Finansa – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Finansa - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
Here are the trading accounts offered by Finansa:
- Basic: The minimum deposit amount is $300, spreads start from 0.8 pips and the leverage is 1:20. The broker also offers a bonus of 12% on your deposit.
- Silver: The minimum deposit requirement is $1,000. The spreads start from 0.8 pips and the leverage is maxed at 1:100. You also get a 16% bonus on your deposit.
- Gold: The least amount you need to deposit to use this account is $5,000. The spreads are from 0.5 pips and the leverage is 1:200. You get a 25% bonus on your deposit.
- Platinum: The minimum deposit is $10,000. The spreads start at 0.4 pips and the maximum leverage is 1:300. You are given a 50% bonus.
- VIP: There is no minimum deposit mentioned for this account type. The spreads start at 0.5 pips and the maximum leverage is 1:350. The bonus offered is 60% of your deposit.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: www.finansa.io
Founded: 2020
Regulations: Unregulated
Languages: English, German, Russian
Deposit Methods: Debit Card, Credit Card, Bank Wire, E-Payments (Not Specified)
Minimum Deposit: $300
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Forex, Stocks and Shares, Commodities, Indices
Trading Accounts and Conditions
Here are the trading accounts offered by Finansa:
- Basic: The minimum deposit amount is $300, spreads start from 0.8 pips and the leverage is 1:20. The broker also offers a bonus of 12% on your deposit.
- Silver: The minimum deposit requirement is $1,000. The spreads start from 0.8 pips and the leverage is maxed at 1:100. You also get a 16% bonus on your deposit.
- Gold: The least amount you need to deposit to use this account is $5,000. The spreads are from 0.5 pips and the leverage is 1:200. You get a 25% bonus on your deposit.
- Platinum: The minimum deposit is $10,000. The spreads start at 0.4 pips and the maximum leverage is 1:300. You are given a 50% bonus.
- VIP: There is no minimum deposit mentioned for this account type. The spreads start at 0.5 pips and the maximum leverage is 1:350. The bonus offered is 60% of your deposit.
- Saving: There is another account type called the Saving account. You are offered a 13.5% monthly interest, 25% insurance on your account and an account manager.
Finansa – Advantages
There are no advantages to trading with Finansa.
Finansa – Disadvantages
Here are all the disadvantages to trading with Finansa:
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Unregulated Broker
Finansa claims to be owned by a company called Alevana Holdings Ltd. However, when we tried to find more information about Alevana on Google, we were unable to find anything – except what appears on this broker’s website.
The address provided shows that this company is based in St. Vincent and the Grenadines. A registration number (25666) is also provided.
On its Environment page, the broker also states that it is regulated by numerous authorities:
- Cyprus Securities and Exchange Commission (CySEC)
- Financial Conduct Authority (FCA), UK
- Financial Services Commission (FSC), British Virgin Islands
- Financial Services Commission (FSC), Mauritius
- Federal Financial Markets Service (FFMS), Russia
- National Futures Association (NFA), USA
It is unheard of that one broker would have so many licenses. There are multiple reasons why this claim by Finansa is so unbelievable.
First, the FFMS in Russia was shut down in 2013 and all financial services licenses there are now issued by the Central Bank of Russia.
Next, we actually checked the online registers of the remaining regulators, and we did not find any broker by the name of Finansa or its parent company listed in any of them.
And finally, being registered in St. Vincent and the Grenadines means nothing since this country does not have regulatory oversight for brokers that offer forex services.
What this basically means is that this broker has lied about something as critical as its regulation status. Finansa is an unregulated broker and trading with it would put your funds in danger.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Possible Clone Firm
Another point that raises questions is the broker’s name. Finansa is the name of a Thailand-based firm that offers financial and investment advisory services (Finansa PLC) – which is regulated.
We checked this Thai company’s website to see if the two were connected, but they are not. This makes us suspect that this broker is actually a clone firm that is using the Thai company’s name to hoodwink customers into brokering with them.
This is a typical scamming tactic where the scammer uses the credentials of a legitimate business to cheat unwary investors. Thus, we suspect this broker to be a clone firm.
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Unfair Withdrawal Conditions
Finansa charges very high withdrawal fees:
- $50 for wire transfers
- $35 for credit card transfers (which includes a $10 processing fee)
- $25 for e-payments.
The withdrawal conditions get even more unfair because this broker charges a 10% fee on any withdrawal where the trading turnover of 200 is not met.
No legitimate broker will prevent its clients from withdrawing their own funds.
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Clients Asked to Download Anydesk
This broker also asks its customers to download the Anydesk software. This is a very dangerous program in the hands of the wrong people because it allows remote access to your desktop. So, if you download the software from Finasa’s portal, they will have access to your information – your passwords, your banking information and any other information you may have stored on your PC.
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3rd Party MT4 Trading Platform
Finansa claims to offer the MetaTrader 4 and the Status web trader trading platforms. The MetaTrader 4 software is owned by a third-party company called Lengvinpartners.
Furthermore, when we downloaded the MT4 platform, we were taken to the MetaQuotes’ demo account (which is available on the developer’s home page). Therefore, we can conclude that this is yet another lie this broker has told.
The only thing we could access was the Status web trader, which is a poor platform in comparison to the famous MT4 platform.
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Lies About Deposit Methods
The broker claims to offer credit/debit card, bank wire and e-payments on its website. However, when we checked the payments section, we found that the funding methods offered are EFTpAY, PayTrio and Pradex. Another lie.
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Profits from Bonuses Cannot Be Withdrawn
All traders are given bonuses when they sign up with Finansa. But when you read their bonus conditions (non-deposited funds), you will find out that you are not allowed to withdraw any profits you make if you have used the bonus funds!
Conclusion
There are so many things that Finansa has lied about that we can only say that this broker is not to be trusted – it is a scam. And if you invest your money with them, you will in all probability lose all your funds.
Finansa
Pros
- None
Cons
- Cons Unregulated Broker
- Possible Clone Firm
- Unfair Withdrawal Conditions
- Clients Asked to Download Anydesk
- 3rd Party MT4 Platform
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.