Financika is an online forex broker that was started in 2014 in Vanuatu. It is operated by Sharp Trading Ltd and offers its clients the ability to trade forex, stocks, indices, CFDs and commodities. If you are interested in registering with Financika, be sure to read our Financika scam review before signing up.
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Financika Regulation
Regulation is important for a broker’s credibility and your safety. Unfortunately, Financika is not regulated by any regulatory body. Even though it was started back in 2014, Financika is not regulated which leaves you, the trader, at a major risk of being scammed. This is why I recommend you to only trade with brokers that are registered so that in the case of something bad happening, you are covered. Read the rest of our Financika trading review to find out why it would unwise to register with this broker.
Financika Customer Support
Clients can contact Financika via:
- Online Form
- Telephone
- Live Chat
One of the good things we can say about Financika’s customer support and the website is that it is available in English, Russian and Arabic. However, unfortunately, the customer support itself is highly unreliable.
When we tried to contact the Financika customer support team via live chat, we received no response whatsoever. When we tried the online form and email options, the first reply we received was about a week later. And that response time is unacceptable for any business much less a forex broker. The telephone was better but given international charges, we know it would be the last route for many traders.
One of the things we found interesting and rather suspect is that the Financika had different addresses. The head office is located in Vanuatu while the mailing address is in Bulgaria and then customer inquiries go to an address in Cyprus. This seems suspect and is something that is often done by scam brokers. And given Financika’s lack of regulation, it is making them look less and less trustworthy.
Financika Accounts
There was little no information on Financika’s available account options. However, from our research, we saw that there was a leverage of 1:200 and a deposit of $250. It is safe to say that there is only one account available and these are the features of said account.
While there are multiple brokers with just one or two account options. It is a major downside as it can neglect an entire portion of traders, you included. Brokers with multiple account options give you choice and flexibility while brokers without are essentially saying you should compromise. And this becomes even more of a problem if the trading conditions for said account are poor.
Unfortunately, you can’t find that out until it’s too late and you have already deposited money and received your Financika login. Something to bear in mind whenever you are dealing with a broker or any type of business is that if it is not transparent then it more than likely is not trustworthy.
Financika Platforms
The platforms offered by Financika are different versions of the PROfit trading platform:
- WebPROfit
- Mobile Platform
- Desktop Platform
PROfit is not as popular as the MT4 platform which a number of traders are used so there is certainly a learning curve to it. Financika states that the PROfit platform is great for both beginners and experts alike but we would not encourage you to trust their word for it.
Traders have shared their experience with the PROfit platform and the Financika forex scam on forums across the net. One memorable experience was a trader who lost a significant amount of money after he opened a position and was unable to close until long after it started going into the red.
We are sure that is not something you want to experience.
Something you may be asking is what about a stop loss order or a limit order to reduce losses? Unfortunately, PROfit platforms do not offer those so automated trading is practically out of it. Trading from charts also does not support nor is news or chart integration. Market orders are also out of the questions and there is no trailing stop order offered either.
Quite frankly as it stands, you are far more likely to lose money than earning any if you trade using the PROfit platform offered by Financika.
Financika Review Conclusion
Is Financika legit? That’s a good question to ask but unfortunately, we are going to have to go with no. Firstly being unregulated is a major red flag. Secondly not offering transparency when it concerns account features and trading conditions is another major red flag. Add those to the negative trader reviews and it is clear that Financika is not a legit broker but a scam.
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