Finq broker review (2022) Review
Finq.com, launched in 2017, is a popular CFD and Forex broker. They offer more than 2,000 CFD assets with which you can trade, including bonds, indices, Forex, ETFs, commodities, and stocks. The minimum deposit is $100 and they offer a demo account. Finq is growing particularly in India, Australia and South Africa. They offer a range of account types.
What can be traded
A wide range of assets can be traded on. You have the opportunity to trade Forex, Commodities, Indices, Bonds and ETFs in addition to individual equities. In the top pane on their website you can choose to view more details about:
- Assets
- Stocks
- Forex
- Indices
- Commodities
- Bonds
- Crypto
- ETF`s
You can choose from four account types. SIlver with the minimum deposit of $100, Gold, Platinum and Exclusive with a deposit of $100 000. They are suitable for beginners up to professionals.
Broker regulation
Finq is not as strong as some other brokers, in terms of regulation, because it only holds a licence from the FSA in Seychelles. They implement some of the most modern protocols for protecting funds and they use DDOS attack prevention, and Secure Socket Layer encryption.
Demo account
A demo account is one of the best ways to learn. It’s a virtual account mirroring the live one. You can learn on a real platform with virtual money, that is pre-loaded. Demo accounts are usually free and unlimited, but each broker has different conditions, so don’t forget to check them out. Finq offers a free demo account. It’s highlighted well on their website, you can`t miss it. There`s no information about how long you can use the demo account, but you get $10 000 virtual funds to start with.
Broker fees
Broker fees can vary and change, there may be additional fees that are not mentioned in this review. One of its best features is what you don’t pay for, including free analysis tools like Trader Central, a free economic calendar and free educational resources. Finq charges no commission fees on trades, withdrawals, or deposits.
Registration process
I have decided to go for a demo account because I am a beginner and I need to learn and test before I go live. As I have mentioned earlier, It’s simple to register. The “Free demo account” button is right at the top of the main page. Unfortunately, though, I cannot register due to the country of my residence.
Platforms
They have 2 platforms and mobile trading through our iOS and Android apps.
- Webtrader
- APP trade
- MT4
- MT4 webtrade
- MT4 for mac
MetaTrader 4 is an independent platform developed for trading commodities, FX and other products. It is advanced and user-friendly and is the gold standard among trading platforms.
Finq website
My first thought was, that the website looks like the amazon website. Similar graphic design, logos, colors etc. Other than that, I`d say it’s functional, fast, with no extra colors or no extra text. They`ve highlighted the important stuff and it’s well organized. In the top menu you`ll find:
- Home
- Assets
- Resources
- Platforms
- Accounts
There is no live chat and the only way to contact them is Whatsup, email and chat.
They include an education section on its website, which includes video lectures that cover important trading topics. There is a useful tutorial on using the MetaTrader 4 platform. You can also find an economic calendar, weekly CFD Expiration Rollover and CFD expiration dates.
Social networks
Funny enough, they are not active on any social networks, at least I haven`t found any links to social networks. That`s a big downfall because it’s a way of keeping traders up to date and in some sort of community.
Advantages and disadvantages
They are a reputable online forex and CFD broker regulated by the Seychelles Financial Services Authority, they offer demo accounts and some educational support. You can choose from over 2000 tradable instruments, including 60 forex currency pairs. But, some countries aren`t accepted (mine), there is no chatbot, only 3 ways of contacting them and they are not active on social networks.
Cons:
- No social network account
- Not as regulated as other brokers
- Only a few ways to contact them
- Only MT4
Pros:
- Demo account
- Outstanding market coverage
- Low spreads and high leverage
- Accounts to choose from
Pros / Cons
Our Score
Finq.com, launched in 2017, is a popular CFD and Forex broker. They offer more than 2,000 CFD assets with which you can trade.