WikiFX Deep Dive Review: Is FINEX Safe for Investors?

Broker Name: FINEX

WikiFX Score: 7.33 / 10

Country of Origin: Indonesia

Review Date: 2024

1. Quick Summary

FINEX (PT. Finex Bisnis Solusi Futures) is a brokerage firm based in Indonesia, established in 2018. Unlike many low-ranking brokers we review, FINEX holds a relatively high safety score of 7.33 on WikiFX. This is because they hold valid licenses from Indonesian government regulators.

However, a high score does not mean there are zero risks. While the company is legally registered, our records show a mix of feedback. Many users like the simple platform, but there are recent, serious complaints about moving money (deposits and withdrawals). This review will explain the facts so you can decide if this broker fits your needs.

Key Takeaways

• Valid Regulation: FINEX is regulated by BAPPEBTI and JFX in Indonesia.
• Withdrawal Issues: Recent reports show some users struggling to withdraw or deposit funds.
• Regional Focus: This broker is designed primarily for Indonesian traders (local bank transfers, local language support).
• Technology: They offer the reliable MT5 platform, which is a good sign for trading stability.

2. Is the License Real? (The Fact Check)

The most important check for any broker is their license. An unregulated broker can vanish with your money. A regulated broker must follow strict government rules.

According to WikiFX records, FINEX is Regulated. They are overseen by the main financial authorities in Indonesia.

Regulatory Data Table

What does this mean for you?

This means FINEX is a legal company in Indonesia. They have a physical address and are accountable to the government. BAPPEBTI is the official authority that watches over futures trading in Indonesia. If you are an Indonesian trader, this offers you significant protection compared to an offshore broker. If you are an international trader, these protections might be harder for you to access if a legal dispute arises.

3. What Traders Say (Evidence from the Community)

While the license is good, we must look at how the broker treats its clients. We analyzed the complaints and reviews from the WikiFX case files. The current year's data shows a split in user experience: some traders are happy, while others face operational problems.

Problem Area: Money Transfers (Deposits & Withdrawals)

The most concerning reports relate to money getting “stuck.” Traders expect that when they send money, it arrives instantly, and when they withdraw, they get paid quickly.

• Withdrawal Failure: In June 2024, a user reported that they could not withdraw their funds. The user stated, “I want my 200k back,” indicating a struggle to retrieve capital.
• Deposit Failure: Another report highlights a failed deposit. The user sent money, and the bank confirmed the transfer, yet the funds did not appear in the trading account.

Evidence of User Issues:

Ref: A user report regarding withdrawal difficulties (Identities hidden for privacy).

Positive Feedback: Platform & Simplicity

It is important to note that not all feedback is negative. In early 2024, several users posted positive reviews:

• Good Tech: Users praised the “tight spreads” and the power of the MT5 platform.
• Simplicity: Traders liked that FINEX offers a single account type, which removes the confusion of choosing between complex tiered accounts.
• Beginner Friendly: One user described FINEX as a good “gateway platform” for beginners.

Analyst Verdict: The trading environment (software and spreads) seems to work well, but the administrative side (banking and transfers) has reported errors that need to be fixed.

4. Trading Conditions and Software

If you decide to trade with FINEX, here is what you will use.

• Software: They use MT5 (MetaTrader 5). This is professional-grade software used by millions of traders globally. It is better than the older MT4 and allows for detailed chart analysis. They also have a mobile app (Android).
• Leverage: They offer high leverage, up to 1:500 for Forex and Metals.
• Risk Warning: High leverage can double your profits, but it can also wipe out your account in seconds. Beginners should be very careful with 1:500 leverage.
• Fees/Spreads: The main spread starts from 0.5 pips (Floating), which is competitive and low cost.
• Account Types: They offer a straightforward experience with 1 main account type. The minimum deposit is very low at $10, making it easy to test without risking much money.

5. Conclusion

Is FINEX safe?

The Logic-Based Answer:

Yes, for local traders, but with operational caution.

FINEX is not a scam broker. They hold legitimate licenses from BAPPEBTI and JFX, and they have a high WikiFX score of 7.33. They use legitimate software (MT5) and have been operating since 2018.

However, the operational risks cannot be ignored. The recent complaints about deposits not showing up and withdrawals failing are serious. Even a regulated broker can have banking issues or technical failures.

Recommendation:

1. For Indonesian Investors: This is a regulated local option. However, if you experience a delay in deposits, contact their support immediately using the local phone numbers provided (+62 code).
2. For International Investors: While regulated, FINEX is highly focused on Indonesia (language, banks). You might find it difficult to communicate or transfer funds if you do not have an Indonesian bank account.
3. Safety First: If you choose to trade here, start with the minimum deposit ($10) to test the withdrawal speed before investing larger amounts.

Disclaimer: This review is based on data and user reports available in the WikiFX database as of 2024. Trading forex and CFDs involves significant risk and may not be suitable for all investors. WikiFX does not provide financial advice.