FINSA Investment Limited Review
Are you interested in trading online? If yes, then you should know that your priority should be to find a good and dependable broker to get started. Yes, you need a brokerage, just like it was required in the traditional form of trading. They serve as your partner in this journey because they provide you the trading platform, tools, conditions and everything else that’s a component of this process. Without them, you will not be able to access the markets, so it is not a decision that you can make in a hurry. But, why do you need to go through this FINSA Investment Limited review?
Why do you need to go through any review at all? This is because when you come to know that there are hundreds of companies providing their trading services, you will also discover that not all of them are created equal. Some offer high quality trading services that help you have an optimal trading experience, some are lacking in one area or the other and may not be able to provide you the smooth journey you want. There are also others that are downright scams and are only interested in stealing your money and leaving you high and dry.
It is not that difficult to find out about these scams, as there are plenty of stories that exist and you can learn just how devastating they can be. You wouldn’t want to be scammed when you start trading, which makes it vital to find a trustworthy and dependable broker. But, as stated earlier, there are hundreds to choose from and you cannot check each of them separately. This is where the review can be helpful because it provides the insight you need to make a smart decision.
On the surface, you will notice that FINSA Investment Limited appears to be legitimate, but there are a number of problems that you will come across when you take a closer look. What are they? You can find out below:
Lack of licensing and regulation
If there is one problem that indicates you should steer clear of a broker, it is this one. No one will recommend you to sign up with an unlicensed and unregulated broker if they have your best interests at heart. A regulated and licensed broker is one that can be trusted and depended on because they will provide you fair, transparent and secure services, which you cannot possibly expected from a broker that’s not willing to make the effort of getting a license to provide their services.
This is what you will discover in the case of FINSA Investment Limited because as per their website, they are based in London, United Kingdom. In order to operate in the UK, the broker would have to have a license from the Financial Conduct Authority (FCA), which is the country’s regulator. However, you will not find any such details mentioned on the website of FINSA Investment Limited. Moreover, you can also search their name in the FCA register and not find it listed. Plus, the broker also breaks the FCA rules, which indicates that it is not regulated at all, making it an unsafe option for everyone.
Vague Terms and Conditions
The Terms and Conditions that you agree with when signing up with a broker determine the kind of relationship you will have with them. They contain important details like the fees you will be charged, the policies you will have to comply with and other trading conditions. Thus, it is essential to check them thoroughly in order to know what you are getting into.
Checking the terms and conditions outlined by FINSA Investment Limited is definitely a wise move because it enables you to discover the broker’s fees. As per the clause pertaining to the fees, the broker is free to charge whatever it wants, whenever it wants and you will have to comply. This will open you up to exploitation, as they will be free to impose any unreasonable charges they want. It automatically shows that you cannot depend on this broker at all.
As mentioned above, the offices of FINSA Investment Limited are located in the UK, which means they have to follow the FCA rules. But, they have clearly broken them because the leverage that you are offered on their website is 1:200. This is a huge violation because the FCA does not allow brokerages to offer retail traders with leverage of more than 1:30. This is another indication that it is not a reliable broker because it is not following any rules.
High minimum deposit
Another issue that you will encounter with FINSA Investment Limited is regarding their minimum deposit. Of course, it is routine for brokerages to ask their clients to make a minimum deposit before they can start trading, so what is the issue? The problem is that they are asking you to deposit $500 initially, which is twice more than what is considered standard for brokers. In fact, nowadays some brokers are even letting traders open micro accounts with as low as $10, so it would be considered an excessively high minimum deposit.
No proper trading platform
Most of your trading experience with any brokerage will depend heavily on the trading platform they provide to you. It is at the discretion of the company to decide what platform they wish to provide, but the MT4 and the MT5 platforms are quite renowned in the market for being exceptional. They provide extensive features and tools that has helped them become the top trading solutions and you would expect a broker to offer you this option.
Unfortunately, you will find that FINSA Investment Limited has a distribution of a web-based platform and since most scam brokers out there offer a web-based solution, it should immediately be considered a warning sign.
After you have gone through the various aspects of FINSA Investment Limited that will shape your experience, it becomes evident that you cannot depend on this broker for anything.