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Finazio Broker Review
Another inactive domain that is still awaiting for everyone to forget about the plan is finaz or finazio broker. Finazio opted to hide out and let everyone believe that the situation was resolved, as is typical of most offshore companies after being banned. If you read our Finazio review, you’ll see why we think it’s not.
Broker status: Unregulated
Regulated by: Unlicensed brokerage
Scammers Websites: finaz.io
Blacklisted as a Scam by: CNMV
Owned by: Finaz.io Ltd
Headquarters Country: Marshall Islands
Foundation year: 2020
Supported Platforms: WebTrader
Minimum Deposit: $250
Cryptocurrencies: Available
Types of Assets: FX, commodities, indices, shares, cryptocurrencies
Maximum Leverage: 1:100
Free Demo Account: No
Accepts US clients: No
How Does Finazio Regulation Compare?
The Marshall Islands-based Finaz.io Ltd used the brand name Finazio. Given that this nation is offshore and that its regulator is among the laxest in the world, it is understandable that Finazio felt confident enough to establish his scheme there.
Additionally, we strongly warn against investing in shady brokers like Thunder, EuroTrades, and FX Elite Trader.
Why is a license required for brokers?
To create compensation funds, adhere to particular legal requirements, and be overseen, brokers must have a license. One can simply decide to leave when there is an excessive amount of money at stake. This is why laws guarantee that customers will receive their money back.
Financial regulators’ Finazio warnings
The Spanish CNMV placed Finazio on a blacklist as a result of many complaints from customers in this nation. It appears that Finazio was a separate PandaTS boiler room, which was already well-known for offering trading software to offshore scam companies.
Reviews of the Finazio scam from traders
The majority of Finazio reviews are unfavorable, with customers complaining that the broker’s dishonest personnel scammed them. Account managers will initially pose as your closest friends up until the point that you grant them access to your device via AnyDesk. Your access to the trading account will then be blocked, and your bank account will be completely erased.
Supported Trading Platforms – Software for Trading
Finazio uses PandaTS, an offshore scam WebTrader, as the foundation for its platform. Charts and indicators are missing from this WebTrader, although the spread can reach 1:100. Just to be clear, given to high risks, the EU and UK regulators restrict leverage for the Forex market to 1:30 or 1:50.
Find a reliable company that offers MT4 or MT5 if you are about to begin trading.
All Information Regarding Finazio Trading Accounts
There are 4 different Finazio account types:
- Classic – $250
- Gold – $3,000
- Platinum – $15,000
- VIP – $50,000
The minimum deposit is relatively conventional, and there are no deposit fees. However, because the terms of trading are unregulated, using this broker is not worth the risk.
Additionally, you cannot utilize a Demo account to practice.
Finazio’s Selection of Trading Tools & Markets
The trading products offered by Finazio are not particularly unique. These assets are available for trading by clients:
- Currency pairs
- Commodities
- Indices
- Shares
- Cryptocurrencies
Finazio’s methods for deposits and withdrawals
Finazio offers a number of payment options, such as:
- Debit/credit cards
- Wire transfer
- Skrill
However, if an account is idle for more than 45 days, the company will charge a $100 monthly dormant account fee. Additionally, if a client opts for automatic trading software, they must complete at least 20 trades before they may withdraw money or close their account. If not, utilizing the software will cost you $100.
Not to mention, for every $1 you receive from the Finazio incentive, you will have to refund $10,000.
Finazio is an unregulated scam broker blacklisted by the Spanish regulator CNMV.
There are definitely good reasons to be wary of the services offered by brokers Finazio.
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