FinuTrade claims to have earned the trust of traders thanks to a properly organized service. It considers registration in Saint Vincent and the Grenadines a plus due to the weakening of the tax burden. Clients who leave reviews on various resources disagree with this statement. In their opinion, scammers are hiding here.
- FinuTrade General Information
- Registration and Client Portal Review
- FinuTrade Trading Conditions
- Account Types Review
- Trading Platform
- FinuTrade — Deposit and Withdrawal of Funds
- Is FinuTrade a Scam?
- Legal Information and License
- Finutrade.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
FinuTrade General Information
|Address||Beachmont Business Center, 242, P.O. Box 1510, Kingstown, St. Vincent and the Grenadines|
Registration and Client Portal Review
On the main page of their website, FinuTrade’s founders write about the importance of digital assets. Despite the international status of the broker, its interface supports only English.
The company also positions itself as the first trading environment that exclusively uses bitcoin for exchange, deposits, and withdrawals. A slightly strange statement in the age of De-Fi and stablecoins.
Bitcoin is no longer widely used for such purposes. Rather, it is mentioned to attract people who are extremely far from the world of cryptocurrencies. Nevertheless, let’s see what FinuTrade will offer us after registration.
Unfortunately, we were in for a crushing failure. The registration window looks like literally nothing. If you click the “Traders Login” button, as expected, the login form will open, not the registration form.
Thus, we cannot say anything about the quality and functionality of the client portal. It is not clear whether registration was before, or on the contrary, will be added soon.
FinuTrade Trading Conditions
The broker offers cryptocurrency trading because it has advantages over other assets. The main ones are decentralization and lack of inflation (a very controversial statement).
Account Types Review
Before opening an account, it is important to determine which tariff best suits your needs. However, the types of accounts look quite exotic.
|Name||Minimum Deposit, MNT||Options|
|Silver||75,000||Daily market analysis|
|Platinum||150,000||Uncertain best terms|
FinuTrade does not fully disclose trading conditions. There is no spread, swap, commissions, or other indicators. For absolutely incomprehensible reasons, the minimum deposit is specified in Mongolian tugriks.
FinuTrade has a classic WebTrader that does not require a download and has no app. The platform can be opened on a PC or smartphone if it supports a stable Internet connection.
We are not able to review the terminal. However, on the main page, the broker posts a distorted screen of the platform. Please note that there are different CFD categories among assets. The legend of the exclusive choice of cryptocurrency turned out to be nonsense.
FinuTrade — Deposit and Withdrawal of Funds
The broker claims that deposits and withdrawals can only be made in bitcoins. According to it, this is one of the safest and fastest ways.
However, not everyone has the desire to open a bitcoin wallet, and then spend time and commissions on the exchange of coins. In any case, we can’t check if this statement is true.
We also don’t know anything about verification. FinuTrade does not talk about this procedure anywhere and does not lay out a KYC/AML policy.
Is FinuTrade a Scam?
The company promises its clients excellent trading and convenient service. However, trading conditions already make it clear that FinuTrade is not what it seems.
Legal Information and License
Shadorte Limited, a legal entity registered in Saint Vincent and the Grenadines, manages FinuTrade. The registry of this offshore state confirms that the firm was incorporated in August 2021.
However, the Financial Services Authority of Saint Vincent and the Grenadines does not license brokers. So, the rights and funds of clients are not protected by anyone.
Finutrade.com Domain Info
The broker does not say exactly when it started its activity. Judging by the awards received for developing the platform, it must have enough experience in the financial market. However, the company was officially registered in April 2021, and the domain appeared even later.
A look at the Internet Archive showed that in 2021, the site had only a text review of FinuTrade. Apparently, various sites with positive articles are now using this information. So, there was mentioned a deposit of $250, the MetaTrader platform, etc.
Theoretically, you can contact the manager by phone number, e-mail, or using a callback request. In reality, it is unlikely that someone will answer you.
The FinuTrade phone is marked as spam on the internet. People say they are getting calls and being offered crypto investments with huge profits.
It’s funny, but even a resident of Hong Kong complained about the calls. Someone in Norway also tried to find out about this number. In general, scammers are not limited to one country.
The Spanish National Securities Market Commission warned on May 17, 2022, that Shadorte Limited is not authorized to provide investment services. Soon this information got to the national financial regulators of Italy and Estonia. (Possibly other countries as well).
Likely that FinuTrade’s activities will soon be severely restricted internationally. The scammers will have to close the site.
Pros and Cons
- Not detected.
- Closed registration.
- Unclear trading conditions.
- No verification.
- The terminal is not available.
- No license.
- Spam complaints.
Frequently Asked Questions (FAQ)
It is one of an endless number of scams that masquerade as online trading. This is a fake broker; they are just stealing your money.
Not at all. The management company is offshore registered and not regulated.
It’s completely unclear. A deposit of 5,000 Mongolian tugriks means $1.56. In another place, they write about 250 dollars. The third one mentions payments in bitcoins.