Finanlab has been flagged by Financial Services and Markets Authority for "Fraud and Other Types of Misconduct". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
My withdrawal from Finanlab was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. since the beginning of the year of being strung along.
Pros: Market news feed|Low minimum deposit|Good mobile app|Great customer service
Cons: No integrated tax optimization|No dark mode on mobile
The hidden fees at Finanlab are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Portfolio tracking tools|Wide product range
Cons: Would like more payment methods
Tried to withdraw my funds from Finanlab and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
Finanlab has the worst mobile app I have ever used for investing. It crashes constantly, features that work on desktop are missing entirely, and the security implementation is questionable at best. How they released this app is beyond me.
Pros: Fast deposits|Clean UI|Low minimum deposit
Cons: Search feature is basic|No live chat on mobile