Finwave: What Traders Need to Know

Today we present to our readers a Finwave review — an honest account of a third-rate broker modestly calling itself “the world’s No.1 CFD provider.” It tries to attract users with promises of a convenient trading terminal, plenty of educational and analytical materials, and, of course, the best conditions for clients. However, in our opinion, it does not deserve even a fraction of traders’ attention, and funding an account with this company carries a huge risk of total loss of funds. All the details about this scam project can be found below.

Finwave Snapshot

Legitimacy Check

The only page on Finwave’s official website does not mention anything about the company’s registration, licensing, founding date, etc. True, the contact section provides an office address in Philadelphia, Pennsylvania, USA. However, we strongly doubt that the broker actually has a physical office there, let alone being officially registered at that address. The reason is simple: CFD trading is banned by law in the United States. It’s highly unlikely that local authorities would register and authorise a legal entity that conducts illegal activities.

Nevertheless, we checked the Secretary of State Pennsylvania database. As expected, a search for the company’s name yielded no results.

We also tried to determine the company’s origin/registration and whether it holds any licences. To help with this, we used the OpenCorporates database, which collects and stores data on over 222 million legal entities worldwide.

The search returned quite a few results. There are 16 active companies in different countries whose names begin with “Finwave.”

Among them, at least three (judging by the name) could have been the broker in question: Finwave Limited from Hong Kong, Finwave PTY LTD from Australia, and FinWave GmbH from Germany. However, none of them provide brokerage/dealer services. The list also includes, for instance, an Indian Forex broker called Finwave Forex Private Limited, but a visit to its website confirmed that it has no connection to the company we are reviewing.

As we already mentioned, the pseudo-broker has not disclosed any information about its founding date. To clarify this, we turned to the Whois service.

As we can see, the working domain finwave.group was registered in February 2024, and at the same time, the domain finwave.vip was created, which is used for the broker’s email server. We can confidently say that the project was launched in early 2024 and has been operating online for around 17 months. Quite a solid “track record” for a scam project.

Only one question remains: after all that time, did they still not manage to afford a proper website? Up next, we’ll explain what’s wrong with its current version.

Finwave.group Content Quality

We’ve seen plenty of official websites from licensed brokers, so we can confidently say that the developers involved in this project haven’t even come close. First of all, let’s talk about the format: it’s hard to take a single-page site seriously as the resource of a reputable trading platform.

That said, even a single page can be rich in useful content. Real market participants and organisers know perfectly well that traders are primarily interested in:

• Detailed specifications of different account types.
• Terms of trading and non-trading operations.
• Contract specifications.

But it seems the creators of Finwave believe they can lure new clients with vague and very short descriptions of their supposed advantages. Or maybe they’re fully aware that their offers are non-competitive, and therefore avoid getting into any specifics.

What’s more, even that one page gives the impression of being unfinished. For example, the ticker on the banner — which displays the number of available instruments in different groups — is supposed to redirect users to a registration page. But the link leads to a non-existent address on an unregistered domain.

There’s a pretty straightforward explanation for all this. We often see this approach with scam brokers. They gather contact details (from prior similar projects or the dark web), cold-call potential clients, and pressure them into registering and funding an account with a significant amount of money.

Here’s another clear sign that this is not a licensed broker. The list of available payment methods consists only of about a dozen cryptocurrencies. It seems the people behind Finwave haven’t even heard of AML policies, even though there is a link to such a policy in the footer.

Key Trading Features

We’ve already mentioned that Finwave isn’t planning to publish any clear trading conditions. The only visible feature for traders is a list of seven account types:

• Mini.
• Standard.
• Silver.
• Gold.
• Platinium.
• VIP.
• ECN.

Apparently, the company’s team believes that the main differences between these tiers are not leverage or spreads/swaps, but rather the amount of money on the balance and perks like access to trading signals, support from an investment adviser, or AI integration.

As for the actual trading conditions, the client will have to figure everything out on their own during live trading. Needless to say, this can easily lead to serious financial losses. But the broker clearly doesn’t care — in fact, it benefits from this. Under their execution model, every trader loss is a profit for the company, i.e., Finwave.

Some might argue: the desktop platform is available for download without registration, so if you install and launch the software, you can check the specs for each symbol. That’s true — with one exception. Without registration, only a demo account is available. And no one guarantees that the listed contract specs match the real ones.

Meanwhile, opening a real account requires going through verification, which includes making a deposit. Quite curious, isn’t it? In order to find out the real trading conditions, you need to fund your account first. That’s incredibly “transparent.” Strange that regulated brokers don’t operate this way.

Finwave Education Insight

On its single page, the broker offers users to “Learn how to trade like a pro.” A great option, especially since professional educational materials are hard to find at many brokers. We understand that it is impossible to place books, webinar recordings, etc., in the limited space of a single page. However, even under these conditions, Finwave found a way to publish market analysis.

We hoped to find not just borrowed forecasts but truly original educational materials in the personal account: articles, e-books, training courses, and webinars. However, we were met with yet another huge disappointment: there is not a single mention of education in the Finwave Trader’s Room.

So, are all the company’s promises empty? To the question asked to the support service, we received a comprehensive answer: invitations to webinars and regularly appearing educational materials are sent by email. While waiting, the user can get acquainted with Markets forecasts in the trading terminal.

Basically, this dispelled all doubts: the talks about training at this broker are just another legend designed to attract market newbies. In reality, no one intends to teach anyone; the less knowledge and experience traders have, the easier it is to appropriate their money.

Customer Service Overview

In the contact information block, Finwave deemed it necessary to include only:

• Office address in Philadelphia (Pennsylvania, USA).
• Support service email address.
• Feedback form.

Additionally, there is an option to use online chat on the official website page. But we were interested in a few questions:

1. Why did the “world’s No.1 CFD provider” not find funds to rent an office with a phone or at least buy a phone number for prompt user support?
2. Why does the company have no links to social media pages? Although, as we mentioned, they probably invite new clients via direct contacts, so there’s no need to attract an audience from outside.

Basically, we see yet another typical scammer’s approach. Its main signs: no real office, virtual communication channels, zero activity in social networks. This is enough to operate for several months and collect a certain sum from trusting traders.

Our Verdict

In our Finwave review, we provided strong evidence that the project was created by scammers. We showed potential clients that it operates without registration and licence, hides trading conditions, and monetary operations are non-transparent and contradict AML policy. Even promises of trader education are not fulfilled. Do you still want to try trading on this scam platform? Remember, the probability of losing funds here is close to 100%.

About the author

Hamish Drake

Trading Educator

Hamish Drake is an experienced trading educator and content creator. He has developed several online courses and written numerous articles on trading basics, risk management, and market fundamentals. Hamish focuses on identifying brokers that offer the necessary educational resources, ensuring customers have the tools they need to start and improve their trading journey.