Have you come across the Fundiza website and are looking for a trustworthy Fundiza review to guide your investment decisions? If you are, then you have probably noticed that the firm has many positive reviews on different websites. These reviews also seem to be mirror copies of each other.
An FX, stocks, or indices and commodities trading firm with a dearth of negative reviews is the unicorn of the trading world. It is also a red flag. Why? 95% of all day traders fail at the activity. The level of failure in trading is so high that it is only 40% of all new traders that keep on trading after the first month.
Consequently, most brokerage firms have a myriad of negative reviews from disappointed and frustrated customers. Most of them have lost their trading capital due to poor trading practices. There are also reviews from traders that have lost their funds to fraudulent brokers. If you are one of them and want to recover your funds, book a free consultation with us, and we will help you find a way forward.
The truth about Fundiza.com
So why are there so few negative Fundiza reviews online? Is Fundiza as exemplary a brokerage business as its reviews and website portray it to be? Fundiza is a new broker. It started running in 2019. Its greenhorn status may be a part of the reason why complaints about it have not prominently featured on most forex trader review websites.
The firm has an excellent looking website devoid of annoying ads and pop-ups. This feature gives it a clean, professional feel. You can easily scan through their offers at first glance and view all their legal documents at the bottom of the Fuliza.com home page. This feature gives the brokerage firm an aura of transparency, trust, and openness. Most new traders will quite easily fall for the Fundiza scam.
It clearly posts its license number, AML/KYC policies, risk warnings, and other terms and conditions on the website. This broker will quite easily net the unsuspecting broker. Fundiza’s legal policies seem to communicate to the trader that they do share equal responsibility with you when it comes to the protection of your trading capital.
By portraying their trading processes as fair, Fundiza does, in many ways, look like a legitimate online broker. They offer secured funds storage facilities, a clear fee structure, and 24/5 customer service.
Here is why you need to avoid Fundiza
Reading their complaints policy, you will notice that they have a service email for customer complaints. If you have any grievance against them, Fundiza requires you to keep it away from the public for at least a month of them evaluating your accusation.
They have not given a timeframe that denotes just how long the evaluation process takes. Consequently, if you lose your trading capital at Fundiza and openly make a complaint against them, you will suffer reputational cost damage of $100 per day. This is perhaps the reason why most of its customers seem to reserve their negative reviews.
Whether you play by their rules or not, if Fundiza mismanages your cash deposits or profits, you have very few chances of getting it back. Why? Fundiza has a St. Vincent & Grenadines, license registration number 25770BC2020.
A warning from the St. Vincent & Grenadines FSA
The St. Vincent & Grenadines Financial Services Authority was established in 2012. As per information on their website, the SVG FSA’s mandate is to regulate the island nation’s financial sector. In many jurisdictions, the term FSA implies audits, regulation, reporting, supervision, and fines. However, the SVG FSA does not oversee the forex, binary options, crypto-assets trading, or brokerage activities of international businesses.
A brokerage business with an SVG FSA license, therefore, does not have any form of regulatory oversight. Since Fundiza has this island nation’s registration number, you should know that:
- They do not have to have to open any local office or hire any employees as per the registration requirements
- Since the SVG FSA does not regulate trading activities, Fundiza does not need to prove any capital requirements
- The Island’s FSA does not ask for proof of bank accounts as well
The SVG jurisdiction is a preferred forex broker registration location because it has a simplified company incorporation process. The process of submitting legal business documents is quite easy, and all that the body requires are notarized passport copies, government utility bills, and some directors’ or shareholders’ bank reference letters.
You also need to have a clean criminal record. Limits on share capital are nonexistent, meaning that a business could start with a $1 share. Our recent Hugo’s Way review revealed that this broker was not safe to trade with, because they have an SVG FSA license. Fundiza and Hugo’s Way are birds of the same feather.
They are part of the hundreds of swindlers that flock to the island nation to enjoy the jurisdiction’s massive tax exemptions and capital gains benefits. The license accords limitless opportunities with zero surveillance. For this reason, this license does not offer a trader any level of protection.
Any brokerage firm using an SVG FSA license to dupe you into trading with them is a scam broker. Should you give Fundiza your cash, the result will be hellish trading conditions. The island’s FSA has, therefore, warned traders to tread very carefully when dealing with any brokerage firm claiming an SVG FSA regulation.
Fundiza review: The conclusion
Fundiza is a scam forex broker.
Unlike other trustworthy and well-regulated brokerage firms, Fundiza does not offer demo accounts for learning purposes. It has a minimum account deposit threshold of $5000 and a high leverage of 1:400.
If you deposit $5000 with Fundiza, there is a high likelihood that you will never access your money. There are rising complaints of an inability to access funds held at the firm.
If you have fallen prey to the Fundiza scam and need recourse, book a free consultation with us, and we will help you get your money back.