Minimum Deposit: $200
Maximum Leverage: 1:200
Hello everyone! Today I am going to tell you about Financika who is a forex and CFD broker. The company behind the brand is Financika (Sharp Trading) Ltd from Law Partners House, Kumul Highway, Port Vila, Vanuatu.
In this Financika review, you will get all answers to these following questions: Is Financika scam or reliable? What are the account types of the broker? Is Financika regulated? How good are the trading conditions such as spreads, minimum deposit and the maximum leverage?
I want to start with regulation and investor protection because I think it is the most crucial issue about the broker.
Regulation of Financika
When I check the regulation and protection section of the broker’s website, I saw nothing. So, It means that Financika is a unregulated forex broker.
If a broker doesn’t offer a license for its clients, it cannot be a reliable broker. Because regulation and fund protection should be a first thing brokers fulfill.
There are some reputable watchdogs such as FCA, ASIC and CySEC. They are the regulation entities that require some strict rules to brokers have to comply with.
Duly regulated brokers provide a negative balance protection to their clients, keep their money in segregated accounts, file regular reports and keep a certain minimum operational capital.
The FCA and CySEC regulated forex brokers provide client compensation to their clients. So, FCA regulated brokers protect funds up to £50,000. And also, CySEC regulated brokers protect clients funds up to €20,000.
Account Types and Spreads
There is only one account type offered by the broker. The minimum deposit for the account is $200 and the maximum leverage is up to 1:200. The leverage is not high and the minimum deposit is higher than industry average which is around $100.
Spreads are from 3.0 pips at Financika on EUR/USD. This is quite higher than industry average. Most brokers offer better spreads such as XM Forex.
Financika offers its clients WebPROfit and Mobil PRO fit trading platforms. There is no MetaTrader which is the most popular trading platform. So it is a big disadvantage for the broker.
MetaTrader offers the best trading charts for the users. It has user-friendly interface, fast order execution, many custom tools and more. In addition, you can find technical indicators, automated trading feature which named Expert Advisors.
Deposit and Withdrawal Options
The broker offers the popular payment methods such as wire transfer, Credit Card, Neteller and Skrill. There is no option to fund your account with PayPal or Bitcoin.
The deposit takes 2 to 5 business days when you want to use wire transfer or credit cart options. Deposit with e-wallets takes 0 to 5 days.
Financika says it offers its traders the fastest withdrawal times in the market, and process withdrawal requests as quickly as possible. Their average withdrawal request processing time is usually 4 – 5 business days depending on your banking provider.
Financika is an unregulated forex broker. Also, it offers non-advantageous trading conditions. It does not provide MetaTrader and the payment options are insufficient.
If you want to open an account with a forex broker who is more reliable and offers good trading conditions you can check my top forex brokers list.