For financial regulatory agencies in various countries, even experienced traders will only be familiar with several mainstream financial regulations such as the UK FCA, US NFA, and Australian ASIC. In addition, many regulatory agencies in other countries do not even know what their English abbreviations are.
And this has become a loophole for scammers to create black platforms. They either use the industrial and commercial registration of unpopular countries to impersonate regulators, or fabricate false regulatory agencies, and then claim to be regulated traders on their official websites. Many investors who are lazy to verify the authenticity of the platform have fallen into the trap.
FINMAX, unable to withdraw
Recently, a Huiyou complained about the FINMAX platform due to issues with deposit and withdrawal. I am unable to withdraw my funds. The platform has been displaying emails returning to me, but I have not received any emails. "This remittance friend has a total of $3587 that has not been withdrawn.
Not only do domestic friends complain about FINMAX, but foreign friends have already complained about it two years ago:
It's best not to invest in FINMAX... After a few weeks of initial investment, the funds still haven't arrived in my trading account, and the company doesn't reply to messages.
Agents who are not worthy of trust, they are too unprofessional, especially their management, order execution speed is very slow, and it is also a gambling platform
The spread of FINMAX is unreasonably high. I only traded with it for 3 months, but due to their floating spread, I have already lost a lot
It can be seen that over the past few years, the problem with FINMAX seems to have become increasingly serious. Originally, it was still management chaos, but now it is directly unable to withdraw cash
Claiming that regulation is not at all regulated
Open FINMAX's official website and you can see that the platform claims to provide trading services such as foreign exchange, stock indices, commodities, cryptocurrencies, etc; Operated by Max Capital Ltd, the company is located in Bulgaria and is regulated by IFMRRC.
In fact, IFMRRC is not Bulgaria's financial regulatory body at all, the country's regulatory body is the FSC. We searched for "FINMAX" or its company name on the official website of the Bulgarian FSC, but did not find the corresponding regulatory information. It can be seen that FINMAX is actually a false trading platform without any regulation.
According to the domain name query on FINMAX's official website, it can be known that it was created in September 2020. No wonder there have been intermittent negative rumors about it both domestically and internationally. Please be vigilant about it, friends.
