FintechFX

These futuristic brokers are starting to get a bit repetitive, since they all share one common flaw that basically ruins the whole experience. Read on to find out what it is.

Oh, boy, this one is a mess when talking about registration and regulation. Let’s start from the top, by ironically, going to the footer. First of FintechFX, going by the trading name My Group Fintech Co Pty Ltd (reg. Number 24375 IBC 2017), is said to be registered in St. Vincent and the Grenadines (SVG).

Readers should be aware that SVG does not regulate the forex market. The company may be registered there but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it.

Furthermore, the website is owned by Neo Super Mass Corp Pty Ltd that, allegedly a member of the National Futures Association in the United States.

This is completely untrue. For a broker to operate in the US it must be a member of the National Futures Association (NFA), AND has to be registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC); it cannot be registered as an offshore entity and at the same time be regulated by both the NFA and CFTC. Furthermore, the leverage in the US has been limited to 1:50. Not to mention that the minimum capital requirement for any broker to be licensed in the US is $20 000 000.
Furthermore, the broker refutes its own claims that it operates in the United States by clearly stating, in the footer again, that it does not operate in the States

The last part of this gaffe is by far the oddest. It claims that My Group Fintech Co Pty Ltd (reg. Number 24375 IBC 2017) is a “related entity” (whatever that means) to My Group Fintech Co Pty Ltd (ACN 615 855 840; Australian Financial Services Licence 493603), and both work separately. The confusion is obvious, and for that reason we leave it to you to reach a conclusion.

Anyway, an Australian Financial Service License is only given to legit brokers solely by ASIC, the Australian regulator of Forex and CFDs trading. ASIC preoccupies itself with enforcing the law against fraudulent activity, and promoting confident trader participation through tight controls over the financial market in Australia. Safe to say that the broker is not registered with ASIC.

All these point out to the simple and clear fact that FintechFX is UNREGULATED, and thus a risk to anyone who invests in it.

We advice traders to always check the legitimacy of a website before making any sudden choices concerning an investment. All the aforementioned countries, except for SVG, offer some of the top licenses in the industry. For Europe we advise you to look out for FCA or CySEC regulated brokers. 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).

The leverage is said to be 1:100 in the Account Page,

and 1:200 in the Why Us Page:

At the same time the trading platform gave us a 1:500 leverage to work with, which is a double edged sword, since it can easily bring you a profit but it can just as easily cause you to flop.

The same principle is applied to the cost of trading. As the terminal for trading is off limits, we are left with what the website claims to offer as spread. And of course their claims are as believable as their regulations is:

This is the first broker we have come across that “offers” the same spread for all its currency pairs. Without a hint of doubt we can say that this is bull.

Trading instruments are claimed to be as follows: Forex Pairs, Metals, Energies, Indices, and Commodities.

The languages can be changed only in the personal dashboard, after a trader has registered. The two choices are English and Chinese.

FINTECHFX LOGIN

This shady broker has include the superb MT4 as its only platform.

METATRADER 4

This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple pending orders, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders.

Be that as it may, we were unable to access the platform, so a direct spread value is out of the question. The leverage when we tried to open a demo account was indicated as being 1:500.

There is a commission of $10 when using the Ultimate ECN account, but the issue is that we are not sure if it’s per side or round turn. Seeing as this is an unregulated broker it might be both, or none. Nevertheless, a $10 commission on spreads increases the cost of trade by 1 pip, while a charge of $20 boosts it by 2 pips.

The platform can be accessed through a web-browser and a desktop trader.

FINTECHFX MINIMUM DEPOSIT

The minimum deposit is $100 when using Broker Transfer, and $1000 when using Bank Transfer.

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.

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

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.

FINTECHFX WITHDRAWAL TIME AND FEES

The minimum withdrawal is $100, which is quite a lot for any broker, be it illicit or legit.

The process times are said to be between 5 to 7 days.

We leave a snap that clears up things:

ADDITIONAL FEES AND TAXES

There seem to be no additional fees, yet as an unregulated broker any surprising fees should not surprise you. Furthermore, once you request a withdrawal, probably due to your suspicions being realized, the broker will most certainly deny your appeal. This denial is followed by a well thought of justification. Either they will find a loophole in the T/C that upholds their right to keep your deposit, or they will ensure you that now is the worst time for withdrawals for the market will very soon thrust upwards and multiply your initial investment by unrealistic numbers.

ACCOUNT VERIFICATION

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!

BOTTOM LINE

The laughable regulation/registration claims are enough to make anyone do a u-turn and head anywhere but to FintechFX. There is nothing here for you. Stay away!