Warning! Financial-Signals is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Financial-Signal.com seems ok, but we really can’t say anything more about it before exploring this broker and revealing what it really stands for.
The website claims a couple of things that don’t add up. First of all, the footer clams the broker to be operated by Signal Invention s.r.o. that is located in the Czech Republic, but does not say that it is regulated there. What’s more is that in the Terms and Conditions the broker mentions BFXWW Inc and BFXNA Inc which are affiliates of iFinex Inc. iFinex Inc is the holding company of Bitfinex, a cryptocurrency exchange based in Hong Kong and the British Virgin Islands. What matters here is that there is absolutely no correlation between BFXWW Inc/BFXNA and Financial-Signal.com.
Last but not least, the Terms and Conditions mention the British Virgin Islands, and claim that the broker operated under their jurisdiction. There the British Virgin Islands Financial Services Commission regulates the forex market. We looked into the regulator to find the name of the broker and found zero results.
We are left with the fact that Financial-Signal.com is UNREGULATED, and as such is a risk to all investors.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
The EUR/USD spread we got from the trading platform, which we accessed very easily without providing any documents, is on average 0,5 to 0,9 pips. The leverage is not shown in the dashboard; on the website it’s not mentioned either.
The trading platform gives us the following assets to conduct our trading with: Currency Pairs, Indexes, Stocks, Commodities, and Crypto.
The website is available in a surprising amount of languages, for an illicit broker: English, Italian, Polish, Spanish, Swedish, and German.
The webtrader at Financial-Signal.com is both extremely basic and not really a trader at all, for the charts, and all the accompanying customizable tools, are a part of a third party forex chart provider. This type of cheating is synonymous with unregulated brokers.
The spread is shifting between 0,5 pips and 0,9 pips which isn’t bad at all, even very favorable to traders. However, the leverage value is not given anywhere.
According to the Fees page, each hour a fee is deduced from a trader’s active position(s), the amount of which is explained in a way that is baffling:
FINANCIAL-SIGNAL.COM MINIMUM DEPOSIT
The payment methods as revealed by the client portal are Rave, IPayTotal, VoguePay, and Wire Transfer.
The minimum deposit is $250.
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
This broker has sneaked in the AnyDesk software as means for traders to receive help; it’s located on the bottom right of the screen on the website. Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
FINANCIAL-SIGNAL.COM WITHDRAWAL TIME AND FEES
There are withdrawal fees that cover blockchain withdrawals. These fees are 0.001 BTC and 0.01 DASH per withdrawal.
The minimum withdrawal amount is $25.
Withdrawal processing times have not been indicated.
ADDITIONAL FEES AND TAXES
If the value of a clients crypto coins drop below an undisclosed level, then the broker can either force-liquidate the crypto in the user’s account and seize the coins. Furthermore, the broker can take over yor trading positions if your equity falls below an undisclosed level.
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Financial-Signal.com is yet another unregulated broker that only aims at stealing your investment. Stay away!