With the entire website in German, we can already conclude that the FinLibra scam targets the German-speaking area. The broker has no license and operates illegally. Here’s a review containing everything you need to know.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | finlibra.com |
| Blacklisted as a Scam by: | N/A |
| Owned by: | N/A |
| Headquarters Country: | UK (allegedly) |
| Foundation year: | 2021 |
| Supported Platforms: | WebTrader |
| Minimum Deposit: | N/A |
| Cryptocurrencies: | Available |
| Types of Assets: | FX, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:300 |
| Free Demo Account: | No |
| Accepts US clients: | No |
What About FinLibra Regulation?
FinLibra is an anonymous scam broker. The firm never disclosed an owner, and all we have is an alleged address in the UK. However, there’s no FinLibra on this address. Furthermore, if the broker wants to provide financial services from this country, it must have an FCA regulation. Upon checking, we have determined that FinLibra is not registered with the FCA, ASIC, BaFin, or any Tier1 regulatory body.
Why Must A Broker Have a License?
A broker must have a license to provide a certain level of safety. When giving your funds, you want to ensure these funds are safe and kept in reputable banks. That’s what regulation is for, ensuring that the broker will not steal the money and vanish.
Since FinLibra is not regulated and not UK-based, it can be a scheme website created to extort money and disappear.
To add to the foregoing, we strongly advise you to ignore brokers such as CTFX, BNBtgroup, and EENmarket.
Traders Reviews About FinLibra
Since FinLibra is clearly a scheme, client reviews only confirm what we already know. The broker is not approving any withdrawal requests, and after it took all the money, it froze investors’ accounts. These firms are established to steal as much money as possible and disappear. Be very careful and check the company before paying any money.
What Platforms Does FinLibra Offer? – Available Trade Software
The broker offers a proprietary WebTrader – TTS. We highly doubt this platform provides an in-depth analysis and anything more than a basic asset overview despite false advertising. Companies like FinLibra don’t want to invest much in providing reputable software since their goal is not to help people invest. They’re after your money, and once you make a deposit, you can forget about reaching them again.
If you want to start investing, check regulated firms providing software such as MT4 or MT5.
All About FinLibra Accounts
There are 3 FinLibra account types. They are:
- Silver
- Gold
- Platinum
The main difference is the spread, leverage, and additional perks such as daily market reports and trading alerts. FinLibra’s minimum deposit is not disclosed, so we assume you’ll have to wait for a call from the broker’s employees to get this information.
Does FinLibra Have A Demo Account?
FinLibra broker doesn’t have a Demo account, so checking the platform prior to investing is impossible.
Countries Where FinLibra Operates
According to our research, thefirm scam mainly targets citizens from:
- Germany
- Austria
- UK
- Switzerland
- France
FinLibra Range of Trading Instruments & Markets
The company offers access to 5 major markets, including:
- Currency pairs – EUR/USD, GBP/USD
- Indices – NASDAQ, FTSE100
- Commodities – gold, oil, silver
- Shares – Amazon, Facebook
- Cryptocurrencies – BTC, ETH
Please remember the names of the GMGroup, Richmond Super, and CryptoSpotFX and stay away from them! Before investing, always check the history of online trading organizations!
About FinLibra Trading Conditions
The broker offers spreads starting from 0.1 pips and allegedly charges no other fees. When you hear about it, it may seem like a terrific offer. Yet, once you think about it, you will understand that something is suspicious. If regulated firms profit from spreads, swaps, and fees, how does FinLibra earn profit? We will go with stealing all the deposits.
FinLibra Leverage
The company provides unregulated leverage of up to 1:300 for the Forex market. Due to high risks, the leverage is limited to up to 1:50 for the Forex trades in the EU and UK. If FinLibra was a legitimate firm, it would follow these rules.
FinLibra Bonuses As A Way To Keep Your Funds
The trading company gives a deposit bonus on any money that you invest. Allegedly, it’s to boost you from the start and help you invest. However, there are always bad terms and conditions with scheme firms. Usually, the company will require an incredibly high rollover to repay the bonus before you can submit a withdrawal request.
Why Are Trading Bonuses Banned?
Since scam brokers were abusing bonuses and other incentives and using them against clients, regulators have banned such things. Scheme firms don’t follow any regulatory rules, so they’re still giving bonuses and preventing clients from payouts.
FinLibra Deposit, Withdrawal Methods, and Fees
The company accepts the following payment methods:
- Debit/credit cards
- Wire transfer
There is a fee of 5% on card withdrawals, while no fees will be charged for wire transfers. However, the company stated, “if we discover that the trader is making abusive or inappropriate deposits, then we have the right to charge trader for all transaction fees incurred on deposits and withdrawals without a notice.” Basically, if they believe you’re doing something wrong, you may be charged without any explanation.
What to Do if I Get Scammed by FinLibra? – Tell Your Story
If you are scammed by FinLibra or a similar bogus broker, let us know. Our chargeback specialists will have a free consultation and overview of your case to help you find the best recovery solution.
But What Is A Chargeback?
This is a way to recover the funds directly from the merchant in case of online fraud. Contact us right away to book your appointment, and let’s get your money back now!