Fintoch Review 2024
Attention!
This brokerage company is on the Blacklist. Working with companies on the Blacklist carries high risks of losing your money. We continuously monitor the Internet in order to identify new scams aimed at defrauding traders, and categorically do not recommend working with companies on the Blacklist.
We advise traders to choose reliable and trustworthy licensed companies from among top brokers of our rating:
Summary of Fintoch App Trading Company
Fintoch markets itself as a cryptocurrency trading platform that allows users to borrow money and make profitable investments in other people. The platform states that the security of its decentralized finance (DeFi) platform is guaranteed by its proprietary HyBriid blockchain technology. The investment proposal seems simple enough: Fintoch offers a daily 1% return on investment for a minimum investment of $100.
One red flag about this broker is the absence of information about the founder or top management. Moreover, Fintoch made up the claim that Morgan Stanley had contributed to the project. However, Morgan Stanley issued a statement denying any knowledge of the company and cautioning against potential fraud.
Under the guise of a secure blockchain investment using the exclusive "HyBriid" technology, Fintoch perpetrated a scam, deceiving millions of investors worldwide. Fintoch abruptly ceased to process withdrawal requests on May 23, 2023, for all investors. After that, the company said that it had introduced its own blockchain and that all contracts for loans and borrowing were being moved to the FTC blockchain. It was announced that all users would be able to withdraw their funds and that the system would once again be operational on June 1, 2023. Unfortunately, it turned out that this was a false statement, and the promised withdrawals never happened—a flagrant lie.
Trade with this broker, if:
- You are seeking a broker that provides competitive pricing and efficient trade execution.
Do not trade with this broker, if:
- You do not prefer to trade with a broker that is not regulated by any financial authority or is regulated by a low-tier authority. Regulatory oversight is crucial for ensuring the security and fair practices of the broker.
- You do not prefer a broker that has a poor reputation or is not well-established in the market. A broker with a solid reputation and a history of reliability is generally more trustworthy.
- You do not prefer a broker that offers unfair pricing or opaque trade execution methods. Transparency and fair practices are essential for building trust in the broker's services.
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Contacts
Registration address | Teodora Walker serves as the designated contact person for Fintoch, and their support email can be reached at help@fintoch.com. The company's physical address is 18 South 2nd Street, San Jose, California 95113, United States of America. However, since the website is no longer operational after refusing customers access to their accounts, the data provided above could also be misleading. |
We constantly monitor the Internet for the emergence of new fraudulent schemes to deceive traders. We have been collecting data about scam brokers for more than 10 years and we think we know every dishonest company in the market. Below we have collected for you the information about the scammers from the List of SCAM Brokers.
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FAQs
Why has Fintoch App been placed on the Forex Broker Blacklist?
Possible reasons:
• multiple complaints have been filed against Fintoch App by traders claiming the broker failed to fulfil its obligations, including process withdrawals;
• the website of Fintoch App is down, not updated or operates with clear errors and some features are not available;
• Fintoch App has been blacklisted by the regulatory authority, and a warning has been published on the regulator’s website.
What should I do if Fintoch App got blacklisted and I still have money in my account?
Don’t panic right away. First, try to find out the reason why Fintoch App got blacklisted. The situation may be temporary. Contact Traders Union client service for details. If the situation is critical, try to withdraw money. The best way to do it in parts, so that the broker does not suspect that you want to withdraw your entire balance and close the account.
What should I do if I cannot withdraw my money from Fintoch App?
If your broker refuses to process withdrawals under various pretexts, your algorithm of actions is as follows:
• Get a clear response from the broker’s Support Service with reference to the clauses of the Terms of Use (User Agreement). Save your correspondence and download the transaction history from your account.
• With a full package of documents, appeal to the following organizations: the broker’s regulator or corresponding law enforcement agencies. If you make your deposit with a bank transfer, try to initiate a chargeback request.
• Share your situation on traders’ forums, add the broker to blacklists of various websites, as it will help others avoid the mistake.
Is there any chance to recover my money if Fintoch App is a scam?
On rare occasions, yes, for example, if the broker was a member of a compensation fund, or upon a court’s ruling.
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