Why Finq Sucks In 50 Words
The broker offers a Meta Trader web platform as well as a proprietary web version but there’s no way of accessing the former. Upon creating an account and logging in, all we could see was Finq’s web platform, without the ability to switch to the Meta Trader version. If it’s actually possible to switch between the two or to use the Meta Trader web platform, FINQ should outline the procedure clearly.
Why Finq Doesn’t Suck In 50 Words
The minimum deposit is only $100, which makes it very accessible and easy to start if you just want to test the waters without risking a large sum. In the same category of “testing the waters”, Finq offers a Demo account available as soon as you register, without the need to deposit.
Is Finq A Scam?
The regulatory status of this broker is a bit ambiguous: the website is operated by Dilna Investments, which is not regulated but its mother company is. So does this mean that we will be doing business with a regulated company? If a client has a problem with Finq, can he complain to the Seychelles Financial Services Authority or not? In other words, is Leadcapital Corp responsible for the actions of Dilna Investments?
On top of this ambiguity, the overall opinion of Finq customers regarding the broker’s services is not very positive, so we can safely say their reputation is not stellar at the moment. We are not saying that Finq is a Scam, but caution is certainly recommended, same as with most brokers.
Should I Open An Account With Finq
Finq is a new broker launched in 2017, which offers CFD trading on currencies (Forex), indices, stocks, commodities, and cryptocurrencies among others. The website is operated by Dilna Investments Ltd, which is acting on behalf of its mother company, Leadcapital Corp Ltd. The latter is regulated by the Seychelles Financial Services Authority.
Launched in 2017, this broker is definitely not a long-timer but the mother company, Leadcapital Corp has been in business for a long while. However, due to their lack of generosity when it comes to clear information, we don’t know to what extent Leadcapital is actually involved in Finq’s operations.
The platform offering is large and includes Meta Trader 4 as a desktop client (download and install), as a WebTrader (no download; access it wherever you have an internet connection), mobile versions (iOS and Android) as well as a proprietary web-based platform. Of course, the MT4 versions contain a lot more features and trading tools but the proprietary platform is more user-friendly.
Accounts start at just $100 (Micro), as mentioned before, and continue with Silver ($1,000), Gold ($10,000), Platinum ($50,000) and Exclusive ($100,000). For the more expensive accounts, you will receive stuff like Premium Daily Analysis, Dedicated Account Manager, Trading Central, and lower spreads. And speaking of spreads, these become competitive if you have a Gold account: 1.5 pips for EUR/USD. But this account requires a minimum deposit of $10K, which is huge, and the spread for it is competitive, or should I say average for the industry, not outstanding. For the Micro account, you will have to pay a 3 pip spread for the same pair, and for the Silver, you will pay 1.9 pips. Also, let’s not forget, these are spreads in calm markets but they can widen depending on volatility.
One more thing that’s written in tiny letters at the bottom of their Accounts page: “Inactive accounts may lose their premium status and revert to Micro”. In other words, you can open a bigger account, looking for lower spreads, then go on vacation or stop trading for a while and then come back just to find out you have to pay 3 pips for every EUR/USD trade. They don’t even specify what “inactive” means. Not good!
In conclusion, this broker doesn’t offer anything different from others. They have CFDs on all major asset classes, including cryptocurrencies – just like most other brokers. They have Meta Trader 4 – just like many other brokers because this is a very popular platform. We could overlook the fact that they offer what everyone else is offering if they would give tight spreads, but that’s certainly not the case. What’s left? Ah, yes the low deposit. Actually, there are better brokers, with stronger regulation, that require even lower deposits, so Finq’s deposit is not that impressive.
The broker lists the address Suite 3, Global Village Jivan’s Complex, Mont Fleuri Mahe, Seychelles and can be contacted via email [email protected] or phone +35722008069.
Most user complaints are related to slow withdrawals, poor customer support, and unfavorable trading conditions. However, more recent user reviews are suspiciously positive. On ForexPeaceArmy forums, we found at least 6 long posts about how good this broker is… let’s just hope those are from real Finq clients, not affiliates or paid posters.
Finq Regulatory Warnings And Announcements
So far we haven’t identified any announcement regarding Finq but its parent company, Leadcapital was fined 30,000 EUR by CySEC for operating in Romania without the proper licenses. Source: FinanceMagnates.
This broker doesn’t accept EU or US customers and doesn’t have to adhere to MiFID rules regarding bonuses. As a result, they offer bonuses up to 30% of the first deposit, as well as a $50 Welcome Bonus and a Pending Bonus. Terms and Conditions apply! To withdraw the first-time deposit bonus, clients will have to trade $10,000 in volume for every one dollar of bonus, all within 30 days, which is a short time.
There’s surprisingly little information about withdrawals on the website so we had to turn to their Terms and Conditions: the minimum withdrawal is $20 for all methods except wires, which have a minimum of $100. Any request below these sums will incur fees of at least $10 for all methods except wires, which carry a minimum $50 fee. The exact methods and processing times are not specified.
It’s been a long time since we’ve seen a broker that offers a Bonus, so we will list this as an extra feature. Other than this, we can mention analysis by Trading Central but to benefit from that you will have to deposit at least $10,000, which is almost absurd considering that most FX brokers that offer this feature, do so for the lowest account.
Finq Overall Ratings
User Friendliness 14/20
Information is difficult to find and some important sections are missing from the website (no deposit/withdrawal information, no Education section). The website is translated in 11 languages but the broker is focused on clients from Asia and that is reflected in their language choices. Also, European and U.S. clients are not accepted. Demo accounts and mobile platforms are available.
Range Of Markets, Spreads And Leverage 16/20
The asset basket is very wide and covers all known asset classes: Forex, Stocks, Indices, Commodities, ETFs, and Cryptocurrencies (Bitcoin, Ethereum, Dash, Litecoin, etc.). The spreads are high, at 3 pips for EUR/USD but will get lower if you opt for a higher account. The broker is not bound by European rules and regulations so they can offer leverage up to 1:300 for currencies and up to 1:5 for cryptocurrencies.
Fees And Support 14/20
According to the website, Finq doesn’t charge for deposits and withdrawals but we cannot confirm. According to their Terms And Conditions, they charge a handling fee of $10 for all methods except wires, which carry a minimum $50 fee, if the client wishes to withdraw below the minimum accepted. After 90 days without trading the account is considered inactive and will be charged a $25 monthly fee. Support is available through email or phone. At the times of our visits, live chat was unavailable.
Deposits And Withdrawals 12/20
The minimum deposit is $100 and the minimum withdrawal is $20 for all methods except wires, which have a minimum of $100. The methods and processing times are not specified, which is a major letdown.
Finq Extras 14/20
The Bonus can be considered an extra, as well as analysis from Trading Central (will become available only for higher-tier accounts). Overall, a dull offering.