Finorax Review – finorax.com is an Unregulated Scam Broker

What is Finorax?

One of the trading platforms currently under scrutiny is Finorax. But is it really a scam? Let’s delve into it.

Finorax is an online trading platform. Like many others, it allows users to trade various assets including cryptocurrencies, commodities, stocks, and forex.

There have been numerous reports suggesting that Finorax might not be as legit as it claims. Users have reported issues such as withdrawal difficulties, lack of transparency, and aggressive marketing tactics. However, it’s important to note that allegations are still allegations until proven.

Unregulated Broker

A common sign of a trading scam is the involvement of unregulated brokers. Regulatory bodies exist to safeguard the interests of traders. If a broker isn’t regulated by any recognized body, that’s a red flag.

Without question, Finorax is labeled as a fraudulent trading platform. Despite the attractive exterior of the website we encountered, it misses the critical details required to evaluate this broker’s legality.

In other words, we are unclear about the jurisdiction under which Finorax functions, the identity and condition of the organization running the brokerage, and above all, its trading license. Finorax has not disclosed any of these essential facts, which indicates the broker operates under a veil of anonymity and is likely engaging in misleading behavior.

All we found on the site was an address in Budapest that could not be verified and an email. This is not enough for trust, especially when the broker asks for a big initial deposit. We’ll talk about this next.

Finorax: Account Types

Each account type usually has different minimum deposit requirements, access to trading tools and educational resources, withdrawal conditions, and customer support levels.
Please note that the conditions and credibility of these account types should be scrutinized due to the allegations surrounding Finorax. Always do thorough research and be cautious when dealing with online trading platforms.

• Standard – $10,000
• Bronze – $25,000
• Silver – $50,000
• Gold – $100,000
• VIP – $250,000
• PRO – $1,000,000

Finorax doesn’t provide an option for a risk-free demo account. Essentially, if you wish to explore their basic web platform and trading conditions, a hefty deposit of $10,000 is required.

There are many legitimate brokers that offer a Micro account for just 10 $. Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

What Are the Warnings Issued by Finorax?

There have been multiple red flags raised against Finorax by regulatory bodies. These warnings serve to alert potential and existing users about possible fraudulent activities associated with the platform. These alerts often come from established financial regulatory entities, which monitor online trading platforms to ensure that they adhere to legal and ethical standards. The details of these warnings often involve issues such as regulatory non-compliance, suspicious activities, or user complaints. It’s always advisable to stay updated with these warnings to avoid falling victim to potential scams. There are two notable regulatory alerts against Finorax.

These warnings were declared in May 2023 by two authoritative bodies:

• the Canadian Securities Administrators (CSA)
• the Manitoba Securities Commission (MSC).

Here’s a screenshot from the Canadian Securities Administrators (CSA) website:

In essence, Finorax has been definitively implicated in Canada. It was only a question of time before these regulators took action against this online menace. We sincerely hope that more regulatory entities step forward and issue warnings against such entities.

Finorax is not the only platform accused of scamming users. It’s important to remember infamous scams like VIPBN, Grotfinance, MyProfitLive and others, to better protect oneself in the digital trading space.

What Steps Should I Take If I Fall Victim to the Finorax Scam?

If you unfortunately find yourself a victim of the Finorax scam, don’t despair. There’s a possibility of recovering your funds. We offer a free consultation with our experts who can walk you through the procedure to potentially reclaim your money. Feel free to set up a no-cost consultation, where we’ll discuss initial steps towards your financial recovery.

Finorax: Video

You can also write a comment under the video on our YouTube channel to tell other traders about your experience. But if you’ve already been a victim, contact us for a free consultation by filling out the form at the top of the page.
Below you will find a short video about Finorax. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about Finorax!