Finq.com

Finq.com are a new broker, offering CFD and Forex trading via an advanced trading platform and app. Offering tights spreads, a large range of assets and a minimum deposit of $100, Finq are growing quickly, particularly in India, Australia and South Africa. They offer a range of account types, and a trading volume bonus. Read on to find out more…

Company Details

Finq.com is a web-based Forex and CFD brokerage launched in 2017. Its headquarters are in the Seychelles, and the broker is regulated by the Seychelles Financial Services Authority.

The platform offers users the opportunity to trade a diverse selection of instruments primarily wrapped as CFDs, with over 2,000 tradeable instruments and almost as many individual shares in a number of leading global markets.

Additionally, Finq.com allows you to trade in 60+ Forex currency pairs, an unusually large selection of commodities and 23 major international equity indices.

Trading Platform

The MetaTrader 4 platform is best suited to Forex and CFD traders, and the WebTrader platform will be a better fit for clients who wish to trade equities. It is not possible to trade every instrument on offer at Finq.com through either one of those platforms on its own.

MetaTrader 4 is an independent platform developed for trading commodities, FX and other products. It is advanced and user-friendly and is the gold standard among trading platforms.

It provides a multilingual interface, built-in help guides, instant execution and a comprehensive technical analysis package. It even offers automated trading, with the ability to test automated strategies using MetaEditor, Strategy Tester and Compiler.

Alternatively, WebTrader functions as an advanced, fully customisable trading suite that doesn’t require the installation of any computer software. It harnesses cutting-edge web technologies to provide secure access to your account.

It features independent spreads that are frequently lower than other platforms and incorporates some interesting tools like the ‘Events & Trade’ function to pinpoint the movement of instruments from the economic calendar.

Assets/Markets

An impressive range of assets can be traded on, particularly with regards to individual shares. Close to 2,000 shares can be traded, primarily the ones quoted on leading global exchanges like the UK, USA and Germany.

Users have the opportunity to trade Forex, Commodities, Indices, Bonds and ETFs in addition to individual equities.

Spreads & Commission

The broker offers fixed spreads in every type of account, and spreads are 1.9 pips on EURUSD. These are low and hugely competitive spreads. There are no fees or commission on deposits or withdrawals.

Leverage

The leverage offered by the broker varies from 1:50 up to a maximum of 1:300, depending on your experience level. Of course, with the potential for such high leverage, the risk is also high.

Mobile Apps

If you aren’t able to sit in front of a computer for hours every day, and your schedule involves long commutes or time outside the office, Finq.com has a polished and user-friendly app. You can download it from the app store on iOS devices and the Google Play store on Android. You will find that the platform has a lot of good user reviews on both stores.

Payment Methods

It is simple and secure to deposit funds into your Finq.com account.

Both deposits and withdrawals can be made via a few different methods, including debit/credit cards, bank transfers, Neteller, FasaPay and Skrill. In general, you will make withdrawals through the same channel you make your deposits through.

Finq.com do not add any additional charges on top of the fees that some of those payment processors will issue.

Demo Account

You can create a demo account with Finq when you first sign up, giving you access to a $10,000 virtual money simulation after entering the initial signup details.

The account currencies you can try are USD, RUB and ZAR, after which there are several other steps to immerse yourself further in the demo. This is what the introductory wizard walks you through, after which you are free to experience the simulated markets in more depth.

Deals and Promotions

Among the deals and promotions, there is a 25% deposit bonus and a ‘refer a friend’ bonus. You can also potentially secure a volume-based bonus that depends upon the volume of trades taken, and favoured clients may be rewarded with discretionary bonuses.

Regulation and Licensing

In terms of regulation, Finq is not as strong as some of its competitors. This is because it only holds a licence from the FSA in Seychelles, which is not one of the more reputable regulators.

There are not strict rules and criteria that must be met to obtain a licence from them, and this is a red flag for many investors.

In itself, this should not lead you to conclude that Finq.com is a scam broker, but you should be aware that the company may not have proven its financial strength as well as one that is licensed by FCA or CySEC.

Additional Features

Finq.com includes an extensive education section on its site, which includes around 40 video lectures that cover important trading topics. There is a particularly useful tutorial on using the MetaTrader 4 platform. You can also find an economic calendar, a roundup of the market outlook published every day, and a substantial FAQ section for the WebTrader platform.

Account Types

Finq.com does try to ensure there is an account variation for different types of trader.

Basic

The basic account requires a $100 minimum deposit and opens up both the web and mobile trading platforms

Classic

The next account is the ‘Classic’ one, which includes all the ‘Basic’ features but requires a minimum investment of $1,000. For this larger deposit, you improved spreads, a dedicated account manager and a daily review.

Gold, Platinum and Exclusive Accounts

With a ‘Gold’ account, you get everything the ‘Classic’ account offers with premium daily analysis thrown in. Plus Premium analysis and access to Trading Central. The Minimum deposit is $5000.

The platinum and Exclusive accounts require $50,000 and $100,000 respectively. The additional benefits of each level are even tighter – Exclusive account holders see spreads from 1 pip.

Benefits

The strengths of this broker are quite clear:

• Accessible, user-friendly broker with good support and education for traders of all levels.
• Outstanding market coverage, with a huge range of options to choose from.
• Impressive trading conditions on many of the supported asset classes, with low spreads and high leverage.

Drawbacks

The downside of Finq.com may be enough to put many investors off signing up for an account:

• There is no ignoring the less-than-convincing reputation of the brokerage’s precursors and licensing in the Seychelles, so tread carefully.
• Due to the regulatory status, the availability of Finq.com is quite limited.

Trading Hours

The 2,000+ assets span 24/5 to accommodate the trading hours of the relevant global exchanges and markets. There is also weekend trading on a number of assets to ensure trading is entirely at your convenience.

Contact Details/Customer Support

Customer support is available via telephone and email only but can be accessed during market hours Monday to Friday. Support is available in English. Contact details can be easily found on the website.

Safety and Security

Finq.com employs extra security with client funds kept separately in top global banks. All payment methods ensure deposit and withdrawal processes are handled via reliable, vetted third parties. All personal data is kept safe and confidential at all times.

Overall Verdict

Finq.com offers a well-rounded, professional brokerage for traders who wish to trade a diverse range of assets in CFD form through a fast market-maker execution model.

It is particularly useful for individual stocks and shares and ETFs. Finq.com may be particularly attractive for clients with a relatively small deposit size wishing to take advantage of market maker execution and trading diverse individual stocks and shares on a model that only uses spreads.

However, users should proceed with caution as the broker’s financial credentials are not regulated by the most reliable of authorities. This means there is an element of risk that will be prohibitive for some traders.

Can I trade From…?

Finq.com say the following “We do not establish accounts to residents of certain jurisdictions including the European Union, United States or any particular country or jurisdiction where such distribution or use would be contrary to local law or regulation.”

Accepted Countries

Finq.com accepts traders from Thailand, South Africa, Singapore, Hong Kong, India, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Finq.com from United Kingdom, Germany, France, Norway, Sweden, Italy, Denmark, Belgium, United States, Canada, Australia.