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An in-depth Finq.com review

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When you visit Finq.com, you will find the layout of the website quite appealing. However, if you are new to Forex trading or if you are browsing the internet for a legit FX broker, there are more factors to consider before signing up. In this Finq.com review, we are going to look into some of the key features of the brokerage firm that should help you determine whether the firm is legit or not.
finq logo
Leverage: 1:294                    Licences: FSA

Min.Deposit: 100 USD           Bonus: 30%

Spreads: from 1 pip                US Clients: No


Understanding Finq.com Forex broker

Finq.com review

Finq.com is a Forex broker which is relatively new. It was incorporated with the aim of serving th the Asian market. As such, the website is available in Urdu, Chinese, Tagalog, Thai, Vietnamese, Indonesian, Malaysian, and Arabic languages. The additional languages are Spanish, English, Russian, and Albanian. According to the official website of the broker, residents of the EU, North Cyprus, Belgium, USA, and numerous other jurisdictions cannot open or operate an account here. Compared to other FX brokers, Finq.com serves a small section of the market. Of interest to a trader who insists on proper licensing is the fact the firm does not enlist clients from parts of Cyprus where the global regulatory body, CySEC is based.

Review of the regulations and licenses of Finq.com

According to the Finq.com website, the Finq Forex broker is owned by Leadcapital Corp Ltd (LCC) which was established in 2014. Leadcapital is authorized and regulated by the Seychelles Financial Services Authority (FSA). The license number is SD007. The official offices of Leadcapital are to be found in Mont Fleuri, Office Suite 3, Global Village, Jivan’s Complex, Mahe, Seychelles.

Review of the regulations and licenses of Finq.com

In this Finq review, you will find that unlike many FX brokers that are owned and operated by one firm, Finq is owned by Leadcapital but is operated by Dilna Investments Ltd which happens to be the primary service provider and website operator. Dilna Investments Ltd, however, operates on behalf of Leadcapital Corp.

Even though related to Leadcapital Company which is CySEC licensed, Leadcapital Corp Ltd is quite different because it operates in different jurisdictions and is licensed by FSA Seychelles. Licensing and regulation of a Forex broker are critical factors to consider when you are shopping around for an ideal broker. Seychelles does not fit the category of the most reliable jurisdictions where you want your broker to be regulated from. In Seychelles, it is not must for a broker be physically present in Seychelles in order to acquire a trading license. One can get a Seychelles FSA license online. Moreover, the segregation of customer accounts and protection of traders’ funds is not strict here. Even though Finq.com is part of a group of international FX companies which are regulated by some of the best regulatory bodies, Some Finq opinions out there are that one has to be wary of all the brokers that hold offshore trading licenses.

Finq.com trading platform review

In this Finq scam review, we also look at the trading platform of the broker. The first thing you will note is that there are over 2,100 instruments that a trader can choose to trade in. These assets include CFDs, metals, currencies, indices and stocks. Finq.com is among the leading brokers that are adopting cryptocurrency trading. Here, you have access to at least 10 cryptocurrencies.

Finq.com trading platform review

When it comes to the actual trading, Finq affords you the globally popular MT4 trading tool. In addition, you also have access to a web-based trading platform which you easily download. There are mobile apps trading tools too.

In this Finq.com Forex broker review, we learn that the maximum leverage is 1:300. Even though is reasonable when compared with what many firms were offering in 2016 or 2017, it is very high now. While high leverage means a trader can earn a huge profit even when they have a micro account, it also means they stand to lose a lot in case things don’t go as they had planned. This is why jurisdictions such as the EU have reduced leverage drastically. According to the European MiFID regulations a broker cannot offer more than 1:30 for currency pairs and 1:2 for cryptos. As for spreads, Finq has set 2 pips to be average for a standard account. However, Finq acts as a market maker which means that there is a possibility of a conflict of interest.

Finq accounts review

Basically, there are four different types of accounts namely; Basic, Classic, Gold, and Platinum. With a minimum of $100, you can open and operate a Basic Account. Some of the features you get to enjoy are daily analysis, desktop and mobile trading platforms, and 24-hour customer support. For a Classic account, you get a dedicated account manager and webinars as extra. The minimum deposit is $1,000. With $5,000, you can open a Gold account and what you get extra on top of what Classic gets is Premium daily analysis. The minimum deposit for Platinum account is $25,000. The payment options available here are Skrill, Neteller, FasaPay, Wire transfer, and credit/debit cards.

Finq accounts review

Is Finq.com legit?

When you read Finq reviews you will find that the firm is associated with some of the better-established FX brokers that hold trading licenses from renowned regulators. However, upon further reading, you will find that the broker is a separate entity that operates in accordance with the financial regulations of Seychelles which happens to be a top destination for shell companies. This makes it a risky broker to open an account with.

Even though the product portfolio is rich, one can’t help but note that the broker employs a market maker model which makes it gain an advantage over its clients. Moreover, the high initial deposit is not very inviting given that there are many reliable brokers out there that ask for much less.

An in-depth Finq.com review Overall rating: 5 out of 5 based on 1 reviews.

Recommend

★★★★★
5 5 1
Pretty good broker, no warnings as for now.
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