Finbitex Review (2023)

Is Finbitex a scam or a legit broker?

Finbitex is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

Finbitex is a forex, CFDs and cryptocurrency broker. The company is owned and operated by Tempolex LTD., based in the Marshall Islands.

In fact, Marshall Islands is an offshore zone attracting various firms that for the reason or another escape from the serious regulation or compliance to international service providing. However, in the case of financial investment or trading firms, the company should be a very respected entity, as the statistics show that the majority of non-authorized firms never recovered the sums of investors’ investments. Therefore, we always advise avoiding offshore or companies with no license as there are too many frauds around.

In addition, the terms and conditions on the website state that Finbitex is under jurisdiction of Bulgaria, although the broker is not regulated by the local Financial Supervision Commission (FSC). COnsidering all the mentioned above, we would not recommend choosing Finbitex as a broker.

In order to control fraudulent activities, most countries have dedicated agencies to monitor the financial services sector. For example, there is a Financial Conduct Authority in the United Kingdom, Cyprus Securities and Exchange Commission and Australian Securities and Investments Commission. All of the brokers registered with them are obliged to follow a lot of rules and meet certain requirements. The brokers would have to be able to provide segregated accounts for the investors. Some of the regulators offer brokers to participate in the Compensation Schemes that guarantee the client will be able to withdraw his investments even if the broker goes bankrupt. 

Conclusion

We strongly advise all investors and traders to avoid Finbitex and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

You can also share your trading experience with Finbitex by commenting on this review.

Finbitex website is no longer active.