Clone Finco Trades
On December 9, 2024, the Malta Financial Services Authority (MFSA) issued a warning against fincotrades.ltd, identifying this company as a clone of an MFSA-authorized firm. https://www.mfsa.mt/news-item/mfsa-warning-finco-trades-clone/
According to its website, it claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), and Italian Companies and Exchange Commission (CONSOB). However, no matching information was found in these institutions.
In addition, it also mentioned Malta regulation, but it mentioned that Finco Trust was regulated by Malta, but there is no evidence that it has any relationship with Finco Trust. What's even more ridiculous is that the Malta Financial Services Authority (MFSA) issued a warning against fincotrades.ltd, identifying this company as a clone of an MFSA-authorized firm.
In essence, fincotrades.ltd is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as no legal protections are in place to safeguard the funds.
fincotrades.ltd appears to be a scam.
According to its website, it claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), and Italian Companies and Exchange Commission (CONSOB). However, no matching information was found in these institutions. In addition, it also mentioned Malta regulation, but it mentioned that Finco Trust was regulated by Malta, but there is no evidence that it has any relationship with Finco Trust. What's even more ridiculous is that the Malta Financial Services Authority (MFSA) issued a warning against fincotrades.ltd, identifying this company as a clone of an MFSA-authorized firm. In essence, fincotrades.ltd is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as no legal protections are in place to safeguard the funds. fincotrades.ltd appears to be a scam.BrokersView found that the domain "https://fincotrades.ltd/" is currently inaccessible. This is widely regarded as a significant red flag, as the suspension of a broker's website often points to underlying regulatory or operational issues.
BrokersView found that the domain "https://fincotrades.ltd/" is currently inaccessible. This is widely regarded as a significant red flag, as the suspension of a broker's website often points to underlying regulatory or operational issues.
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