Finarix Review is Is Finarix.com Scam Or Legit Read Before Investing!

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Finarix

Broker Name: Finarix
Platform(s): FX, CFD, Crypto
Founded: 2020
Bonus: Up to 75%
Spreads: High
Leverage: 1:100
Regulated: No
Demo Account: Yes
Minimum Deposit: 250
US Traders: Not Accepted

Finarix Review

Finarix is an offshore, unregulated FX and CFD broker owned and operated by Zolarex Limited, with a listed address at Marshall Islands. Payment processing services across Europe are provided by Global Prime Management EOOD, located in Sofia, Bulgaria. This entity is not regulated either.

Editor’s Note: Why Finarix Sucks In 50 Words

The spreads are one of the highest I’ve seen. They are so high that I had to look twice because I thought I was missing something: 18 pips for EUR/USD, 40 pips for GBP/JPY and 140 for NZD/JPY. ThatSucks! BIG TIME! Also to keep in mind, these are floating so they can change if volatility increases. As a side note, the industry average spread for EUR/USD is around ONE pip.

Why Finarix Doesn’t Suck In 50 Words

They have a pretty well-groomed website, with accessible information and an acceptable trading platform. However, that’s about it because they lack major positives like regulation, a long time in business and a good reputation.

Is Finarix A Scam?

This is a very new broker (or rather just a new trading name), launched in early 2020, it has no regulation and according to our research it is a facelift or rebranding of BinaryOnline, which was a binary options broker with a very bad reputation for failed withdrawals and high-pressure tactics. That being said, we cannot classify Finarix as a scam because we must give them the benefit of the doubt: maybe they are trying to turn the page and become a well-respected broker. Time will tell if this is the case but in the meantime, remember that you are dealing with an unregulated, offshore broker.

Should I Open An Account With Finarix?

Launched in early 2020, this broker offers FX and CFD on stocks, indices, commodities and Cryptocurrencies on a simple, web-based platform and with very unclear trading conditions. According to their homepage, you can get “up to 85% profit with one single click”, which is puzzling at best and stupid at worst. What is this? Binary Options? Because last I checked, FX and CFD don’t have use this model for profit calculation. But then again, considering they are a simple rebranding of BinaryOnline, which was a broker focused exclusively on binaries, it’s easy to see why they still show “up to 85%” on their website. It also shows a lack of interest.

Accounts start at $250 (“Takeoff”), which is average for the industry but I consider it too high, especially since we are dealing with an unregulated broker. The next account is the Standard, which starts at $2,500, followed by the Premium, with a minimum requirement of $10,000. There’s also an Elite account but to open one of those, you will have to contact their representatives. The main difference between these account types is the Bonus you receive, which is 25% for the Takeoff account and goes up to 75% for the Premium. Other than that, you will get a personal advisor and some trading signals, which is definitely not enough to justify the very high deposit requirements.

Overall Finarix looks like BinaryOnline with a new skin and I don’t see enough evidence of them trying to become a better broker. The trading conditions are unclear, the fees are high (not to mention the spreads) and they lack any form of regulation. So, unless you plan a trip to the Marshall Islands to get your money back, we suggest you stay away from this broker.

The broker can be contacted at phone +35924964405 and email [email protected]

Finarix Complaints

Although the broker is new (under this name), there are quite a handful of complaints online about failed or delayed withdrawals and high-pressure marketing tactics. Many people are already aware that BinaryOnline is now Finarix and are warning others in their comments.

Finarix Regulatory Warnings And Announcements

Although we couldn’t locate any warnings against Finarix, you must be aware that the British FCA has warned about BinaryOnline in the past.

Finarix Bonus

The bonus offered by this broker ranges from 25% for the Takeoff account ($250 min deposit) to 75% for the Premium account ($10,000 min deposit). The required turnover is “at least” 90 times the bonus, which is huge. Be aware that other terms and conditions apply so make sure you read them in full before accepting a Finarix bonus.

Finarix Withdrawals

The processing time is 3 business days and an additional 7 days may pass until the funds reach the clients’ accounts. Minimums are $100 for debit/credit cards and e-wallets, while the lowest wire transfer is $500. The exact e-wallets are not specified and the fees are… interesting to say the least: debit/credit cards incur a fee of $25 and a Processing Fee of $10. So, in other words, you pay a double fee, which brings the total fee to $35, which equals 35% of the minimum allowed withdrawal. HUGE!

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Finarix Extras

This broker thinks that FX/CFD trading is a simple “tool”, which really shows the lack of understanding when it comes to even the most basic stuff. Also, I cannot help but mention the 18 pip spread for major pairs, which is definitely an extra.

Finarix Overall Ratings

User Friendliness 12/20

The website is only available in English, the information is often times conflicting (for example their FAQ talks about MT4 and demo accounts but Live Chat said they don’t have these features). The platform is simplistic, demo accounts and mobile apps are not available. US traders are not accepted.

Range Of Markets, Spreads And Leverage 11/20

The asset index is composed of currencies, indices, commodities, stocks and quite a handful of cryptocurrencies but the spreads for most of these trading instruments are huge, as mentioned before. Actually, some of the listed spreads appear to be a mistake: BTC/USD lists a spread of 85000 but they don’t specify if those are satoshis, dollars or pennies. Well, either way, the spreads are very high. Leverage goes up to 1:100 for most asset types and 1:25 for cryptocurrencies.

Fees And Support 13/20

There’s no fee to open an account but there are some hefty fees for withdrawals: $50 for wire transfers, $25 for e-wallets and $25 for cards. An additional fee of $10 will be added for card withdrawal. Support was relatively fast to answer but they gave me information that contradicted what was written in their FAQ section.

Deposits And Withdrawals 12/20

The methods for deposit are credit/debit cards, some unspecified e-wallet and wire transfers. However, to use the latter option you will have to contact one of their representatives to get a special form with all the banking information. Processing takes 4 to 5 business days according to their Banking section but just 3 rows below they say you can “fund your account in minutes”, so I don’t know which one is it.

Withdrawals can be made via the same methods but they don’t really go into detail about the procedure. Minimums are $100 for cards and e-wallets and $500 for wires. The processing time is 3 days followed by an additional 5 to 7 business days for the money to reach you.

Finarix Extras 9/20

Huge spreads, conflicting information and paying a fee to a fee… I’d say that’s pretty extra but unfortunately not the good kind.

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Consumer Reviews

Service use: Live

Length of use: Have not used

Service use: Live

Length of use: over 1 Year

Service use: Live

Length of use: over 1 Year

Previously BinaryOnline, rebranded to Finarix in Feb 2020.

I had a comically bad experience with BinaryOnline before, and following the call from the Finarix representative this morning it looks like it’s the same people still working their scam. I’ve dealt with them for over 14 months, and felt I need to leave this review as the new company probably think they’ll get away with a clean sheet and no bad review baggage. May this help innocent folks look elsewhere with their hard earned money.

So here are some things that you need to look out for:

– Once your money is in, it’s near impossible to get it back. From my $30,000 deposit I made an initial small withdrawal to test things out, which worked fine once “approved” by their finance department, but subsequent attempts had the most incredible excuses and rejections. You can try get your money back through VISA or Mastercard if you paid by card.

– Whatever you do, do NOT accept a “risk free trade” or a “bonus trade”. This is where they hook you and your money then becomes their money before you can say “unethical scammers”.

– They are based out of Bulgaria are not regulated by anyone like the FCS. They operate by their own laws. This morning I had a call from someone there who told me that “there’s not enough activity on your account, we have to close it because of money laundering regulations.” I said I completed a winning trade for $200 6 days ago, does that not count? The person replied “No there’s still not enough activity on your account”. The conversation ended with him telling me “Good luck losing your money”. You can’t make this stuff up. I’ve resigned that I’ll never get my money back, and just trade there for practise as you would with a demo account.

– You will have the most incredible conversations with people trying to pressure you into whatever their latest “product” is, usually algo trading, and they will use pressure tactics and eventually aggression to try convince you to invest more money. They will pass you from one account manager to another over time, and they will all one way or another pressure you to invest more money.

– The two biggest con artists in their team are Viktor Bokrov and Peter Thompson. Both I believe are using fake names (some of the BinaryOnline reviews calls this out as well) – I thought I’d leave the names here should someone google them that they at least get a heads-up not to trust them.

Another thing I noticed is that they will never put anything in writing, it will only ever be a telephone conversation.

Hopefully this will be helpful to someone. The last review I left for BinaryOnline here magically went away after a couple of days, I’ve copied the text this time and will put it on other sites as well should this one vanish.

In december 2020 I registered at binaryonline.com. I invested 250 €. I have made some profits with trading and now have 373,63 € in my account. I wanted to withdraw some money and that’s where all the problems started. Due to their terms and conditions, it is mandatory for their adviser to give you a phone call before any withdrawal. So I got that phone call and they wanted me to deposit 2000 €, so I can withdraw 500 €. It was said, that I have to do something for their firm, so they can do something for me in return. I didn’t want to invest any more money and got very suspicious. Every time they called me, I wanted to talk only about 2 things – withdrawal and deleting my account. The adviser was very offensive and aggressive, I have been threaten, that the adviser has the power not to grand my withdrawal if he/she decides so. They are making new terms all the time and it is impossible to withdraw the money.

Let me tell you, that I thought, that I have lost all my funds and that i wrote them to close my account. I then tried to log in and I couldn’t, so I thought the story was over for me. Last week they called me and said I still have funds in my account – don’t ask me how. And because i haven’t been trading, my account was dormant. I had to place 5 trades, which I did. Advisors kept calling me and telling, I have to deposit 2000 € so I can withdraw 500 € – it’s been said I have to do something for their firm, so they can do something for me in return. I didn’t deposit any more money and I surely wont. I think I don’t have to mention, that the advisors were offensive, aggressive and they threatened me.

After I read a lot of post here, I filled complaints here: https://www.econsumer.gov/en/FileAComplaint#crnt , here: http://ec.europa.eu/solvit/index_en.htm , and here: https://www.fca.org.uk/ .
I have been recording the phone calls too.

I have informed them about all the actions I have been taking.

The next day I got an email, that my withdrawal request has been approved. That was on a friday, and on monday the funds were in my account.

So, I can happily say, that my “binary online story” is finished.

I hope, this can help someone, who has issues with binary online.

Aug 3, 2020 – 1 Star Well . In december 2020 I registered at binaryonline.com. I invested 250 €. I have made some profits with traiding and now have 373,63 € in my account. I wanted to withdraw some money and that’s where all the problems started. Due to ther terms and conditions, it is mandatory for their adviser to give you a phone call before any withdrawal. So I got that phone call and they wanted me to deposit 2000 €, so I can withdraw 500 €. It was said, that I have to do something for their firm, so they can do somenthing for me in return. I didn’t want to invest any more money and got very suspicious. Every time they called me, I wanted to talk only about 2 things – withdrawal and deleting my account. The adviser was very offensive and aggressive, I have been threaten, that the adviser has the power not to grand my withdrawal if he/she decides so. They are making new terms all the time and it is impossible to withdraw the money.

Let me tell you, that I thought, that I have lost all my funds and that i wrote them to close my account. I then tried to logg in and I couldn’t, so I thought the story was over for me. Last week they called me and said I still have funds in my account – don’t ask me how. And because i haven’t been traiding, my account was dormant. I had to place 5 trades, which I did. Advisors kept calling me and telling, I have to deposit 2000 € so I can withdraw 500 € – it’s been said I have to do something for their firm, so they can do something for me in return. I didn’t deposit any more money and I surely wont. I think I don’t have to mention, that the advisors were offensive, aggressiv and they thretened me.

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