There will always be those who tell you that each and every time you come across an unregulated binary options broker, you should head for the hills. And there’s definitely a certain amount of logic to this, but in our experience, we’ve found that regulation doesn’t always count for a great deal. Just as certain regulated brokers are pure garbage, others that are unregulated perform on a much higher level. All of which is precisely why we decided to approach Finpari from a completely neutral and objective perspective, without coming to any rash conclusions before giving them a chance.
We don’t ask for or expect a great deal – simply a reliable, robust and user-friendly trading platform with total security and a decent asset library. The question being – does Finpari tick all the right boxes?
Finpari – Is it a scam? Here’s a quick overview: Currently, we are not able to deem BigOption as a safe binary options broker. We highly advise you to proceed with a trustworthy and reliable broker. For a more reputable binary options broker, choose from the list of other safe and highly reviewed brokers.
About Finpari – Is It Legit or Not?
Finpari is a new binary options broker that is gaining much attention in the industry. This broker is operated by Lerona Impex SA and has two company locations; one in Australia and another in Scotland. When researching a broker, one of the first things our team checks is if they are licensed and regulated.
It’s worth getting things out of the way as early as possible when it comes to regulation – that being the fact that Finpari doesn’t have any. As mentioned above, you can read into this whatever you choose to, but for the vast majority of people, it certainly isn’t a good sign. It’s one thing to have no regulation as of yet or be in the process of octane in regulation, but given that Finpari has been in business since 2014, it seems they don’t have a great deal of interest in getting regulated.
Upon initial impression, this broker looks quite attractive on the surface. Our team dug deeper and investigated the company much further to ensure we have the true story. We did come across positive reviews, but after reviewing many online trading forums we uncovered shocking information from real customers that raised our eyebrows. The positive reviews that we researched seem only to be affiliates of Finpari, which means they are paid to create positive feedback. The information from genuine customers in these online forums is what surprised our team.
Finpari Trading Platform
While the same can’t be said for all reviewers and critics, we have to say that we genuinely liked the way the Finpari user interface has been put together. It may not be the most visually stunning or technologically advanced, but it is certainly one of that’s very simple.
The whole website is built on the popular SpotOption trading platform, which is a firm favorite among traders worldwide. There are somewhere in the region of 100 and at assets available, along with a wide variety of attractive extras including gifts, contests, bonuses and promotions. You can sign up with Finpari for a minimum deposit of $250 and they also have a pretty nifty social trading feature, giving traders the option of monitoring and copying the actions of other traders if they wish to do so.
Although this sounds great thus far, we didn’t have an easy experience. The platform would get locked during a quick trade, making our team log out and in again. But, when we did this we remained locked out for 10 minutes! Afterward, we were able to log in, but we lost that previous trade. This occurred a number of times throughout our trading experience on the platform, which was very frustrated. Additionally, Finpari claims a payout of 90%, well we never saw it. We received up to 75%, but not 90%, which doesn’t satisfy our efforts when trading our investments like other recommended binary brokers we’ve tested.
Is Finpari a Scam Broker?
Although Finpari sounds impressive, after analyzing their website we find our team having some concerns. Firstly, there are no drop down menus or further options to learn more about Finpari. When landing on their site, you only see a few sections about the broker and you are encouraged to open an account with them. There is not FAQ section nor any educational resources provided for people who land on their website. This seems a bit odd.
Moreover, after scrolling further down, we only see two customer reviews and one award that is not even clickable. The site claims to have received the “Better Business Awards” sticker in 2015, but there is no credit to who gave Finpari this award. We have landed on many scam brokers who use the “award” tactic to gain a trader’s assurance. Do not be fooled! Many scams can just upload the image and claim they received an award. Make sure that the award is clickable and rightfully credited from a respectable organization.
There is also no information regarding the withdrawal process, which is very important. Signing up with a broker that does not provide any procedures for withdrawing funds, should worry you. Due to all these facts, we caution you into opening an account with this broker. It is encouraged you opt for more transparent and reputable binary options brokers in the industry to ensure you can withdraw your funds.
Paid Demo Account
Given the fact that Finpari offers customers a demo account, they immediately score a few points in this department. Unfortunately, these are then somewhat removed by the fact that you cannot make use of the demo account without first making a deposit. You can look at the charts on the website and see what’s happening, but the demo account is closed unless you first deposit funds. There are four videos promoting and explain what’s on offer, though to be perfectly honest all four of them are pretty much identical. They feature the exact same information and promotional titbits, though if nothing else to help bolster an impression of professionalism.
Those getting started with Finpari for the first time will find themselves being offered a bunch of bonuses right up to 100% their deposit amount. The size of the bonus you will be provided with is determined by how much you deposit – the more you deposit, the bigger the bonus. Unfortunately, bigger bonuses also mean larger turnover requirements which can take several months to meet. If you choose not to accept any bonus offers, you can withdraw your funds after satisfying a 1X turnover. If you accept a bonus, you can withdraw profits made only after satisfying a 3X turnover requirement. However, if you want to withdraw your bonus and deposit, you need to satisfy a 20X turnover requirement. For the most part therefore, it is advisable to think twice before accepting any bonuses as doing so can make it extremely difficult to access your funds.
Our team finds it amazing that this broker claims the withdrawal process to only take 1 to 2 days. Of course, you need to provide legitimate documentation to receive your funds, but the details are not provided on their website. They only mention their methods for funding your trading account such as Paypal, Bitcoin, Qiwi, Perfect Money, OK Pay, Neteller and WebMoney. The minimum deposit for new accounts is $250.
Once reason why Finpari probably lacks providing information regarding withdrawal is because they are not licensed or regulated. This means they do not need to adhere to any financial authority’s rules and regulations. A broker who is not regulated cannot provide you the needed security or insurance regarding your money. It’s not to say that all regulated brokers are trustworthy, but being licensed does provide your investment some safety.
Unfortunately, there is no guarantee you will ever be able to withdraw your funds if use Finpari. We highly advise your proceed with caution or look at more trustworthy brokers that are reputable.
Last but not least, the single most disconcerting thing about Finpari however, is the way in which there appears to be such an extensive archive of complaints – primarily regarding accessing and withdrawing funds. For the most part, complaints seem to center around being denied access to funds, withdrawals were approved taking several weeks to process and an unreliable platform where money regularly goes missing. And of course, the fact that customers are lured in with bonus offers which then make it almost impossible for withdrawals to be made isn’t something that sits pretty with most traders.
The problem being that when you do business with an unregulated broker like this, there really is very little you can do if you find yourself facing these kinds of problems. Should any money go missing from your account at any time or activity take place that you didn’t authorize, you could find yourself without so much as a leg to stand on. This appears to be the primary focus points of the complaints voiced about Finpari – the fact that when things go wrong, they don’t seem to be in much of a hurry to put them right.
The Final Verdict
In the process of choosing a binary options broker, make sure you include reading customer feedback in your research. It is the best way to get an accurate perspective about a binary broker before opening an account.
When our team did an online search about Finpari, we found positive reviews BUT, we uncovered them to be paid affiliates. We further investigated online forums and uncovered a ton of complaints from customers. There were negative comments regarding the withdrawal process, payout percentages (up to 75%), and glitches regarding the trading platform. Customers are further complaining about contacting customer support and never receiving a response to their concern. Traders are noticing that Finpari’s customer support is not available in times of need.
As a trader, one of the major concerns is being able to withdrawal your funds and having adequate customer support. Unfortunately in the case of Finpari, the more you read, the more likely you are to keep your distance and trade elsewhere.
We strongly suggest you choose a broker with a better reputation and one that can ensure you are able to withdraw your funds.
- Uses SpotOption Platform
- Demo account available (BUT Must Pay)
- Website Quality Leaves Much To Be Desired
- No Regulation Or Licensing
- Promises Of 24-Hour Withdrawals Not Kept
- Unreliable Platform Performance At Times
- Far Too Many Complaints Regarding Withdrawals