Finq Forex Broker Review
Last Updated: October, 2019.
While at first glance, Finq.com is a new brokerage launched in 2017, its roots reach back way further than that. It was apparently involved with ForexYard.com as well as Safecap Investments Ltd and lead Capital Markets for a while. Its corporate background nowadays has nothing to do with any of those entities though.
Finq.com’s reputation among the FX-trading public is not particularly stellar right now – there is just no way around that fact. Some traders accuse the broker of being a market maker, while others decry the quality of the 24/5 support it offers and the conditions that tie its bonus.
Still others believe the verification system used by the broker to validate withdrawals is way too lengthy and convoluted.
Roughly about half the users who have bothered posting reviews/feedback about the brokerage have had a positive opinion on its services.
When it comes to its corporate background, the operator is not particularly generous with information. We do learn though that the entity currently owning the Finq.com brand is a certain Dilna Investments Ltd, which is a subsidiary of Leadcapital Corp. Ltd, and acts on its behalf at all times.
We mentioned in the title that Finq.com is an Asia-focused operation. As such, it does not accept traders from the EU (or rather, the whole of the EEA), the US, Canada and Belgium. In fact – as its website states – it does not accept clients from any jurisdiction where its functioning is in any way, shape or form illegal.
All that said, why would you want to make Finq.com your primary FX/CFD trading destination?
To begin with, the operation only requires a minimum deposit of $100. For beginners and recreational traders, accessibility is extremely important, and in this regard, Finq.com does indeed deliver.
Unlike most of its peers, the broker offers a bonus deal, which can be an important balance-booster for beginners. In regards to this bonus, it needs to be pointed out that it is tied by some pretty strict terms and conditions, so make sure you fully understand those, before you commit.
The broker gives its traders access to a host of useful trading tools as well as to more than 1,200 tradable assets.
No commissions are charged on any of the accounts supported by Finq.com. The broker uses the spread exclusively to generate revenues.
Besides the real money account options, a Demo account is also available to those who want to put the platform to the test, without risking any real money.
As far as the security of trader funds and regulation is concerned: according to its official site, Finq.com is licensed and regulated by the FSA of the Seychelles. Its license number is SD007.
In compliance with the regulatory requirements, the funds deposited by traders are kept in segregated bank accounts, with prestigious financial institutions.
Finq.com Account Types
A total of 4 account types are available at the brokerage, of which the Basic one is the most…basic.
Requiring a minimum deposit of only $100, the Basic account throws a Daily Analysis into the mix and that’s about it. Basic traders also have 24/5 support and access to desktop- as well as mobile trading, but that should go without saying for any proper, modern brokerage.
Those looking for a more complete service, can opt for the Classic Account. This one requires a minimum deposit of $1,000 in exchange for which, traders also gain access to webinars and a dedicated account manager. As always, we have to caution you in regards to this account manager setup though.
Next on the account-type ladder, we have the Gold Account, which requires a minimum deposit of $5,000. In addition to what the Classic Account has to offer, this one throws Premium Daily Analysis into the mix as well.
Last, but not least, we have the Platinum Account, which is obviously the “full extra” option of the broker. With a minimum deposit of $25,000, the Platinum Account features Premium Customer Support in addition to what the Gold account offers.
Interestingly, though it would make sense for there to be differences in regards to the trading conditions among these account types, the broker does not deliver any information in this regard. We do know however that the maximum available leverage at the broker is 1:300. The actual leverage depends on the traded asset.
While a Demo account is indeed available, there’s no word on Islamic account versions, which too would make sense, given the Asia-focused nature of the brokerage.
Finq.com Market Coverage
As already mentioned above, Finq.com’s market coverage is outstanding, with more than 1,200 tradable assets on offer.
This market coverage extends to stocks, commodities, FX pairs, ETFs, Bonds, as well as cryptocurrency-based CFDs.
As far as stocks are concerned, scores of them are available, categorized by country.
In regards to FX pairs, more than 100 are available, from majors to minors and exotics, all the way to cryptos. The spreads start from 1.90 pips on the EUR/USD pair, which we can assume are the lowest the broker can offer.
On exotics, the spreads can be as high as 72-300 pips.
The commodities section of the broker is surprisingly generous as well. From Brent Oil to Cocoa and from Natural gas to Platinum, scores of different assets can be traded. The spread on Brent Oil for instance starts from 0.04 pips, and the maximum leverage on this same asset is 1:152.
The cryptocurrencies section features Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic and Dash. The maximum leverage on these crypto assets is 1:2. The spreads are rather steep – as expected, given the volatility associated with this asset-class.
Finq.com Trading Platforms
The trading platform selection of the broker is simple and straightforward. it is comprised of a Web Trader, mobile apps for Android- and iOS devices and MT4.
The Web Trader is a download-free solution, which offers surprisingly potent analysis tools and execution speeds. Limit and stop orders can be used through the web trader, and traders have access to the full range of tradable assets offered by the broker.
MT4 is obviously the centerpiece of the Finq.com platform offer. It can be downloaded for free off the site, and it comes with an impressive number of preinstalled technical indicators.
MT4 provides a fully customizable trading environment, allowing users to add indicators at will and to create/code their own ones.
Custom scripts can be used in combination with EAs, to put marginally profitable strategies to work and to “milk” those small edges through trading volume.
MT4 supports trading off the charts, and it comes with scores of chart types and drawing tools.
The mobile apps featured by the broker are capable as well as surprisingly popular. According to the broker, some 70% of its traders use the mobile apps to monitor their accounts and to execute trades.
Finq.com looks like a serious trading destination. Its MT4 support is instrumental in eliciting this impression, though its market coverage pitches in as well in this regard.
The downside is that the broker cannot really be called a reputable one, and the jurisdictions from which it accepts traders are rather limited. The trading conditions could be better as well, especially in regards to the spreads featured on popular tradable asset categories.
See more forex broker reviewsPlease be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.