Finteria Review — Is it a scam?!

Finteria Review — Is it a scam?!

Minimum deposit

100 USD

Bonus

Up to 100%

Maximum leverage

N/A

Year founded

2023

Regulation

N/A

Trading platform

MT5, Finteria platform

Finteria is an unregulated binary options broker where traders can try to guess if the price of certain instruments will go up or down in predefined future times. Two immediate red flags with Finteria are its lack of regulatory oversight and binary options, which are restricted in many jurisdictions due to their resemblance with gambling. Being unregulated allows Finteria to potentially manipulate prices without any oversight and transparency with binary options, which is an immediate alarm for any trader trying to find a reliable broker.

The broker offers a 90% payout for binary options, a minimum deposit is 100 USD, and a minimum trade size is 1 USD for binary options.

finteria

A quick overview of Finteria broker

Finteria reviews are not positive on Trustpilot, indicating a serious possibility of a Finteria scam. Many traders claim the broker tried to make their deposit more to withdraw their profits, and others also added the broker was manipulating prices. These claims can be true, as Finteria lacks regulations and offers binary options that are easily manipulated. Finteria has its custom trading platform, solidifying our suspicion. Another issue with binary options is that there are not many liquidity providers for this asset class, meaning it is highly likely that Finteria is a market maker. Market makers are especially dangerous for traders because they can manipulate prices and trade against traders.

Is Finteria regulated?

Finteria is not regulated by any authority, it is only registered offshore. These two things combined, the broker seems unreliable, and much trader feedback also agrees with our suspicions. There is no negative balance protection and other safety levels also can not be confirmed. We assume the broker is not reliable as of now. Many reputable regulators and jurisdictions have restrictions on binary options because these assets are more like gambling than trading, as traders have to guess if the price will be up or down at a predetermined time in the future.

Finteria account types reviewed

The broker offers only one live binary options account and a demo account. Since the broker has binary options, this is understandable, since traders can get up to 90%, and there is no need to diversify accounts for spreads and other specs. Although it is possible to trade Forex at Finteria, the platform lacks optimization for trading and is designed for binary options trading.

We can not confirm the broker offers any of the security policies, including segregated accounts for client funds and negative balance protection.

Finteria trading assets

Finteria offers only Forex pairs and cryptos for trading and as binary options. The broker has no other asset class at the moment, and we can assume it is fully a binary options broker and not a Forex broker. Around 35 Forex pairs are available, including minor and exotic pairs. 19 cryptos offered include Bitcoin, Ethereum, and other popular cryptos with large market caps. All in all the broker only offers a handful of trading assets and no stocks, commodities, or indices are available.

Trading platforms of Finteria reviewed

finteria platforms

Finteria provides access to MetaTrader 5 (MT5) for trading and its own custom trading platform for binary options. While MT5 is an advanced trading platform with a full range of trading features including automated trading robots (EAs) the custom platform offers much fewer features. The custom trading platform lacks transparency and there is a serious chance of it being exploited by Finteria for price manipulation. The Finteria platform offers some basic features including limited drawing tools, buy and sell orders, and chart types. In the end, it is much better to use MT5 and trade than rely on Finteria to be fair and not manipulate prices on its platform. We strongly advise our readers to stay away from this broker.

Finteria Reviews of Customer Support

Finteria has several support options, including email support and live chats. Traders can send a message and receive answers via email, or they can use live chat or Telegram. There is no hotline support, which adds to our mentioned red flags. All reliable brokers offer their phone numbers and phone support, and Finteria lacks this feature of legit brokers as well. The website is multilingual, but support is only available in the English language.

Deposit and withdrawal options at Finteria

Deposits and withdrawals are accepted via numerous options including crypto, VISA/Mastercard cards, and other electronic payment systems. Interestingly, the broker never mentions these “other” options. Finteria claims withdrawal processing of 1 hour, but we found numerous comments where traders claim the broker did not allow withdrawals and requested additional funds to allow it. Cryptos incur network fees only. Finteria does not charge fees for deposits or withdrawals, or at least, that’s what the broker says on its website.

As for trading fees, there are no trading commissions for binary options.

Finteria additional features

Finteria offers copy trading for binary options, where traders can select the trader they want to copy and then indicate the investment amount. After this, the system allows investors to replicate the performance of an experienced trader. However, the fact that Finteria is unregulated, and it can manipulate prices means this copy trading system is not reliable nor legitimate as the names in the copy trading are suspicious. These names seem more like someone who came up with the list rather than real traders offering their trusted strategies.

So, is Finteria a legit broker?

In the end, Finteria is not a reliable broker as it is not regulated and offers binary options on its custom trading platform. We suspect this custom platform allows the broker to manipulate prices if it wishes to. To be dependent on an unregulated broker’s discretion is the worst idea in the trading world. We strongly advise our readers to exercise extreme caution when dealing with unregulated brokers, especially if they offer binary options and are registered offshore.

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