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.
OverviewFinMarket 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.
Regulations and ReliabilityThe 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.
Trading PlatformsFinMarket 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.
MetaTrader 4 Platform
In-House Web Trading Platforms
In-House Mobile Trading Platform
Trading InstrumentsAccording 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 TypesFinMarket offers four different account types; Mini, Standard, Premium, and VIP. Well, these account types definitely have some differences.
- Mini Account: It requires the minimum deposit of $1000, facilitates you with a demo account for practicing your strategies.
- 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).
- VIP Account: It requires the minimum deposit of $10000 with additional features.
- Premium Account: It requires the minimum deposit of $100000 with in-depth analyst tips.
Minimum Initial DepositAs 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 SpreadsWell, 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 RatesThe 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
SpreadsSpeaking 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
LeverageFinMarket 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 DepositsWe’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 SupportFinMarket 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.
Security of Customer FundsInvestor 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 StrengthsPros
- Secured Transactions
- Well Regulated Broker
- Multiple Trading Accounts
- Active 24/5 Customer Support
- Multiple Trading Platforms
- Offers Comprehensive Educational Package For Traders
- 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