Have you come across advertisements or social media profiles of Finsai Group?
You might have seen quick money through forex, cryptocurrencies, NFTs, and Metaverse projects.
It sounds appealing, especially when you are searching for reliable ways to invest and grow your money. The flashy websites and social media platforms make it seem like an exciting opportunity.
But behind this attractive face, many investors have faced serious issues, such as frozen accounts, withdrawal problems, and responsive customer care.
Due to the prevalence of fake trading apps and scams in India, it is important to understand what the Finsai group and its trading platform truly is.
This blog will help you make an informed choice and avoid financial losses.
What is Finsai Group?
Finsai Group presents itself as a fintech company focused on Web 3.0 technologies, including metaverse environments, Blockchain, crypto payments, forex trading, and NFT marketplaces.
Officially, it is registered in the United Kingdom as FINSAI GROUP LTD since October 2023.
The company promotes various projects, such as MetaSoilverse (virtual worlds) and Finsai Pay (crypto payments), positioning itself as a connected digital ecosystem aimed at transforming finance.
However, key details about the company’s leadership, financial health, and operational scale are not publicly disclosed.
The lack of audited reports or transparent financial statements raises questions about its true business strength and intentions.
Now there is another firm with the name Finsai Trade.
Finsai Trade is closely affiliated with Finsai Group and serves as its trading arm.
It offers trading across multiple asset classes, including forex, commodities, cryptocurrencies, indices, and CFDs. The platform promises fast trade execution via MetaTrader 5 (MT5), with leverage options as high as 1:500.
Although Finsai Trade is registered in the UK (founded July 2023) and shares the same address and directors as Finsai Group in Leeds, it also claims to operate globally from its headquarters in Dubai.
Users have reported issues such as delayed trade execution, unexpected price changes, and buggy platform features, concerns that have affected trader confidence.
In short, while Finsai Trade appears to operate under the umbrella of Finsai Group, the lack of transparency, overlapping structures, and reported technical issues suggest that investors should proceed with caution and carefully verify the company’s claims before engaging.
Further, Finsai Trade claims to be regulated under the International Services Authority (ISA) of the Republic of Nauru.
However, Nauru’s government has publicly stated that the ISA is not a legitimate regulatory authority. Thus, the claimed license is invalid and provides no real protection for traders.
Additionally, Finsai Trade claims to have a license from the Financial Services Commission in Mauritius, but there is limited verification and a mismatch in the operational details.
This raises further doubts about the legitimacy of this license.
Importantly, Finsai Trade holds no license from well-recognised financial regulators such as the UK’s Financial Conduct Authority (FCA), Australia’s ASIC, or India’s Securities and Exchange Board (SEBI).
The absence of these licenses means clients’ funds may not be segregated or protected. Thus, there is no reliable authority for dispute resolution.
The offshore licensing claims appear to be a tactic to avoid stringent regulatory oversight rather than to assure safety and compliance.
Finsai Group Real or Fake
There are some major concerns that point to Finsai Group and Finsai Trade being potentially unsafe or illegitimate:
- The ownership and operational structure are unclear. There are no credible financial records or transparent disclosures about who is actually running the companies.
- Various user complaints exist, describing manipulative trading practices where initial profits appear only to be blocked from withdrawal later.
- Traders are then often asked to pay additional “fees” or “taxes” before they can access their money, which is are common tactic used in scams.
- The offered leverage of up to 1:500 is excessively high and increases the risk of rapid and large losses for traders.
- Hidden fees and unexpected charges have been reported, which erode account balances without a clear explanation.
- Customer support is largely ineffective or non-responsive, leaving investors without help when problems arise.
- Marketing materials often use generic stock photos, paid influencers, and fake testimonials, which lack verifiable authenticity.
- Neither Finsai Group nor Finsai Trade has any verified partnerships or licensing from reputable financial exchanges or institutions, further undermining their credibility.
How to Report Finsai Trade?
If you have identified any such platform or lost your money, then take quick action now:
- File a complaint in Cyber Crime. This is the primary step for reporting financial losses due to a scam.
- Contact your local police station and file an FIR.
- Inform your bank immediately if you have invested in any such platform. Ask them to block all the transactions for your account.
- Collect all evidence, like SMS, calls, and WhatsApp messages, so that you can use them against the company.
- Post on community platforms so that others can be aware of it.
Need Help?
In case you have been trapped and lost your money in any scam in India, then register with us now. We will guide you through the process of filing a complaint and help you recover losses.
Conclusion
According to the available evidence, we can conclude that Finsai Group and its trading arm, Finsai Trade, have multiple serious red flags. Thus, concerning their legitimacy, transparency, and safety.
Their UK registrations show dormant status with no substantial activity, and there is a marked lack of transparent financial information or credible leadership details.
The user experiences reported worldwide highlight manipulative trading practices, withdrawal difficulties, and deceptive marketing.
For anyone seeking to trade or invest, it is crucial to avoid platforms with such many warning signs. Instead, rely on brokers and financial services that are registered and regulated by recognised regulatory authorities.
Always verify before investing and report suspicious entities to the appropriate cybercrime authorities to help protect others from potential fraud.
