Are you tired of scam brokers promising to take your investments to the next level, only to leave you with nothing but disappointment and regret? Well, we’ve got another one for you: Finansero. In this review, we’ll see if they really have what it takes to elevate your investments.
- Finansero General Information
- Registration and Client Portal Review
- Finansero Trading Conditions
- Account Types Review
- Trading Platform
- Finansero — Deposit and Withdrawal of Funds
- Additional Options
- Is Finansero a Scam?
- Legal Information and License
- Finansero.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Finansero General Information
|Phone Number||+357 22000787|
|Address||Athalassas 62, Mezzanine, Strovolos, Nicosia, Cyprus|
|Leverage||Up to 1:500|
Registration and Client Portal Review
People who have read our reviews before know that we absolutely hate this kind of design. A serious broker that has been in the industry for years uses cartoonish characters. Come on, really? We thought the hipster times that are depicted here had already passed. Apparently, someone still thinks this is relevant. Overall, the website is quite bland and unremarkable. It could have been better and more stylish.
The broker’s registration form is typical and requires you to enter your personal information. However, this is just the initial step, and Finansero will then ask for more comprehensive personal details. You have to disclose your financial status, investment experience, and furnish accurate information regarding your address and date of birth. By the way, the broker offers the convenience of registering by logging in through your Facebook or Google account.
Finansero Trading Conditions
Finansero is a licensed CFD broker. However, don’t expect any exceptional trading conditions or services from it.
Account Types Review
Instead of the standard account types, the broker divides clients into levels based on their account equity. It’s unclear from the conditions whether you need to deposit this amount or if you can earn it to access these services. The first level is from $200 to $1,999, and only basic support and free e-books are available. Finansero also offers something called BITA, but there’s no explanation of what it is. The spreads and commissions are not described, and the leverage is restricted to 1:50 for non-professional traders, while professional traders can get up to 1:500 leverage. However, for some trading assets, the leverage can be as low as 1:2.
There are only a couple of sentences about the broker’s trading platform, which suggest that the software is developed by Finansero. However, the links to download the trading platform on the website only lead to the App Store. And when clicked, the Xcite terminal opens up. This software actually belongs to a Bulgarian company named Tiebreak Solutions Ltd. It’s a very mysterious situation.
Finansero — Deposit and Withdrawal of Funds
Finansero offers several convenient deposit methods, and there are no issues with that. You can transfer funds using credit cards, wire transfers, Skrill, and other electronic payment systems. The same methods can be used for withdrawals.
The company asks clients to undergo a verification process. The standard verification process includes providing the broker with a copy of a valid ID card or passport, as well as a recent utility bill or bank statement that shows the client’s address. You also have to provide a copy of your credit card.
Once the documents have been submitted, Finansero’s compliance department will review them and determine if they meet the broker’s verification standards. This process can take up to several business days to complete.
It is obvious that the company offers additional options such as education, trading signals, and the unclear BITA. Additionally, we must note that the broker has a questionable offer for beginners. Finansero promises to protect the first 10 trades for new traders. If you experience losses, the broker will return your money, and if you earn profits, you can keep them. It may seem like a great offer, but in reality, it is a clever way to circumvent the ban on deposit bonuses.
Is Finansero a Scam?
Now we come to the most interesting part of our review. Let’s take a closer look at how reliable this broker is.
Legal Information and License
Finansero claims that its management company is registered in Cyprus and has obtained a license from CySec. We have verified this information. Really, the company exists and has been licensed by the Cypriot regulator. However, it is important to note that the Cypriot regulator has been criticized in the past for its lax regulatory environment and lenient approach towards financial institutions. In fact, some investors have lost money due to the lack of oversight and regulation in Cyprus. Therefore, while the fact that Finansero is licensed by CySec is a positive sign, traders should exercise caution.
Finansero.com Domain Info
The Finansero brand is relatively new, having been registered in 2019. Meanwhile, the broker itself began operating even later. The official website was registered on September 4, 2020.
The broker’s contacts seem to be easily accessible with both a phone number and email address provided, as well as an office address. However, it is unclear if the given address actually corresponds to a physical office or if it is just a nominal one.
Pros and Cons
- Multiple convenient deposit and withdrawal methods are available.
- Offshore registration.
- High minimum deposit requirement.
- Limited information is available about the company.
- Negative reviews.
- Dubious additional services.
Frequently Asked Questions (FAQ)
It offers trading CFDs on forex, stocks, commodities, and cryptocurrencies through its online platform.
The minimum deposit required to open an account is $200.
The broker has a Cypriot license. However, about 86% of traders lose money on this platform. So be careful.