FintechFX is a trading name of My Group Fintech Co Pty Ltd incorporated in Saint Vincent and the Grenadines. Fintech FX is an Australian broker who is registered with ASIC and NFA. This may be an advantage for the broker but is it enough for trust? For more information keep reading my FintechFX review.
When I decide to review a broker, I check the website of the broker firstly. I think FintechFX website, fintechfx.com, is not designed well. The website could have been more attentive. It is hard to find information about the broker. Anyway, I will give more info about below in the customer service section.
If you want to trade with a forex broker, you should know some features of it. For example, Is FintechFX scam or not? What is the account types that Fintech FX offers? What are the trading conditions offered by the broker such as spreads, minimum deposit, and leverage? What are the Fintech trading platforms? Don’t open an account before reading this Fintech FX review.
I reviewed Fidelis Capital Markets based on the following criteria.
- MT4 supported
- Registered with ASIC &
- Unregulated broker
- Spreads not indicated
- Product portfolio is limited
- High withdrawal fees, slow processing
Regulation and Investor Protection
FintechFX Regulation and Investor Protection
FintechFX is registered with the Australian Securities and Investments Commission (ASIC). You should be aware that the broker is not regulated. In my opinion, this registration gives a certain level of reliability to the broker but it is not enough. I am saying that by taking into account that the company behind FintechFX is incorporated in Saint Vincent and the Grenadines.
However, it is not acceptable to offer online forex trading as an unlicensed broker. Because if you have any problems with the broker, you can contact the regulators to look up your rights.
If the broker is regulated by ASIC, required to hold a minimum of AUD 1,000,000 to keep clients funds in segregated accounts. This broker does not fulfill this because it is only registered.
Account Types offered by FintechFX
As you see in the table below, there are two types of account types offered by FintechFX. One of them is Standard account. The minimum deposit is $100 for Standard. There is no commission on the Standard account. Ultimate ECN is another one, offering $1,000 minimum deposit and with USD 10 commission.
Both of them provide same leverage of 1:100, various spreads and the option to trade in micro lots. At the same time, both account types offer swap-free Islamic account option to investors of Muslim.
When I looked at the broker’ website there was no info about the spreads. I think a broker should specify spreads due to the transparency of the pricing policy.
FintechFX offers the most popular platform MT4. This popularity is owed to ease of use, advanced graphics, a wide variety of automated strategies (Expert Advisors) and technical analysis indicators, personalization options. This offer is an advantage for FintechFX.
The broker offers less than 30 currency pairs to trade, gold and silver as well as the energy markets such as oil and gas, indices and commodities. Unfortunately, some popular financial instruments such as stocks or Bitcoin and other cryptocurrencies are not available with FintechFX.
As I say in the second paragraph of this article, their website is useless. The website supports English, Chinese and Indonesian. Most of the website’ visitors are from Indonesia. The broker has live chat but when I asked any question they told me to send an e-mail to take answers.
Withdrawal and Funding Methods
FintechFX Withdrawal and Funding Methods
The broker allows only wire transfer as deposit and withdrawal. FintechFX works with Morgan Stanley, BNP Paribas, Barclays, Bank of America and more. Worse still, withdrawals take up to 5-7 business days and are charged at $ 20 each. This is absolutely unacceptable. Despite most forex brokers have no fees for deposits and withdrawals, I couldn’t understand why FintechFX does this.
Although FintechFX has some advantageous, has a lot disadvantageous as well. The broker supports MT4, offers high leverage ratio, the minimum deposit is good. However, we don’t have any knowledge about spreads, trading products are very limited and the broker offers unacceptable withdrawal fees.
In addition, FintechFX is an offshore forex broker. They are just registered not regulated. I always say it so risky to trade with unregulated brokers especially offshore ones. It would be cruel to say that the FintechFX is a scam, but you must be careful to trade with them.