Finaxis Experience 2021 - Serious Broker or Pure Scam?

Overall Rating: 
5/5 stars

Quality

speed

cost

The selection of crypto exchanges is now so large that it is not easy to find the right platform for you. This is not only due to the large range of crypto exchanges, but also to the fact that not every provider operates a trustworthy platform. Therefore, it is important to look behind the scenes and find out what you can actually expect as a real offer.

That is why we want to clarify in our test whether the provider Finaxis works seriously or whether a scam is hiding behind the platform. To do this, we not only take a close look at the Finaxis app website, but also at the various Finaxis experiences and Finaxis reviews on the internet.

logo-finaxis
The offer

Let's first take a look at what the Finaxis app has to offer its customers. Since the competition between the crypto exchanges is sometimes fierce, the providers actually try to outbid each other with particularly sought-after cryptocurrencies and add-ons.

Finaxis itself states that over 80 classic and exotic cryptocurrencies are available for trading on the platform. Among them are Bitcoin, Ripple, Ethereum, Litecoin and many more. In addition, the most popular European, Asian and American shares and indices will also be available.

Not much more detail can be found on the website. So if you want to know exactly what Finaxis has to offer, you will probably have to open an account with this provider. In order to be able to use the Finaxis offer, traders can choose from six different account types:

Account type

begin

progress

New Horizon

Classic

Investing

Finansist

Minimum deposit

200 euros

500 euro

2,000 euros

2,500 euros

5,000 euros

10,000 euros

Some of the different account types offer variable or fixed spreads and various trading instruments.

The fees

Now we would like to know not only what the provider has on offer, but also what the use of this offer costs. It is clear that every provider wants to see money for their offer sooner or later. After all, the platform has to be financed somehow.

It is not that easy to get the desired information, but some details can be found on the website:

  • For example, the cost of a normal bank transfer is 50 euros.
  • If you decide to pay by credit card, you pay 25 euros plus a transfer fee of 10 euros.
  • If you choose a digital payment method, the costs are 25 euros.
  • In addition, some costs are incurred if the account is not verified.
  • Users then have to reckon with fees of 10 per cent with regard to the deposit. Even if the turnover is less than 200 euros, there are costs of 10 per cent with regard to the deposit amount.

All in all, these fees are quite high. Other well-known providers, such as 24option, GMO Trading or BTC Direct, charge significantly less for deposits and withdrawals or offer them completely free of charge.

The minimum deposit amount is 250 euros. You should not give away more than this under any circumstances. After all, the aim is to gain initial experience with this provider. However, this experience is initially nothing more than an experimental investment.

Finaxis-Review

What deposit and withdrawal options are available?

Unfortunately, the provider only hints at the deposit and withdrawal options. It is clear that customers can make deposits and withdrawals via Sofortüberweisung and credit card. It is unclear which providers are covered by the term digital payments.

However, on the Finaxis website one comes across a possibly not so unimportant piece of information: anyone who wants to make a withdrawal at Finaxis must first apply for it.

  • To do this, traders log into their Finaxis account and open a withdrawal request.
  • Then they have to fill out a withdrawal request form, print it out and sign it.
  • The signed form then has to be submitted to the providers.

What do the testimonials look like?

Before opening a Finaxis account, it can be helpful to see what other customers have to say about the provider. The crypto community is quite active when it comes to rating products and services online.

If you look around on the net with regard to Finaxis experiences and Finaxis reviews, you will quickly notice that there are by no means only positive voices here. While some users actually speak of a scam or fraud, it is not clear whether these are really scammed users.

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Serious or to be taken with a grain of salt?

  • Transparency is especially important in the field of cryptocurrencies, as there are some fraudulent providers here. 
  • Unfortunately, not much can be found out about the operators on the Finaxis website.
  •  So there is no transparency in this area.

What is clear is that Finaxis is an unlicensed and unregulated provider. You should always keep that in mind if you want to use this provider.

Finaxis03

Finaxis Conclusion

After our Finaxis test, let's come to the conclusion. Like any other crypto exchange, this crypto exchange has its advantages and disadvantages:

Pros

  • Namely, besides cryptocurrencies, there are several other interesting investment options on the platform. Apart from 80 different digital currencies, there are also indices and metals to buy. Customers have several options for deposits and withdrawals. Thus, a comprehensive offer.

Cons

  • One of the disadvantages is that this crypto exchange is not licensed or regulated.
  • In addition, the withdrawal process is quite complicated. Problems are almost inevitable here and other customers also report difficulties in this area.
  • The provider is also not exactly transparent with important information.

Conclusion: 

Now every trader must decide for himself whether the overall package is suitable. All in all, however, it is clear that the minimum deposit of 250 euros should not be exceeded. On the one hand, because investing in virtual coins already involves risks, and on the other hand, because the provider has some weaknesses.

Recommended alternative to Finaxis : eToro

If you want to buy Bitcoin quickly, we recommend the broker eToro. In addition to a clear user interface, state regulation and copy trading, the big advantage of the platform is that both Bitcoin CFDs and real Bitcoin are available for trading. Moreover, with ~1.8% total costs, eToro also proves to be the top dog in terms of price.

Exchange and wallet in one
Regulated provider
Deposit with PayPal, credit card, SOFORT transfer and more
Over 14 other cryptos tradable
Equities and ETFs also available
Buy cryptos with eToro

Hi, my name is Benzion. I have twelve years of experience in the Forex industry, and I have launched two successful crypto trading services. I have in-depth experience on several blockchain networks like Bitcoin, Etheruem, EOS, Cardano, Hyperledger, ICON, Komado, etc. I also have in-depth knowledge of blockchain techniques, including various consensus mechanisms, DLT, smart contracts, security, and privacy measures. Benzion Friedman