Is Finq in the top Forex brokers list?
Well, this Finq.com review highlights some of the most important things that you, as a Forex trader, must know if you’re planning to open an account with this brokerage.
But first, you must only trade with a well-regulated and reputable Forex broker. Anything less than that will bring you frustrations even if the broker doesn’t steal from you.
A quick check on Finq’s website reveals that they are offering a wide selection of trading instruments. Currently there are 2010 stocks, 27 indices, 55 Forex pairs, 19 commodities, 5 Bonds, 39 ETFs and 11 Cryptos.
Finq Forex broker is backed by a corporation known as Leadcapital Corp Ltd. This company was founded in 2014, and its operations are overseen by the local FCA.
Leadcapital Corp Ltd is also the sister company to Leadcapital Markets Ltd. However, Leadcapital Markets Ltd is Cysec regulated and are authorized to conduct trading activities at Trade.com.
Finq Forex broker appears to be heavily focusing on the Asian market. However, the site is quite popular in Pakistan as most of the traffic seems to be coming from this jurisdiction.
Languages that are supported include Indonesian, Malaysian, Vietnamese, Arabic, Tagalog, Thai, English, Spanish, Albanian and Russian.
It should be noted that Forex brokerages who operate in Seychelles are not required by law to seek any form of regulation.
The so-called licensed Forex brokerage companies have no minimum requirements and are not supervised by any governing body.
That is why most scams in the Forex online brokerage are now operating in this jurisdiction. It would be wise to be cautious or avoid offshore Forex brokers altogether.
A legit Forex broker must be able to show proof that they are regulated by CySEC or the FCA (if they conduct business from the UK).
Finq, in itself, does not hold a license. But since they are under the supervision of a well-regulated international group in which they are affiliated with, we can assume that they are adhering to the rules regulations set forth by CySEC and FCA.
Finq Review: what is the trading platform like?
Finq is a usual MetaTrader 4 brokerage. This platform can either be used online or downloaded on your desktop.
They also provide a mobile version of the MetaTrader 4 platform so that their customers can trade on the go.
MetaTrader 4 seems to be the most popular trading platform now. However, some brokerage firms have gone a notch higher to include MetaTrader 5 and cTrader platforms respectively.
OctaFX is a good example of a Forex broker offering these 3 trading platforms.
If you prefer cTrader over other trading platforms, Octafx should be your best bet because they are reliable, reputable and are always listening to their customers’ needs.
After all, there are very few reliable online Forex brokerages offering cTrader platform. Therefore, it shouldn’t come by surprise that they are one of the most sort-after Forex brokerage on the internet.
Probably Finq is focusing on the MT4 platform because it’s the most popular and versatile trading platform. You can read charts, analyze trading instruments and most of all, use the best Forex robot in the world to conduct your trading activities.
Finq Review: Type of trading account and conditions
There are 3 accounts in total. The first one is a basic account while the other 2 are premium accounts.
Classic account type promises fixed spreads and zero commission. Maximum leverage is up to 1:300.
One thing that most people are complaining about is that Finq has a very high minimum deposit requirement.
On the other hand, well-regulated Forex brokers have a reasonable minimum deposit.
This is a very big negative for Finq Forex broker. The other thing is that Finq brokerage is not able to provide favorable spreads just yet. They are just too wide to give you an advantage in the market.
Because of wide spreads, scalpers are out of luck. As for the fixed spreads account, the average is 2 pips for a pair like EURUSD.
Finally, Finq Forex brokerage is a market maker. Please understand that market makers will always put you in a situation where there is conflict of interest.
If you want to succeed in your career as a retail Forex trader, you need to think twice before you can sign up.
My best advice for you
In as much as Finq is offering a wide range of trading instruments, I do not think they are the best Forex broker out there.
Consider the minimum deposit requirement and you will see that it is quite high. Other brokers are accepting as little as $50 (although I don’t encourage under-funding your account for whatever reason).
Author: W. O.
W. Omondi is an active Forex Trader, a Blogger, a Critique, a Blockchain analyst, an Investor & Coach with over 7+ years of experience trading the financial markets. He currently mentors students who want to learn about trading and online investment in general.