Finaxis

Finaxis is an in-you-face type broker, with flashy images of cars and opportunities just beyond the horizon, yet these promises are nothing but empty fantasies.

We will get straight to the point, and say with certainty that Finaxis is NOT REGULATED. There is absolutely no information about a license anywhere on the website, including in all of the legal documents. There is an address locating the firm in Luxembourg, and a bunch of regulatory institutes like the FCA and CySEC are just mentioned briefly, as if to create the illusion that Finaxis is regulated by them.

In Luxembourg the Commission de Surveillance du Secteur Financier is the local forex watchdog. All brokers under their jurisdiction must hold at least € 730 000, offer a negative balance protection, provide regular reports of their activities and other demanding requirements. Needless to say we could not find Finaxis in the registry:

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).

We could not deduce the leverage from our Demo trading account, and nowhere on the website do they mention a value.

The spread we got from the demo platform was 1.9-2 pips for the EUR/USD spread. This is above average, but you will see the occasional legitimate broker with this cost of trading.

The instruments that were given to us in the demo trader were only Forex pairs. We are uncertain as to the other instruments and if there really are others. The account page throws some hints around but never seems to hit us with proper info:

Italian, English, Russian are the languages offered. Once one is registered however, the list grows with Arabic, Chinese, Spanish and German.

FINAXIS LOGIN

The MT4 makes a return and tries to put some life into this brokerage firm.

METATRADER 4

MetaTrader 4 is by far the most popular trading platform out there, making it the number one choice for trading. MT4 encompasses a to-the-point look and feel without sacrificing any accessibility. With MT4 you can set automated bots to trade instead of you so that you can indulge in other activities while profit is made (or lost). MT4 also comes with over 50 customizable trading indicators, great options for managing your charts, a drag and drop feature and many more pros.

As seen, the average EUR/USD spread is 1.9-2 pips, while the leverage is unknown. Seen as this is an unregulated broker, it would not surprise us if it went above the ESMA maximum of 1:30.

We accessed the trader on a browser version. There is also a desktop one, and no mention of any mobile support.

FINAXIS MINIMUM DEPOSIT

The minimum deposit depends on the account type the trader has chosen. However, the minimum is $250.

Depositing methods are below:

Some pretty uncommon methods here.

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. And even if TitanPro500 does briefly warns to cover the CVV code, we are still prone to advice you to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

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.

FINAXIS MINIMUM WITHDRAWAL

The minimum withdrawal is $100, and $250 for Wire Transfers.

Request are generally processed between 4-7 days. The time the payment systems take to send over the money to a personal account differs, but it should not exceed the 5 day mark.

Withdrawals are charged with the following fees:

Dormant accounts will be charged with $50 per month. An account changes status to sleeper after 6 months.

ADDITIONAL FEES AND TAXES

Nevertheless, we want to remind readers that many offshore brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advice 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.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Even though this broker asks for these details before users get a chance to deposit, the missing regulation still keeps our guard up.

We have our doubts that this broker will not return any funds you deposit with 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

The most sound advice we could give you is to immediately file for a charge back 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!

BOTTOM LINE

Finaxis’s promises are pledged not to traders but to themselves. If you allow them to take your money, they will be the ones living the luxury life. Don’t allow them; stay way!