FINMARKET Review

Broker Review: FINMARKET


General Information

Broker Name: FINMARKET

Broker Type: Forex

Country: Cyprus

Operating since year: 2015

Regulation: CySec

Address: 56 Griva Digeni Avenue, AnnaTower, First Floor, 2063, Limassol, Cyprus

Broker status: Active

 

Customer Service

Phone: 357 2525 4070

Email: [email protected]

Languages: ENG, FR, IT, DE

Availability: 24/6

Trading

Trading platforms: MT4, WebTrader, MobileTrader

Trading platform Time zone: GMT+0

Demo account: No

Mobile trading: Yes

Web-based trading: Yes

Bonuses: Yes

Other trading instruments: Currency, CFDs, Stocks, Commodities, Cryptocurrency

Account

Minimum deposit ($): $250

Maximal leverage:  1:200

Spread: Variable

Scalping allowed: No

 

CONTENT

  • GENERAL INFORMATION
  • FUNDS TRADING AND SECURITY
  • TRADING ACCOUNTS
  • THE TRADING CONDITIONS
  • TRADING PLATFORM
  • FINMARKET’S TRADING PRODUCTS
  • CUSTOMER SERVICE
  • CONCLUSION

 

General Information

finmarket review

FINMARKET is an experienced broker offering Forex, CFD, and other services. The company was established in 2015 and is based in Cyprus. Its offices are located at 56 Griva Digeni Avenue, AnnaTower, First Floor, 2063, Limassol, Cyprus.

As soon as you find yourself on FINMARKET’s landing page, you will see that time hasn’t outdated them. Many older brokers are old-fashioned or have barely functional webpages. Web design has evolved rapidly, and typically brokers are unable to keep up. FINMARKET, however, is on top of the latest trends, providing a sleek, professional, and minimalist look.

Navigation is easy and intuitive, as everything you need to know is never more than a few clicks away. The drop-down menus on top of the landing page hold general brokerage info while you can scroll to the bottom to find out more about the legal details. As everything is readily available, doing your research about the broker is an easy task.

However, most traders put convenience second, behind the overall trading experience. As such, most are willing to turn a blind eye to a slightly clunky service. So we’ll cover some of the best trading-related details about the broker.

finmarket review

·         NO EXTRA CHARGES

As traders are aware, the finance world is full of risk on its own. Even the most recognizable names in the trading world can be a few bad trades away from going bankrupt. As such, it’s vital to grab any advantage you can, or adversely, avoid any disadvantage. Added fees are exactly that, an inherent disadvantage you need to overcome. And no matter how small they are, they add up over time and can make a huge dent in your long-term profits.

·         STRONG REGULATION

Security has been a hot topic in the trading world for quite some time now. With the influx of new traders, scams have become more noticeable, as novices usually don’t do their research and get tricked. As such, it’s quite a significant benefit that FINMARKET is covered by one of the best regulators in the world, CySEC. Not only that, but the firm vouches to follow MFID-related European Regulatory Requirements.

·         EXTENDED CUSTOMER SUPPORT WORK-TIME

Everyone knows that if you have an issue, dealing with customer service can be an unpleasant process. Even if you get the best representative, the stress of things not going your way can simply get to you. Couple that with the fact that trading is already quite stressful by itself, and you’ve got a recipe for disaster. That’s why it’s great that FINMARKET added an extra day of support; something most firms don’t offer. Then you can deal with your issues while not worrying about your trades.

 

Funds Trading and Security

We mentioned earlier in our FINMARKET review that security is one of the firm’s strong points. To reiterate, they are regulated by Cyprus’ financial authority, known as CySEC. It is one of the strictest watchdogs out there. On top of that, the company operates under EU laws, which present another layer of safety. Lastly, the firm offers separate user and company financial accounts, which means you’ll get your money back even in the case of FINMARKET going under.

Another great factor in trustworthiness is reputation. Brokers that keep a clean slate over an extended period are extremely hard to come by, and traders should value them highly as such. FINMARKET falls into that category, with a small number of complaints in over half a decade that the firm has been operating. All those factors combined result in a safety rating rivaled by few.

Finmarket Trading Accounts

 

The broker provides a good variety of account types, surpassing much of the competition. The starting Silver account will set you back the usual $250, and from there, you can progress through the ranks until you reach Elite Member status. Although it’s named differently, the last rank is equivalent to a VIP account you’d see at other brokers.

Many brokers, however, use their account typing as sort of a trap to get traders to invest more. They lock key features behind account types to make their customers put in more than they otherwise would for functions they realistically shouldn’t be paying for at all. Luckily, there’s no trace of that at FINMARKET, as the experience across accounts is quite leveled.

However, you might ask, what’s the point of even upgrading then? The answer is simple. While there aren’t any function restrictions, the overall trading experience does improve. For example, the variable spreads get tighter as you move up account types. That results in a delicate balance between rewarding loyalty and not asking for much.

Perhaps the best part about the accounts is that you can accidentally upgrade simply by using the service for an extended period. That means you don’t necessarily need to chase better account types, and can just ease into them. Of course, if you’re willing to spoil yourself a bit, going for one of the higher ranks straight away isn’t a bad idea. Here are some of the specifications of each account type:

finmarket review

·         SILVER

Minimum deposit $250

Allow Expert Advisors: Yes

Hedging & Scalping allowed: Yes

Commission discount up to: Standard

Forex Variable Spreads (EURUSD): 4.0

Indices Variable Spreads (DOW): 240

 

·         GOLD

Minimum deposit $5000

Allow Expert Advisors: Yes

Hedging & Scalping allowed: Yes

Commission discount up to: 15%

Forex Variable Spreads (EURUSD): 3.4

Indices Variable Spreads (DOW): 238

 

·         PLATINUM

Minimum deposit $20000

Allow Expert Advisors: Yes

Hedging & Scalping allowed: Yes

Commission discount up to: 65%

Forex Variable Spreads (EURUSD): 1.1

Indices Variable Spreads (DOW): 235

 

·         DIAMOND

Minimum deposit $50000

Allow Expert Advisors: Yes

Hedging & Scalping allowed: Yes

Commission discount up to: 75%

Forex Variable Spreads (EURUSD): 0.9

Indices Variable Spreads (DOW): 230

 

·         ELITE

Minimum deposit $250000

Allow Expert Advisors: Yes

Hedging & Scalping allowed: Yes

Commission discount up to: 85%

Forex Variable Spreads (EURUSD): 0.8

Indices Variable Spreads (DOW): 225

 

 

The Trading Conditions

All the trading conditions at FINMARKET are good enough to even easily compete with  market leaders. With tight spreads and good leverage levels across all accounts, you wouldn’t be missing out no matter how much you decide to invest. Even better, you get to customize your experience quite a bit by choosing among the multiple account types and numerous assets. The fact that FINMARKET also uses one of the leading trading platforms only further strengthens the level of service.

Even when you move past the conditions that strictly relate to trading, it’s more of the same. The support team is quick and works longer than the industry norm. All the deposit and withdrawal methods are free and process quite quickly. There are many options for payment, so your preferred one will nearly certainly be there. When everything’s added up, the firm leaves little to be desired.

 

 

Trading Platform

finmarket review

FINMARKET uses one of, if not the most used platforms worldwide in MetaTrader4. The platform allows new traders to adapt quickly, with an easy to use UI that makes it easy for novices to comprehend what their display is showing them. However, that doesn’t mean higher level traders lose out either, as there’s a wealth of analytical tools to assist them in their predictions.

On top of that, users get two extra options in the web and mobile traders. The former lets you access your account and trade from any desktop device without the need to download anything. The latter does require a download but allows you to buy or sell wherever you are, as long as you’ve got your phone with you.

 

FINMARKET’s Products

FINMARKET has a great dose of variety as far as the assets it offers go. It has something for each of the major categories, ensuring that there’s something for everyone. Meanwhile, their webpage has a short description for each product class to help those that are unsure where to go. The major trading product categories at FINMARKET are:

  • Currencies
  • CFDs
  • Commodities
  • Digital currencies
  • Stocks and indices

Customer Service

As we already stated earlier in our FINMARKET review, their customer support team is a step ahead of the others. Not only does the company provide an added day of support, but it also lets customers enjoy the help of financial advisors. Few competitors offer similar services, and some words of wisdom are always welcome, so we suggest you utilize the offer.

 

Phone number: (+)357 2525 4070

Email: [email protected]

 

Conclusion

The world of brokerages is quite competitive, and as online trading popularity rises, the competition only gets harsher. Many fail to either meet initial demands or adapt over time and as a result go under. As such, a broker that’s consistently evolved and stayed competitive for over five years, such as FINMARKET, is a sight to behold. The firm provides a top-quality trading experience right now and keeps constantly improving.

However, traders are aware that trying a service is worth more than words can say. As such, we suggest you try out FINMARKET, as you just might decide to make it your new trading home.

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 5 (8 reviews)