Financial Aims LTD review: 5 facts about financialaimsltd.com

 "Financial Aims LTD is a pretty generic offshore broker. There is unfortunately no shortage of these kinds of firms and most of them are scammers. There are certainly a lot of red flags of fraudulent activity with this particular one as well. For instance, its Bonus policy is one which makes it impossible for the trader to withdraw. Secondly, since the firm lies about its whereabouts, it cannot be tracked down – as you can imagine, this is another red flag of fraud. Thirdly, it is completely unregulated, which is another step it has taken with the goal of avoiding accountability.

Of course, most offshore entities also fail to provide a good service when it comes to trading. As mentioned, they are scammers and are more interested in pocketing your funds. That way, Financial Aims LTD has a pretty high leverage, which is dangerous for most of its traders. Its web platform is incredibly lackluster and quite shady as well. So even though there are a lot of CFDs you can trade with the broker – Forex, Crypto, Indices, Stocks and some Commodities, we urge you not to! All these assets are also available with more reliable firms.

If you would like to know more about the issues this shady company has, check out the following review. In it, we have covered the red flags mentioned above and more:

Financial Aims LTD license and regulation

First and foremost, there is no oversight over the activities of this particular broker. It would have you believe the opposite is true, even though it does not formally claim to be licensed. Here is the address where it pretends to offer its services from:

Note that, in the UK, to start offering your services as an FX broker, you would be required to obtain a license with the regulatory body which oversees the markets in the country. The name of that body is the FCA. So it stands to reason to think that Financial Aims LTD would be present in its register if it has an address in London, but that is not the case. To disprove the broker’s claim it operates from there, we don’t even need to look it up in the register of the FCA. Instead, we would like to draw you attention to the fact that crypto CFDs have long been banned there. Therefore, there is no way for the address to be real. It is certain that Financial Aims LTD is ran from an offshore scam haven instead! Here is why that is so dangerous:

The dangers of unlicensed brokers explained 

Scams, money laundering and financing terrorism – these are just some of the financial crimes that are regularly conducted by unregulated brokers. And even when these companies are not trying to steal from you, they might still end up taking your deposits. That is because such offshore entities are often run by people who lack the experience to run such a company, resulting in it going under and dragging your funds with it. To trade safely, you need to do so with a licensed broker – here are some of the strictest regulatory jurisdictions and the top brokers from there we have covered:

>>Best regulated Forex brokers<<

How regulation solves the aforementioned issues 

Nowadays, there are many regulatory bodies around the world. The particular policies they adopt to secure the markets that are overseen by them are varied, but there are some common strategies used by them.

Firstly, there is an effort to make sure scams are unable to flourish by introducing the requirement for brokers to report on a daily basis on open and closed trades, as the frameworks in the EU, the UK, the States, and other jurisdictions, require. Another common policy is the KYC measures that are required of most companies nowadays.

Secondly, there is an effort for regulators to ensure that brokers are operated by people with sufficient professional qualifications and liquid capital. These vary from place to place, but sometimes the capital requirements can be quite high – for instance, a US firm would be required to hold over $20 million to be issued a license! It is also common for brokers to be required to participate in guarantee funds which pay out their clients in the event of bankruptcy – for instance, British clients are entitled to up to £85 000.

 

Offshore brokers’ dirty tricks

Here are the schemes that offshore scammers use. The goal behind them is simple – to prevent clients from withdrawing any of their money. Nowadays there are a lot more convincing scammers than this one. In fact, one could have you fooled. So it is vital to know what these tricks look like – watch out for the red flags with any firm you trade with:

Bonuses and high trading volume requirements 

The most common of these tricks is a restriction of withdrawals via a trading volume requirement, which is set as a prerequisite for them. This is the case with Financial Aims LTD as well, which is rather straightforward in its Terms and Conditions:

What are the odds you will be able to clear a turnover of 40 times your bonus? Incredibly slim! Not even an experienced Forex trader would be able to achieve such a thing. And before that is done not a cent can be cashed out. To avoid being the victim of similar policies, it is imperative that you watch out whose money you take! There are a lot of licensed firms which offer bonuses with none of the strings attached:

>>Legitimate Forex brokers that offer bonuses<<

Fake profits and 20% withdrawal fees 

Unfortunately, bonuses are not the only thing scammers use to deter withdrawals. It is all too common for them to pretend their clients are being incredibly profitable – and so, they call you, demanding you deposit a bit more so you can keep winning. Of course, any such winnings are illusory – if you attempt to withdraw them, you will be prohibited that. As for the withdrawal fees of these companies, they are commonly incredibly high – 10, 20, 30% of your funds. It is not common for brokers to demand withdrawal fees at all nowadays – so if one does, and wishes for such big amounts too, it is clear you are dealing with a scam.

Financial Aims LTD trading software

The trading platform offered by the firm is lackluster, as they always are with offshore brokers. Here is what it looks like:

Note that there are not a lot of features. For instance, automated trading is nowhere to be seen. And even though there are some charting tools, the platform is just nothing exciting. It is certainly a far cry from Metatrader 5.

Yet, even when unlicensed firms do have good software to offer, and when they do have MT5, it is unwise to trust them with your money! They commonly manipulate whatever platform they have to show your money being traded, when it is just lining the pockets of the scammers. Stick to licensed companies with competitive software.

Metatrader 5 is currently among the most widely used trading platforms nowadays. The software has many advantages over its competition – it has a wealth of technical analysis tools to offer, with over 21 timeframes, for instance. However, what really gives MT5 the edge is the automated trading it provides access to. That is a feature which allows the trader to utilize trading bots, called Expert Advisers, which can be bought and sold on the marketplace that is also hosted by the platform.

>>Trustworthy MT5 brokers<<

The developer of the software, MetaQuotes, is also quite dedicated to it – meaningful tools are added to MT5 quite often. Most recently, a new tool was introduced, which allows the trader to quickly get a series of graphs that represent their to track their performance over a period of time, as well as the one of specific trading assets.

Apart from its excellent PC version, MT5 is also available as a web-based platform, which is accessible from any modern browser. There is even a mobile version of the platform, which can be found for Android devices. The reception of it there is quite glowing – to date, the platform boasts an impressible 4.5/5 rating on Google play, with over 393 000 reviews. As of 11.10.2022 the IOS version of the platform is unfortunately unavailable.

Financial Aims LTD trading conditions

The trading conditions witerage it offers. It starts at 1:100. This amount is not suitable for retail traders and brokers cannot legally offer it to them in the majority of important trading hubs. Here are some of these restrictions across the world:

Jurisdiction The US The UK The EU

Retail client leverage 1:50 1:30 1:20

Yet offshore brokers do have them available, in nothing more than a bid to attract more clients. Low margin is attractive indeed, but consider the risks associated with trading on it before you start. And even if you are an experienced trader, watch out for firms which advertise it brazenly, because most are scammers, targeting retail traders.

Spreads with Financial Aims LTD are acceptable, on the other hand. They are of 0.6 pips for the EURUSD pair. This is generally in line with the industry, with most brokers keeping it under a pip to reduce client expenses. Here is a list of such companies:"h this firm leave a lot to be desired when it comes to the le