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Finorax Review | A Reliable Platform or Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 3
Finorax - logo

You may have come across Finorax in your search for a reliable platform to trade with. However, before you make any decisions, it’s important to read reviews from experts in the field. We will help you and check its features to determine if it’s a trustworthy platform or a scam.

Highlights

🏛️ Country Hungary
⚠️ Regulation
🖥️ Website https://finorax.com
🎲 Demo Account No
⏳ Start Time 2022
💲 Minimum Deposit $10,000
⚖️ Minimum and Maximum Leverage 1:200
⚙️ Trading Platform WebTrader
📨 E-mail support@finorax.com
📞 Phone

First Impression of Finorax.com

Finorax.com doesn’t impress us in a good way. The design is poor, with a strange space-themed layout that doesn’t seem to serve any purpose other than to distract you. There’s minimal information about the company, but plenty of empty self-promotion that does nothing to instill confidence in the user. It’s sad to see that brokers these days don’t seem to put much thought into their websites, leaving users with an overall disappointing experience.

Finorax - website

Partnership and Bonuses

It is clear that the broker provides bonuses to clients, as there is a whole section about it in the user agreement. However, it is not specified who will receive this incentive or what its size will be. Moreover, the bonus will undoubtedly have to be worked off by the client.

Account Opening on Finorax.com

The registration process at finorax.com is alarmingly simple. All that is required is your first and last name, email, and phone number. It seems that the broker doesn’t even bother to verify the information you provide. This lack of attention to detail and security is a serious concern for anyone who wants to trust their investments with Finorax. With such a low barrier to entry, it’s easy for anyone to sign up and potentially engage in fraudulent activities.

Registration

The Client Portal is also terrible. It only has standard features, and clients are immediately offered to deposit funds after registration. And, by the way, Finorax doesn’t even have a demo account. This is bad because traders need a reliable and user-friendly platform to manage their investments and make informed trading decisions. Without access to a demo account, clients cannot test the platform’s functionality and get familiar with the trading process before risking real money. This can lead to costly mistakes and losses for inexperienced newbies.

Finorax - Client Portal

Verification

Finorax requires clients to undergo verification. Documents can be uploaded through the Client Portal or sent via email. The requirements are standard and include proof of identity and address. However, in addition to that, a photo of the credit card and bank statement may also be required.

Pros
  • It is convenient to upload documents.
Cons
  • There are too many requirements.

Trading Software

The platform leaves a lot of unanswered questions and is clearly not top-notch. The speed of its operations is sluggish, and the functionality it provides is limited. The trading tools are subpar, and there are issues with the platform’s reliability. Besides, Finorax doesn’t provide mobile or desktop apps.

WebTrader

Features Finorax AI Global Group FxPro
Demo Account ✔️
Mobile App ✔️
Own Development ✔️ ✔️

How Can I Trade With Finorax?

The trading platform clearly indicates that you should not count on excellent trading conditions. You can see it for yourself.

All Info About Accounts

The Finorax trading conditions are simply ridiculous. They demand a minimum deposit of $10,000 from novice traders, which is unheard of in the industry. Most reputable brokers are lowering their deposit requirements to make trading accessible to a wider range of clients. Additionally, the leverage offered is dangerously high for a licensed broker with an office in Hungary. This puts traders at risk of losing their entire investment quickly. Moreover, important parameters such as spreads and commissions are not disclosed. This leaves traders in the dark about the actual cost of trading with Finorax.

Pros
  • None.
Cons
  • Too high minimum deposit.
  • High-sky leverage.

Market Analysis and Education With Finorax.com

Finorax claims to offer additional services such as portfolio management and market analysis. However, it is important to note that the quality and credibility of these services are questionable. It is not clear at all who the “professionals” providing them are. It is also worth mentioning that such services may come at a high price, but without any guarantee of their effectiveness. Clients should be cautious and thoroughly research any additional services offered by Finorax before investing their money.

Deposit, Withdrawal, and Fees

Even though Finorax requires card verification and mentions the possibility of bank transfers, you can only fund your account with cryptocurrencies in the Client Portal. This is a significant disadvantage because not all traders are familiar with or comfortable using crypto. It also limits funding options for traders, which may deter potential clients from using the broker’s services. And you should understand that chargebacks don’t work for crypto.

Features Finorax Axi AI Global Group
Debit/Credit Cards
Electronic Payments ✔️
Crypto Transfers ✔️
Deposit Fee ✔️
Withdrawal Fee ✔️

How Can I Contact It?

You can contact Finorax through email. The broker does not provide a phone number. Additionally, the office address is most likely fake, as there is no such broker located in that building.

Pros
  • There is an email address.
Cons
  • Fake office address
  • No phone number.

Is Finorax Dangerous?

So far, this broker seems more like a typical scam to us. Let’s consider a few more important nuances.

How Long Does The Broker Work?

Finorax works very little. There are no reviews about this company until 2022. Nothing surprised us. According to Whois service, the domain was registered on June 6, 2022. However, you should remember that newbie brokers are dangerous because 99% of them are future scams.

Domain info

How Is Finorax Regulated?

It is obvious to us that Finorax is not regulated. With such high leverage and bonuses, this company could not have obtained a license in Hungary. In any case, we checked the registry of this country and found that there is no registered legal entity with the name of Finorax. If the company does not officially exist, it does not have a license for brokerage services. Thus, it is a typical scam that operates and accepts client funds completely illegally.

License check

Features Finorax Overton Partners Ltd InvestFW
European Zone
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

How to Trade With Finorax?

You need to register, verify your identity, and fund your account.

Is Finorax Legit?

No, it is not. This broker is not registered in Hungary and is not regulated by any financial authority.

How Risky Is It?

It is not a legitimate company and should be avoided. Here your money is 100% at risk.
Kevin Berry
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Expert Opinion

Your friendly neighborhood trading expert is here to drop some knowledge. And let me tell you, when it comes to Finorax, I wouldn’t touch it with a ten-foot pole! It’s like these guys took all the warning signs of a scam and rolled them into one big, shiny package. I mean, they’re not even registered in Hungary, for crying out loud! That’s like trying to sell pizza in Italy without any cheese. So, my advice? Stay far, far away from Finorax and put your hard-earned money somewhere safer, like a piggy bank under your bed. Trust me, your future self will thank you for it.

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Finorax rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about Finorax

Matt March 10, 2023 - 21:52
This is a pathetic parody of a broker
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Unfortunately, I fell for this scam, and it’s so stupid that I’m ashamed to write about it. In general, I registered on this site like a fool and even provided my real contact information, phone and email. Later, a person who introduced himself as a client manager called me on the same day. He offered to trade. I said I didn’t have that much money for a deposit (for a deposit of $10,000), and he said he could personally lower the deposit to $1,000 or whatever I had. I agreed to $1,000. He sent me a bitcoin wallet address to transfer the money to, and I transferred the bitcoins there, and that’s it. I couldn’t call him on the phone anymore, and there was nothing on my personal account. The bitcoins were gone. That’s how I said goodbye to $1,000. Learn from other people’s experiences and use them wisely.

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Kent March 16, 2023 - 18:47
Only drawbacks
The level of trust
Efficiency of technical support

The platform is the worst I’ve seen among trading terminals. There is a complete lack of functionality and necessary tools. When you deposit funds, you create a request, which their manager will undoubtedly call you about. And when registering, you don’t even need to confirm your phone and email.

Reply
Sara March 21, 2023 - 10:19
This is not a broker. It's a stupid scam
The level of trust
Quick withdrawal of funds
Efficiency of technical support

If it were a reliable broker, it would have a license and real legal documents, not just a copied user agreement and AML KYC policy. Such companies are obligated to obtain regulation from financial commissions. This means that their activities should be monitored and regulated by authorities. There should be an independent third party, which will monitor that the company does not engage in robbery and illegal activities. Also, there should be real legal documents. By that, I mean registration in a particular jurisdiction, such as the Hungarian jurisdiction here. There must be registration, and financial statements confirming the company’s solvency. Finorax has none of this. It never has, and it never will. The company is completely illegal. That’s all you need to know about this crap.

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