Forex Broker Finex Had Moved Without Updating Address
Forex broker: Finex (Indonesia)
Date visited: July 8th, 2019
Conclusion: the broker had moved
The field survey
According to the regulatory information of Finex, WikiFX team visited its licensed office, an Indonesia forex broker, located at The Plaza Tower Lantai. 38 JL. M.H Thamrin Kav. 28-30 Jakarta.
WikiFX team arrived at The Plaza Tower Lantai, and found Finex’s office closed. Staff from the neighboring company told us that Finex had moved away, but the broker didn’t update its regulatory information about new address.
Forex trading has been thriving in Southeast Asia in recent years, and Indonesia’s large population and growth potential enable it to stand out on the region’s booming forex market. Meanwhile, the increasing forex brokers in the country are witnessing the competence of Indonesian regulatory authorities, who have yet been fully prepared.
Finex is an Indonesian forex broker established in 2012 that focuses on retail forex brokerage business. Though its website claims Finex performs well in processing customers’ orders and offers clients fair and reliable trading experience, Finex is in relatively slack regulation of Indonesian Commodity Futures Trading Controlling Board(BAPPIBTI), with a forex license issued within a year. In addition, customer feedback also indicates the company’s business strength and risk control are less satisfactory. Meanwhile, WikiFX didn’t find Finex’s office as the regulatory information suggested, which further confirms the company’s low credibility and Indonesia’s weak forex regulation.
According to the WikiFX App, Finex, with a WikiFX rating of 2.92, holds retail forex brokerage license issued by BAPPIBTI within a year. The company’s credibility remains in question due to the problems in license, business strength and other aspects, such as possibility of operating in overrun business. WikiFX reminds investors to be cautious in choosing Finex for the safety of your assets.
Per investigation, Finex’s website has updated its new office location at SOHO PANCORAN TOWER SPLENDOR FL.30 UNIT 3005 Jl Letjen MT Haryono Kav 2 - 3 Tebet, South Jakarta. WikiFX team will visit Finex again at this new address and present a detail visit report.
Please avoid forex. Losses can be huge. Probability of profits is very slim.
If you insist, you must be prepared to lose all the amount (capital) you have invested in forex and don't add more to your losses.
Forex is leveraged product. When you open a position and keep it for more than one day, there are swap points (ie. loan interest equivalent). So while waiting for your position to break even, you continue to pay swap points. This is how the financial institution earn!
Using simulation account is different from real money account. Psychology is more prevalent when you use your own money. So even you are confident with simulation account, it doesn't mean it will be the same when you use real money.
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