BASIC INFORMATION
The business Finiviex Dynamic Ltd, which was founded in St. Vincent and the Grenadines, is the owner of the FiniVieX brand. It's true that there is such a legal body, and the local regulator SVGFSA has even identified it, but nothing has changed as a result. FiniVieX is basically a high-risk offshore IBC because SVG doesn't regulate Forex firms.
However, the broker was exposed as fake when the British financial watchdog FCA discovered it and issued a warning against it. The fact that FiniVieX is unregulated and a known fraud means that your money will be at danger if you deposit.
Avoid it and consider the high-rated EU brokers and British brokers instead. The companies we recommend are competently regulated and, most importantly, covered by deposit insurance funds. Namely, if you trade with CySEC brokers, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. Europe is safe, and its worth opening accounts with companies holding EU or UK licenses.
FiniVieX TRADING SOFTWARE
Although FiniVieX offers MetaTrader4, a premium trading platform, this fact is not advantageous in our situation. The superb platform offered by FiniVieX might deceive many individuals into believing that it is a respectable broker. Ah, but it's not! That is a con, so stay away from it.
Take a look at the top-rated MetaTrader4 and MetaTrader5 brokers instead, since they are also providing the greatest distributions. Because MT brokers' trading terminals are brimming with advanced features like Expert Advisors, intricate indicators, and top-notch charting tools, we suggest them. A marketplace with more than 10,000 applications and other trading solutions is another unmatched benefit that MetaTrader offers users who seek to improve their odds.
SPREAD
The EUR/USD spread offered by FiniVieX is 1.5 pip, which is a respectable buy/sell difference but not the greatest one on the market. Currently, the majority of brokers with proper regulation provide spreads of one pip or less, making it easy to identify better chances.
LEVERAGES
Leverage, the other important factor, is allowed up to 1:600 by the broker. Well, it is a terribly dangerous ratio that, if used carelessly, can result in significant losses.
In fact, leverage poses such a risk to consumers that several financial regulators have even begun to restrict it. For example, licensed brokers in the EU, the UK, and Australia must restrict retail customers to 1:30 for FX majors, but licensed brokers in Canada and the US must limit them to 1:50. You should be wary of the offers from high-leverage offshore brokers since they are either not at all or only minimally regulated.
MINIMUM DEPOSIT
Although it is stated that a $1,000 minimum deposit is required, deposits as low as $250 are accepted. The broker definitely exhibits inconsistent behavior, but this was to be anticipated from a well-known fraud like FiniVieX. In any case, the norm for authorized businesses is $100, and many respectable ones even permit traders to create accounts for as low as $5. Taking everything into account, dealing with the uncontrolled FiniVieX is pointless, even if it wasn't formally disclosed.
PAYMENT METHOD
Credit/Debit cards and Wire Transfers are the two available funding options, with the first being significantly safer because it permits chargebacks up to 540 days after the transaction. If you use reputable payment methods like Skrill, Neteller, FasaPay, Sofort, or Bitcoin, we'd like to recommend our lists of brokers utilizing such payment processors instead of FiniVieX as it is operated by fraudsters. If you pick from the top-ranked businesses, you won't deal with con artists because they are expertly monitored.
MINIMUM WITHDRAWAL
The minimum withdrawal is $50, which is a requirement we deem unfair because most of the licensed brokers impose no or minimal restrictions on clients.FiniVieX says there is no fee for Credit/Debit cards but specify nothing about the Wires. Thats a red flag nonetheless because those fraudsters leave the door open to invent unbearable charges on the run. Beware!
BONUSES
Bonuses are offered by FiniVieX, however that is a trap. The extra rules dramatically degrade the trading environment, and if incentives are accepted, people will lose money. The incentive is only applicable for 60 calendar days, and within that period, participants must execute a fourth of the total in lots. In other words, if you receive a $200 bonus, you must trade 50 lots for 60 days before you may request a withdrawal. If you don't comply, the broker keeps the gains they made in addition to their money. Still, that's too difficult.
