Financika Review (2023)

About Financika

Financika is a Forex and CFD broker that claims to have an office in Law Partners House, operating from Vanuatu. The company also states that the customer support office is located in Bulgaria and all the payments administration services are processed by Cubbon Services Ltd from Larnaca, Cyprus (Read TriumphFX Review which is a Cyprus brokerage firm). However, the company is not regulated by any of authorities. So there is only Vanuatu license left – an offshore license that is considered to be cheap and easy to get. It costs only 2,000 USD one, which basically allows anyone to set-up a brokerage there. That is one of the reasons why traders should avoid offshore regulated companies. 
In addition to offshore licensing, Financika has been blacklisted by French regulator Autorité des marchés financiers (AMF) in December 2016:
“The AMF and the ACPR are publishing a list of new websites and entities offering investments on the unregulated foreign exchange (Forex) market in France, without authorisation to do so. Here is the list of new websites recently identified: www.financikatrade.com / FINANCIKA (SHARP TRADING) LTD”

It is recommended to trade with brokers regulated by UK’s FCA or Australia’s ASIC instead. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital for the STP license aside from client deposits. The regulator also protects customers when authorized financial services firms fail.

Conclusion

In any case, we never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no any guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

Rather than involving yourself to the risk of losing capital, we would recommend choosing among well regulated and reputable companies. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets.

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A NOTE FROM THE EDITOR //

Michael Stutchbury, Editor in Chief

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