Is Financika Trade a scam broker?
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Financika Trades (or Financika) is owned by Sharp Trading Ltd. and is located in the Republic of Vanuatu, is a forex broker. The payment processor is Cubbon Services Ltd. located at Cyprus. It is forex and CFD broker. It is registered with Vanuatu Financial Services Commission. The regulatory body at VFSC does not have strict policies in place. Secondly, the minimum capital required is only $2000 and anyone can set up brokerage firm there. It is just one step ahead of no regulation. Not every company registered here are scammer but the maximum are.
It has only one account type, in other words, they do not differentiate their clients on basis of their size of investments. Account type is Standard with a minimum deposit $ 200. Maximum leverage is 1:200 and spread is from 3.0 pips.
Initial capital demand at VFSC is $ 2,000 whereas in others like CySEC initial capital demand is EUR 730,000. When initial capital demand is higher it ensures people have serious intentions.
Secondly, the known financial regulators impose multiple strict rules on those brokers who are registered with them. One of the rules is that the broker must have segregated account i.e. clients account is separate from the companies. The broker cannot use clients account for its own end. Thirdly, there is investor compensation policy is compulsory. In this, the brokers periodically deposit certain percentage from its profit towards the fund. This fund guarantees clients compensation in case broker goes bankrupt of faces charges against it. The funds are safe upto EUR 20000 or if under British FCA than GBP 50000.
Financika uses the web and mobile friendly platform PROfit. It offers nice features and charting is fairly decent but it feels slightly counter-intuitive at times. But it is a bit inferior to MetaTrader4 features.
Financika Trades is a scam broker says one of the authors of the comment on .forexbrokerz.com the author Mr. S lost $ 9200 within 2 weeks of calling his money back. The company asked him to deposit more money to recover the old. When he said no, he was ill-treated as he was their servant. The author wishes to relay the message to everyone in the world not to trade your money with Financika. Whoever trades will lose one day.
For the past few months, Financika is advertising its offering on South African news portals and websites. And like many brokers of this kind, it is offering apps, online tutorials which teach everything one requires becoming a successful online trader. Just to lure traders in Financika Trades scam.
The author of one of the financial news site warns that even if you make a profit you will not able to withdraw it. Financika does not offer transparency when it concerns over account features and trading conditions. In short Financika Trades is a scam broker and one should not risk money as there are many negative reviews of the company on internet.
If you have been scammed by Financika Trades you can contact MyChargeBack to start a chargeback process. And chances that you will get all your hard earned money back. As a victim, you may know online trading brokerages can be ruthless in their greed and corruption. Be assured MyChargeBack will help you from beginning to end in your process to recover your money.