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FinMarket is a Cyprus based Forex broker that is owned and operated by K-DNA Financial Services LTD.
They are located at: 56 Griva Digeni Avenue, Anna Tower, First floor, 3063, Limassol, Cyprus. FinMarkets can be reach by phone in Cyprus at: +357 2525 4070, United Kingdom +442031500106, or via email to: [email protected] Official website is: FinMarket.com.
Investors can read about broker complaints and problems, read this.
FinMarket Broker Review
FinMarket offers you two choices for a CFD Forex trading platform, either the classic MetaTrader 4 software or their web-based trading platform from PandaTS. The web based trading software is nice and easy to use. It is very simple for new investors who tend to get lost with all the options available on MT4.
You can see this broker offers investors CFD trading on many different underlying assets including; Forex, Commodities, Crypto, Stocks and Market Indexes. While Crypto Currency trading is currently crashing and making the headlines, we see they have Crypto listed, but was not available during our review.
Minimum deposit for a new trading account is $250, plus you can get a free demo account, see here.
Automated Trading App
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FinMarket License & Regulation
When the Scam Broker Investigator reviews a new Forex & Bitcoin broker to see if they are a legitimate broker, or just another scam, we look for a valid government license. The brokers license can come from the FSB in South Africa, or the FCA in United Kingdom.
FinMarket is licensed in Cyprus by CySEC, with registration number 273/15.
You should read reviews of all licensed Forex brokers, and also have a look at the most popular brokers today, look here.
1st Place! Best Binary Broker 2020!
Best Choice for Beginners — Free Education + Free Demo Acc!
Sign-up and Get Big Bonus:
2nd place! Good choice!
Compare Brokers with FinMarket
Smart traders always check out the competition before settling on any broker.
ForTrade is a popular Forex broker that is licensed in the United Kingdom by the FCA, look here.
Try a Free Demo Account on their custom trading system, register here.
If you are already trading with the broker FinMarket, please share your experience with other new investors, in the comment section below.
Finmarket Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spreads|
|Mini||$1 000||0.01||1:50||From 3.7 pips + $15.00|
|Standard||$5 000||0.01||1:50||From 2.7 pips + $12.50|
|VIP||$10 000||0.1||1:50||From 1.0 pips + $11.00|
|Premium||$100 000||0.1||1:100||From 0.9 pips + $10.00|
Finmarket offers its clients a choice of four account types, based on the initial amount deposited. The broker claims that all accounts offer STP execution and Negative balance protection.
Swap-free services are available on all accounts but Mini. Keep in mind that hedging is allowed solely on VIP & Premium accounts.
The Company. Security of Funds
K-DNA Financial Services LTD
Finmarket is a forex and CFD broker that offers trading in more than 30 currency pairs, commodities and indices CFDs on the popular MetaTrader 4 platform. The company behind the brand, K-DNA Financial Services Ltd., is a Cyprus Investment Firm that is licensed by Cyprus Securities and Exchange Commission (CySEC). The company also operates forex broker brands LondonFX and GalaxyFX.
Cyprus is currently one of the most popular forex broker destinations due to its well-balanced financial regulation. There is the Investor Compensation Fund, which is able to pay compensation up to €20,000 EUR per person, If a licensed company ceases trading or becomes insolvent. Moreover, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.
However, we would like to mention that when we downloaded Finmarket’s MT4 platform to try out the broker demo account, the name of another company appeared, not the one licensed in Cyprus: FinMarket EOOD. It seems that this is a Bulgarian company, for which there is no information. Do have this in mind if you consider opening an account with Finmarket.
Click to zoom in.
Minimum Initial Deposit
In order to open an account with Finmarket, traders have to invest a minimum of $1000. Such minimum initial amount is quite high, considering that other Cyprus-based brokers require less. For instance, leading EU brokerage XM demands just $5 from its clients as a start.
According to us, the main disadvantage of this broker is the high trading costs. Finmarket offers very high spreads, exceeding 3.7 pips for the EUR/USD on Mini accounts. On top of that, it also charges salty commission, fees, amounting to $15.00. This means that average trading costs amount to more than 5 pips per standard lot, while most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. We were so shocked when we made this simple calculation, that asked Finmarkets’ customer support on live chat is it true that they offer such high spreads plus commission fees, and the answer was yes. At least they are honest.
For example, XM’s average spreads on Zero accounts amount to just 0.1 pips on EUR/USD and involve commission of $10 per standard lot (round trip). For further information, you may check out real-time spreads of 15 leading brokers here.
The maximum leverage level offered by Finmarket on basic accounts is 1:50, which is a low ratio, yet it is in line with the latest CySEC guidelines. However, most Cyprus-based brokers still offer significantly higher leverage levels – for example, XM provides leverage up to 1:888.
Finmarket supports the standard MetaTrader4 (MT4), available as desktop, web and mobile versions.
MT4 remains the preferred choice of most traders (and brokers) worldwide, as it provides a full range of trading tools and features: a number of built-in technical indicators, advanced charting package, automated strategies (EAs) and extensive back-testing environment. Besides, traders can download ready-made or create their own EAs (and Indicators) and let the program do all the work.
Methods of Payment
The following payment methods are available to Finmarket clients: credit/debit cards, bank wire transfer, and ecoPayz.
Keep in mind that withdrawal fees apply.
On the one hand, Finmarket is a well-regulated forex & CFD broker that claims to offer Negative balance protection and STP execution. On the other, however, its trading costs are the highest we have seen. Besides, its MT4 is provided by another company. To sum up the above:
|Well-regulated||Very high spreads plus salty commissions|
|Negative balance protection||MT4 belongs to another company|
|High initial deposit|
|Hedging not allowed on basic account types|
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FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
FinMarket Review 2020— Very Rare Rewards System for Traders
FinMarket Review 2020 by FinanceBrokerage & User Ratings
FinMarket is a regulated and licensed broker by CySEC and has been around since 2020. Our FinMarket review aims to aid your decision in choosing the right broker, where will discuss all the pros and cons of the broker.
FinMarket is a regulated and licensed broker headquartered in Cyprus. They are regulated by CySEC and their license number is 273/15. FinMarket has been around since 2020, and though they are not veterans in the industry they have sufficient experience to prove their worth. Our FinMarket review aims to aid your decision in choosing the right broker for yourself, where will discuss all the pros and cons of the broker.
FinMarket offers a large range of trading instruments, educational content, daily Analysis, and more. Their rewards points system is rare to see among brokers, and we consider it to be one of their biggest assets. They offer up to triple points for each traded lot, where you get $5 for each point. They have a great range of account types and highly dedicated customer service.
Account Types at FinMarket
FinMarket introduces five different account types, ranging from beginner to professional levels of trading. All of the account a system of rewards points which accrues over time. All accounts have a chance to participate in the professional development courses offered by FinMarket, though the courses vary with the accounts.
This is the lowest trading account level. Most likely it is designated for beginners or traders who wish to test the platform before investing more. The specs offered by the blue member account are:
This seems to be a comprehensive enough tool list for a beginner trader. The deposit is quite small, and you will receive $5 for each traded lot so there is a lot of potentials there.
The silver member is the second level in the trading account types. The stakes here a little higher and the tools offered are much bigger. See below:
The silver member has many more professional development options. They receive access to the daily markets FinMarket reviews, on top of a personal account manager, trading tools, and a higher reward points system.
The third level of the account type get a little bit more serious and thus offers a lot more to the traders.
Gold members have access to 100 trading instruments, double the rewards points, access to the LSE course, and a very low spread. This should come in handy when working with such large numbers and a large trading volume. Though the rewards should be quite large, as you receive double the point for each traded lot.
Elite membership is the highest level of the account type, thus they have everything to offer. This is the go-to account for real professional traders, and they receive all the tools required for successful investments.
The rewards system is outstanding on this account type, tripling your points on reach traded lot. You will have access to 100 trading instruments, the London Stock Exchange course, Floating spread from 0.1 and a personal account manager, together with other specs as well.
FinMarket has a designated account type of Islamic members, making their platform more inclusive to all cultures.
Islamic members will get access to a floating spread from 0.65, 1 point per traded lot, 70 instruments and more. The minimum deposit is also low, so you have a chance to make a profit without investing too much initially.
FinMarket Accouts: Conclusion
Overall, we are quite satisfied with the offered account types at FinMarket. The range is inclusive to many traders, beginner or experienced, and the reward points system is a rare sight to see. The higher account level you invest in, the more points you will receive. So FinMarket gives back whatever you invest, even tripling it.
FinMarket Trading Instruments
FinMarket offers six different types of trading instruments, so you will most definitely what you are looking for. Whether you choose to only trade crypto or like to work with stocks and indices, you gain access to all of them via FinMarket.
Due to increased globalization Forex has grown to be the largest active market today. High liquidity, 24/5 trading time and a trading volume of %5 trillion a day. At FinMarket you will be able to trade with confidence due to their regulations, and you will be exposed to 30+ currency pairs, whether you choose to work with major, minor or exotic pairs. They offer 1:30 leverage which is a great option for successful trading both for novices and pros.
The Contract for Difference (CFDs) is a highly popular trading instrument, where you will be able to trade a contract between to exchange the difference between the opening and closing price. The fluctuation in the price of stocks, commodities, and more will help you benefit without owning the underlying asset. FinMarket offers a large variety of CFDs, with leverage up to 1:20, so you have a chance to benefit greatly with your investments.
When trading at FinMarket you get access to the stocks of the world’s biggest companies on NYSE, NASDAQ, London Stock Exchange, etc. They offer more than 160 stocks including Apple, Google, Coca Cola, Amazon, Ferrari, Tesla, and many more. The trading leverage is up to 1:5.
FinMarket gives you an option to speculate, hedge and diversify your portfolio by trading all the leading indices from the US, European and Asian stocks. S&P 500, NASDAQ 100, FTSE 100 Nikkei 225 are all available to trading members with a leverage of up to 1:20.
Whether you like to trade soft or hard commodities, you have an option for all at FinMarket. Since commodities are very volatile products, you will be able to fully develop and diversify your portfolio with some of the most popular products on the market. You will be able to profit in both rising and falling markets, with a leverage of up to 1:10. Most popular commodities at FinMarket are Gold, Silver, Coffee and Crude Oil, though the list of available commodities is much more vast.
Cryptocurrencies at FinMarket
Cryptocurrencies have been some of the most popular instruments since not too long ago. With the high volatility, you will be able to profit from both bullish and bearish markets while trading some of the most popular cryptos like Bitcoin, Ethereum, Ripple, Monero, etc.
FinMarket is one of the few brokers who offer such a vast range of trading instruments online. We are very impressed with their stocks offers, leverages for different instruments and more. With the rewards system they offer you have a chance to triple your winnings in an instant.
Trading Conditions at FinMarket
Since FinMarket is licensed by an esteemed financial regulator, the conditions at the platform are outstanding. FinMarket is owned by K-DNA Financial Services Ltd., who has become a leader in the industry with their tight pip-spreads, real-time market prices, and unique margin policies. They offer traders a chance to maximize to the fullest potential.
The fun security at FinMarket is in line with the EU’s MiFID rules and the EU’s Anti-Money Laundering Legislation. They put a large emphasis on their integrity and trust. All funds are held separately in accordance with the CySEC regulations on a cold server.The trading platform offered by FinMarket is MT4, which you can use via web, desktop or mobile. You will gain access to streaming fina Currency, CFDs, Stocks, Commodities, Cryptocurrency, financial news and 24-hour support.
Additional Information about FinMarket
FinMarket website is very user-friendly, with an easily navigable menu. You gain access to their regulation information, history of the company, legal documentation, and more. They offer 24-hour customer service via live chat, email or phone number.
The restricted countries are Azerbaijan, Moldova, New Zealand, Hong Kong, Singapore, Macau, Belgium, Sudan, USA, Syria, North Korea, Israel, Canada, Myanmar, and Australia, accordingly with the CySEC regulations. Though the list might seem large, it is still reassuring to see a highly regulated broker take their job so seriously for the benefit of their clientele.
The payment options are vast, offering the most popular way to deposit/withdraw from your account. The process of taking out and putting money into your account is very easy, and take little to no time. The trusted banking institutions are a guarantee that your money is going to the right place. You can use payment options such as, Visa, MasterCard, Maestro, Bank wire-transfers, EFTpay, Skrill, and more.
FinMarket is also very active on social media, providing information to its users through different platforms like Facebook, Youtube, and Twitter.
FinMarket Review Summary — Regulated, rewarding, diverse
Though FinMarket has not been around for a long time, they have built a strong re-population for their work. They provide the best tools to their traders, whether it is instruments, analyses or education. The customer service is strong and available at all times, the regulations are some of the best among the brokers, and safety is guaranteed.
FinMarket also offers a huge rewards system to all account types. We are confident in this broker since they have done everything in their power to provide the maximum comfort to their users. In conclusion tio the FinMarket review we can say: Good luck trading on FinMarket, “your gateway to the financial market!”
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