FinFay: reviews and company integrity check in 2022
Company Information
FinFay is promoting its unique trading plankton, which has been developed taking into account the needs of individual traders. According to the company’s statements, it has been successfully operating in the market for over 5 years, and the number of its clients has exceeded 40,000. However, the lack of reviews about FinFay and expert reviews make one think. It is necessary to conduct a thorough check of this broker before drawing final conclusions.
Main Organization Aspects
Since 2018, FinFay has been providing services in financial markets. To confirm its fairness, they provide the following statistics:
- 37,300 clients (however, the start page indicates a larger number),
- 250+ trading instruments,
- 341,720 trades per day,
- daily turnover exceeding 83 million dollars.
However, based on the history of the domain finfay.com, the site was launched in December 2019.
This information contradicts the legend of the brokerage company. But that’s not all. In the archive of websites, there are data on projects that looked different in previous years. On the site that resembled similar projects were a Chinese news resource owned by the Longsha District Information Network. Probably, scammers bought it to create an illusion of the long existence of their project.
The address of the FinFay office is indicated on the website at Agios-Christophoros Street, 9, 3101 Limassol.
This address is associated with DepositoLogy and FCE Group, followed by a chain of negative reviews. Their websites are exact clones of FinFay, with the only difference in the logo. This can be verified in the attached screenshots.
Legal Aspects
The parent company is FinFay Group. According to documents, it is supervised by several regulators:
- in Cyprus,
- in Belize,
- on the island of Mauritius.
Scammers do not provide copies of legal documents. Verification of the information presented on the FinFay website showed that such a company does not exist in the databases of regulatory bodies. The results of the check in the register of the Cypriot commission from the native jurisdiction of the pseudo-broker were negative.
The same applies to the Central Bank of Russia. Without the approval of the main regulator of the country, FinFay has no right to provide services to Russian traders. However, fraudsters continue to operate in violation of laws, ignoring user protection.
Cooperation Conditions
Sharaga tries to convince us of the advantages of their trading terminal, but in reality, it is manipulated software. According to real users who worked with FinFay’s predecessors, scammers use it to withdraw deposits.
There is no demo account on the platform – right after registration, a deposit must be made. The features include:
- three tariff plans (“Zero”, “Standard”, “VIP-Trader”) with different entry thresholds,
- absence of non-trading commissions,
- 6 asset classes,
- spreads from zero,
- leverage from 100x to 500x,
- instant order execution without slippage,
- some accounts offer trading in metals and digital assets, insurance, round-the-clock support, and protection against negative balance.
It is worth noting that information about the company’s payment discipline raises doubts. Given the problems that users of the previous broker faced, one should not expect anything good from FinFay.
Reviews of the Pseudo-Broker
We could not find reviews about the company, as the project was launched recently, and traders’ opinions have not yet solidified. However, there are reviews of other fraudsters’ projects.
Newcomers Deception Scheme
FinFay reproduces psychological pressure, persuading newcomers to increase their trading volume to earn more. Scammers use manipulated software to create the appearance of successful trades and attract new investments. Immersed in euphoria, users lose large sums and face financial problems when trying to withdraw funds. Fraudsters demand payment for insurance and taxes.
After that, two scenarios are presented: if the user follows the scammers’ recommendations, they continue to deceive him. In case of refusal to pay the dishonest demands, fraudsters accuse the user of violations and block his account with a significant balance.
Final Thoughts
There are no reviews from real clients of FinFay yet, but even now it can be stated that this is a dishonest organization. This project is one of many similar fraudulent networks that create new pseudo-brokers one after another. FinFay operates without the necessary legal documents and does not have access to real markets. Its goal is to create the illusion of trading to deceive newcomers and extract profit from them. Do not risk your money!