Finnetz24

Finnetz24 is another CFD broker claiming extensive market experience and a desire to provide all its clients with the best conditions for profitable trading. A team of professionals will help choose the best strategies, provide effective support, and, of course, offer trading on the best innovative platform. How many such promises from scammers have we seen already? Today, we are dealing with yet another fraudulent project, and we intend to demonstrate this in our further review.

Overview of Finnetz24

The choice of a CFD broker is a serious task that requires a comprehensive analysis and readily available information about them. The first source of data should be the official website of the company. Therefore, we will start our acquaintance with Finnetz24 from there.

Broker History

Finnetz24 provides a detailed account of its history on the official website, aiming to strengthen client trust. In the “ÜBER UNS” (there is German language on the official site) section, the creators of the project share information about starting operations in 2005, entering cryptocurrency trading in 2009, and transitioning to CFDs in 2010. At first glance, traders might be pleased with the opportunity to work with a team boasting such a rich experience.

However, there’s a hint that these facts may not hold much value and that the broker might be misleading clients. We’ll further investigate this information.

Finnetz24.com Website

Exploring the official Finnetz24 website proves to be interesting. Firstly, the broker uses only the German language but claims to operate worldwide with offices in London, Zurich, Singapore, and Moscow. Secondly, the developers didn’t bother much with the design, resulting in an original but not very appealing website, in our opinion. Thirdly, the creators opted for a simple structure, limiting themselves to the necessary (in their opinion) minimum of pages and content, which could be described as scarce.

While it’s possible that we might be mistaken, we believe that traders are unlikely to appreciate:

• The absence of information about available trading assets.
• The brief mention of deposit and withdrawal methods without disclosing conditions, limits, and commissions.
• The description of account types, which almost neglects to mention trading conditions, and so on.

However, such an approach is no better or worse than that of dozens of scam traders operating on the internet. Yet, Finnetz24 at least looks original.

Registration Process and Personal Account

Unlike the pages of the website, the registration form is presented in both German and English. The registration process itself is quite simple and takes less than 1 minute.

The following information is entered into the fields:

• First and last name.
• Email and phone number.
• Password.

The creators of Finnetz24 did not require the user to familiarize themselves with and agree to the documents. Instead, the user is informed that by sending registration data, they accept the terms and conditions and privacy policy.

Perhaps some users might like the simplified registration process, but it significantly differs from the standards accepted for providing brokerage services:

• Not all personal data is entered in full; for example, information like date of birth and residential address is not requested.
• Not even partially entered contact details are verified.
• The link to the Risk Disclosure is barely visible, and it’s unlikely that users will pay much attention to it.

Perhaps the owners of Finnetz24 decided not to deter traders with a voluminous questionnaire. However, such an approach contradicts the requirements of financial regulators and is more characteristic of scam brokers.

In any case, the user immediately enters the client’s workspace after submitting the form, which combines both the personal account and the trading platform. The decision from a security standpoint is quite questionable.

The functions of the personal account are listed in the menu on the left sidebar. Here, Finnetz24 clients can:

• Edit profile data (by the way, personal data that was not requested during registration must be filled in here).
• Submit copies of documents for verification (Proof of Identity and Proof of Address).
• Change security settings.
• Deposit funds and submit a withdrawal request to the broker.
• View the history of non-trading operations.
• Contact customer support.

Some questions arise:

• Why is there no verification of contact details here as well?
• Why are advanced security settings, such as 2FA, not used, and everything is limited to changing the password?
• Why does the broker provide the Sirix platform, supplied by the company Leverate, as its own development?

The answer is clear – Finnetz24 is still a scam broker, does not adhere to generally accepted standards for regulated companies, and tries to appear better than it really is.

Trading Platform

The developer of the Sirix trading platform may boast about its advantages. However, according to trader reviews, they notice primarily its drawbacks:

• Inconvenient organization of market overview with a unified list of assets without grouping.
• A limited set of graphical objects for market analysis.
• Not the most comprehensive set of even standard indicators, without the possibility of adding them.

However, the main complaint is the broker’s ability to interfere with the quote stream. This is precisely why scam brokers like Finnetz24 love this platform, while traders rate it quite low.

Contacts

The contact page of Finnetz24 has been considered necessary to place on the official website. Here, all the options for clients to contact the broker’s support service are published:

• Feedback form.
• Email: support@finnetz24.com.
• Phone number: +43 68110834446.

Even the office address in the UK is provided: 10 Orange Street, London, WC2H 7DQ. Perhaps, this page will be useful for the broker’s clients. However, it raised new questions for us:

• The broker mentions offices in several cities (in addition to London – Zurich, Singapore, Moscow). Why aren’t their addresses on this page?
• Why is the address in London published along with an Austrian phone number, and there are no phone numbers in other countries?

Actually, we already know the answers. Finnetz24 is likely a virtual broker with no registration in any country. Therefore, the legend of offices is just an attempt to mislead clients. In reality, the creators of the project managed to find funds to rent a virtual mailbox in London and a virtual phone number in Austria.

Analysis of Services Offered by Finnetz24

The important questions for traders when choosing a broker are honesty, safety of non-trading operations, and trading conditions. Let’s delve into these aspects in our review of Finnetz24.

Funding and Withdrawal

Finnetz24 is brief regarding payment methods. On the Management page, it states that it uses only the most reliable methods for non-trading operations:

• Bank transfers.
• Credit or debit card transactions.

Unfortunately, we couldn’t observe how these functions are organized in the user account. Our attempt to deposit was declined, citing some account status, and we were asked to contact customer support.

This approach was expected. For scammers, it is quite common to force users to contact support, where they will be provided with payment details. Scammers do not show their own details in open access to avoid attention from financial regulatory authorities.

Finnetz24 Trading Conditions

The evaluation of trading conditions also leaves much to be desired. There is no list of available assets with contract specifications on the Finnetz24 website. Therefore, the only source of information was the table with account types. However, even here, traders will be disappointed.

As seen, the broker offers 5 tariff plans but provides minimal information about the trading conditions for each. In fact, the only piece of information that can be attributed to this is deposit size, which is as follows:

• Basic membership investment, from $250 (grants access to trading stocks, cryptocurrencies, and commodities).
• Standard account, from $10,000.
• Silver, 50k+ USD.
• Gold, not less than $100k.
• Platinum, from $200,000.

It’s worth noting that for one of the tariffs (Platinum), the leverage ratio is also specified – up to 1:400. What this indicator is for other account types, traders will have to find out during the trading process.

The rest of the options in the lists are more related to account servicing than to trading conditions. They are not particularly important for an experienced trader but are in demand among market newcomers. It becomes immediately clear that Finnetz24 is targeting novice traders, as do most scammers. It is easier to deceive and interest these clients in transferring a significant sum of money to scammers’ accounts.

Unique Features

In the descriptions of account types, there are quite a few options that could be particularly attractive. These include:

• Educational packages (especially relevant for beginners).
• Weekly VIP signal broadcasts.
• Early access to IPOs and ICOs, etc.

Unfortunately, Finnetz24 staff did not bother to clarify the conditions and content of these services. Without this information, they can be considered empty promises, lures for naive users. However, the broker is in no hurry to prove otherwise.

Is Finnetz24 Trustworthy and Reliable?

Assessment of honesty and reliability is crucial for any financial service, and traders expect to see confirmation of this in the official information provided by brokers. Let’s review the details about Finnetz24:

Assessing Legitimacy

We’ve already discussed the addresses of Finnetz24. Now, let’s ensure that the broker indeed lacks official registration and licenses. To do this, we’ll check the company registry using the only known address.

In the UK Companies House registry, there is no information about Finnetz24. Similar results were obtained from checking the registries of Switzerland, Austria, Singapore, and Russia (we reviewed all countries mentioned by the broker).

Thus, our assumption about Finnetz24 being a virtual broker operating without official registration has been confirmed. Finnetz24 has no licenses, and its activities are illegal.

Established Track Record

Let’s finish the review by checking the data from the company’s history using the whois service, which provides information about domain registration.

We can see that the domain was created just 1 month ago – on October 23, 2023. This suggests that the broker did not exist for as long as claimed on its website (since 2005). Therefore, our assumption about the unreliability of the data presented on the Finnetz24 website has been confirmed.

Implications for Traders

Deception of website visitors and clients, operating without registration, lack of a license – what other arguments are needed to understand that scammers created Finnetz24 with fraudulent intentions? If you don’t want your money to disappear into the pockets of scammers, steer clear of this fraudulent company.

Strengths and Weaknesses of Finnetz24