Hi Dallas,
I am not personally familiar with WikiFX’s methodology for rating brokers, but I noticed they gave Finavex a score of 4.9/10, which seems quite low to me.
WikiFX mentions that Finavex is regulated by the Financial Crimes Enforcement Network (FinCEN). However, it’s important to clarify that FinCEN is not a financial regulator; it is a U.S. government agency focused on combating financial crimes like money laundering. Being registered with FinCEN does not imply that a broker is properly regulated or legitimate. Moreover, I also cross-checked and I could not verify that Finavex would be overseen by FinCEN at all.
Regardless, false claims about regulation are always serious red flags, so please do not use Finavex in the future. Make sure to choose brokers who are overseen by top-tier regulators like the SEC in the US or the FCA in the UK.
If you have any questions please let me know.
Best wishes,
Andris