Be Vigilant! Fraudulent Finex Group Tells a Big Lie About Its Regulatory Status

As the allure of forex trading casts its net wider, the need for vigilance in the face of potential scams becomes paramount. This cautionary tale unfolds not merely as a risk alert but as an expose of the fraudulent forex broker Finex Group preying on unsuspecting investors seeking financial growth.

Finex Group - A Quick Overview

Finex Group claims the future of trading is with it and traders can gain exposure to stocks, crypto, indices, commodities, and more. Describing itself as a highly connected, secure, and advanced trading platform, Finex Group promises zero trading fees, no commissions, and lightning-fast trades. The broker offers trading platforms such as Web Trading, MT4, and MT5 to traders. However, no details about its trading accounts and conditions can be found on the broker's website.

Is Finex Group Regulated?

According to Finex Group, it is a multi-regulated broker established in 2006 and has offices in multiple regions worldwide, including the UK, Dubai, Australia, Switzerland, and Japan. 

Through inquiry, it receives authorization to provide financial services from none of the local authorities across these regions.

Finex's Falsehood

First, Finex Group heavily displays positive user reviews from a well-known review site on the homepage of its website. However, search results on the review site show a totally different picture.

Second, Finex Group claims to be regulated in seven jurisdictions but does not present its license information. In addition, it has been proven that the broker is not regulated in the various regions where its offices are allegedly located.

Finex Group also claims in its compliance section that it is registered with the St. Vincent & The Grenadines Financial Services Authority (SVG FSA) under the number 25981 BC. This is a registration number for which no corresponding record could be found.

FMA's Warning

On 22 September 2023, the Financial Markets Authority New Zealand (FMA) warned Finex Group, regarding the broker as an unregistered and suspected scam. This is a significant red flag, further highlighting the fact that it is an unregulated entity.

Bottomline

As mentioned above, Finex Group is undoubtedly a scam broker, lying profusely about its regulatory status in an attempt to deceive investors and forging user reviews to pretend that it has a solid reputation. The FMA's warning reinforces the argument that investors should not deal with this broker.

Prioritize due diligence, it is necessary to conduct thorough research before entrusting your money to any brokerage firm.