Finodax Review (2023)

Beware Finodax is a Non-Regulated broker. It is NOT SAFE to trade.

• Company name: Finodax
• Registration/license: None
• Registration/license requirement: –

Finodax is a brokerage and investment firm specializing in online trading and investment, in Forex and CFDs trading specifically. The company claims to have offices in the UK, Spain, Norway, Japan, Australia, South Africa, and Mexico. In order to provide its financial services, the broker needs to be regulated in those countries, although Finodax is not overseen by any of the regulators. The website supports English and Spanish languages, which could mean that the broker targets Spanish residents. As one more proof, there is a warning against Finodax, issued in May 2018 by Spain’s regulator CNMV (The National Securities Market Commission):
“Finodax is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which include investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions.”

Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia or CySEC in Cyprus. Check out a list of brokers authorized by FCA.