The market is full of such unregulated and unlicensed brokers and poses a serious danger to the investor’s funds. Also, such brokers are not accountable for the loss of trader’s money and the way they want to handle it. Along with this, FINAXIS is blacklisted as a possible scam broker by the Spanish Authority of Finacial Regulation called CNMV. All the above facts scream aloud about the risk associated with this broker.

The website offers information only on spreads up to 7.5 which is high compared to the market average. The information regarding allowed leverages, trade size, etc is missing. All these inconsistencies and opaque nature of the broker is worrisome. These are the traditional practices of scam brokers. The broker charges 10% every month for the inactivity of 6 months. This broker provides withdrawal with excessive charges and also requires a specific trading volume. The minimum withdrawal amount setup by FINAXIS is $250. The minimum trading volume required is $200 and those who are falling short of it have to pay a 10% additional charge on withdrawal. Also, $50 for wire transfer, $20 for credit card plus $5 processing fee, and $25 for ePayments is imposed on withdrawals.  Such ruthless practices are not followed by genuine brokers and uncommon in the regulated trading market. When we opened a demo account to sneak peek into the properties of the trading environment. We came across the unattractive floating spread of 2 pips on EUR/USD pair.

Is FINAXIS scam or legit?

The FINAXIS is an unauthorized, and unlicensed broker and does not mention its owner. likewise, we have seen that there are many unsuitable terms and conditions regarding withdrawal. Our research furnished us with the crucial information about this broker that it is blacklisted by Spanish authority. There is substantial risk associated with this broker. We can advise you to stay away from this broker because of its potential scam nature.