Finanxingcoin, established on April 11, 2024, is a brokerage firm primarily providing Contract for Difference (CFD) trading services, including forex, stocks, indices, precious metals, commodities, and cryptocurrencies.
Although the company claims on its website to have been founded in 2006, the registration information of its domain finanxingcoins.com reveals this false statement, with the domain actually registered in April 2024.
Trading Platform and Account Types
The official website claims to support trading software such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), offering both mobile and web clients.
However, upon verification by the TraderKnows team, no server records associated with Finanxingcoin Pty Ltd were found in the MT4 and MT5 server lists, contradicting the official statement.
The company offers two types of accounts:
- GO Plus+ Account: Spreads starting from 0.0 points with a one-way commission of AU $3.00 per trade.
- Standard Account: Spreads starting from 1 point with no trading commission.
Meanwhile, trading leverage is up to 1:500, which seems attractive but often comes with high risk.
Educational Resources
The official website offers various educational resources, including:
- Forex Beginner Course: Helps beginners build a foundation.
- Margin Call Podcast: Discusses the behind-the-scenes of the forex and CFD industry.
- Inner Circle Webinars: Offers weekly educational courses and market reviews.
- Trading Strategies and Psychology: Articles by Swan Mining Fx, focusing on improving trading skills.
- MetaTrader Video Tutorials: Suitable for beginners learning the MT4 platform.
- Advanced Forex Course: Covers technical analysis and trading system development.
These resources on the surface appear ample, but their authenticity and practicality are questionable.
Deposit and Withdrawal Methods
According to the official website, the platform supports the following deposit and withdrawal methods:
- Bank Cards: Mastercard, Visa.
- E-wallets: Skrill, Neteller, Fasapay.
- Bank Transfer.
Despite the range of payment options, there's no evidence that these functions operate normally, and the platform is virtually unused.
Regulatory Information and Fraudulent Activity
The website claims that the operating entity, Finanxingcoin Pty Ltd, is registered in Mauritius (registration number 170969) and regulated by the Mauritius Financial Services Commission (FSC) with license number GB19024896.
However, the TraderKnows team discovered that this registration and regulatory information actually belongs to the well-known broker GO Markets Pty Ltd.
The platform has appropriated GO Markets' company registration and regulatory information in an attempt to appear as a regulated company. In reality, it is unregulated and involved in fraudulent activities.
Website Design and Traffic
The platform's website design uses the same template as several scam platforms, such as One Click Tradings, Prime Fx Markets, and Golden Option 300t. These are all mass-produced scam websites.
Moreover, according to Semrush data, the platform's website traffic is less than 100 visits per month, indicating it is virtually unused.
Social Media and Brand Exposure
Although the website displays icons for multiple social media platforms (LinkedIn, Facebook, Instagram, Twitter), Finanxingcoin does not actually have any social media accounts, which is highly unusual for a company claiming to be "global."
In the public domain, there is also virtually no positive feedback or news about the platform. This further indicates the company's lack of market impact.
Partnership and Agency Policy
White Label Partnership
The platform offers White Label partnership services for institutions and financial service providers to customize trading platforms. Services include:
- Providing branded MT4 and MT5 platforms.
- Assisting in setting up front and back-end infrastructure.
- Risk management and compliance support.
- Client development and marketing materials.
Though seemingly professional, this is more likely a method to lure potential victims.
Referral Program
The platform also offers a referral program, claiming partners can earn commissions by referring clients, but there is no evidence that earnings are actually paid out in practice.
Risk Report
High-Risk Factors
- False Establishment Date: Discrepancy with actual establishment date exposed by domain registration information.
- Forged Regulatory Information: Misappropriation of GO Markets Pty Ltd registration and regulatory information misleading investors.
- Lack of Genuine User Reviews: No real reviews about its services found online.
- Association with Scam Platforms: Website template identical to multiple known scam platforms.
- No Social Media Presence: Lacks basic online brand operation.
- Low Website Traffic: Website virtually unused, indicating a lack of a genuine user base.
Conclusion
Finanxingcoin is a high-risk fraudulent company, with all evidence suggesting it attempts to mislead investors through false information and forged credentials. Users should avoid any dealings or financial transactions with this company. For such an unregulated platform without credibility assurances, investors must be extra cautious to prevent unnecessary financial losses.
