FinoMarkets was an unregulated / unlicensed Crypto CFD / Forex Broker, that opened on March 16th 2021. This is broker is now closed & out of business.
Who owns this brokerage firm is not disclosed on their website. Their listed address, is actually a shared office space in London; 251 Southwark Bridge Road, London, SE1 6FJ, United Kingdom. The phone number listed on their website is: +1-987-664-3211. Contact email address is: [email protected]. Official website is at: https://www.FinoMarkets.com.
For complaints and withdrawal problems, read this.
FinoMarkets Broker Review
Our quick review of this broker called FinoMarkets finds, that they are offering their clients only a web-based CFD trading platform. It is a basic trading app, that uses TradingView charts. Order types are not shown unless you deposit money, so basically no free demo trading. Their website shows a page with MT5, and you can download the various versions.
Also shown are download links for AnyDesk and TeamViewer. This is a major red flag, as they use those apps to access your computer, and place trades on your behalf.
If you take a look at the screenshot shown below, you will see what their web-based trading app looks. As with most CFD brokers, you will find a long list of underlying assets available for CFD trading including; Shares, Crypto Currency, Forex Pairs, Stocks, Commodities and Market Indexes. Minimum deposit for a new trading account at Fino Markets is $250. Their payment processor is CoiniCash.
Fake Trading Apps
We found the brokers FinoMarkets, after we signed up for an automated trading app called Bitcoin Trader.
The truth is that there is no trading app which automatically trades for you. Instead, it is a man who will call you and ask you to invest $5,000 with his “expert trader”. For a detailed explanation of how the scam operates, Read this article.
Do your research, and first try making money are licensed broker that give you Trading Central alerts, see here.
Is FinoMarkets a Legit Broker?
No, FinoMarkets is not a licensed broker or a regulated broker. Even the FCA in England issued a warning about this broker on Oct 4th 2021.
The easy way to know if a broker is legitimate or a scam is by verifying their license. If your broker is not licensed and regulated by the government, then they are an offshore scam. Forex & Crypto CFD brokers in Canada must be licensed by the IIROC.
There is really no reason to invest with an offshore / unlicensed broker, since the regulated brokers offer the same services and better. You can find popular brokers that are licensed and regulated listed here.
Compare Brokers
There are many Crypto and Forex CFD brokers to choose from online, therefore, you should first look at some popular licensed brokers.
If you are currently investing at this broker, please share your experience in the comments below.