Reading Time: 5 minutes Scam Broker Reviews

Finaguide Review – Guide to Avoid Scam

Finaguide Review

Finaguide is an apparent trading scam. The company has no license, and the alleged owner doesn’t exist in the register of Hong Kong firms. 

Besides, we’ve noticed lots of technical issues, and we could not register an account or test the system. All this points us toward one conclusion – you should avoid the broker by all means.

This detailed Finaguide review will elaborate on all our findings and help you decide whether to invest with the said company or not.

Moreover, beware of scammers such as LeaderFinancing, Trade XN and Target Trading. If possible, please tell us about your scam experience.

Broker Status:Offshore Scam Broker
Broker Regulation:Unlicensed Forex Provider / No Regulation
Operating Status:Active Forex Trading Scam
Blacklisted as a Scam by:FINACOM (Hong Kong)
Broker Owner:Finaguide Ltd
Headquarters Country:Hong Kong
Foundation Year:2021
Trading Platforms:WebTrader
Mobile Trading:Available
Minimum Deposit:2,500 USD
Deposit Bonus:N/A
Crypto Trading:Available – BTC, LTC, BCH
CFD Trading:Yes, you can trade CFDs
Trading Instruments:Forex / Commodities / Indices / Shares / Cryptocurrencies (Cryptos)
Maximum Leverage:1:400
Islamic Account:Available from $25,000
Demo Account:No, only live trading accounts
Accepts US Clients:US traders are not accepted
Global Fraud Protection Team:Don’t Invest in This Scam Broker!

Is Finaguide a Scam Without a Trading License?

Finaguide broker says to be owned by Finaguide Ltd, registered in Hong Kong. However, the company number they display belongs to Finaguide Limited, registered in Saint Vincent and the Grenadines.

Since this offshore island is known as a hub for unregulated brokerage firms, as FSA doesn’t supervise FX trading, we were not surprised. Registering a business in SVG is quite simple; it can be done without stepping foot on the island through a third-party agency.

So, what does it mean in terms of Finaguide regulation and your fund safety? Simply put, SVG doesn’t regulate Forex and CFD trading, and SFC of Hong Kong has never heard of Finaguide Ltd. Therefore, the broker has no valid license and operates illicitly.

In terms of fund safety, it means that the company can vanish with your funds at any time, and you cannot count on help from the Financial Ombudsman or regulators in your country. That’s why it’s of utmost importance to only invest with regulated brokers in your jurisdiction

Finally, the broker onboards residents in the EEA zone without complying with ESMA rules in terms of leverage cap. As per the MiFID II directive, leverage cannot exceed 1:30 for retail traders. Meanwhile, this trading intermediary offers up to 1:400, exposing your funds to risk.

Let us know if you have any information about their actions. We can help you file an official report and pressure the authorities to ban the scheme.

Finaguide is a brokerage firm falsely claiming to be based in Hong Kong. FINACOM, an independent regulator with HQ in Hong Kong, banned the company. Furthermore, the brokerage has no approval from an official regulator, SFC.

Warnings Against Finaguide Fraud

Besides the official regulator, SFC, Hong Kong has an independent regulatory body receiving complaints about illegal brokers.

In this case, FINACOM has received dozens of complaints regarding the Finaguide scam and issued a warning.

Finaguide Warning

According to it, Finaguide and associated websites can be used to scam and defraud investors. Hence, it’s safest to steer clear and not invest your money with this brokerage.

Where Do Finaguide Scam Victims Live?

The majority of Finaguide complaints have come from:

  • France
  • Ukraine
  • Belgium
  • Germany

The company registered its domain in the GoDaddy WHOIS database on the 31st of December, 2021. Someone has made a New Year’s resolution to scam as many people as possible and run with their funds. But you shouldn’t be a part of it.

Before we go any further, we’d like to say definitively that CMTPRO, Binetrix, and UXTrades are all fraudulent brokerage firms.

Finaguide WebTrader Platform

There’s one Finaguide trading platform – WebTrader. The company says it’s built for fastidious and visionary traders, modern and secure. However, testing it seems to be impossible.

Namely, once you want to register an account, you’ll be prompted to enter a referral code. Since we didn’t have one, we assume it needs to be provided by the broker employees. During the call, we expected them to harass clients and pressure them to deposit on the spot, so we were unwilling to take the call.

Additionally, the company doesn’t offer any third-party platforms, such as MT4, MT5, or cTrader. Whatever the browser-based platform is, it cannot come close to what you’d get with MetaTrader, a software with millions of downloads on all devices.

What About a Mobile Trading App?

The broker says its mobile app is available for both Android and iOS users. However, you still need to register first to gain access to it. And without a referral code, we couldn’t.

What Can I Trade With a Broker?

The company says it offers to trade in the following instruments:

  • Forex (Currency pairs) – EUR/USD, GBP/NOK, AUD/SEK
  • Indices – DJIA, NIKKEI225, DAX30
  • Commodities – gold, silver, natural gas
  • Shares – Amazon, Apple, Alphabet Inc.
  • Cryptos (Cryptocurrencies) – LTC, USDT, USDC

Once again, we were unable to access the platform, meaning this information comes directly from the broker. And we already proved Finaguide is not to be trusted.

Finaguide Fees and Spreads

The company says it offers fair market conditions suitable for everyone. This is not enough if they expect people to entrust their money.

Legit brokers are obligated to be transparent and list all the fees and spreads. Since Finaguide is unlicensed, it defies the laws.

Trading Accounts Comparison – What’s the Difference?

Finaguide Trading Accounts

If you’re still interested, which is questionable at this point, let’s review Finaguide account types.

  1. Beginner – $2,500
  2. Standard – $5,000
  3. Intermediate – $25,000
  4. Advanced – $50,000
  5. Integral – $100,000
  6. VIP – $250,000

The minimum deposit stands at a whopping $2,500, which is ten times more than the industry average and about 100 times more than what legit brokers request. 

The Intermediate account brings an Islamic swap-free option, while higher accounts enable access to exclusive events and more market education.

Knowing that the broker is unlicensed, these are all empty claims to entice retail traders such as yourself into a scam.

Is Finaguide Demo Account Available?

The broker site doesn’t mention a risk-free account. Furthermore, a platform overview is not allowed without a referral code. All of this indicates that the Finaguide Demo account is unavailable and you need to pay before gaining access to any features.

This is a typical scam broker tactic – pressuring you to invest before you realize your money will be trapped. Don’t fall for it.

I Was a Victim of the Finaguide Scam, Can I Get a Refund?

Finaguide is a deceptive trading scam, probably based offshore. If you fall into their fraud, don’t feel ashamed. Instead, contact Global Fraud Protection, report the issue and let’s fight back!

Our chargeback specialists can help you request a refund and get your money back. Don’t give up. Book a free consultation today, and we’ll be ready to assist!

All In All, Don’t Let the Scammers Get Away for Free!

FAQ Section:

Is Finaguide a Legit Broker, and Should I Invest In It?

Finaguide is not a legit trading brokerage, and you should avoid it by all means. If you have already deposited the money, let us help you with the recovery process.

Does Finaguide Offer a Demo Account?

Finaguide doesn’t offer a Demo account or platform access before providing a referral code.

What Is the Finaguide Minimum Deposit?

The brokerage requires an exceptionally large initial deposit of $2,500.