When first getting acquainted with the broker Finetero, which offers services of intermediary in the trade of the reference cryptocurrency Bitcoin, there are no negative emotions. Suspicions begin to creep in when you get acquainted with the reviews that traders leave on the forums. As a result of a deep and careful inspection, the negative impression only intensified and it became definitively clear that we were dealing with a scammer. If you, as an investor, do not want to invest in a knowingly failed project, carefully read our objective review.
So, first of all, here are the interesting facts about the company which will make you doubt the honesty of the cooperation offered by the broker Finetero.
Types of trading accounts Finetero
The broker assures that the clients' funds are on the bank account.
It is not clear what kind of account and who has access to it. There is no information on this subject.
There is a choice of 5 types of accounts for clients.
Despite the fact that the minimum entry fee is set at 200 EUR on the Finetero platform, the broker himself urges traders to start trading operations with an amount no lower than 1000 EUR and offers to choose a Bronze account for this purpose.
Already here the broker can be immediately accused of scam and deceit. If you look carefully, under the terms of the Bronze account, the trader will have to pay not less than 1,000 euros, as described by the broker, but five times more. The minimum deposit amount for this trading account is 5000 euros.
The difference in the amounts, in fact, is listed next to each other, in one section.
Such an offer looks more like a scam than care about the mutual profit of the client-broker tandem.
If we talk about other account types - Silver, Gold, Platinum and Premium, Finetero is interested in much higher amounts of initial deposits (10 000 - 250 000 EUR).
Judging by the reviewers' experience, such amounts are peculiar to pseudo-brokers who carry out all financial operations through one or more other intermediaries, which the client never even learns about. It is a popular practice of swindlers who prefer to hide their machinations in such a way. As a result of cooperation with such a pseudo-broker, in case of problems the trader will have no one to turn to, because he will have no documentary proof of financial operations.
It is important to know that if there is no activity on the trading account for 45 days, the broker will regularly charge a high commission of $100/month.
If the broker is legitimate, the trader would be given a grace period of 6-12 months and only then be penalized, i.e. inactive commission.
Finetero Trading conditions
Finetero offers forex brokerage services for trading indices, commodities, stocks and cryptocurrencies.
The trading software is a web-based trader that Finetero says serves as the No. 1 platform for trading Bitcoin.
On the left side, you can see a list of trading products and their buy/sell price. Judging by the bid/ask price, the spread is 0.6 pips. This is, in fact, a narrow and favorable indicator for traders, as the cost of transactions will not become excessively high.
The information on trading conditions can be called inconsistent (this is something we have already encountered when reviewing account types).
From the data provided on the website, we can learn that the broker offers an available leverage of 1:100. According to other sources - 1:200. In fact, the maximum leverage is 1:30. Only for the professional account, it is 1:200.
What does it mean? It is clear evidence that the broker Finetero conducts illegal activity. After all, for brokerage companies with EU and UK licenses, the leverage for forex currencies has a limit that cannot exceed 1:30.
Moreover, even if a broker wanted to show the potential for profit through high leverage, it is actually not harmless advertising, but false information, which leads to massive losses of traders in transactions. In other words, high leverage will only contribute to the volume of financial losses that clients of such a platform will encounter, and such trades will be unsuccessful.
By the way, the web trader that Finetero cites as an undeniable advantage is far from being a competitive bonus for high-level trading platforms.
All reputable legitimate brokers offer their clients webTrader versions with an excellent set of trading tools that facilitate successful trading.
Finetero promises that deposits and withdrawals can be made via bank transfer, credit card, Skrill, PayPal and Neteller.
By the way, if you decide to use the auto-trading software, but later plan to close your account and withdraw funds before you start trading (at least 20 trades), the broker will withhold a $100 commission.
Finetero tells us that the company has been growing exponentially since 2018, when it first entered the market. The website states that the company's services are now used by clients in more than 150 countries.
Sounds beautiful, of course. However, the scale of the pseudo-broker is hard to believe.
Finetero also has a vague story with its address and registration.
The company's address is listed in Cyprus. Appropriately, we turn to the site of the local regulator of Forex brokers - the Cyprus Securities and Exchange Commission (CySec) - to check the license.
There is no such registered broker in Cyprus.
We continue to check.
Moreover, there is no 100% certainty that this particular, specified company is behind the dubious Finetero project.
There is information that the owner and manager of the project Finetero is the company Finplex Group Ltd, which is not in its register. Then the broker refers to Finetero Trading LTD, which is presumably based in the UK.
There are also mentions that the owner of the broker is Maxiflex LTD.
It is a popular practice for scammers: to change websites and companies in order not to let the source of trusting and not very attentive traders run out of money.
As a result of the search it was possible to find a company with a similar name, which was registered with the Chamber of Commerce (registrar of brokerage companies in the UK with the role of executive agency and trade fund at the Ministry of Business, Energy and Industrial Strategy UK). Having the registration address of the company in Britain, the location of its director for correspondence is listed in Bulgaria.
The information is quite contradictory and does not inspire confidence at all.
Moreover, Finetero is blacklisted by the British regulator and cannot legally conduct business. A screenshot of the FCA warning is attached.
There is a suspicion that the scammers assigned a legal name to the fake project to make it easier to extort money (quite large amounts) from investors.
In fact, Finetero is not authorized at all, but actively continues to lure investors from Britain for financial fraud.
Let's take a look at the domain history of the company's website.
Finetero gives information that it has been operating since 2018. The domain was registered in 2020. It most likely belonged to another company. This makes us even more doubtful about the project's honesty.
In order not to lose money, pay attention to all the data specified on the site, check the information in legal sources and be sure to ask the feedback of real traders on thematic forums.
Finetero Reviews online
As the analysis of reviews of traders shows, it is not possible to make money with Finetero.
An unregulated project that is exposed even by the regulator, brings only frustration and financial losses.
The support service mostly comes out when there is a chance to extort more money from the client under various pretexts.
When the trader needs help, any kind of "feedback" does not work.
Only at the beginning the client may think that the site can make a decent profit. When it comes to the withdrawal of money, the scammers act differently.
In fact, whatever the story, the broker will not let you withdraw a single euro
Safety and security of funds with Finetero
Forex trading conditions in the FCA and CySec jurisdictions are similar. A broker has to have an initial capital of about 730,000 EUR, which serves as financial guarantee for traders and some protection against swindlers.
It is typical for scammers to specify payments in cryptocurrency, for example in bitcoin, because such transfers have no reverse action, or rather, it is so expensive that no one deals with it. To put it simply, a trader can't reverse a transaction even if it's clear that he ran into a fraud.
Since Finetero has decided to work without registration and licenses, no security guarantees can be given to its customers.
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Finetero is a dubious project, which is an illegal broker, a scammer who operates through one or more front men or companies, securely hiding their accounts in offshore zones. The truth is unlikely to be known. Be that as it may, we have collected enough facts that allow us to strongly recommend every investor not to agree to cooperate with this broker. Trading on its platforms will turn out to be a loss of considerable deposits, not to mention the earned profit.
Finetero is positioning itself as a broker with access to a number of platforms, including the industry standard MetaTarder4; in fact, traders only have to settle for a cheap, web-based platform that is capable of providing minimal features for traders.
Moreover, the scammers can pester you later, using the contact data indicated at registration. As the experience of deceived traders shows - all come to the site with large sums, but leave it with big problems and empty accounts.