Thinking of getting into business with Finexoinv? Here is what you must know about this broker. Carefully read this review to find out if finexoinv.io is the trading platform you will want to trade with.
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About Finexoinv
Finexoinv is an offshore brokerage company with a lot of promises for traders. The broker operates under STRAT LTD with an incorporation in Saint Vincent and the Grenadines.
There are different account types the broker offers.
Added, it trades on the following instruments like forex, stocks, commodities, crypto, bonds and indices.
To clarify, regardless of the trading instruments Finexoinv claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
finexoinv.io: Reasons to Avoid This Broker
Firstly, finexoinv.io is a platform with no financial authority overseeing its financial services. We discover the broker is not worth your money because brokers claiming to be regulated in the island — Saint Vincent and the Grenadines should already know this. FSASVG does not monitor, regulate or license brokers.
Secondly, we noticed finexoinv.io has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Finexoinv withdrawal process takes 2 to 5 business days. Added, there are several withdrawal fees like $50 for wire transfers, $25 for Credit/ Debit cards plus 10% processing fee, and $25 for online payments.
As for an inactive account of 3 months, the broker charges 10% on each month.
Minimum Deposit
Finexoinv minimum deposit is pegged $1000 according to the account type.
As for the payment methods, the broker accepts Credit/ Debit cards, Wire transfer and other online payments. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Finexoinv Platform
Finexoinv offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker discusses nothing for traders. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Finexoinv Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is finexoinv.io a Reliable Broker?
No, finexoinv.io is not a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
We owe our readers the duty to fish out scam forex brokers as well as share reasons to avoid fraudulent schemes. Meanwhile, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.