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Finarium has all the signs of an illicit broker, yet they have included a scanned license from Belize’s International Financial Services Commission (IFSC).
Anyway, we triple checked the International Financial Services Commission’s website for any sign of both Finarium and Oracle Stone Ltd, and found no trace. Our suspicions have been confirmed, the broker is UNREGULATED by the agency it claims to be licensed by. We assume that the license published on their website has been forged with great detail.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)
Take notice that our attempt at registering failed. At some point during the process we could not proceed. No matter how many times we tried to move forward, nothing happened.
There is no way to prove what the actual assets are. Making matters even worse is the lack of a platform, or rather our inability to access it due to the aforementioned issue of registering. The only hint at any instruments is located on the Home Page and on the FAQs page where the broker asserts that there are Forex Currencies, Stocks, Indices, and Commodities.
The website can be translated in English and Russian.
We remind readers of the many unsuccessful attempts to register. Without it, the platform remains a complete mystery to us. There are several insignificant hints at a platform, including some in the Legal Documents, and some scattered around the website. But the verdict remains the same: a functioning terminal remains out of our hands.
FINARIUM MINIMUM DEPOSIT
There are scattered pieces of information on how to deposit, which has led us to mistrust all of them, for we cannot prove any of them as made clear by the failed Sign Up attempts.
The first is that the minimum deposit for New traders is waived.
Next is the matter of the payment methods used for funding an account. On the FAQ page Finarium claims them to be: Credit Cards, Bank Transfer and Electronic Payments.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
FINARIUM WITHDRAWAL TIME AND FEES
A minimum withdrawal amount is unavailable to us, and seeing as we cannot get access to a personal dashboard, the case will remain uncracked.
Withdrawing funds from an account that uses a bonus scheme, requires from users a crazy trade volume exchange. For each $1 bonus the trader must perform a trading volume of 40 times.
The Banks section of the site and the Terms and Conditions (T/C image not included) claim that withdrawals take up to 5 days, and 48 hours for VIP users (first time mention of such an account).
Next the broker mentions that after a request is processed it takes up to 2 days for the amount to arrive in an account:
We leave traders to decide which one of these statements is true. Our opinion is that none of them are because we are almost certain that Finarium will not allow you to withdraw any amount.
ADDITIONAL FEES AND TAXES
There is a clause in the Refund Policy that is conspicuously suspicious, yet remains to us quite difficult to fully grasp. It has something to do with clients not fulfilling a required trading volume, and some sort of compensation issued by the broker to the user that has to be paid back.
How can we forget the sleeper account fee? If no activity has been detected for 12 months, the account will be issued a dormant fee of $25 per year.
By the looks of these fees it’s only logical 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.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
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. Do not expect anything of the king from this broker; it will only bring you financial anxiety.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
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!
There is nothing about Finarium that we like nor recommend. The review speaks for itself, Just keep away from this one.
Finarium compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines