ANSWER Finetero is an unlicensed broker even though it offers seemingly attractive deals.Finetero claims to be located in Cyprus, where the financial regulator is the Cyprus Securities and Exchange Commission (CySEC). However, our search for this broker in CySEC registry did not yield any results. This is a red flag. We also want to bring to your attetion that both the Financial Conduct Authority (FCA) and the National Securities Market Commission (CNMV) have issued warnings about Finetero for offering financial services without authorization. You can check these warnings respectively from here: the FCA warning, the CNMV warning.Regarding your question, we would suggest you do not deal with Finetero since it is an unregulated broker. Letting this broker hold and control your funds or trading with them is very risky, as there are no safeguards in place to prevent fraud or theft. Therefore, we recommend that investors avoid such unlicensed brokers as Finetero and trade with fully regulated ones.
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