Table of contents
Finantik has a good looking website (for a broker), and it achieves the effect it strives to creates in its users. Does this broker care for its customers, or is this yet another illicit broker? Read on to find out more.
The only evidence of a registration is an address in St. Vincent and the Grenadines, which would put it directly under the gaze of the FSA SVG. However, the FSA SVG does not regulate Forex and CFD brokers. There is no other concrete mention of a regulation, putting Finantik as an UNREGULATED broker.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
The client dashboard revealed to us a EUR/USD spread of 1.7 pips, which is just above the average cost of trade. The leverage has not been disclosed. However we shall soon see that all trading conditions are irrelevant for a reason that is quite common amongst illegal brokers.
The website is availbale only in English.
The platfrom we opned was an MT4, yet it dod not belong to Finantik. The company that hel the MT4 was a AlgoTrades, a somewhat enigmatic figure that we have previously encountered.
This means that there is no trading platform at Finantik, which technically makes Finantik anything but a broker.
FINANTIK MINIMUM DEPOSIT
According to the client portal the minimum deposit is $200, and there are only two ways to deposit:Credit Cards and Ask4Bit. All details about deposits on the website, turns out, are false.
Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
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.
FINANTIK WITHDRAWAL TIME AND FEES
Since we had not deposited, any info from the client dashboard about withdrawals was out of reach.
The website claims that there are withdrawal fees on methods that are not availbale on the deposit section in the payment terminal: Credit/Debit Card (3.5 % fee) and Wire Transfer ($30). Withdrawals are sai to be processed as fast as possible, without any sign of an actual number of days.
We are sure that Finantik will not return any money invested in it.
ADDITIONAL FEES AND TAXES
Unregulated brokers tend to deny any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
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!
Finantik is a simple broker that is only out to steal your money. Never invest in it!
Finantik compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines