Fintrex Reviews(9 Reasons to avoid Fintrex.net)
When it comes to trading, the safety of your funds should always be a top priority. In our review of Fintrex (Fintrex.net), we strongly advise against engaging with this broker due to several alarming red flags. Below, we outline the key reasons to avoid this platform and offer guidance on what to do if you’ve already invested with them reach us at Forexscamreviews28@gmail.com and we will help you with this step as well.
Who Are They?
Fintrex presents itself as a forex broker, but a closer look reveals they lack any affiliation with regulatory agencies—a significant warning sign! This absence of regulation means that your investments are not protected, leaving you vulnerable to potential scams.
Additionally, Fintrex promotes “automated trading software,” often associated with dubious practices and scams. These factors indicate that Fintrex is an unregulated entity, increasing the likelihood that they may misappropriate your funds without facing any repercussions.
How Does It Work?
Unregulated forex brokers typically employ various tactics to lure in unsuspecting clients. They often make enticing promises, such as doubling your deposit or guaranteeing daily profits. These offers are usually too good to be true and serve as a trap to get you to invest.
Once you make your initial deposit, you may be handed off to a “retention agent,” a more experienced scammer tasked with persuading you to deposit even more money. It’s essential to recognize these tactics and refrain from falling for them.
Withdrawing Funds: A Complex Process
If you find yourself needing to withdraw funds from Fintrex, act quickly. Your money is at risk with an unregulated broker. Here’s what to expect:
- Delays in Withdrawal: Upon requesting a withdrawal, you may face significant delays—sometimes lasting months. If you wait too long, you may lose your chance to file a chargeback.
- Managed Account Agreements: If you signed a Managed Account Agreement (MAA), you might have inadvertently granted them permission to manage your funds as they see fit, potentially leading to total loss of your investments.
Steps to Recover Your Money
If you’ve already invested with Fintrex and are struggling to retrieve your funds, don’t despair. Here are some steps you can take:
- Document Everything: Keep records of all communication with Fintrex regarding withdrawal requests. This documentation will be crucial in proving your case.
- Chargeback Process: The first course of action should be to initiate a chargeback with your bank or credit card provider. Explain the situation and the unregulated nature of the broker. This action can significantly impact Fintrex’s relationship with payment processors.
- Wires: If you sent funds via wire transfer, the process is more complex, as chargebacks are not an option. In this case, threaten to file a complaint with regulatory authorities. Craft a formal letter detailing your experience and intent to escalate if necessary.
- Leave Reviews: Share your experience on review platforms to warn others. Providing details about your situation can help others avoid the same fate and hold Fintrex accountable.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist on withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all, you need to keep the emails as proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money. The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and refuses to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relationship with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Contact us at Forexscamreviews28@gmail.com but do not let your broker know if you have read this article or are in contact with us.
