The world of finance has experienced a tremendous transformation over the last few years, with a plethora of online trading platforms available at our disposal. While some of these platforms are legitimate, some are fraudulent and operate as scams. One such platform is Financo Innovation Markets. This article will provide an in-depth review of the Financo Innovation Markets scam broker and highlight the risks associated with dealing with unlicensed brokers.
Company Overview
Broker Name | Financo Innovation Markets |
Website | https://financo-innovationmarket.online/ |
Location | No location is specified on the website |
Regulation | Not regulated |
Traders’ review | Negative |
Team
The company’s team members are not disclosed on their website, which is a red flag. On their About Us page, we find this text, but no details about their professionals.
Service and Products
Financo Innovation Markets is an online trading platform that provides trading services to clients worldwide. The company claims to offer Forex, CFDs, and cryptocurrency trading. However, the company’s website lacks detailed information about the services and products they offer.
Trading Platforms
Financo Innovation Markets claims to offer clients access to MetaTrader 4 and WebTrader trading platforms. However, it is unclear whether the platforms are provided by the company or are white-labeled by third-party providers.
License and Regulations
One of the most important factors to consider when choosing an online broker is its licensing and regulatory status.
License Status
Financo Innovation Markets is not licensed or regulated by any financial regulator. We tried to first locate their physical location or territory. So that we can find their authoritative regulatory organization. But, we did not find any information about their license.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Regulation Status
Financo Innovation Markets claims to be regulated by several financial agencies in different areas of its website; in one, they claim to be regulated by the GSE in the United States, while in another, they claim to be regulated by the FCA in the United Kingdom.
The broker has not supplied a location, only a phone number in the United States. These assertions have a number of flaws. To begin with, American brokers must be regulated by the NFA and the CFTC, not the GSE – no such financial authority exists in the US. Second, we were unable to locate the broker in the NFA or FCA records, implying that Financo Innovation Markets is not licensed but is quite OK with lying about it.
Why Dealing With Unlicensed Brokers Is Risky?
Unlicensed brokers are not held accountable to any regulatory body and can operate without any oversight or monitoring. This lack of regulation means that clients are not protected from fraudulent activity, and their funds are at risk of being misappropriated. Dealing with an unlicensed broker like Financo Innovation Markets is risky as clients have no recourse if they encounter any problems with the company.
Legal Warnings Against Financo Innovation Markets
Several regulatory bodies have issued warnings against Financo Innovation Markets, including the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). The FCA has issued a warning stating that Financo Innovation Markets is providing financial services in the UK without the necessary authorization. The CySEC has also issued a warning stating that the company is not authorized to provide investment services in Cyprus.
Client Feedback About Financo Innovation Markets
About Trading
Clients provide their bad reviews about the trading platform. They mentioned this broker’s platform is not actually as they claim. They have a web-based platform that is not stable and prone to crash continuously.
About Customer Service
Another scope of the problem is this broker’s customer service. When we tried to contact them through their live chat option, we did not get any reply for one hour. It is clear that they actually don’t have a good customer service option.
How Can FXfarmupdate Help You If You Get Scammed?
If you think you get scammed, please do contact us. We will provide you with a free consultation and service recommendations to help you get your money back.
Final Thought
In conclusion, Financo Innovation Markets is an unlicensed and unregulated online trading platform that poses a significant risk to clients’ funds. The lack of transparency, poor customer service, and fraudulent activity reported by clients make it clear that Financo Innovation Markets is a scam broker. Clients should avoid dealing with unlicensed brokers and choose reputable and licensed brokers that provide a safe trading environment.
