In today’s review, we’ll be looking at an unconventional project – Finotive Funding. This platform proposes a challenge where participants can earn a chance to manage over 200 thousand dollars in funds. While such offers may appear scam, let’s take a closer look at the terms and requirements needed to obtain the desired reward.
- Finotive Funding General Information
- Registration and Client Portal Review
- Finotive Funding Trading Conditions
- Account Types Review
- Trading Platform
- Finotive Funding — Deposit and Withdrawal of Funds
- Is Finotive Funding a Scam?
- Legal Information and License
- Finotivefunding.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Finotive Funding General Information
|Address||Honvéd utca 8. 1st floor, 1054 Budapest, Hungary|
|Leverage||Up to 1:500|
Registration and Client Portal Review
The official website of Finotive Funding lacks clarity and leaves much room for interpretation. At first glance, it may appear to be a typical HYIP scheme. However, upon closer inspection, it becomes apparent that they are offering a trading challenge and promoting their prop-brokerage services. The homepage describes a trading challenge and encourages clients to start a trading career. Additionally, the website outlines trading terms such as spreads, leverage, and minimum deposits. Nevertheless, we believe that the website lacks sufficient detail and could benefit from more specific information.
The registration process appears to be straightforward. You are required to fill in a few basic personal details such as your name, email address, country of residence, and a password to access the Client Portal. However, the process takes an interesting turn. Upon completing the registration form, Finotive Funding requests that you open an account, without verifying your personal data. The process of opening an account is quite simple – you are only required to transfer a minimum of $2,500. It all seems too easy, doesn’t it? Unless you shouldn’t pay to broker before knowing it.
Finotive Funding Trading Conditions
We are still unsure whether Finotive Funding can be classified as a broker. However, we will attempt to address the question of its reliability.
Account Types Review
Regarding trading, this project appears to be highly unusual. Upon accessing the Client Portal, you will be prompted to deposit. Meanwhile, the website’s footer declares that Finotive Funding is not a broker and does not accept clients’ funds. The user agreement does provide some clarification, stating that the company provides tools for simulating Forex trading. Interestingly, you are required to trade with real money in this simulation.
Once you have deposited funds, you must attempt to complete the broker’s challenge, despite the fact that it is not a genuine broker. If you successfully complete the challenge, adhere to the risk management rules, and generate a profit, Finotive Funding will grant you $200,000 to manage. However, there are no guarantees, and if you lose your deposit, you lose it all. This may be a simulation, but your funds will not be refunded. This is an entirely original and fraudulent concept.
It is not possible to verify the type of trading platform provided by Finotive Funding through the user’s personal account. However, the company claims to allow trading on MT5, which is a well-known and user-friendly platform. It would have been more problematic if clients were forced to participate in the challenge using an unknown or unreliable platform.
Finotive Funding — Deposit and Withdrawal of Funds
You have the option to deposit funds into the account of this non-broker, which claims to not accept client money, using credit cards or cryptocurrencies. It’s quite amusing to even write that. As previously mentioned, the minimum deposit amount is $2,500 and there are multiple trading accounts available with varying conditions. It’s worth noting that your deposit will be subject to a commission fee.
It is unclear whether Finotive Funding has a verification process in place, as the website does not provide any information on its KYC policy. The ease with which the platform allows users to deposit funds suggests that there may be no verification requirements. However, it’s possible that verification could be required at the time of withdrawal, though this is not specified on the website.
Is Finotive Funding a Scam?
It’s not appropriate for Finotive Funding to claim that it’s not a broker while still offering trading to its clients, regardless of whether it’s simulated or not.
Legal Information and License
By providing access to MT5, clients are expected to trade CFDs at a minimum, which is a licensed activity that requires regulatory permission. However, neither Finotive Funding nor its management company has obtained any regulatory approval to offer trading services.
Finotive Funding Kft is based in Budapest and is registered as a software publishing company, with an authorized capital of around eight thousand dollars and just two employees. These details cast doubt on the legitimacy of the company and its activities, making it difficult to consider it as a credible investment opportunity.
Finotivefunding.com Domain Info
Finotive Funding is a very new company, having been incorporated in 2021. Its website, finotivefunding.com, was registered on February 23, 2021. This means that the website is only two years old and is set to expire on February 23, 2023. It is interesting to note that a company that claims to offer Forex trading services to clients has such a short history and has not been in the market for long. It remains to be seen whether Finotive Funding will continue to operate beyond the expiration of its domain lease.
The contact information provided by Finotive Funding is quite limited. The only means of contact available is an email address and links to social media accounts. Clients can connect with the company through Telegram, Instagram, or Discord. Additionally, the address of the company’s Hungarian office is listed on the website. However, the lack of phone support and live chat options can be a cause for concern for some clients who prefer more direct and instant communication channels.
Before participating in the trading challenge of Finotive Funding, it’s essential to carefully read the rules. The regulations include some intriguing clauses, and the task may become one of the most challenging in your trading career. In one paragraph, traders are warned not to make trades that cause financial harm to Finotive Funding. However, the company has already stated that this is only a simulation. Any profitable trade will cause a loss to the non-broker, as it will have to pay from its own funds. Therefore, you need to trade profitably without causing any losses to the broker. It’s important to think twice before taking up the challenge.
Pros and Cons
- High minimum deposit
- Dubious services
- Risk of losing funds
- No license
- Negative reviews.
Frequently Asked Questions (FAQ)
It is kind of a prop broker. It offers you a challenge where you can get a chance to get capital in management.
According to broker rules, you should invest $2,500.
No, we wouldn’t say that. This is a very strange challenge with an unlicensed broker, in which your chances of winning are very small.