Financikatrade Review: Scam Broker?

Financika
0.5

Summary

Financika is a scam broker feigning legitimacy through a weak financial regulator called VFSC. If you seriously want a good broker, find them in this list and if you don’t know how to trade, equip yourself with these resources.

Pros: At least regulated and minimum deposit reasonable.
Cons: A well-known scam associated with 70 Trades and Bforex brokers. Financika is weakly regulated and reports indicate they are repeat scammers. They don't have an MT4 platform and there is zero trust about this company and its operative

Financika (Sharp Trading) Ltd is a brokerage that offers trading in Forex, stocks, CFDs and indices. There are claims that Financika is related to two other shady brokerages called Bforex and 70trades. Bforex and 70Trades are well known scam brokers and if it is indeed true that they are associated with Financika in one way or the other, then this offers us the much needed insight onto what kind of brokerage we are dealing with in this review.

Financika is currently offering only one account type, which they call a standard account. This account requires a minimum deposit of $200 and a maximum leverage of 1:200. The minimum spread is 3.0 pips which is the highest I’ve seen in this industry.

Therefore, it is crystal clear that Financika’s trading conditions are not friendly to any type of trader. However, the site continues to lure in clients by listing reasons why they think they are the best in class.

Some of them include beginner trader education, individual training session with video tutorials and PDFs, advanced trading platform, access to a personal manager, daily market analysis and free market updates and ”100% investment insurance”.

Financika is also offering a weekly bonus. Before we move forward with this Financika review, I want to make it clear that this Forex brokerage is very controversial and could be a scam.

Approach them with caution and before you make a deposit, think before you act. If you are in need of a professional and regulated broker, click here and pay attention to two brokers called Octafx or FXchoice. 

In case you are looking for automated trading solutions like expert advisors or even semi-automated solutions like Forex indicators, the only recommended ones can be found on this page. 

Financika Review

This broker is owned and operated by an entity known as FINANCIKA (SHARP TRADING) LTD. This company is based out of Vanuatu. The most encouraging thing is that this entity is at least registered with the local financial services commission which is known as VFSC.

financikatrade review

The disadvantage, on the other hand, is that a regulatory body like VFSC has silly minimum requirements for brokers to commence operation within the jurisdictions they govern. For example, for a broker to be registered with the VFSC, they must pay $2000.

This simply allows every Tom, Dick and Harry to open a brokerage and register it with the VFSC.

So this gives much leeway for scammers to take advantage of this registration. It has been reported that the people who work for Financika brokerage are extremely smart on the phone but when they get you to deposit funds on their platform, that is the last time you will ever hear from them.

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