Why Finarix Sucks In 50 Words
The spreads are big, the minimum deposit is big, the broker is unregulated and their FAQ explains how to trade binary options when in fact they don’t offer binaries. Also, this is the new face of an older, shadier and now closed broker: BinaryOnline. ThatSucks! BIG TIME!
Why Finarix Doesn’t Suck In 50 Words
They have a pretty well-groomed website, with accessible information and an acceptable trading platform. However, that’s about it because they lack major positives like regulation, a long time in business and a good reputation.
Is Finarix A Scam?
This is an online broker (or rather just a new trading name), launched in early 2019, it has no regulation and according to our research it is a facelift or rebranding of BinaryOnline, which was a binary options broker with a very bad reputation for failed withdrawals and high-pressure tactics. That being said, we cannot classify Finarix as a scam because we must give them the benefit of the doubt: maybe they are trying to turn the page and become a well-respected broker. Time will tell if this is the case but in the meantime, remember that you are dealing with an unregulated, offshore broker.
Should I Open An Account With Finarix?
Finarix is an offshore, unregulated FX and CFD broker owned and operated by Zolarex Limited, with a listed address in the Marshall Islands. Payment processing services across Europe are provided by Global Prime Management EOOD, located in Sofia, Bulgaria. This entity is not regulated either.
Launched in early 2019, this broker offers FX and CFDs on stocks, indices, commodities and Cryptocurrencies on a simple, web-based platform and with very unclear trading conditions. According to their homepage, you can get “up to 85% profit with one single click”, which is puzzling at best and stupid at worst. What is this? Binary Options? Because last I checked, FX and CFD don’t use this model for profit calculation. But then again, considering they are a simple rebranding of BinaryOnline, which was a broker focused exclusively on binaries, it’s easy to see why they still show “up to 85%” on their website. It also shows a lack of interest.
Accounts start at $250 (“Takeoff”), which is average for the industry but I consider it too high, especially since we are dealing with an unregulated broker. The next account is the Standard, which starts at $2,500, followed by the Premium, with a minimum requirement of $10,000. There’s also an Elite account but to open one of those, you will have to contact their representatives. The main difference between these account types is the Bonus you receive, which is 25% for the Takeoff account and goes up to 75% for the Premium. Other than that, you will get a personal advisor and some trading signals, which is definitely not enough to justify the very high deposit requirements.
Overall Finarix looks like BinaryOnline with a new skin and I don’t see enough evidence of them trying to become a better broker. The trading conditions are unclear, the fees are high (not to mention the spreads) and they lack any form of regulation. So, unless you plan a trip to the Marshall Islands to get your money back, we suggest you stay away from this broker.
The broker can be contacted at phone +35924964405 and email [email protected]. The address they provide for Zolarex Ltd is Trust company complex, Ajeltake Island, Majuro, Marshall Islands. The address they provide for Global Prime Management EOOD is Sofia 1504, Sofia Municipality, Oborishte District, 5 Varbitsa Street, floor 1, apartment 2.
Although the broker is new (under this name), there are quite a handful of complaints online and even in our comments section below this review about failed or delayed withdrawals and high-pressure marketing tactics. Many people are already aware that BinaryOnline is now Finarix and are warning others in their comments.
Finarix Regulatory Warnings And Announcements
Although we couldn’t locate any warnings against Finarix, you must be aware that the British FCA has warned about BinaryOnline in the past.
The bonus offered by this broker ranges from 25% for the Takeoff account ($250 min deposit) to 75% for the Premium account ($10,000 min deposit). The required turnover is not clearly specified and be aware that terms and conditions apply, so make sure you read them in full before accepting a Finarix bonus.
The processing time is 3 business days and an additional 7 days may pass until the funds reach the clients’ accounts. Minimums are $100 for debit/credit cards and e-wallets, while the lowest wire transfer is $500. The exact e-wallets are not specified and the fees are… interesting to say the least: debit/credit cards incur a fee of $25 and a Processing Fee of $10. So, in other words, you pay a double fee, which brings the total fee to $35, which equals 35% of the minimum allowed withdrawal. HUGE!
Another VERY important thing to note is that you will NOT be able to withdraw any funds until you complete turnover requirements. From their T&C document: “When any form of bonus is received, completion of the bonus turnover requirements will have to be met, in order to perform any withdrawals”.
This broker thinks that FX/CFD trading is a simple “tool”, which really shows the lack of understanding when it comes to even the most basic stuff. Also, I cannot help but mention the weird withdrawal limitation mentioned above, which is definitely an extra.
Finarix Overall Ratings
User Friendliness 12/20
The website is only available in English, information is often times lacking or hard to find. The platform is simplistic, demo accounts and mobile apps are not available. US traders are not accepted.
Range Of Markets, Spreads And Leverage 11/20
The asset index is composed of currencies, indices, commodities, stocks and quite a handful of cryptocurrencies but the spreads for most of these trading instruments are big, as mentioned before. Leverage is medium for most asset types but lower for cryptocurrencies, which is normal.
Fees And Support 13/20
There’s no fee to open an account but there are some hefty fees for withdrawals: $50 for wire transfers, and $25 for cards. An additional fee of $10 will be added for card withdrawal. Support was relatively fast to answer but they gave me information that contradicted what was written in their FAQ section.
Deposits And Withdrawals 12/20
The methods for deposit are credit/debit cards, and wire transfers. However, to use the latter option you will have to contact one of their representatives to get a special form with all the banking information. In the past they offered e-wallet deposits and withdrawals, however during our most recent visit, this option was gone.
Withdrawals can be made via the same methods as deposits but they don’t really go into detail about the procedure. Minimums are $100 for cards and $500 for wires. The processing time is 3 to 5 days followed by additional time until the money reaches you.
Finarix Extras 9/20
Huge spreads, conflicting information, and paying a fee to a fee… I’d say that’s pretty extra but unfortunately not the good kind.