FinMarket, founded in the year 2015 in Cyprus, is a regulated Forex and CFD broker headquartered in Cyprus. They are brand owned and operated by K-DNA Financial Services Ltd. (“K-DNA”), a Cyprus-based investment firm. They claim to operate a STP (“straight through processing”) model brokerage offer, charging floating spreads plus commission. A relatively wide range of over 130 assets for trading are offered, in over 30 Forex currency pairs, most major stock market indices, several major commodities including Gold, Silver, Coffee and Crude Oil, and in over 160 individual stocks wrapped as CFDs.
Traders are offered the choice of several different types of accounts, although there is no difference between the accounts at all in terms of platforms and other settings. The only differences are somewhat expanded services as the account minimums are raised, and most importantly, lower average spreads on the account types with higher minimums. A relatively high maximum leverage of up to 200 to 1 and negative balance protection are offered on all accounts. Leverage of up to 10 to 1 is offered on individual stocks.
The Mini account requires a minimum deposit of $250, while the Standard account requires a minimum deposit of $1,000. The Mini-VIP account requires a deposit of $10,000 and offers the additional services of 24-hour support and exclusive updates. The VIP account requires a minimum deposit of $20,000 and offers the additional services of Daily Market Reviews and Personalized Updates from their market analyst. The Mini-Premium account requires a deposit of $50,000 and the Premium account one of $100,000 but they offer nothing more than the VIP account.
The minimum trade size for Forex is 1 microlot (0.01 full lots), and the average spread on the benchmark EUR/USD currency pair is greater than 3 pips for accounts opened with minimum deposits lower than $1,000. These spreads are frankly uncompetitive at such a level.
A demo account is available, as is typical with nearly all spot Forex and CFD brokers.
The most notable feature of FinMarket worth emphasizing is that they offer a wide range of assets, particularly in terms of individual stocks and shares. Hedging and scalping are not allowed.
FinMarket offers a choice of trading platforms: the well-known and popular MetaTrader 4 platform is offered in all its several device formats, as well as the Webtrader platform.
FinMarket keeps things relatively simple, so you won’t find many of the bells and whistles that are often touted within the industry. Instead, they emphasize their goals as offering a great all-round service. The transparency comes in the form of the no dealing desk, STP prices that are offered for trading.
FinMarket has an educational offering on their website, in the form of “Market News” and “Academy” sections. “Market news” offers a range of daily and weekly market analysis, and current, up-to date news items covering major market developments in near-real time. Their “Academy” section includes a series of tutorials which explains in detail how to operate the most popular trading platform which Finmarket offers, MetaTrader 4, as well as a range of videos and e-books covering all trading topics.
Bonuses and Promotions
No bonuses and promotions are offered as this is not allowed under Cypriot regulations.
Depositing funds into a FinMarket account is an easy and secure process. Funding can be done using credit transfer, or wire transfer, as well as the electronic payment method Ecommpay. Withdrawals are typically processed through the same method in which the deposit was made.
FinMarket do not impose any minimum requirements on deposits or withdrawals, but the channels themselves may do so.
Customer support is based in Cyprus, offering support from 9am to 9pm local time from Monday to Friday.
FinMarket has a well-rounded and well-regulated offering for traders looking to trade using spot and CFD instruments through a wide range of assets, particularly individual stocks and shares.
Review info: FinMarket
Review Date: 2018-06-27
Rating : 4
Reviewed By : Sara Patterson (Google+)