FinLibra Review – How Finlibra.com scam was exposed

As of May 2023, the broker (finlibra.com) has ceased operations. But you can read the article to avoid falling for similar scammers.

What about FinLibra regulation

The entire FinLibra website is in German. We can see that it targets German-speaking areas. The broker is not licensed and acts illegally.

FinLibra is an anonymous broker of scams. We only have an address in the UK that we can verify, as the firm never revealed its owner. This address does not have a FinLibra. A FCA regulation is required if a broker wishes to offer financial services in this country. After checking, FinLibra was not found to be registered with ASIC, the FCA, BaFin or any Tier1 regulatory agency.

Why is a broker required to have a license

To provide safety, a broker must be licensed. You want to make sure your funds are safe and in good banks before you give them. This is why regulation exists. It ensures that brokers don’t steal money and disappear.

FinLibra isn’t regulated nor UK-based so it could be a website that facilitates the extortion of money and then disappears.

FinLibra reviews by traders

FinLibra is clearly an a scam, and client reviews confirm what we already know. After it took all the money, the broker did not approve withdrawal requests and then it frozen investors’ accounts. These companies are designed to take as much money as they can and then disappear. Before you pay any money, be sure to verify the company.

What platforms is FinLibra offering? – Trade software available

The broker provides a TTS WebTrader, a proprietary WebTrader. Despite false advertising, we doubt that this platform offers an in-depth analysis or more than a basic overview of assets. FinLibra isn’t interested in investing much in quality software. Their goal is to not help people invest. They want your money and you can forget about them after you have made a deposit.

Check out regulated firms that offer software like MT4 and MT5.

All about FinLibra accounts

There are three types of FinLibra accounts. These are:

• Silver
• Gold
• Platinum

Spread, leverage and other perks like daily market reports or trading alerts are the main differences. FinLibra’s minimum deposits are not disclosed. We assume that you will have to wait to be called by the broker’s employees in order to obtain this information.

Does FinLibra have a demo account?

FinLibra does not offer a Demo account. This makes it impossible to check the platform before investing.

FinLibra is available in the following countries

Our research shows that the firm scam targets mostly citizens from:

• Germany
• Austria
• UK
• Switzerland
• France

FinLibra trading instruments and markets

The company has access to five major markets:

• Currency pairs – EUR/USD, GBP/USD
• Indices – NASDAQ, FTSE100
• Commodities: gold, oil and silver
• Amazon Shares, Facebook
• Cryptocurrencies – BTC, ETH

FinLibra trading conditions

Spreads start at 0.1 pip and the broker allegedly does not charge any other fees. It may sound like a great offer when you first hear of it. It is not, however, a great offer. How can FinLibra make a profit if regulated firms are able to profit from swaps, spreads, and fees? We will steal all deposits.

FinLibra leverage

Unregulated leverage up to 1:300 is offered by the company for Forex markets. The leverage limit is 1:50 for Forex trades within the EU and UK due to high risk. These rules would apply if FinLibra were a legitimate company.

FinLibra bonuses to help you keep your money

A deposit bonus is offered by the trading company for any money you invest. It’s supposed to help you start investing and boost your confidence. Unfortunately, scheme companies often have bad terms and conditions. The company will usually require a very high rollover in order to repay the bonus before you are allowed to submit a withdrawal request.

What is the purpose of trading bonuses being banned?

Regulators have banned bonuses and other incentives from being used against clients by scam brokers. Because scheme firms don’t adhere to any regulations, they continue to give bonuses and prevent clients from receiving payouts.

FinLibra fees, withdrawal methods and deposit options

These payment options are accepted by the company:

• Credit/debit cards
• Wire transfer

For wire transfers, there will be a 5% fee for card withdrawals. The company said that if the company discovers that a trader is making inappropriate or abusive deposits, we have the right charge trader for all transaction costs incurred on deposits as well as withdrawals, without giving notice.

What should I do if FinLibra scams me? – Share your story

Let us know if you have been scammed by FinLibra, or another bogus broker. To help you find the best solution, our chargeback specialists will provide a free consultation.

What is a chargeback, you ask?

In the event of fraud online, this is an option to get the money back directly from the merchant. Call us immediately to schedule an appointment and let’s get our money back!

FinLibra: Video

Below you will find a short video about FinLibra. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about FinLibra!