Fintechfx.com Review: Is Fintech FX Australia a Scam?
Welcome to Fintechfx.com review. The reason why you must familiarize yourself with this Fintechfx.com review is because a broker can make or break your journey to success.
Fintech FX is quite a popular brokerage with an Alexa ranking of 761,000. At the time of writing this Fintech FX review, the site was popular in Indonesia.
Note: you can get a managed Forex trading account starting $1000. Click the link below to find out:
Some of the features offered by this broker include MT4 trading platform, leverage of 1:100 and a minimum deposit of $100.
The brokerage claims that they are giving their clients access to real market prices from their liquidity providers.
They claim that Fintech FX is a true ECN no-dealing desk type of operation. Based on these features and advantages, it’s in your best interest to find out if this broker is the best for you.
Fintech FX declares on their website that they are the global’s leading financial platform which is dedicated for the expert trader.
They also assure their clients that funds are segregated through regulated financial institutions.
Their mission is to provide superior trading and technology, reliability, competitive spreads, fund safety, instant account setups, approval and swap-free Islamic accounts.
However, the entity Fintech FX does not give us any reliable address or information that would point to their country of origin.
What they have is a group license from My Group Fintech Co Pty Ltd which is duly incorporated in the Saint Vincent and The Grenadines.
They tell us that the site Fintech FX is owned by Neo Super Mass Corp Pty Ltd but is operated by My Group Fintech Co Pty Ltd. This is quite contradictory, and there is ambiguity in that statement.
It also appears that My Group Fintech Co Pty Ltd has a presence in Australia as the site claims that the entity that oversees their operations is registered with the Australian Financial Services (AFS).
Fintech FX Review – more about regulations
Since FintechFX.com is citing My Group Fintech Co Pty Ltd as the company that is in charge of their license and authorization to operate in the Forex brokerage space, it simply means that Fintech FX does not have a license of its own.
My Group Fintech Co Pty Ltd is claiming that they are registered and licensed to provide Forex trading services in the Saint Vincent and The Grenadines.
Close investigations reveals that the government of Saint Vincent and The Grenadines only has a regulatory framework which does not include Forex trading.
Besides, Fintech FX is giving us an NFA number as well as their Australian Securities & Investment Commissions license.
However, there is sufficient evidence to believe that FintechFX is neither registered in the USA nor in Australia.
The NFA forces Forex brokers to comply with strict industry standards because they want to weed out scammers.
It appears FintechFX couldn’t meet these standards, and so they resorted to lying about their registration with the NFA.
Fintechfx.com Review – features & account type
This broker is providing bank deposit, wire and broker transfers as a means to deposit funds/withdraw funds from their platform.
The brokerage is hash when it comes to withdrawal. They are following the same pattern of scammers and those who want to rip off traders.
For example, traders who want to cash out are required to pay $20, plus they cannot withdraw anything less than $100 from FintechFX brokerage.
This broker seems to be offering tradeable assets like Forex, Commodities, Indices, Metals and Energy Markets.
There are two types of trading accounts. These are standard and ultimate account types.
The two accounts appear to have the same features with no distinguishing elements at all. So I am assuming that the required minimum deposit will be the difference between Standard and Ultimate.
Fintech FX Review – other things you must know
Before I close this Fintech FX review, I want to mention that this brokerage doesn’t look genuine.
You might just lose your money here, and the trick is simple. Once you have been talked into making a deposit, problems will start to show up when you want to cash out.
The senior scammers will take over and persuade you to deposit more money. If you don’t, they will refer you to their ”recovery department”.
This is just to take the game to the next level. Ultimately, you won’t be allowed to chargeback on your credit card simply because the scammers will have delayed for more than 6 months so that you won’t qualify for any chargeback after this period.
Fintechfx.com review – the conclusion
You cannot trust a broker who can’t give a proper address of where they are situated at. On top of this, Fintech FX is not licensed independently, and there is also zero proof that the entity is associated with the said companies.