Finq Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Finq Review.
Finq Review
Finq offers one basic and 2 premium account types. We’ll focus on the basic one, the Classic account. It offers fixed spreads, commission-free trading and leverage up to 1:300 on the standard MetaTrader 4 platform.
First of all, we find the minimum initial deposit required by Finq high and the wide spreads. By comparison, most brokers require $200 – $500 as a start, even well-regulated ones. For example, one may open an account with leading forex and spread betting provider IG with just $1.
As regards Finq’s spreads, they are average, fixed at 2 pips on EUR/USD. As most fixed-spread brokers, Finq acts as a Market Maker, which means that there is a risk of conflict of interest.
The Company. Security of Funds
Company
Country
Regulation
Leadcapital Corp Ltd.
Seychelles
FSA
Finq is a newly-launched offshore forex and CFD broker that targets mainly Asian investors. Its product offering is quite impressing, including over 2,100 assets – currency pairs, commodities, indices, ETFs, bonds and stocks and more than 10 cryptocurrencies. Its website available in Malaysian, Indonesian, Chinese, Thai, Vietnamese, Urdu, Tagalog, Arabic, with additional languages English, Spanish, Russian and Albanian.
Behind the brand is Leadcapital Corp Ltd., a company incorporated in 2014 in Seychelles and licensed by the local Financial Services authority. It is a “sister company” to CySEC-licensed Leadcapital Markets Ltd., which operates the Trade.com online brokerage brand.
Forex broker regulation in the Seychelles is not mandatory. As a result, “licensed” FX brokers don’t have to meet any requirements and face little regulatory supervision, if any. This means that clients of such brokerages have no protection if something goes wrong and many of them are pure scams. That is why we advise traders to avoid offshore brokers and choose well-regulated ones, such as companies licensed by UK’s FCA or Cyprus’ CySEC.
Nonetheless, Finq seems a decent broker, as it is part of an international group, whose subsidiary holds a license from Cyprus’ CySEC.
Trading Platform
Finq supports the widely used MetaTrader 4 (MT4), available as a desktop download, web version and mobile apps.
MT4 is the preferred trading platform by most traders and that is why it is offered by the majority of brokerages. It is easy to use and provides all the necessary tools and features for traders to analyze price dynamics of financial instruments (solid charting, technical analysis indicators, back-testing options), execute trades and create & use automated strategies (Expert Advisors).
Promotions
Finq offers various bonuses: a welcome bonus of $25, available for each new client who undergoes verification, a First-Time Deposit bonus, Retention Bonuses (which are based on a percentage on clients’ total deposits) and Pending Bonus, available when a trader reaches given amount of points in a predefined period of time.
However, in order to withdraw profits from the bonus, Finq’s clients must generate a trading volume of ten thousand Dollars (US$10,000) for every dollar (US$1) of the bonus funds. Such trading volumes bring additional risks to margin trading, that is why FCA banned forex bonuses.
Methods of Payment
Finq offers its clients the following payment options: via credit/debit card, wire transfer, and third party payment providers such as Skrill, Neteller and FasaPay.
FINQ is a newly launched forex and CFD broker that focuses on the Asian market and offers trading in more than 2000 assets. Of course, the main problem with this broker is the fact that it is registered offshore, yet it does not seem like a scam, for it is a part of an international group.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Finq Review Conclusion
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