FinoTrader Review: Avoid Probable Scam

Some of the links on this page may link to our affiliates. Learn more about our affiliate policies.

Last Updated: July 30, 2022

FinoTrader Review

finotrader review logo black
Cost:

$110-$1,550


Trading Instruments:

Forex, Commodities, Indices, Crypto, Stocks, Bonds with TRUE ECN/STP broker IC Markets


OPT Rating: 0.0/10.0
Days to Funding:

2


Package:

MT4

When a program looks too good to be true, it often is. In researching funded trader programs we have spent a good amount of money with companies that didn’t have traders' best interests in mind. In the case of FinoTrader, the feature offered were indeed too good to be true.

FinoTrader Recommendation: AVOID better options available

finotrader review

If you stumbled into Fino Trader supposed trader funding program and were excited to join but have been scared off by the avoid recommendation and reviews claiming it to be the same online, not to worry, we will help you find programs offering similar or better features.

FinoTrader Experience:

We have had multiple traders experience this and another several posts online about the sequence of events are consistent enough to assume this is their business model


As is frequently the case with scam operations - the program that looks too good to be true is very easy to purchase. Upon purchase credentials for Phase 1 are issued rather fast. 


After passing Phase 1 credentials for Phase 2 are issued in one business day. About industry standard for 0-day evaluations. If the trader fails out of Phase 1 of Phrase 2, they are non-the- wiser 


After passing two Phases of evaluation account goes into “review”. A few days later traders are asked to submit paperwork and review the contract. Then a week goes by and they wait till support is contacted. After support is contacted they come back saying that KYC has been rejected. When asking for the reason, there is no specific reason provided. Just generic KYC rejection with a list of possible reasons.


After re-submitting required documents one more time, in our cases, Fino Trader support stopped responding to any inquiries or requests for updates. Support chat has which states that it is online never responded live and stopped responding in email follow-ups. 


End results: our traders took between 1 and 3 evaluations to pass evaluations and got scammed out of much time and over $5,000 in trading fees and promised scalable drawdown accounts. And sent sensitive documents to a questionable company.


You of course are welcome to trade any program you please, but there are some much more trustworthy alternatives out there, with a  history of funding forex traders worldwide.

Finotive Funding Trader Paths

finotrader funding phases

Two-Phase Evaluations by Trusted Trader Funding Companies:

Jitters about trying new companies? No worries,  2 Phase evaluations are a very common format, the two biggest, established names in the space, funding thousands of traders monthly are:


MyForexFunds - low-cost trader funding company offering multiple options from two-phase evaluations to instant funding. Programs start from under $100 evaluations and go all the way up to high drawdown instant funding accounts.


FTMO - Paying out almost $30 million to traders around the world last year. Established name and award-winning fintech company. Evaluations are lengthy and cost a bit more, but you get a support system and career opportunities at the funded level. Most importantly you are doing business with a trusted name in trader funding. 

Zero Day Funded Trader Evaluations:

Funded trader companies that have no minimum day traded requirement. Reach profit target without violating any rules and advance to next stage. There is generally paperwork and live account set up time involved, here are companies where you can be up and running the fastest according to our tests in the last few months:


True Forex Funds - Impressive newcomer to the trader funding space. Only 8% and 4% profit targets with no minimum day requirement. Live account was up and running in under 2 days from passing the evaluation on the weekend, might be even quicker on weekdays. Weekend trading of cryptos is allowed - great way for traders to attempt to get a trading career kick started on a weekend with a refundable fee funded trader program.


E8 Trader funding - US-based company that has already paid out over $1M, great milestone for a new company. Account creation process is automated for evaluations. Weekend crypto trading is allowed. One of the fastest live account creation processes.

The Funded Trader - Rapid Challenge. Launched with a bang in 2022. No minimum day requirement, simply reach profit target before max drawdown. Great value program from a fast growing company.


Traders looking for Fino Trader alternatives are welcome to check out our deals page as well as forex and futures funded trader program pages to find the right program for your needs. If still unsure, reach out to us and we will point you in the right direction.

Fino Trader Red Flags

Being scammed out of five-figure sums is frustrating, enough, here are some of the other red flags we discovered while trying to find any proof of company legitimacy:

  • Massive amount of followers on social media with no interactions. For a company with such a follower count, there are almost no interactions on any of their posts
  • Likely fake reviews on Trust Pilot - all 5-star reviews coming in bulk and offering no insight into the program whatsoever, just saying that website is nice etc
  • False claims on the home page
  • The company had false claims on its home page - Fino Trader claimed to have been featured all across famous financial media channels. Those have now been removed, but  they clearly tried to overstate their importance
  • The home page claimed since late 2021 that they had 370+ funded traders from the UK, half a year later in trust pilot comments they tried to brag about having funded 150 traders. 
  • They have removed any mentions of the parent company from the home page, while still presenting themselves as UK Licensed prop firm. We have reached out several times to request details on who they are but were unsuccessful in getting a response. 


Since starting the process of evaluating the company in February we have seen more reviews pop up echoing the experience we had with Fino Trader Funding aka them going no-contact after passing evaluation.

FinoTrader Reviews and Social Media

FinotTrader Trustpilot Reviews

finotrader trustpilot reviews

FinoTrader has 2.3 stars out of 5 on Trustpilot. However, it doesn't add up if you look at all of the reviews that were submitted to Trustpilot. Out of all of the reviews, 100% were considered "Bad," so we are very confused why the company is still rated as "Poor" status and not "Bad" status. FinoTrader is also not a verified company on Trustpilot. Of course, who would want to go through the hassle of verifying the profile when the reviews are atrocious.


The shady prop firm has replied to 1 of the 8 negative reviews. After reading all of the Trustpilot reviews online, it's starting to look like we are not the only ones that got duped by this company. Other trader experiences are very similar to ours. After passing evaluation, traders are being ghosted. In only response that we saw from the company, they are almost implying that a person was using a fake ID, however Trustpilot verified that review as true. It is also worth mentioning that the English in their response was broken, which makes us question if it's really being ran by UK folks.

FinoTrader on Scam Adviser

finotrader on scam adviser

It comes as no surprise that FinoTrader Scam Adviser reviews are similar to Trustpilot. Trust score is listed as 2/100 which, as you can already tell, signals a scam. Not sure how they managed to get the overall rating to 2.4/5 based on 10 reviews. Scam Adviser also highlights that the website of this "prop firm" was reported as a THREAT by DNSFilter. That's definitely not a good sign.

FinoTrader on Facebook

finotrader facebook page

Shady stuff going on with them even on Facebook. The video channel has 1.1K followers, yet 0 videos. The FinoTrader.com Facebook page has 130 likes, supposed 5.0/5.0 reviews by 12 people, but barely a single engagement on each post.


There are 8 posts in total on Facebook account, all posted within 2 days on February of 2022. Seems like they tried to fill in the "Photos" section to seem like they are active and the account could be real.

Bottom Line - Is FinoTrader legit or just another scam?

Very simple answer, FinoTrader is a Scam and you should not even consider signing up.

Risk Disclosure: This content is provided for informational purposes only. We strive to make the content accurate and current by updating it often. Sometimes, the actual data may differ from what is stated on our website. onlineproptrading.com operates independently. Although we are an independent platform, advertisements and sponsored products may compensate us. We also receive compensation for clicking on links on our website. Authors and contributors are not certified or registered financial advisors. Before making any financial decisions, you should consult a financial professional.

Read more about the risks associated with funded trading.

Looking to get funding for your trades?

Stay Up To Date With The Best Funding Programs

Contact Us