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• Our Review Method

• Is Financika Scam or Legit Broker?

• What is Financika?

• Conclusion

Our Review Method ▲

In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Financika due to the issues we've identified.

Is Financika Scam or Legit Broker? ▲

Unfortunately, Financika does not present itself as a secure choice for traders seeking a reliable Forex broker. The primary concern lies in the absence of regulation from any reputable authority. The sole regulatory body overseeing Financika is an offshore entity from Vanuatu, which is widely regarded as a jurisdiction with lenient regulatory requirements. The process to secure a license in Vanuatu is notably inexpensive and straightforward, with a mere 2,000 USD fee, thereby lowering the barrier for entry for potentially unscrupulous brokers. This lack of stringent regulation is a glaring red flag for traders, as it offers minimal protection against malpractice.

• Registered in: Vanuatu

• Type of License: Offshore License

• Is Financika safe to trade: No

• Recommended Licenses: FCA in UK & ASIC in Australia

What is Financika? ▲

Financika emerges as a Forex and CFD brokerage firm that allegedly operates out of an office in Law Partners House, Vanuatu. The company claims to have a customer support office situated in Bulgaria, while payment administration services are purportedly managed by Cubbon Services Ltd, based in Larnaca, Cyprus. Despite these assertions, Financika's offshore licensing casts a shadow of doubt over its credibility. Adding to concerns, the broker was blacklisted by the French regulator Autorité des marchés financiers (AMF) in December 2016, for operating in the foreign exchange market without the requisite authorization. This blacklist further undermines the broker's reliability and raises serious questions regarding its legitimacy.

• Office Locations: Claims of offices in Vanuatu and Bulgaria

• Payment Administration: Allegedly handled by a company in Cyprus

• Regulatory Warnings: Blacklisted by French regulator AMF

Conclusion ▲

To encapsulate, trading with an offshore or unlicensed broker like Financika harbors considerable risks. While such brokers may promise enticing trading conditions or superior trading environments, the absence of oversight from reputable regulatory bodies leaves traders with no assurance of the broker's integrity. This reliance solely on the broker's word significantly elevates the risk of financial loss. In light of these concerns, it is prudent for traders to steer clear of Financika and instead opt for brokers regulated by credible authorities such as the FCA in the UK or ASIC in Australia. Well-regulated brokers offer a safeguarded trading environment, ensuring that traders' interests are protected. As such, we ardently advise against engaging with Financika and recommend considering reputable and regulated alternatives to safeguard your investments.