Financika Review

Financika

* Ranked #277 of 315 in DailyForex's top broker list

Info

Name : Financika
Website : financika.com
Established : 2014
Country : Vanuatu
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Expansive educational section

Disadvantages

  • Only one account
  • No demo account

Financika Review

Financika Review

Financika.com is operated by Sharp Trading Ltd. In Port Vila, Vanuatu and is a leading provider of online trading services, serving millions of traders around the world. Financika traders have access to Forex, indices, stocks, commodities and CFDs.

Financika Homepage

Accounts and Platforms

There was little information on the accounts offered at Financika so I assumed when doing this Financika review that there is just one standard account. The minimum deposit in the standard Financika account is $250 and there is a 1: 200 leverage.

There is no demo account offered.

Financika offers traders three trading platforms. Forex traders can also choose to use the PROfit platform, the WebPROfit platform or the popular MetaTrader4 trading platform.

Education

When it comes to education, Financika is way ahead of other brokers with a full line of instructional and enlightening material. The Academy offers a host of textual and video tutorials that appeal to both beginners starting out in trading as well as to traders that can claim years of trading experience under their belts.

The learning center Academy is made up of separate sections beginning with the one on basic trading terminology and online trading basics. Another section provides an explanation of the different types of charts that help traders make profitable decisions--the line chart, the bar chart and the candlestick chart.

The line chart, which shows only the closing price over a specified period, is the most basic of all four charts. This chart is created by connecting a series of data points together in a line.

The bar chart posts the opening price during a specific period, the closing price, the low price and the high price. The bar charts summarizes activity over the past minute, hour, day or even month.

The Candlestick charts at Financika indicate the high / low range with a vertical line, as in any bar chart. In candlestick charts, the larger blocks indicate the price range between the opening and closing prices.

Other sections in the Academy are equally informative and offer the trader various ways to interpret different trading trends, price fluctuations and moving averages. It also provides a detailed explanation on how to understand and benefit from the use of fundamental and technical analysis when trading.

Trading Tools

In addition to the Academy, Financika offers a daily market review and a free currency chart that analyzes the market and provides traders with an insight to the market’s direction.

Financika Currency Charts
Financika Currency Charts

The glossary is chock-a-block with hundreds of financial terms and concepts in alphabetical order that will keep traders on all levels well informed and current. In addition, there is an economic calendar with a full listing of upcoming events and happenings in the financial markets all over the world.

A interesting feature at Financika is what they refer to as ‘video analysis’ which is really a weekly market review in video format.

Financika also provides clients with several professional risk management tools--the Stop Loss and Take Profit orders. Take Profit is an order placed to sell a security when it reaches a certain price. A Stop-Loss order is designed to limit an investor’s loss on a position. Take Profit is an order specifying when to automatically close an open position for a profit.

Financika encourages traders to check into their site often so they can read about any changes to their trading platform or terms of services.

Trading can be done on the Financika site via Computer, tablet or smartphone device.

Deposits/Withdrawals

Deposits into a Financika trading account can be made via credit card check and bank transfers. Withdrawals must be made by writing to a customer service email.

Customer Support

Customer assistance can be obtained by filling in an online form and selecting email, phone or chat. Calls can be made 24/7. I was pleased when doing this Financika review that the chat box did not pop up the minute I opened the website like it does with so many other brokers. The fact that I had a choice whether or not to use chat was a surprising and appreciated feature.

The head offices for Financika are in Port Vila, Vanuatu and Limassol, Cyprus and their mailing address is in Sophia, Bulgaria. The telephone number provided is a London one. The FAQ section, which I was only able to find when I clicked on the contact tab, is highly informative and seems to fill in some of the gaps on the website.

Clients have access to the markets anytime they are open - from 22:00 GMT on Sunday night until 22:00 GMT on Friday night. Online FX and Commodities are traded at all times during these market hours. CFDs, however, have different operating hours, depending on the location of the market: US Market CFDs are traded from 2:30 pm – 9:00 pm GMT, Mondays to Fridays; European & British Market CFDs are traded from 8:00 am – 4:30 pm GMT, Mondays to Fridays. Asian Market CFDs are traded from 0:00 am – 2.00 am GMT and 3:30 pm – 6:00 pm GMT, Mondays to Fridays.

The Financika website is available in English, Russian and Arabic.

Conclusion

Financika.com is really a new kid on the block and it looks like it is on its way to a successful run. There is some important information missing on the site but I found most of what I needed in the FAQ section. I found the Academy offerings to be on a high standard but I was disappointed that there was no demo account available to beginner traders. I also didn’t see any bonuses or promotions. All in all, I found Financika to be easily navigated and intuitive.

Advantages

  • Expansive educational section

Disadvantages

  • Only one account
  • No demo account

Review info: Financika
Review Date:
Rating : 2
Reviewed By :