FINMARKET Review 2019

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FINMARKETReview

FINMARKET Review

FINMARKET is an online forex and CFD broker that is managed and owned by a Cyprus Investment Firm (CIF) called K-DNA Financial Services Ltd. They are based in Cyprus at #56 Griva Digeni Avenue, Anna tower, First floor, 3063, Limassol, Cyprus and operate under the supervision of the Cyprus Securities Exchange Commission (CySEC). The range of services offered by FINMARKET includes online trading services for currency pairs, commodities, and market indices. The brokerage firm is especially popular among traders in the online trading community because of its tight spreads, efficient platform and the transparent way the broker operates.

FINMARKET Video Review

FINMARKET Regulations

Operating under the CIF holding company K-DNA Financial Services Ltd, FINMARKET is regulated by CySEC under the CIF license number 273/15. With the regulatory oversight provided by CySEC, traders at FINMARKET can be assured that their broker is in compliance with the stringent requirements and standards established under the Cyprus Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007) and the Markets in Financial Instruments Directive (MiFID) passed by the European Parliament. The MiFID calls for all financial services providers in the Eurozone to deliver their services in a secured, reliable and transparent manner. As part of FINMARKET’s transparency efforts, clients of the broker are able to view all the legal documentations regarding the broker’s policies and commitments towards its clients.

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FINMARKET Reliability

In terms of reliability, their servers and transactions are all secured with the latest web security technology to the same standards as those used by the banking industry. Furthermore as a MiFID compliant broker, FINMARKET comply with all international Anti-Money legislations. Clients’ funds are also held separately from the broker’s operational funds.

In addition, as a regulated broker of CySEC, FINMARKET is also a member of the Investor Compensation Fund Scheme. With this scheme, investors under CySEC regulated brokers are able to file a claim for compensation up to a maximum amount of 20,000 euros should their broker become insolvent.

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FINMARKET Trading Platforms

To offer their traders maximum trading flexibility, FINMARKET has provided them with a choice of 3 different trading platforms. Traders at FINMARKET can chose from the MetaTrader 4 platform, the WebTrader and the Mobile Trader.

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FINMARKET MetaTrader 4

The MetaTrader 4 (MT4) is the most well known and popular trading platform in the online trading community. Developed by MetaQuotes Software, the MT4 is used by more than 80% of the forex brokers in the industry today. Its popularity can largely be attributed to the advanced trading tools that have been integrated into the trading platform. It comes with a comprehensive charting package and a wide range of trading indicators. In addition, it is able to support automated trading through the use of Expert Advisors (EAs)[1]. The ability of the MT4 platform to execute trades quickly and efficiently is also another key reason why this trading platform is so popular among the online trading community today.

FINMARKET WebTrader

The WebTrader is the flagship trading platform of FINMARKET. Incorporating the latest cutting edge technology, the web based trading platform allows FINMARKET’s traders to access the financial markets with any internet enabled devices which can support a web browser. The main features of this trading platform include:

  • One Click Trading
  • Real time charts
  • Social Trading[1]
  • Trading Cubes
  • User Friendly Interface
  • Visual Trends

FINMARKET Mobile Trader

With the FINMARKET mobile trader, FINMARKET’s clients are able to fully maximize their trading potential right from the palm of the hands. The mobile trader has been design to fit all the sophisticated trading features of the WebTrader and MT4 platforms onto the screen of the smartphone and mobile devices. With it, traders can ensure that they will never miss another trading opportunity which should increase their trading efficiency.

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FINMARKET Trade Types/Instruments

At FINMARKET, traders can trade in spot forex, CFDs, commodities and market indices. With spot forex, there are more than 30 currency pairs to choose from. The available leverage for spot forex trading is 1:50.[1] There are also a wide range of CFDs which traders at FINMARKET can trade in. The Trader can trade asset classes such as stocks, commodities and market indices without owning the particular asset. Popular commodities such as Coffee, Crude Oil, Gold and Silver are also available for trading at FINMARKET. As for the range of market indices, these include major indices such as the FTSE 100, NASDAQ 100, NIKKEI 225 and S&P500.

FINMARKET Account Types

There are 4 main types of trading accounts available at FINMARKET. They consist of the following:

Mini Account

  • Min Deposit $1000
  • 24 Hours Support
  • Demo A/C
  • Margin 40%
  • 24 FX pairs
  • 10 Commodities & Indices
  • Leverage 1:50
  • Negative Balance protection

Standard Account

  • Min Deposit $5000
  • 10 Commodities & Indices
  • 24 Hours Support
  • 26 FX pairs
  • Daily Market News
  • Dedicated A/C Manager
  • Demo A/C
  • Islamic A/C
  • Leverage 1:50
  • Margin 40%
  • Negative Balance protection
  • Personalized Updates
  • SMS Alert
  • VOD Library

VIP Account

  • Min Deposit $10000
  • 24 Hours Support
  • 28 Fx pairs
  • Automatic Notifications
  • Daily Analyst Tips
  • Daily Market News
  • Dedicated A/C Manager
  • Demo A/C
  • Direct Access to Trading Manager
  • Full range of Commodities & Indices
  • Islamic A/C
  • Leverage 1:50
  • Margin 30%
  • Negative Balance protection
  • Personalized Updates
  • SMS Alert
  • VIP Trading
  • VOD Library
  • Hedging Permitted

Premium Account

    • Min Deposit $100000
    • 24 Hours Support
    • 28 Fx pairs
    • Automatic Notifications
    • Daily Analyst Tips
    • Deep Liquidity
    • Daily Market News
    • Dedicated A/C Manager
    • Demo A/C
    • Direct Access to Trading Manager
    • Full range of Commodities & Indices
    • Islamic A/C
    • Leverage 1:50
    • Margin 25%
    • Negative Balance protection
    • Personalized Updates
    • SMS Alert
    • VIP Trading
    • VOD Library
    • Hedging Permitted

FINMARKET Commissions & Spreads

At FINMARKET, the commission rates are fixed and depend on the type of trading account that the trader is trading from:

  • Mini Account – $15.00
  • Standard Account – $12.50
  • VIP Account – $11.00
  • Premium Account – $10.00

As the spreads, they are priced up to 5 decimal places and their minimum starts from:

  • Mini Account – From 0.00037 pips
  • Standard Account – From 0.00027 pips
  • VIP Account – From 0.0001 pips
  • Premium Account – From 0.00009 pips

Nevertheless, spreads in actual trading may vary according to the market conditions. The table below shows some of the typical spreads which traders will encounter when trading the markets.

Instrument

Spreads (in pips)

AUD/JPY 0.007
AUD/USD 0.00007
EUR/CHF 0.00004
EUR/GBP 0.00006
EUR/USD 0.00005
COFFEE 0.05
XAU/EUR 0.16
PLATINIUM 0.2
YAHOO 0.01
GOOGLE 0.32

FINMARKET Deposits & Withdrawals Options

As for the deposits and withdrawals options which are available at FINMARKET, traders can use the following methods to deposit funds into their trading accounts:

  • WireCard
  • Wire Transfer
  • Ecommpay

For withdrawals, the methods used are the same as for deposits. However, brokers will usually transfer funds through the same method that was initially used for making a deposit.

FINMARKET Bonus & Promotions

In terms of bonuses or promotions, FINMARKET offers the following types of promotional offers to qualifying traders:

  • No Spreads
  • No Commissions
  • Temporary benefitt

 

FINMARKET Customer Support

Customer support at FINMARKET is available on a 24/5 basis through:

  • Email
  • Live Chat
  • Web Contact Form
  • Telephone

Apart from 24/5 access to customer support, FINMARKET has also provided their traders with a comprehensive trading educational package.[1] To enhance their trading skills, FINMARKET’s traders can access the educational resources that are made available for their consumption in the FINMARKET’s academy.

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Apart from 24/5 access to customer support, FINMARKET has also provided their traders with a comprehensive trading educational package. To enhance their trading skills, FINMARKET’s traders can access the educational resources that are made available for their consumption in the FINMARKET’s academy.

FINMARKET Pros & Cons

Pros

  • 24/5 Customer Support
  • Regulated Broker
  • Choices of trading accounts
  • Comprehensive trading education
  • Multiple choices of trading platforms
  • Ultra Tight Spreads

Cons

  • No FAQ available
  • Trading Conditions not published
  • Account Manager available only from 9am to 9pm
  • No localized support
  • Multilingual Support not available

FINMARKET Q&A

  • Is FINMARKET regulated?

Yes. FINMARKET is a regulated broker under the jurisdiction of the Cyprus Securities Exchange Commission.

  • Where is FINMARKET based?

FINMARKET is based in Cyprus and their headquarter is located at #56 Griva Digeni Avenue, Anna tower, First floor, 3063, Limassol, Cyprus.

  • How does FINMARKET make money?

FINMARKET collect revenue by charging their clients a small commission on the trades that they make. In addition, traders have to pay a small spreads on top of the commission.

  • How to deposit in FINMARKET account?

To deposit funds into a FINMARKET trading account, traders can do so by using their WireCard, Wire Transfer, Ecommpay.

  • How to withdraw money from FINMARKET?

Withdrawal of funds at FINMARKET can be done through the same methods and any withdrawals requested shall be returned to the same source.

  • How to open an account with FINMARKET?

To open an account with FINMARKET, simply fill up the registration form and submit it to FINMARKET. Take note that live trading is only possible after you have made a deposit into your trading account.

  • Is FINMARKET reliable?

Yes. FINMARKET uses the latest encryption technology to safeguard their clients’ personal information and data. In addition, FINMARKET operate under strict regulatory guidelines imposed by the regulatory authorities.

  • Does FINMARKET use MetaTrader?

Yes. The MetaTrader 4 trading platform is available at FINMARKET.

  • What is FINMARKET leverage?

The maximum leverage offered by FINMARKET is 1:50 for the Mini, Standard and VIP accounts. For Premium account holders, the leverage ratio offered is 1:100.

  • Is FINMARKET a scam? How safe is FINMARKET?

No, FINMARKET is not a scam. It is a regulated broker under the oversight of the Cyprus Securities Exchange Commission and is fully authorized to provide financial services to clients within the Eurozone.

Conclusion

Despite being a relatively new forex broker, FINMARKET has managed to provide their traders with a very decent level of service. They offer mobile and web trading as well as the MT4 download platform and have a wide range of assets for trading. The key thing to note is that this broker offers one of the tightest spreads in the market hence allowing their traders to trade on a competitive level.

FINMARKETOverview

Company Information

Broker DetailsInfo
Regulated byCySEC
Headquarters CountryCyprus
Foundation Year2015
Publicly TradedNo
Number Of Employees100

Deposit Options

Cash-U, Credit Card, Skrill, Wire Transfer, Yandex.Money

Withdrawal Options

Cash-U, Credit Card, Skrill, Wire Transfer, Yandex.Money

Contact Information

Trading Account Options

Account TypeInfo
Min. Deposit$250
Max. Leverage1:200
Mini AccountNo
Demo AccountYes
Premium AccountYes

FINMARKET Trading Features

Suitable For

Trader LevelYes/No
BeginnersYes
ProfessionalsYes
ScalpingYes
Day TradingYes
Weekly TradingYes
Swing TradingYes
Social TradingNo

Customer Service

TimeYes/No
24 Hours SupportNo
Support During WeekendsNo

Customer Support Languages

Arabic, Bulgarian, Chinese, English, Romanian, Russian

Trading Services

ServiceInfo
Supported Trading PlatformsMT4
Commission On TradesYes
Educational ServiceYes
Trailing SP/TPYes
Automated TradingYes
API TradingYes

Supported Instruments

Instrument TypeYes/No
CurrenciesYes
CommoditiesYes
CFDsYes
IndicesYes
ETFsNo
StocksNo
BondsNo

FINMARKETUser Reviews

Rate this broker
  • 5.0
    Reliable Broker
    Angela
  • 5.0
    professional and friendly
    Gulshan
  • 5.0
    Happy with Broker
    Daryl
  • 1.0
    Lost
    Cynthia
  • 1.0
    Wouldn’t touch them with a 10foot pole
    Alex
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