Finaguide Review – What’s Wrong With This Forex & CFD Broker?

Finaguide is a scam without a trading license

Finaguide Ltd is registered in Hong Kong and claims to own Finaguide Broker. The company number that they display is owned by Finaguide Limited, a Saint Vincent and the Grenadines registered company.

We were not surprised that this offshore island was a hub for unregulated brokerage companies. FSA does not supervise FX trading. It is easy to register a business in SVG. You don’t even need to visit the island.

What does this mean for Finaguide regulation? SVG does not regulate Forex or CFD trading and SFC of Hong Kong never heard of Finaguide Ltd. The broker is operating illegally and has no valid license.

It means that your funds can be lost by the company at any moment. You cannot rely on the Financial Ombudsman and regulators in your country for help. It is therefore crucial to only work with licensed brokers in your area.

The broker can also onboard residents of the EEA zone, provided they comply with ESMA rules regarding leverage cap. Retail traders cannot use leverage exceeding 1:30, according to the MiFID II directive. This trading intermediary can offer up to 1:400 to expose your funds to risk.

If you have information regarding their actions, please let us know. We can help you to file an official report, and press the authorities to stop the scheme.

Finaguide, a brokerage company falsely claiming it is located in Hong Kong, is Finaguide. FINACOM, an independent regulator headquartered in Hong Kong, has banned Finaguide. The brokerage does not have approval from the SFC, an official regulator.

Warnings Against Finaguide Fraud

Hong Kong’s independent regulator, the SFC, is responsible for handling complaints about illegal brokers.

FINACOM received numerous complaints about the Finaguide scam in this instance and issued an warning.

It states that Finaguide and its associated websites could be used to defraud investors. It is safer to avoid this brokerage and not invest any money there.

Is Finaguide scam victim living in Canada?

Most Finaguide complaints are from these sources:

• France
• Ukraine
• Belgium
• Germany

On the 31st December 2021, the company registered its domain name in the GoDaddy WHOIS database. Someone made a resolution for the New Year to scam as many people and take their money. You shouldn’t be part of this.

Finaguide WebTrader Platform

Finaguide has one trading platform, WebTrader. It’s designed for visionary and fast-idious traders and is modern and secure. It seems impossible to test it.

When you register for an account, you will be asked to enter a referral number. We didn’t have one so we assumed that the brokers would provide it. We expected them to harass clients and press them to deposit immediately. Therefore, we declined to answer the call.

The company does not offer third-party platforms such as MT4, MMT5, and cTrader. The browser-based platform may be better than MetaTrader, which has millions of downloads across all devices.

What about a mobile trading app?

According to the broker, its mobile app is compatible with both iOS and Android users. To access it, however, you will need to register first. We couldn’t access it without a referral code.

What can I trade with a broker?

According to the company, it can trade in these instruments.

• Forex (Currency Pairs) – EUR/USD/GBP/NOK/AUD, AUD/SEK
• Indices – DJIA, NIKKEI225, DAX30
• Commodities – gold, silver, natural gas
• Shares – Amazon, Apple, Alphabet Inc.
• Cryptos (Cryptocurrencies) – LTC, USDT, USDC

We were again unable to access the platform. This means that the broker has this information. We already proved that Finaguide cannot be trusted.

Finaguide Fees & Spreads

According to the company, it provides fair market conditions that are suitable for all. If they want people to trust their money, this is not enough.

Brokers that are licensed must be open and disclose all fees and spreads. Finaguide, which is not licensed, defies all laws.

What is a chargeback?

Chargebacks are a way for your bank to reclaim funds from the merchant. We recommend that you contact us immediately to initiate the process. In a free consultation, we will discuss how to get your money back immediately!

Finaguide: Video

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