Finq.com stands as a diverse multi-asset CFD broker, facilitating trading across forex, stocks, commodities, indices, cryptocurrencies, and more. Accessible through the robust MetaTrader 4 terminal or their proprietary Finq WebTrader, the platform offers tight spreads, an extensive asset range, and a minimum deposit requirement of $100, contributing to its rapid growth. This review delves into account types, volume bonuses, platform features, and more, evaluating the advisability of Finq based on our experts' insights.
Established in 2017, Finq is an online forex and CFD brokerage operated by Lead Capital Services Ltd. Despite its relatively recent presence in the market, it has carved a niche with its 'think trading, think Finq' approach. The platform's allure lies in its generous welcome bonus, offering a $10,000 free demo account, making it an attractive choice for beginners. Moreover, Finq provides a wide array of fee-free deposit and withdrawal options, including Visa, Mastercard, Neteller, and Skrill. Traders have access to over 2100 assets across various classes.
Based in Seychelles, Finq operates under the regulation of the Seychelles Financial Services Authority (FSA), positioning itself within an offshore regulatory framework.
Finq presents two primary trading platforms to cater to different trading needs: the proprietary WebTrader and MetaTrader 4 (MT4). While MT4 primarily suits forex and CFD traders, WebTrader is more suitable for clients engaged in equities trading. Both platforms offer distinct advantages and can be accessed through web-based browsers or downloaded as needed. However, our experts noted that not all instruments are available across both platforms.
Renowned as a user-friendly and industry-standard platform, MetaTrader 4 is designed for trading commodities and FX. Offering a multilingual interface, 30+ technical indicators, nine timeframes, instant execution, and robust technical analysis tools, it also supports automated trading through MetaEditor, Strategy Tester, and Compiler.
The WebTrader platform provides advanced tools without requiring any software installation. Though relatively basic, it offers essential functionalities and innovative features, such as the 'Events & Trade' function that tracks instrument movements through the economic calendar.
Assets & Markets
Finq offers a wide array of over 2100 global instruments spanning seven asset classes, including bonds, stocks, forex, cryptocurrencies, ETFs, commodities, and indices. This diverse range encompasses well-known bonds, global company shares, major and minor currency pairs, digital currency coins, ETFs, commodities, and prominent economic region indices.
Spreads & Commission
The broker maintains variable spreads across all assets, offering spreads as low as 0.14 USD on Gold trading, 0.10 pips on EUR/USD, 0.20 pips on GBP/USD, and 1.4 pips on the NASDAQ100 and DAX30.
Accounts incur commission fees, varying by account type and asset traded. Additionally, there's a monthly inactivity fee of $25 for dormant accounts, and overnight swap fees for positions held beyond market hours.
As an offshore entity, Finq offers significant margin trading opportunities, providing a maximum leverage of 1:300 to day traders, although this varies by asset. However, it's important to note that higher leverage rates entail increased risk, suggesting caution for newer traders.
Mobile App and Accessibility
Finq provides a user-friendly mobile application available for iOS and Android devices, enabling traders to engage in trading activities while on the move. The mobile app boasts positive user reviews, offering seamless execution speed, asset displays, and intuitive navigation. Additionally, the MT4 mobile app grants access to a range of tools and features available on the desktop terminal.
Deposits & Withdrawals
The brokerage does not impose deposit or withdrawal fees, though third-party charges may apply. Supported payment methods include debit/credit cards, bank wire transfers, Neteller, FasaPay, and Skrill. Processing times vary, with bank wire transfers taking longer compared to e-wallet solutions.
Finq Demo Account
New users can access a $10,000 demo account upon signing up, offering a risk-free environment for practicing trading strategies across various simulated currencies.
Bonuses & Deals
Finq provides several promotions, including volume-based bonuses, 'Refer a Friend' bonuses, a welcome bonus, and a first-time deposit bonus, each with its own set of conditions and requirements.
Regulation & Licensing
Finq holds a license with the Seychelles FSA, which may not offer the same level of regulatory rigor as more established authorities like the FCA or CySEC. While this doesn't necessarily imply fraudulent practices, it does imply limited protection compared to brokers under stringent regulation.
Finq Account Types
The brokerage offers various account types catering to different trader profiles, ranging from beginner to high-volume or intermediate traders. Each account type comes with its own set of features, spreads, minimum deposits, and commissions.
Finq includes an extensive education section comprising video lectures, web tutorials, an economic calendar, and weekly CFD expiration dates, suitable for both novice and experienced traders.
The platform accommodates trading hours across 24/5, spanning various global exchanges and markets, with weekend trading available for certain instruments.
Finq provides support via email, live chat services, WhatsApp, and their head office address, ensuring round-the-clock assistance for traders.
While limited information regarding client security is available, Finq segregates client funds within top-tier banks and operates a negative balance protection system. Data transmissions are encrypted using SSL Secure, though additional security features such as two-factor authentication (2FA) are not explicitly mentioned.
Finq.com offers a comprehensive brokerage for investors seeking diverse CFD trading opportunities across various assets. However, caution is advised due to its regulatory status and limited security details, which may pose a concern for some traders.
Pros and Cons
- Leverage up to 1:300
- 24/5 customer support
- Extensive asset selection
- Free deposits and withdrawals
- Various bonuses and rewards
- Demo account with substantial virtual funds
- Proprietary trading platform and MetaTrader 4 support
- Lack of copy trading tool
- Limited security information
- Absence of MetaTrader 5
- Limited regulatory oversight
- Narrow range of trading tools
Finq.com Broker Details
Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.