Finaguide is a broker which guarantees that clients will find everything for successful trading on its platform. However, the minimum deposit here is 2.5 thousand dollars, which is above average. Therefore, before deciding to cooperate with this company, we should make sure of its reliability. We will check if there are any negative reviews about it and try to find out if it’s a scam.
- Finaguide General Information
- Registration and Client Portal Review
- Finaguide Trading Conditions
- Account Types Review
- Finaguide — Deposit and Withdrawal of Funds
- Additional Options
- Is Finaguide a Scam?
- Legal Information and License
- Finaguide.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Finaguide General Information
|Address||Two International Finance Center 8 Finance Street, Hong Kong|
Registration and Client Portal Review
Finaguide greets visitors with a huge banner. It says this is where you will find the right place for all trading styles. Obviously, the creators mean that they will be happy with both long-term investors and scalpers. The official site itself looks rather stereotyped. We didn’t see anything new on it. The space is mostly ads for broker benefits and self-promotion. The content of the website is only translated into English and French. By the way, according to legend, the company is originally from Hong Kong, but there is no Chinese language.
You can fill out a short form to register. It consists of the following fields:
- First and last name
- Phone number
- Date of Birth
- Residential address
- Referral/bonus code
However, the site is not so accessible to everyone. To create an account and get into the Finaguide Client Area, you will need to fill in the field with a referral code.
Finaguide Trading Conditions
Finaguide offers regular brokerage services. However, its conditions make it look like a cheapskate.
Account Types Review
There are seven types of accounts on the site. For beginners who are just starting their trading journey, the minimum deposit is $2,500. Finaguide will allow trading only in the main euro/dollar pair. If you are a more advanced trader, then you can deposit the standard type of account with five thousand dollars already. Besides, the broker doesn’t allow you to test the terminal in demo mode.
Other types of accounts can be deposited with 25, 50, 100, and 250 thousand dollars. Of course, the larger the amount on the account, the more services Finaguide offers. Meanwhile, we should note that there are no extraordinary services here, and the minimum deposit is clearly too high.
There is also an interesting section on the website with the expiration date of contracts. However, unfortunately, these are not as real options as you might think. Finaguide additionally offers to trade in digital contracts, or, as you may have guessed, binary options.
Finaguide — Deposit and Withdrawal of Funds
Finaguide offers several methods for deposit: a credit card, a wire transfer, and a crypto wallet. No fees are charged. Money comes to the account instantly. You may to withdraw them using the same method by which you deposited your account. How much the withdrawal request is processed is not specified.
The broker requires clients to pass verification. In your personal account, you can attach scans or photos of the necessary documents. As usual, you will need proof of identity, residential address, and payment details. Finaguide also has the right to be aware of the financial status of the client.
According to the registration form, the broker has an affiliate program. However, its conditions are not described. Where to get the referral code is a mystery. Most likely, the employees issue them after a conversation with a potential client.
Is Finaguide a Scam?
The Hong Kong broker with the all-English website, of course, looks suspicious. Binary options among trading instruments do not add trust either. However, this is not all the problem.
Legal Information and License
The company’s registration number is in the footer. Nevertheless, we have to say that it’s quite strange for the Hong Kong registry. Therefore, we decided to check the legal data of the company ourselves. It turned out that Finaguide Ltd is not registered in Hong Kong.
However, such numbers are usually used in Saint Vincent and the Grenadines offshore database. So just in case, we checked this registry as well. And there really is Finaguide Ltd. We don’t understand at all why the broker publishes incorrect data and misleads future clients.
By the way, the company has a registration, but what about the license? It can be obtained in China. However, in Saint Vincent and the Grenadines brokers don’t issue such documents. The FSA doesn’t regulate its activities. It turns out that Finaguide provides its services without the license and supervision of any authorities. Sure, in this case, why should it publish reliable legal information?
Finaguide.com Domain Info
The broker prefers to maintain almost complete anonymity. The “About us” section has nothing about the company. We are again faced with self-promotion and a superficial description of trading conditions. It is unclear when the broker started working, who manages this company, and whether it has experience in financial markets.
Judging by the reviews, Finaguide is either not very popular, or has started working recently. Therefore, we decided to check the broker’s domain. It was bought on January 31, 2021. The broker started providing services even later. Perhaps that is why it doesn’t share information about the date of its incorporation. Obviously, it doesn’t have enough experience.
You can use the phone or email to contact Finaguide. There is also a live chat on the site. However, in the reviews, traders write that it is easy to contact the broker only at the stage of deposit. The rest of the time, the company prefers to ignore requests.
Traders should not rely on any guarantees here. Finaguide reserves too many rights in the terms and conditions. It can change contract specifications, spreads, swaps, commissions, etc. The company can also refuse to open an account for any investor. Of course, the broker is not liable for any losses or damages that may occur. Finally, binary options trading is a direct way to say goodbye to your deposit.
Pros and Cons
- Several types of accounts.
- Fake legal data.
- Too high minimum deposit.
- Offshore registration.
- Short-term work.
- No license.
- Fake reviews.
Frequently Asked Questions (FAQ)
The company offers trading in CFDs and digital contracts.
According to the trading conditions, the minimum deposit is $2,500.
No, it’s an offshore company without a license.