FinoTraze has been flagged by British Columbia Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I was about to invest with FinoTraze but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. British Columbia Securities Commission has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Listed in warning databases|No transparency|Pressure to invest quickly
FinoTraze advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Good mobile app|Segregated accounts
Cons: Some tools only available on higher tiers
FinoTraze changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Clear documentation|API access
Cons: Currency conversion fee exists
The onboarding at FinoTraze was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Good analytical tools|Responsive team|Transparent fees|Multi-currency support
Cons: Limited social trading features
I had high hopes for FinoTraze from a blog post comparing services, but my experience has been disappointing. Customer support is slow, the platform has frequent issues, and their fee structure is not as transparent as advertised. I am actively looking for alternatives now.
Pros: Customizable dashboard|High security standards
Cons: Alert system is basic
FinoTraze had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Copy trading available|Two-factor authentication
Cons: Limited cryptocurrency options
I have been trying to close my account with FinoTraze for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Competitive fees|Tax reports included|Economic calendar|Copy trading available
Cons: Account statements could be more detailed
After doing some research AFTER the fact (I know, I should have done this first), I discovered that FinoTraze is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
My withdrawal request from FinoTraze has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Segregated accounts|Responsive team
Cons: Slow to add new assets|Some tools only available on higher tiers
I experienced a security concern with my FinoTraze account and reported it immediately. Their response time was inexcusable for a financial platform. It took them four days to acknowledge my report and another week to actually address it.
Pros: Comprehensive tools|Detailed reporting|Social trading features
Cons: Withdrawal takes 1-2 business days