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Finero Review – Facts About This Fraudulent Broker
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Finero Review, Even without checking the register of regulators, you can see why some trading companies are scams. This broker doesn’t disclose any ownership information on their website, any official information not even a phone number where they could be reached.
Anonymous broker scams like these should be avoided at all costs. They don’t provide any transparency to their clients. They don’t provide any security through regulations.
Therefore, any funds deposited there are at risk. That is the case the broker is even investing those. Most of the time, funds appearing on the trading balance are just fictive.
Not to jump to a conclusion, but we will still do the complete analysis on this broker.
|Minimum Deposit||250 EUR|
|Review Rating||2.5 on Trustpilot|
Regulation and Safety of Funds at Finero
As the broker that belongs to Finero Ltd, they should comply with the regulations of the UK. Therefore, they should be in the FCA register. By checking those registers we found nothing about the Finero broker.
Just to be sure, we don’t blame them for no reason we checked other Tier 1 Regulators like ASIC, BaFin, and CONSOB. Unluckily, the results were the same.
According to Finero broker reviews, they are scamming traders from the UK, Italy, Poland, Germany, and Spain. However, it’s not excluded that they are testing sometimes new fields and new countries. Once the regulators start issuing warnings against this broker, the situation will change.
Trading Platform Finero Overview
As expected from scam brokers like this, they advertise the latest technology inventions in trading available on their trading platform. In reality, it’s just an elemental trading platform with basic charting and trading tools. If you are an experienced trader you don’t have anything to look for here.
They don’t provide any EAs, social or copy trading, advanced indicators, or algo-trading.
That’s why most licensed companies are using cTrader or Meta Trader. Those are platforms with high efficiency, and very user-friendly and because of that, they became an industry standard for traders.
A huge disadvantage of web-based trading platforms is that they are designed specifically for the broker. Or even the broker itself designed those. That means that any of the data presented on the platform could be changed in a blink of an eye without you noticing that.
That’s how people often get scammed. In one moment you have huge profits, you want to withdraw it and suddenly, the market crashes or you made a mistake in setting up a trade. Sure.
Account Types Available
Finero broker offers 6 different, yet similar account types:
- Basic – 250 EUR
- Bronze – 2.500 EUR
- Silver – 10.000 EUR
- Gold – 25.000 EUR
- Platinum – 50.000 EUR
- Diamond – 100.000 EUR
Broker nowhere mentions a demo account for testing out platform features. You can get access to the platform after registration but you don’t get virtual funds for trying out. Sometimes it’s a good thing.
When it comes to the advantages of a higher level in account type you don’t get any specific trading benefits. They only provide you with more educational material, more lessons, more webinars, more private lessons, and such features.
To us, it looks like you get more time to talk to these bogus scammers and give them more information about yourself which will give them chance to pitch you for more money!
With Finero broker scams even trading instruments availability is poor. They offer:
- Forex – USD/JPY, GBP/NOK, AUD/CAD
- Commodities – oil, gold, silver
- Shares – Apple, Nvidia, Amazon
- Cryptocurrencies – BTC, XRP, ETH
Trading conditions are unknown. Therefore, trading with all these assets is very risky. Strategy can’t be made without clear spreads, clear leverage, overnight swaps, and other factors that affect traders’ decisions.
Deposits and Withdrawals
Finero trading offer according to terms and conditions 2 deposit methods. Those are bank transfers and debit/credit cards. However, when you create an account, you have only cryptocurrency transfer as an available option. Those are highly risky because they are hardly traceable and are encrypted.
Practically if you get scammed, a refund and chargeback are not an option.
As for withdrawals, they are charging insanely high fees, yet unclear. 50 units for a wire transfer and 25 for a card transfer. All of that would be good if those options are available at all. Since they provide only crypto transfers, those are directly breaking AML laws and they are not legal.
On top of everything mentioned, this broker requires specific verification because of mentioned AML laws. Those will make you numerous problems because that’s one of the tricks scam brokers are using to prolong your withdrawal process.
Another trick from the sleeves is non-existent fees and taxes that they will ask you to pay. To keep yourself safe first think twice before making any move. Second, look for a licensed broker that will provide you with certain security and comfort while trading.
If Finero Defrauded Me, How Can I Get a Refund?
Since Finero broker doesn’t use verified payment methods like Visa/Master card or wire transfers, you can’t request a chargeback.
However, with crypto transfers situation is more complicated. Nevertheless, there are still experts that are using advanced technology to trace crypto transfers to the original receiver, and that way you can find your funds and possibly recover them.
Not to break your head by thinking where to find those, you can contact our experts for advice. Book a free consultation today and find your first steps in money recovery!
FAQs About Finero Broker
Is Finero Legitimate Broker?
No. They are a completely incognito broker that doesn’t provide any security in terms of regulations to its clients. Many Finero reviews are confirming such statements.
Does Finero Offer A Demo Account?
No. This broker only offers live trading accounts with bizarre minimum requirements for such an untrusted broker.
What Are The Funding Methods For Finero?
Based on T&Cs the company offers card transfers and wire transfers. The reality is that only cryptocurrency transfers are available.