Finorium has been flagged by Finansinspektionen for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". Loan Fee Fraud
Finorium/ Finorium Bank
Rue de Lausanne 11/19, 1201 Geneva
Switzerland
Telephone: 0745905755
E-mail: [email protected] This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.finorium.com.
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Finorium said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Risk management tools|Intuitive for beginners|Transparent fees|Educational resources
Cons: Email notifications too frequent|Wish they had more educational resources
KYC with Finorium is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: High security standards|Economic calendar
Cons: No live chat on mobile
I invested $15,000 with Finorium after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to Finansinspektionen.
Cons: Blocked my account|No legitimate license|Fake returns
I closed a profitable position at Finorium and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Regular updates|Competitive fees|Clear documentation
Cons: Cannot customize dashboard fully|None so far
Do not believe the bonus offer from Finorium. The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited from a review site like this one and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Fast execution|Reliable uptime|Segregated accounts|Clean UI
Cons: Would like more payment methods|Limited social trading features