FintechFX Review is a Scam or Legit Broker

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FintechFX Review – is it scam or safe?

Trading accounts and Conditions

Account type Minimum deposit Minimum trade size Maximum leverage Spreads (& commission)
Standard $100 0.01 1:500 N/A
Ultimate ECN $1,000 0.01 1:500 0.1 pips + $ 10 / lot

FintechFX is an Australian broker that offers the two account types above. Both of them provide default leverage of 1:100 (up to 1:500), variable spreads and the option to trade in micro lots. In addition, swap-free options are available for both of them to investors of Islamic belief .

FintechFX Advanatges:

– Regsitered with ASIC

FintechFX is regi s tered with the Australian Securities and Investments Commission (ASIC) . While this adds certain level of reliability to the broker, it is not proper regulation, especially taking into account that the company behind FintechFX is incorporated in Saint Vincent and The Grenadines (More details below).

– Low cost of trading on Ultimate ECN accounts

FintechFX does not specify the spreads it offers on the website, it only mentions the commission of $10 applicable to Ultimate ECN account holders. When we tried out its demo MT4, we found the same commission is charged, so we assumed that our demo account is an ECN one. The spread itself was flaoting around 0.1 – 0.2 pips on EUR/USD, so the average trading costs are around 1.1 pips per standard lot for this pair, which is a good pricing. More information:

FintechFX’s demo MT4. It gets larger if you click on it.

Another good thing about trading with FintechFX is that it offers its services via Metatrader 4 platform. Although its developer announced that it will stop selling MT4, it is still the most popular forex trading platform. This is due to its eas e o f use, advanced charting , wide range of automated strategies (Expert Advisors) and technical analysis indicators, customization options, etc .

– High leverage levels provided

FintechFX belongs to the group of forex brokers that provide high leverage levels. Indeed, this option is an advantage, yet we feel obliged to warn you that high leverage ratios may both multiply your profits and your losses. So, don’t forget your risk management strategy and be sure to understand the risks of trading on margin.

FintechFX disdvantages:

– An offshore broker

FintechFX is operated by My Group Fintech Co Pty Ltd., a company incorporated in Saint Vincent and t he Grenadines (SVG) . Due to its lax legal and tax regimes SVG is a rather popular offshore zone, where forex brokers are not regulated . Being a client of such a company means you are not protected and that the money you invest in it is not safe.

Not very extensive product portfolio

This brokers offers less than 30 currency pairs for trade, as well as several CFDs (on precious metals and crude oil). Popular financial instruments such as CFDs on indices, stocks or Bitcoin and other cryptocurrencies are not available with FintechFX. If you are keen on trading Bitcoin or other pop[ular digital assets, check out the link below:

Unlike most credible brokers, FintechFX does not specif y the spreads it offers on its website . Such lack of transparency in terms of a broker’s pricing policy is certainly a disadvantage .


Australian broker FintechFX has left us with mixed feelings. On the one hand, its pricing seems good (at least on the ECN account), MT4 is supported, and it offers high leverage levels, while the minimum investment required is reasonable. On the other hand, FintechFX has not announced the spreads on its website, its product offering seems somewhat limited, and it charges hefty withdrawal fees. Nonetheless, its most important weak side is the fact that the company owning and operating the broker is incorporated in an offshore zone. We have warned our readers multiple times of the risks involved in trading with an offshore broker. Yet, we cannot say that FintechFX is a scam, all the more so because it is registered in Australia.

Brokers that are duly regulated by ASIC are required to hold a minimum of AUD1,000,000, to keep clints; funds in segragated accounts and to comply with a number of standards. If you are looking for a trusted Australian broker, check out the link below:

Registered with ASIC & NFA

Low trading costs on Ultimate ECN accounts

Product portfolio not very extensive

Spreads not indicated

High leverage levels

Salty withdrawal fees, slow processing

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

FintechFX Review: is a Scam or Legit Broker?

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Overall Score: 2.1 / 5
Total Votes: 20
Customer Service
1 – Worst 5 – Best

Member Since Jun 03, 2020 9 posts Brien Jun 03 2020 at 13:54

FintechFX do not have REAL license for Forex Broker, their ASIC license / ASFL is only for securities/investment company not Forex Broker. This broker was created intentionally for MLM business opportunity. They work with them: James Harrison and Liswandi. Only trading with gold (XAUUSD). Take care.

SCAM Busted again – IGOFX vladislav

Recently, We sees Global Trading Pros, Sakura FX trading, The Malaysia case of JJPTR and now IGOFX

Please think twice again dealing with offshore brokers who can edit and create any statements themselves on MT4.

Telltales signs of FX SCAMs.

1 – Unregulated/offshore Broker
2- Suddenly pop out of nowhere and showing amazing ROI and years of track record
3 – Only 1 Source of Mt4 Trading Records, unable to produce similar results across all platforms especially on tier 1 broker in US, UK, SG, Swiss and Aus.
4 – MLM or Fixed returns promised.
5 – Unable to show real-time trading on investor password.
6 – Unable to get verification on fundseeder or darwinex or other better platform other than myfxbook.
7 – Equity curve too SMOOTH, only red line can be seen. Drawdown almost non-existent.

Vladislav77 Was warned by many others on other forum and platform. But the gullible investors from Malaysia, China and other regions still continues to fall for it high yield investment and fake MT4 trading results. Driven by MLM and high yields.

PerfectofX was a classic example.

Before IGOFX or Vladislav who may be just another Asian/Caucasian faking like a Russian behind his computer.

PerfectofX crashed themselves in 2020, it was all PLANNED!.

06.08.2020 20:5306.08.2020 21:00GBPUSDBuy1.295901.28020 -157.0 7m-94.39% – IGOFX Vladislav did the same this morning

His older trades have lesser leverage.

There’s almost no way to really go 100 Lot above on normal Mt4 trading ticket. This scam is probably more than 50M, watch out for news report soon alike JJPTR. 04#post9598604 – THIS WAS THE OLD THREAD THAT I TRIED TO WARN people not to fall for it.

If trading is good, there’s no need for MLM

  • Post # 2
  • Quote
  • Jun 10, 2020 7:00am Jun 10, 2020 7:00am

I do not involved in igofx

But I observed the trading history of vlasdislav, there are many occasions in the past the trades end up losing over 150 pip. but then the percentage of losses is only between 0.1 – 6 percent. That reflect good MM.

Surprising a single trade loss 157 pip, but with a loss 92%. Why ? Because they have collect enough money from investors. It is time to do the killings.

  • Post # 3
  • Quote
  • Jun 16, 2020 3:18pm Jun 16, 2020 3:18pm

This is a serious warning.

IGOFX is not licensed in the first place, its a platform owned by IKOFX, which is also another malaysian-created money game broker.

TP Eagles and MGMC are likely to be the next one on RADAR.

WHY? – Because money game and FOREX MLM created by MALAYSIANs and CHINA people , ofc guided by some anh mohs

Goodluck to investors who didn’t do any due diligence and invest with offshore brokers without real proof of trading operations and tampered records, without the needs for auditing.

There should be only 1 level of referral rebates/affiliates fees via CPA or rebate volume or flat tier, not MLM.

Guaranteed returns and fixed yields are not real FX trading. Real FX trading have real equity floats of profits and losses and no need for commission withdrawal etc.
Its purely real investing of funds, not DIVIDENDS

  • Post # 4
  • Quote
  • Jun 16, 2020 3:52pm Jun 16, 2020 3:52pm
  • Post # 5
  • Quote
  • Aug 1, 2020 4:30am Aug 1, 2020 4:30am
  • Post # 6
  • Quote
  • Sep 19, 2020 8:59am Sep 19, 2020 8:59am

When something is too good to be true, obviously the odds is very high to be a scam eventually which has been proven in the past.

The NFA is not a license or an approval by NFA, please check properly with the authority, they have already announced the said company is not approved member of NFA and thus not regulated. You can find out these details on myfxbook and lowyatt forum about them, they are getting out of hands and very aggressive in gathering aum from retail investors. Every MLM structure with moneygame on the back of FX/Gold trading has proven to be a scam in the last few years.

and many more.

1 – ASIC please read the license by ASIC and write in as well, the said license is not too old and not allowed to function as a broker thus unable to collect money and getting such license is not hard. Getting more than 100M AUM what is a paper ASIC license with some people to apply?

2 – It’s very simple, if they are real they can duplicate the results to a 3rd party approved brokers licensed by other ASIC, FCA broker that are recognized by majority of the market players and veteran traders.

3 – They can even run the same trades with a legitimate broker just to prove what they are showing is the same on other platform, just run for 1 good month. There’s no trading of 10% without any DD. MT4 results operated by own-self and own group of brokers can be manipulated. Statements can easily be updated/manipulated as its only a HTM file.

4 – If the results are so good, why would they waste time sharing profits with retail when the big boys can work directly with them in billions and get quicker to success, and can eventually use the money for charity or helping others whatever they are claiming.

5 – AML issues, money deposited to a said broker must also exit through the same way, If i fund by credit card i should get back my balance first before ability to transfer higher profits through other approved methods. Why did they use 3rd party msian companies or money changer to receive and send money?

6 – Why was the money sent to LALA LAND? or even SVG entity which only cost 1K USD, good luck

Its a pyramid MLM scheme nuff said.

  • Post # 7
  • Quote
  • Sep 21, 2020 11:56pm Sep 21, 2020 11:56pm

For any concerns, investors should always clarify directly with the authority.

It’s highly unlikely FintechFX can renew this coming Nov 2020 when the registration will likely be canceled and investigated as they cannot comply for auditing by ASIC due to money laundering, and fake trading statements.
EXIT WHEN YOU STILL CAN FOLKS OF MIA49, FINTECFX or James Harrison Whatever they call it.

They do not even have the necessary documents and legal documents to operate as a broker, because their license does not allow them to operate as a CFD Provider thus unable to accept deposits for margin trading.

I have heard that there is more than 13,000 withdrawal notice this month. Good luck

A pyramid scheme will fail when the in is not sufficient to payout while the out is increasing, thus failing to give out the said 14%

  • Post # 8
  • Quote
  • Oct 12, 2020 9:30am Oct 12, 2020 9:30am

Hey 5percent. I hope to see more in depth investigation from you regarding MIA/FINTECHFX/JAMES HARRISON.

First of all, I already invested 10k USD in MIA ( I am ready to lose it so dont care, also i am withdraw weekly almost got all my modal though)
also I DO BELIEVE this thing will be blow up in time.

Since i am an investor i think i could provide more info regarding this, but i got zero knowledge in this. So i definitely need help from you guys.



-Yes they do withdraw/deposit capital and profit with local chq / current account and sometime saving account.
-My downline ever withdraw 10k USD capital twice jus to test their integrity.(got the money from different current account within 6 days)
-recently in my area someone invested 770k USD a few JHE accs( all of those money deposit through local ATM)
-Every time i request JH live trade the latest one always ONE week ago (they might dont wan to let other copy the trade but why one week not 2 days or 3 days ?)

Question to raise:
– Can MT4 trade be faked ? if so how to determine them ?
– 1 to 10 how likely that the coming ASIC review on 11/11 u think it will be fail ?

Sorry , my post is lack of insight. cant think of anything to ask at this moment.

  • Post # 9
  • Quote
  • Edited at 9:39am Nov 4, 2020 9:09am | Edited at 9:39am

History repeats itself, when will anyone learn?

Clearly, you only need to ask yourself 2 simple questions.
1) Is this a real and legit trading?

Obviously, there is 100 reason stating the obvious it is fake and fabricated due to their modus operandi no difference from any other money game born out of Malaysia. If you genuinely think this is real trading, then you must be dreaming. Simply because anyone/trader/program can just compound using risk % without the need for external funds. We have tried this before, you can get 1000% ROI through compounding in a very short time if your system is legit, and thus no external capital is required. This money game is too costly to maintain due to the high ROI paid to the investor, as well as the agents and agency model of MLM.

They only need 1 fact to prove their trading is real, duplicate it just 1-2 weeks in a regulated and reputable broker from FCA or ASIC with sound history. Because, as traders, we can write in to verify the authenticity. If they don’t want to do that, obviously it is doctored records and places up there after the trade is done.

They are also using a 0 equity account, meaning, you will hardly ever get DD or none at all because your equity is above your balance at any given point of time and thus explained the fantastic results of no DD, this can be done on the MT4 side. There are some brokers doing this features as well.

You have already done what you need to do, which is to withdraw your capital at risk. You are the very few % doing this, not everyone entered the game earlier than you and thus they needed to wait out long before they can become RISK-FREE.

As you mentioned again, you received money from the different current account, this is AML and obviously, something is very wrong/fishy here.
If you know this is not real trading, try to withdraw more as well, and wait till the ” Curfew period is over and ASIC to give a proper reply on this case ” You can give up 14% ROI a month and have your winnings in your bank and join back later once they are cleared. Then to only get back your capital, and all your profits force majure.

2) This is a money game.

If you clearly know this is a money game. Your mentality is just to join early and reap the profits as the first mover and not FOMO 2nd or 3rd mover. Which are mostly the big accounts now. Play money game don’t bring in your friends/relatives, if your friends/relative wants to join, tell them this is money game and not trading, don’t mislead them.

Ask any FX Broker, a MT4 Server or WLB can be fake, because it was meant for B-Book (Counter trading against retail clients). To determine them, ask them to run side by side with a regulated broker for example, swissquote, divisia capital, lmax, pepperstone , tickmill UK etc to name a few, just to verify the authencity.

99%, it will fail on this ASIC review.

Because in the past, other ASIC brokers who runs fund management were heavily warned and fine due to conflict of interest, mis-selling, charges and etc

And for this FintechFX it never actually got licensed, simply because the entity that all MIA491 members are dealing with is the one based in Saint Vincent & the grenadines.

Please be clear, your money game and your trading is dealing with SVG entity and not the one in Australia. Due to the complaints and misleading information, there’s zero possibility this company can get renew, and importantly it is not functioning as a FX broker, it merely is telling you they can do managed investment. The other licenses were also bought to facilitate this scam.

Don’t cry foul if you are too foolish investors.

The best verification is always to check with the authority, get the clearance of what their license can do, what they have done wrong and etc.

Lastly, this is a more sophisticated scam, because the players were more and more experienced from every money game they played before. Look carefully, you will notice most of their IBs/Agents were from previous money game that went busted. They know, each time what is lacking and how to make it better to scam the PIGs to transfer their wealth, from rich/foolish to the scumbag scammers.

This money game is also trying to use blockchain stuff to scale up, their money probably huge % is not in trading but other investments, or already trying to wash out of the country into their private bank accounts offshore, once it is turned into cash and through many stages of layering, your money will never be able to get back.

I do believe, this money game may be bigger than IGOFX. We should be looking at more than 1 Billion USD to be scam.

You can be risk free and continues to earn your 14% until its finally over while withdrawing your money every now and then.
You can withdraw a large part of your profits first, leaving some behind and wait out till the dust is cleared and join again, assuming they are still operational after the curfew period.

Mia Review: Malaysian spot gold trading scheme

Mia fails to provide a corporate address on their website. The same website identifies Antonio Ferez as founder of the company.

Ferez is represented by a heavily photoshopped image (touch-up) and, according to Mia;

is a well-known macroeconomics analyst and a foreign exchange trading expert in Southeast Asia.

In 2007, he earned his first bucket of gold from the stock market at the age of 25 and managed to multiply his personal wealth by 57 times based on his business acumen and professional handling of capital.

The problem is outside of Mia marketing material (circa 2020), Ferez has no professional digital footprint.

This is not what you’d expect of someone claiming to be “well-known” in macroeconomics and foreign exchange professional circles.

Nonetheless Ferez does appear to be a real person (here’s what he was up to in 2020), however there’s a big question mark on his claimed professional background.

Similarly Jensen Choong, cited as Mia’s CEO, also has no digital footprint outside of Mia.

At the time of publication Alexa cites Malaysia (41%) and Singapore (37%) as primary sources of traffic to the Mia website.

Mia’s link to Malaysia appears to be Dato Paduka Zamri Nazir (right) who, you guessed, doesn’t have a verifiable history out side of Mia’s marketing material either.

I’m going to go out on a limb and suggest Mia is being operated out of Malaysia and is likely run by Malaysians. Antonio Ferez and Jason Choong are in all likelihood just puppets.

Whether Mia has any operations in Singapore beyond recruitment of investors is unclear.

Read on for a full review of the Mia MLM business opportunity.

Mia Products

Mia has no retailable products or services, with affiliates only able to market Mia affiliate membership itself.

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The Mia Compensation Plan

Mia affiliates invest funds on the promise of passive returns, supposedly derived through spot gold trading.

Specific ROI averages cited by Mia, based on past performance, range from 12% to 16% a month.

Another marketing slide suggests that total ROI payouts are capped at 24.5% per investment. After which new investment must be made.

Mia Affiliate Ranks

There are four affiliate ranks within Mia’s compensation plan.

Along with their respective qualification criteria, they are as follows:

  • regular affiliate – sign up and invest in at least one Mia Pax
  • Manager – personally invest at least $3000, recruit at least four investing affiliates and convince others to invest a total of $150,000 or more (split $105,000 and $45,000 or more via a binary team)
  • Agency Manager – personally invest at least $5000, recruit at least five investing affiliates and have three Manager ranked affiliates in your downline (one in three separate unilevel team legs)
  • Regional Manager – personally invest at least $10,000, recruit at least six investing affiliates and have three Agency Manger ranked affiliates in your downline (one in three separate unilevel team legs)

Note how much a Pax investment costs is not disclosed. Mia’s marketing material however suggests is it $10,000 or less.

Recruitment Commissions

Mia pays affiliates to recruit new affiliates via a unilevel compensation structure.

A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):

If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.

If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.

Recruitment commissions generated within the unilevel team are paid out of funds invested by directly and indirectly recruited affiliates.

Mia caps payable unilevel team levels, based on how much an affiliate has invested:

  • invest in 1 Pax and receive 5% on level 1 (personally recruited affiliates) and 4% on level 2
  • invest in 2 Pax and receive 5% on level 1, 4% on level 2, 3% on level 3 and 1% on level 4
  • invest in 3 Pax and receive 5% on level 1, 4% on level 2, 3% on level 3 and 1% on levels 4 to 6
  • Manager ranked affiliates receive 5% on level 1, 4% on level 2, 3% on level 3, 1% on levels 4 to 6 and 0.5% on levels 7 and 8

Infinity Profit

Manager and higher ranked affiliates receive an additional 1.5% or higher bonus on downline investment.

  • Managers receive a 1.5% Infinity Profit rate
  • Agency Managers receive a 3% Infinity Profit rate
  • Regional Managers receive a 4.5% Infinity Profit rate

Manager Leadership Bonus

The Manager Leadership Bonus is an additional percentage paid on ROI payments made to recruited affiliates.

Manager and higher ranked Mia affiliates receive a 0.5% Manager Leadership Bonus rate.

Regional Managers receive 1% on level 1 and 0.5% on levels 2 and 3.

Joining Mia

Mia affiliate membership is tied to investment in a Pax.

Mia don’t disclose the minimum investment amount on their website or in their marketing material.


It’s been a while since we’ve come across a Malaysian trading scam.

Mia ticks all the boxes:

  • shell company in AU/NZ used to launder money through
  • involvement of at least on Datuk
  • the pretense that Mia investors can’t lose money and
  • puppet management who are clearly in over their heads

Mia as an international financial platform. A sustainable financial channel was built for you to create an endless stream of passive income.

The above is quoted from Mia’s official marketing material and highlights the central problem of trading-based MLM companies.

If scammers like Datuk Paduka Zamri Nazir were able to legitimately generate a consistent stream of “endless passive income” – then what do they need your money for?

As long as you invest YOU’LL PROFIT THROUGH MIA!

With respect to Mia’s purported trading, your first red flag is Mia’s “world class trader”, James Harrison;

Sure thing guys.

Apparently Mia contracts Mr. Harrison through FintechFX, a generically named company registered in Australia.

Naturally FintechFX wasn’t incorporated till October 2020, some six months after Mia surfaced.

Oh and another red flag, FintechFX was incorporated as “My Group Fintech Co Pty Ltd”.

The two addresses initially provided for FintechFX are residential and leased office space in Melbourne, Australia. They’ve since switched them out for another residential address in Sydney (nothing suss).

No confirmation that FintechFX has actual business operations at any of these addresses.

Malaysian scams are notorious for incorporating in AU/NZ because ASIC and NZCO tend not to do anything until the scams have collapsed.

The scams are careful not to recruit investors in AU/NZ, and so there’s actually not a lot the regulators can do except delist the shell companies once they’re aware of them.

This is why, despite having ASIC/NZCO equivalents in Malaysia, it’s rare to see a Malaysian scam incorporated in Malaysia itself.

Malaysian scams that are similar to MIA we’ve covered in the past include FX United (whose three Datuk owners were arrested back in Feb) and VenusFX (owners arrested March 2020).

There have been plenty more we haven’t covered, mostly because they target non-English speaking investors.

If you go through the comments of our FX United and VenusFX reviews, you’ll find the same arguments you’re likely to come up against when pointing out Mia’s fraudulent business model.

“Oh but you have complete control over your money at all times!”

“The owners are reputable businessmen, I know this for a fact because I saw them in a YouTube video!”

“These guys have a verifiable trading history, just look at these MSPaint graphs someone cobbled together!”

In the end these trading schemes all collapse just the same, resulting in the majority of investors losing money.

As for Mia, it seems it’s well on the way to collapse. Last month the company sent out the following memo to its affiliates;

It seems as whereas previously a minimum $100 investment was required to qualify for ROI payments, that has now been raised to $1000.

When that fails and people start to bail… shouldn’t be long before Mia’s withdrawals stop working altogether.

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