Everything you need to know about FintechFX
FintechFX is one of many brokers online that traders can use for trading in forex and other products. The one thing that you need to make sure about, is that you are doing as much research as possible and read as many reviews as possible before you decide to make use of FintechFX. This is because you might use a broker that isn’t recommended and reliable. This is everything you need to know about these brokers. This will show you that they might not be as reliable as what you might have thought.
More about the brokers
FintechFX is forex and CFD brokers. They do offer a couple of cryptocurrency pairs that you can trade with. FintechFX is situated in St. Vincent and the Grenadines. Making them an offshore broker that can trade riskier.
At first glance, it seems that they are legit because they do offer a valid address and email address. However, there isn’t any information about a telephone number or the founders of the brokers.
Are they registered and regulated?
Are FintechFX registered and regulated? There are rumors that they are registered to a company called My Group Fintech Co Pty Ltd that is also situated in St. Vincent and the Grenadines. However, this doesn’t make them safer to use. This is still an offshore broker that is registered to an offshore company.
They aren’t registered internationally and this means that they aren’t regulated as well. It is essential that you are only making use of brokers that are registered internationally, and that is regulated by international companies.
Account and required deposit info
These brokers are only offering two different accounts. The one is the standard account, and the other one is the ultimate UCN account. This doesn’t really give traders a variety of choices that you can choose from. And, there isn’t a demo account that you need to use before you can decide to use them as your broker.
The minimum deposit for the standard account is reasonable and set at $100. However, the ultimate UCN account has a huge minimum deposit of $1,000. Because they just offer two accounts, the ultimate UCN account’s deposit is too much. This will give you just higher risks.
The platform that they are using
This is one of the good things about using FintechFX. They are using one of the best and most recommended platforms in the trading market. They are using MT4. This isn’t the newest platform, but this is the best platform, the most trusted platform and the easiest platform to use. Making this really a great option if you are used to the MT4 platform for trading forex and CFD.
Withdrawal fees that need to be paid
Something serious that you need to consider is the fact that they are asking their normal trading fees and added some other fees that you need to pay. They are asking a withdrawal fee, for every withdrawal that you are making.
This means that you are basically paying double the normal fees that you would pay other brokers. Making your profit lower.
Withdrawal problems reported
Besides the withdrawal fees that you need to pay before you can withdraw your money, there are other problems reported as well. Traders are saying that the withdrawal process is taking too long. They can’t wait for a week or two before they can get their money paid into their accounts.
There is also the problem with withdrawal that can only be done with one payment option. This is to make use of bank wire. This isn’t the safest and best option, but the only option when you are using these brokers.
Not a large variety of products available
A great broker is offering you a huge number of products and cryptocurrency pairs to trade with. Making your choices so much better, and your chance to get profit higher.
However, when you are going to make use of FintechFX, you will see that there aren’t a large variety of products and cryptocurrencies available. Limiting what you can trade with.
What are regulators saying about FintechFX?
What are regulators say about FintechFX? They don’t recommend traders to use them. This is because these brokers aren’t registered, regulated and don’t come recommended.
It is important to make sure that you know what regulators are saying about brokers before you just choose a broker and deposit money within their accounts. And, most of the regulators don’t have anything good to say about FintechFX. In fact, there are some regulators that are going to blacklist them, because of the irregularities like withdrawal fees and the small number of products that you can trade with.
FintechFX is just one of many brokers that you can use online. However, you need to make sure that this is the best broker in the market before you just start using them. With further investigation, it was proven that they aren’t the best brokers. There are many irregularities that you need to know. And, they aren’t regulated and registered. This is really important that you are making sure that you can trust the broker and that the regulators are trusting the broker. And, with FintechFX, this isn’t going to happen soon.