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Finaguide Review – Learn More About Finaguide
Table of Content
Finaguide Review, They have invested a lot of money in a good-looking website but when security is poor fancy website is not important. On their home page, they claim that they provide safe and secure investing. However, it’s not safe to invest with a non-regulated broker. That’s why this Finaguide Review will disclose all the important details of why not trust this investment scam.
|Review Rating||3.9 on TrustPilot|
|Broker Type||Non-regulated CFD broker|
Is Finaguide a Reliable Broker? Security and Regulation
The broker tells you that the company you are registered with is owned by Finaguide Ltd., which is registered in Hong Kong. However, the company number that the broker displays belongs to Finaguide Limited, which is registered in Saint Vincent and the Grenadines.
Since the offshore island known for its unregulated brokerage firms is a hub for FX trading, we were not surprised that registering your business there was easy. You can do it without even visiting the island through a third-party agency.
The SVG doesn’t regulate Forex and CFD trading, and the SFC of Hong Kong has never heard of Finaguide Ltd. This means that the broker doesn’t have a valid license and is operating illegally.
When you invest with a regulated broker, you can be sure that your money is safe. This means the company could disappear with your money at any time, but you can count on the Financial Ombudsman and regulators in your country to help you if something goes wrong.
The broker that we use to find new homes for Europeans doesn’t always follow the same rules as the European Securities and Markets Authority (ESMA) when it comes to how much leverage a trader can use. For example, the broker can’t allow traders to use more than 1:30 of their own money to trade, but this trading intermediary offers traders up to 1:400 of their own money. This means that your money is at risk if you use them.
Finaguide is a brokerage firm that is not approved by an official regulator, SFC. FINACOM, an independent regulator, has banned the company.
Trading Software Overview
The broker claims its web trader is secure and advanced technology. Unfortunately, we couldn’t check it out because you needed to register first. But we wanted to do our due diligence properly and we completed a registration. Of course, they require you to enter a referral code.
That’s the moment you know you are going to be harassed by their agents who will try to lure you into this scam. That’s the problem with non-regulated companies, they are not transparent at all. On top of that, they don’t provide any trusted platform like Meta Trader or any other third-party software.
Finaguide Account Types
There are different types of Finaguide trading accounts:
- Beginner 2.500$
- Standard 5.000$
- Intermediate 25.000$
- Advanced 50.000$
- Integral 100.000$
- VIP 250.000$
Compared to other trading companies where the minimum is 250$ this is a bizarre minimum requirement. Nobody would trust even 2.500$ with a non-licensed and mysterious broker. None of the benefits that they present for every account type are real. The goal of every benefit is just to lure you into depositing more money.
Trading Instruments You Can Trade
Since the Finaguide broker doesn’t provide us with access to their platform we can’t say what assets exactly you can trade. There are 5 different classes available, starting with
- Forex – USD/JPY, USD/GBP, EUR/HKD
- Commodities – oil, gold, natural gas
- Indices – FTSE100, DowJones, AU200
- Shares – Apple, Alibaba, Microsoft
- Cryptocurrencies – BTC, XRP, BNB
The data presented for every instrument might be fictive. Therefore be extremely careful when trading those, especially since we don’t know trading conditions like spreads.
Even in Finaguide Broker reviews we could find more than 20% of clients that were complaining about losing money and being scammed. So, don’t fall for fairy tales.
Options for Deposit and Withdrawal
Another mysterious thing about this broker is funding options. They don’t state clearly what you can use, but digging through T&Cs we found that you can use a debit/credit card, wire
Transfer, and crypto transfer.
On that journey, we discovered that the company needs to approve your withdrawal request. That is often a step before a withdrawal fee scam. They will tell you that you have to pay more money for taxes or fees to get your withdrawal. Don’t do that! It’s a scamming tactic and once you sand that last penny that you have, you are done. They will never get back to you.
How Do I Get My Money Back If Finaguide Scams Me?
Many people got scammed by these guys. But that shouldn’t diminish your desire for trading. You will learn how to diversify well from bad companies. Now, if you got scammed not everything is lost.
You can recover your lost funds through the chargeback. That can be performed when you are using a credit/debit card. However, often clients get scammed through a crypto wallet.
Those transactions are more complicated, but not all hope is lost. There is a program that some experts are using called Cipher Trace.
Getting assistance for those procedures is very easy. Our team of experts can show you step-by-step how to get into it. Don’t waste any more time and contact us today!
FAQs About Finaguide Broker
What is Finaguide’s Minimum Deposit?
This broker requires a bizarre minimum amount of 2.500$ for the initial deposit.
Does Finaguide Offer a Demo Account?
No. This broker only offers live trading accounts and even those are really hard to access.
What Types of Accounts Does Finaguide Offer?
They offer 6 different account types with minimum requirements in the range from 2.500$ up to 250.000$. Which is way higher than the industry standard of 250$.