FinanBelt – Why Should you Stay Away from this Broker?

FinanBelt

No matter what you are doing over the internet, you can never be too careful. Who hasn’t heard of frauds and scams happening online? There have been countless such incidents and many people have suffered at the hands of these cybercriminals. Hence, when you decide to engage in online trading, you should proceed with caution because there is a lot of criminal activity in this space as well. This does not really come as a surprise because there is a massive amount of money involved, which means criminals would obviously be drawn in. You can check this FinanBelt review to know how they operate in the trading space.

Millions of people all over the globe found the opportunity to try their luck in the financial markets thanks to online trading. But, this does not mean that all of them have achieved success. Some of them have failed to achieve their goals and the reasons vary. Your luck, strategy and skills can make a difference, but there are people who become victims of fraudsters and scammers and are unable to succeed. Most people do not realize that this is more common than you think. Even though people are familiar with their existence, the scams continue to happen.

This is because these criminals have also gotten smarter and more sophisticated over the years and have adjusted their tactics to continue fooling people. Presenting themselves as legitimate and reliable brokerages is one of the most effective tactics these people use. They know just how to convince people to depend on them and once they have them trapped, they can steal their money. You do not want to fall for their tricks and the only way to avoid it is by thoroughly checking a broker and its offerings.

This applies to FinanBelt as well, a brokerage that comes across as a good one because it seems to be making promises of reliability, security and some of the best trading conditions in the market. Of course, you are looking for a package just like that and would want to sign up based on their claims alone. However, as aforementioned, thorough checking is a must and doing so shows that you need to stay away from FinanBelt. Why? Let’s look at some of the reasons:

Virtually anonymous brokerage

When you are thinking of committing to an online brokerage, you need to know exactly who you are dealing with. Is this important? Indeed, this is of the utmost importance because you will be trusting them with your precious money and they will also be responsible for safeguarding a great deal of your personal data. Would you hand over such vital things to just anyone? No sensible individual would ever do that and you should bear that in mind. This means you need to know exactly who FinanBelt is and find out details about its background.

Unfortunately, you will be left disappointed when you go through the FinanBelt website because it seems to be lacking in a lot of vital and essential information that any genuine broker would openly share. Transparency is key in this scenario, but you will not find any data about the company that owns and operates the broker and neither do they share information about where they are based.

This means that you cannot check the licensing and regulatory status of FinanBelt either and that is reason enough for you to stay away from them. They have not shared any contact information, so you will have no way of reaching out to them in case of a problem.

Lack of legal documentation

One of the most important things you need to know about a brokerage is their Terms and Conditions because these disclose the various policies that are applicable and the kind of charges you will have to deal with. Other essentials are also contained in this document, so it is a must for you to check it out. Therefore, it will come as a shock to know that FinanBelt does not have any legal documentation available on its website.

You will not be able to find any Terms and Conditions, or a Client Agreement that tells you any information about the policies that FinanBelt follows or the fees it charges. You will be expected to agree with their Terms and Conditions upon registering without having any knowledge of what they are, which leaves you susceptible to exploitation by the broker. This is yet another reason for you to stay away from the platform because it aims to exploit you.

Aims to steal your data and funds

Another solid reason for you to stay away from FinanBelt when you are looking for a brokerage is because it boasts the TeamViewer and AnyDesk apps. These are remote desktop applications that have been developed to provide users with access to their home PC environment. The broker will ask you to share installation details with them and this gives them access to your PC as well as all your files. They will be able to get your online banking details and passwords, which gives them the ability to steal money directly from your account.

High minimum deposit via crypto

The problems continue to pile up when you continue checking FinanBelt and their minimum deposit is yet another issue. They ask you to deposit a minimum of $500 to open an account, which is twice the standard amount. In fact, nowadays brokers are allowing people to open accounts for as low as $10. In such a scenario, this comes off as excessive.

Secondly, you will also find that FinanBelt only offers you the option of making crypto deposits. While there is nothing wrong with cryptocurrencies, you should note that these payments are final and there can be no chargeback in this case. This means there will be no possibility of a refund in case something goes wrong.

Final Thoughts

These gaping holes in FinanBelt’s story shows just why you should stay away from this broker when you want to engage in online trading.