Finansys FX – Are They a Scam?

Website URL: https://finansysfx.io

Founded: 2021

Regulations: None

Languages: English

Deposit Methods: Visa, MasterCard, Bitcoin, Litecoin

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Foreign Currencies, Stocks, CFDs, Futures, Commodities, Crypto Assets

Trading Accounts and Conditions

Finansys FX offers their clients the following trading account types:

• Standard: The minimum deposit is $250.
• Professional: The minimum deposit is $10,000. There is a 30% deposit bonus.
• Business: The minimum deposit is $30,000. There is a 50% deposit bonus.
• Business Plus: The minimum deposit is $100,000. There is a 100% deposit bonus.

There isn’t much information provided with regard to the trading conditions. All we could find was one reference to leverage, where the broker claims to offer a maximum leverage of 1:1000. There no mention of the other trading conditions such as commissions, fees, spreads, etc.

Finansys FX – Advantages

Finansys FX is not a broker that you should deal with; there are no advantages that we could find in this broker.

Finansys FX – Disadvantages

Given below are the long list of issues that prove to us that Finansys FX is a scammer:

• Unregulated Broker

This broker claims that their domain is exclusively operated by Finansysfx.io Ltd, a company that is located in the Marshall Islands. However, when you check their Terms and Conditions section, the broker states that the you will sign is with Finansys FX Limited.

Now, here are all the red flags that we have found in relation to this information. The Marshall Islands is an offshore location with no laws regulating forex brokers. In fact, this country does not even have a financial regulator in place. And having an address in this country doesn’t mean much since you can actually incorporate a company there without having to be physically present in the Marshall Islands. All you really need to do is create a company online to be registered in this jurisdiction.

Added to that, there is the issue of which company are you actually contracting with: is it Finansysfx.io Ltd or Finansys FX Limited?

Considering the fact that this broker has not provided detailed corporate information, no phone numbers, a suspicious offshore address, and we don’t really know which company actually runs this brokerage, we can say with total confidence that we are dealing with an anonymous and unregulated broker – which means that this operation is a scam and your money is at risk.

Plus500

$100

Minimum Deposit

Start Trading

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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.

 

AvaTrade

$100

Minimum Deposit

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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.

• Issues with Trading Platform

Finansys FX claims that it offers their clients a web-based trading platform that they created themselves. However, when we tried to open an account so that we could check out their platform, we kept getting an error message (404 – File or Directory Not Found). So, basically, there was no way that we were allowed to check for ourselves to see if this broker actually did have a trading platform.

Having said that, we also would like to let traders know that legitimate brokers ensure that they provide their clients with the best possible trading platforms in the market, and this usually means offering the MetaTrader 4 or MetaTrader 5 platforms.

• Issues with Trading Conditions

If you notice in their Accounts section, Finansys FX has offered 4 different types of trading accounts. Yet, when you scroll down the accounts comparison table, there is absolutely no mention of trading conditions. All we know is that the minimum deposit requirement is $250 and that there is a maximum leverage of 1:1000 offered.

Beyond these two pieces of information, the broker has not provided any other details about their trading conditions. Considering that the service that brokers provide is trading on their platforms, the lack of trading conditions is a huge red flag. Not providing details about trading conditions is a tactic often adopted by scammers so that they do not let their clients know exactly how much money they stand to lose if they trade with these brokers.

Another point we would like to mention here is that since we were unable to access their client section (since we kept getting an error message when we tried to open an account with this broker), we cannot verify whether this broker actually offers the kinds of payment methods they advertise on their website.

• Extremely High Leverage

While we have already specified that we have issues with the lack of trading conditions, we need to also highlight the fact that the leverage offered by this broker is dangerously high.

Extremely high leverage ratios such as these are to be treated with great caution. While there is a possibility that using such high leverages could lead to massive gains, chances are much, much higher that traders will lose all their money while gambling with such high leverages. This is the reason why many of the top regulators across the world have placed strong limits on how much leverage their brokers are allowed to offer. So, in the UK, the EU and Australia, leverages cannot exceed 1:30, in the US and Canada, they cannot exceed 1:50, in Japan the leverage is not more than 1:20, and in Turkey, it is only 1:10. And these are just some of the jurisdictions we have highlighted.

• Bonuses Offered

Finansys FX also offers bonuses. They are clearly mentioned in their Accounts section. Here is the red flag with such bonuses. These bonuses have extremely unfair withdrawal conditions, where traders are required to meet impossibly high trading turnover targets before they are allowed to withdraw their funds. Furthermore, the broker usually puts in a clause that states that they can change their policies at any time – without any notice. This way, the scammer can ensure that customers never get a chance to withdraw their funds. 

Conclusion

Finansys FX is just another scam operation that is best avoided if you wish to protect your funds.

Finansys FX

2.4

User Experience

3.0/10

Payment Options

2.4/10

Security

2.5/10

Support

2.0/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated Broker
• Issues with Trading Platform
• Issues with Trading Conditions
• Extremely High Leverage
• Bonuses Offered