Minimum Deposit: $100
Maximum Leverage: 1:300
My Score: 7.0
Finq was founded in January 2018 as a newly-established broker. But I can say that in a very short time it has been a good success. Because the company’s website Finq.com has more than 100,000 visits per month in as little as 6 months. For a newly-launched broker, I can say that this number is quite high. Because the parents’ company Leadcapital Markets Ltd. is serving in the forex industry for a long time. Another well-known broker, Trade.com, is the brand of this company. Therefore, Leacapital Markets Ltd, a parent company, is not a beginner in the forex industry. This is the reason behind such a rapid growth in such a short time.
Finq’s most important feature is the variety of trading instruments it offers. You can trade for more than 1200 assets after opening an account with Finq. This is a really big number. This should be one of the reasons behind the growth in a short time. The assets that the company offers trading services include FX pairs, commodities, bonds, ETFs, stocks and cryptocurrencies.
Is Finq legit or scam? What are the account types and spreads offered by the broker? What are the deposit and withdrawal methods? You can find answers to these questions in this Finq review. If you have any questions in your mind or if you have any problems with Finq, you can write in the comments section below. Let’s look closely together now.
As for regulation, Finq is a bit weaker than its competitors. Because the broker only has one license from a regulator: the FSA in Seychelles. This regulator is not very reputable. Because obtaining a license from this regulator is not a difficult process. There are no strict policies and rules imposed by the regulator. This is why investors are most worried about this. But this situation does not mean that Finq is a scam broker. The best way to understand this is to view user comments on the internet and test the broker without making a high deposit at first.
Reputable brokers such as FCA and CySEC have fairly strict rules. To obtain a license from these regulators, brokers have to provide very difficult conditions. Brokers are required to keep a high amount of money in their bank account as minimum net capital. There is also a requirement that this account must be kept separate from the client funds and the company’s operational accounts. Thus, the company has proven its financial strength. Regulators such as FCA or CySEC, therefore, offer compensation as a further protection for clients’ funds, if the company goes bankrupt.
However, the FSA in Seychelles does not have similar strict rules or protection guarantees.
Account Types and Conditions of Spreads, Leverage and Minimum Deposit
Finq offers 4 different account types. The main difference between these account types is the amount of the minimum deposit. You can see the account types in the following table.
|Account Types||Minimum Deposit||Min. Trade Size||Max. Leverage||Spreads on EURUSD|
If you choose the Basic account type, the minimum deposit is $ 100 but in the platinum account type, it is $ 25,000. Moreover, there is no difference in spreads. There are differences in access to some services such as Dedicated Account Manager, Premium Daily Analysis and Premium Customer Support. So I think that Basic Account which you can start trading with $100 deposit is ideal and logical. Fixed spreads are offered in all account types and spreads are 1.9 pips on EURUSD. I can say these spreads are low and competitive. Maximum leverage is 1:300. Leverage offered by the broker may vary from 1:50 to 1:300 depending on your experience.
In addition to these, there is a swap-free account option called Islamic account for Muslim investors who do not want to earn or pay interest due to religious reasons. However, you must apply for an Islamic account and contact the broker. The broker may ask you to document your faith. Then the broker also has the right to accept or refuse your application.
Finq supports the most popular platform among brokers and traders MetaTrader4. It is available for desktop and mobile. It is easy to use and it provides all the necessary tools and features for traders to analyze price dynamics of financial instruments, execute trades and create. And it uses automated strategies for Expert Advisors. You can use also Finq Webtrader. So, there is the various platform that Finq offers.
Finq.com offers stocks, forex, commodities, bonds, ETFs, and cryptos. This is a good portfolio and it is good to see cryptos such as Bitcoin, Dash, Ethereum and Litecoin. Its product offering is quite impressing, including over 2,100 assets.
It’s website available in, Indonesian, Russian, Thai, Vietnamese, Albanian Urdu, Arabic, with additional languages Malaysian, English, Chinese Spanish, and Tagalog. Finq has also live chat. It is quick and the person I chat was very kind.
Deposit and Withdrawal Methods at Finq
There are not many ways to deposit and withdraw money that you can use, but I can say enough. Visa, Master or Maestro credit cards are available for deposit and withdrawal. This is usually the fastest method. You can also use Neteller, Skrill, Fasapay and Globepay from popular e-wallet systems. The Bitcoin option offered by some brokers is not available as a payment method.
Despite Finq is a newly established forex and CFD broker offers to trade in +2000 assets. The most crucial thing about Finq is regulation. The broker is registered offshore. As a result, offshore licensed FX brokers don’t have to meet any requirements and face little regulatory supervision if any. So I cannot say Finq is a scam but there are more reliable brokers and I recommend trading with them. You can check at the top of the page top forex brokers.