FinMarket Review | Is It A Legitimate Broker or Not?

It is your responsibility to read the review of the broker before choosing it for trading. Because there are many scams going on as well. However, it shall be your major concern, as you never want to lose your money in the swindle, while profit and loss is a part of trading. That is something else!

So, here we are going to focus on FinMarket Review this time, and we’ll see what it has to offer to its customers. Also whether it is reliable, secure and a good choice or not. Let’s get into further details.

Overview

FinMarket was established in 2015, and since then it has tried to maintain its reputation. It offers the best to its customers to help them keep up their performance secure and uninterrupted in any way.

The Cyprus Securities Exchange Commission (CySEC) operates and supervises this broker. It is managed and owned by a Cyprus Investment Firm (CIF) which is also known as K-DNA Financial Services Ltd. FinMarket offers plenty of online trading services with including pair of currencies, commodities and market indices. FinMarket has an excellent reputation among the traders as it operates and ensures tight spreads as well as the best platform for fluent trading. Let’s get into further details with the FinMarket Review.

finmarket review

Regulations and Reliability

The Cyprus Securities Exchange Commission (CySEC) regulates the FinMarket under the license number 273/15. The CIF holding company K-DNA Financial Services Ltd operates it. As FinMarket is controlled, it is assured to the traders that this broker follows all the requirements and standards that are established under the Cyprus Investment Services, Activities and Regulated Markets Law of 2007 (Law 144(I)/2007).

The European Parliament passed the Markets in Financial Instruments Directive (MiFID), to even maintain security measures for the protection of the funds. For the security, the MiFID ensures to deliver their services in a secured, reliable and transparent manner. By having this, you may understand that this broker follows strict security policies for reliability.

Speaking of reliability, we can say that this broker has set up their servers to process the transactions in a very secure environment. As well as, with the latest web security technology protocols of Secured Socket Layer (SSL)that are used in the same standards as those used for encrypted connectivity with the bank industry.

As a MiFID compliant broker, FinMarket complies with all the international Anti-Money legislation. It also ensures that the clients’ funds are also held in the separate accounts from the broker’s operational funds. FinMarket is also a member of the Investor Compensation Fund Scheme, in which investors under CySEC regulated brokers can file a claim for compensation up to a maximum amount of 20,000 Euros if their broker becomes insolvent and in case of any loss of money in a scam etc.

finmarket review

Trading Platforms

FinMarket Trading Platforms:

  • MetaTrader 4 Platform: FinMarket allows its traders to use the most prominent MT4 as their trading platform.
  • In-House Web Trading Platforms: FinMarket has its own trading in-house platform, which is basically a WebTrader. Don’t trouble yourself with downloading stuff and start trading with this platform.
  • In-House Mobile Trading Platform: FinMarket provides a mobile trading platform for you through which you can trade anytime, anywhere in the palm of your hands.

finmarket review

In the FinMarket customers get to the trade with many different trading platforms such as MetaTrader 4, an in-house Web version of Trading Platform and Mobile Trading Platform. In short, it won’t let you miss anything in the trading world. Let’s elaborate these platform in FinMarket Review:

  • MetaTrader 4 Platform

FinMarket allows its traders to use MT4 as their trading platform. And it is known as the world’s most prominent trading platform. Besides, some brokers adopt it all across the world. Variety of features are there such as; it has a charting package with a wide array of technical indicators, and it has a language-customization, which is why the traders are widely using it across the world in different countries with different languages.

With this platform, you can also have automation trading with the use of Expert Advisors (EAs) to help traders in trading when they’re manually not able to do it due to any reason. MetaTrader 4 is available in a desktop version and is available for different operating systems such as Windows, Linux, and MacOS. If you use desktop a lot, this is the best choice of trading platform FinMarket has for you.

  • In-House Web Trading Platforms

FinMarket has its own trading in-house platform, which is basically a WebTrader. It is an option for those traders who don’t want to get into downloading stuff and then getting starting. It is just an immediate option to start trading on any device, which is connected to the internet and supports a web browser.

FinMarket has its fantastic Web-Based trading platform that offers many features to its customers such as, user-friendly interface, one-click trading, real-time charts to keep up to date about the markets, trends, Trading Cubes, and Social Trading as a plus. It means you’re not going to miss anything if you’re going to use their web trading platform for trading, immediately.

  • In-House Mobile Trading Platform

If you’re a type of a person who is consistently on the move and still don’t want to miss the trading, no worries, FinMarket provides a mobile trading platform for you through which you can trade anytime, anywhere in the palm of your hands. In addition, the good news is that you won’t miss the features of WebTrader Platform and MT4 Platform. And you’ll be having everything fit on your Smartphone screen. The mobile-based application for trading is available on Google Play Store and Apple App Store for download.

Trading Instruments

According to the FinMarket review, wide-ranging collections of over 150 tradable assets are presented. It consists of an individual as well as wrapped in CFDs. Other than that, more than 30 Forex currency pairs are also added in it including EUR/USD, EUR/GBP, and AUD/JPY. In 150 assets, major stock market indices too include such as FTSE, S & P 500, and NASDAQ along with a vast range of commodities and cryptocurrencies, which contains Silver, Crude Oil, Gold, Coffee, and more than 160 individual stocks of strong market holders such as Amazon, Netflix, and Apple.

The FinMarket platform makes sure to facilitate its investors with current market news and events along with a huge range of available market assets. It makes possible through offering assets that are related to current market trends as well as high in demand.

Account Types

FinMarket offers four different account types; Mini, Standard, Premium, and VIP. Well, these account types definitely have some differences.

  1. Mini Account: It requires the minimum deposit of $1000, facilitates you with a demo account for practicing your strategies.
  2. Standard Account: It requires the minimum deposit of $5000, facilitates with a demo account (you will find that feature in almost every account type of FinMarket).
  3. VIP Account: It requires the minimum deposit of $10000 with additional features.
  4. Premium Account: It requires the minimum deposit of $100000 with in-depth analyst tips.

finmarket review

  • Mini Account

It requires the minimum deposit of $1000, facilitates you with a demo account for practicing your strategies, 40% margin, 24 FX Pairs, 10 commodities and indices it allows you for trade, negative balance protection feature to help you not to go below your current balance and it gets the leverage up to 1:500.

  • Standard Account

It requires the minimum deposit of $5000, facilitates you with a demo account (you would find that feature in almost every account type of FinMarket), 26 FX Pairs, ten commodities and indices for trade. However, it provides you with daily market news, SMS Alerts, Dedicated Account Manager, Islamic Account as if you’re a Muslim, you can trade according to the Islamic Shariah Law. Leverage and margin are the same as like in the Mini Account.

  • VIP Account

It requires the minimum deposit of $10000 and the additional features are that it provides you 28 FX Pairs, a full range of commodities and indices for trade, direct access to the trading manager, margin 30%, VIP trading, and hedging permitted. Moreover, it includes all other features that you have seen in the previous account; mini and standard. Therefore, it is the top one, but there is one more left.

  • Premium Account

It requires the minimum deposit of $100000, and the additional features are that it provides you with in-depth analyst tips, 25% margin (lesser than all above ones do), and deep liquidity along with all the other features are enabled in this type. You have all and all facilities to take benefit from this account type.

Therefore, we have seen that the Mini and Standard account types can become a good startup for novice and middle traders. The VIP and the Premium accounts are definitely for the advanced and experienced traders. So you see, FinMarket has a lot to offer to you.

Trading Conditions

Minimum Initial Deposit

As you already know the minimum amount is $1000 for traders who want to open an account with FinMarket. Though, traders have to invest such minimum initial (but quite high) amount, while considering that other Cyprus based brokers require less than that.  On the other hand, leading EU brokerage XM requires just $5 as an initial amount from its clients.

Commissions and Spreads

Well, the main drawback of this broker is the high trading costs for sure. According to FinMarket review, it offers really high spreads on Mini accounts that are exceeding 3.7 pips for the EUR/USD. Besides, it demands commissions and fees that are $15.00. It shows that the standard trading costs amount over 5 pips per average lot. Whereas, most of the brokers provide spreads within the range of 1.0 – 1.5 pips for this pair. At least the broker is honest as FinMarket review tells that the platform agreed to offer high spreads as well as commission fees.

For instance, average spreads of XM on Zero accounts cost to 0.1 pips on EUR/USD and include a commission of $10 per standard lot.

Commission Rates

The commission rates are fixed and varied on different account types that FinMarket offers. Following are the commissions per account type:

  • Mini Account: $15.00
  • Standard Account: $12.50
  • VIP Account: $11.00
  • Premium Account: $10.00
Spreads

Speaking of spreads, they are at their lowest that the values are in decimals. Following are the spread rates per account type:

  • Mini Account – From 0.00037 pips
  • Standard Account – From 0.00027 pips
  • VIP Account – From 0.0001 pips
  • Premium Account – From 0.00009 pips

But as far as we’re concerned about the trading spreads, they may vary as well depending on the market conditions.

Leverage

FinMarket review shows that the maximum leverage level that is offered on basic accounts is 1:50. It is a low ratio; still, it is in the queue with the advanced CySEC guidelines. However, plenty of Cyprus based brokers are still offering considerably more higher leverage levels such as the leverage of XM is up to 1:888.

Withdrawals and Deposits

We’re going to reveal the fund’s transfer methods in this FinMarket review that the traders can use to either deposit or withdraw their funds. FinMarket allows its traders to deposit their funds through Wirecard, WireTransfers, Ecommpay, etc. These same methods are also used for withdrawals, and as far as we know, the traders use the same process for withdrawals, which they initially used for depositing funds.

Bonus, Promotions and Customer Support

FinMarket offers its bonuses and promotions to its qualifying traders. And that could range from no spreads, no commissions and temporary benefits for the traders. But it all varies upon the traders’ qualifications as per FinMarket’s perspective. For further details about bonuses and promotions, you can check out on their website.

Furthermore, speaking of their customer support in this FinMarket review, one cannot neglect that they have the best customer support available 24/5. Along with Live Chat and you can contact them via Email, Web Contact Form and Telephone. Apart from that, FinMarket provides an educational package to its traders to help them learn and tighten their skills while trading with this broker through fluency and conveniently.

finmarket review

Security of Customer Funds

Investor Compensation Fund protects the traders of FinMarket, as it is a part of the CySEC regulation parameters. It means each trader is assured with up to €20,000 just in a case if the company turns bankrupt or stops all activity. Through SSL encryption the personal and financial information of Clients is transmitted while the separation of the customer funds from the operational funds of the company.

Weaknesses and Strengths

Pros

  • Secured Transactions
  • Well Regulated Broker
  • Multiple Trading Accounts
  • Active 24/5 Customer Support
  • Multiple Trading Platforms
  • Offers Comprehensive Educational Package For Traders

Cons

  • No FAQs
  • High Spreads
  • High Initial Deposit
  • Salty Commissions
  • MT4 belong to another company
  • Account Manager Available For Limited Time (9 a.m to 9 p.m)
  • Prevarication not allowed on basic types of account

Conclusion

So we’re going to conclude the FinMarket Review by saying that, it’ll be a far better choice for traders. If you’re looking for a trader and have gone through the whole review, you may have understood that we’re satisfied with this broker. All the features, options and requirements it has covered are enough to give you the best in terms of trading. So, you’re not going to regret it.

We give it 4.5 out of 5 stars according to its strengths and weaknesses.

5/5 (2 Reviews)

close-link