Finotec Review
Rana Adnan | March 30, 2022
Table of Contents
Headquartered in London, United Kingdom, Finotec is an online financial services provider that was founded by investors for investors. They provide traders with the MT4 trading platform, which is available in desktop, web, and mobile versions. Clients get to trade multiple financial instruments, including forex, CFDs, and commodities, whilst there are various learning tools, useful trading tools, and a client support team to assist them. The minimum deposit required to start trading is $1,000.
Broker Pros / Cons
- User-friendly trading platform
- Educational resources & trading tools
- Various financial markets
- Multiple account types
- A minimum deposit of $1,000
- Limited deposit/withdrawal methods
- Not the tightest spreads
- No USA traders
Summary
Finotec (previously Finotrade) is an online trading broker that offers seamless access to the global financial markets. Finotec’s clients benefit from various favourable trading features, such as demo accounts, multiple trading accounts, zero commission, and low spreads. All trading activities are executed on the MT4 trading platform.
Regulation
Finotecis a trading name of Finotec Trading UK Limited and the website is owned and operated by Finotec Trading UK Limited. Finotec Trading UK Limited is authorised and regulated by the Financial Conduct Authority, with Financial Services Register Number (470392).
The broker accepts traders from different parts of the world, provided that their countries of residence permit online trading with international brokers.
Platforms
Finotec provides traders with the MT4 trading platform, which is an advanced trading platform that offers live quotes, real-time charts, in-depth news & analytics, tailored tutoring as well as a host of order management tools, and indicators. The platform also offers a rich and user-friendly interface that is easy to navigate.
The MT4 trading platform is available as a desktop application for Windows and Mac computers, and a web version that can run directly on most modern web browsers — Chrome, Safari, Firefox, and Edge — without the need to first download or install a trading application. There is also a mobile app that is designed for Android and iOS mobile devices.
Finotec Trading Platform
Tools
Traders are provided with various trading tools — including Forex Calculators, Real-Time Chart, Economic Calendar, and Trader Chat — to help them get the most out of their trades.
Finotec Trading Calculator
Education
There are various educational resources on the broker’s website to help traders improve their financial knowledge. The resources include the forex glossary, video tutorials, e-books, and several learning articles.
Finotec Educational Resources
Markets
Finotec offers the following trading instruments: forex, CFDs, and commodities.
Accounts
Finotec offers a choice of four live trading accounts. The account types and their corresponding minimum deposit requirements are as follows: Classic ($1,000), Gold ($10,000), Platinum ($25,000), and VIP ($100,000). A demo account is available for practice purposes.
Finotec Account Types
Support
The broker provides traders with a knowledgeable client support team who are polite and prompt in response. The support team is available 24/5 and can be reached via telephone, email, and Live Chat.
Funding
Traders can deposit and withdraw funds via any of the following payment methods:
- Wire transfers through your local bank
- SafeCharge
- Union Pay
The time taken to process transactions may vary depending on the payment method in use.
Signup
Opening an account with Finotec involves a straightforward process: simply click on the “TradeNow” tab on the homepage of the broker’s website and provide the requested details.
Compare
| Broker Features | AvaTrade | IG | IC Markets | |
|---|---|---|---|---|
| Founded | 2006 | 1974 | 2007 | |
| Regulated | ASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSA | FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF | ASIC, CySEC, FSA, SCB | |
| Country | Australia, Ireland, South Africa, Japan, British Virgin Islands | Australia, UK, USA, Switzerland, UAE, Singapore, Japan | Australia, Seychelles, Bahamas, Cyprus | |
| Min. Deposit | Min $250 Deposit | Min $100 Deposit | Min $200 Deposit | |
| Commission | From $0 | From $0 | From $0 | |
| Spreads | Fixed | Variable | Variable | |
| Leverage | 1:400 | 1:200 | 1:500 | |
| Instruments | Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFs | Forex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDs | Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs | |
| Platforms | MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, Mobile | MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, Mobile | MetaTrader 4, MetaTrader 5, cTrader, Web, Mobile | |
| Type | Market Maker, STP | STP, ECN, DMA | ECN | |
| Funding | Wire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, Skrill | Wire Transfer, Credit/Debit Cards, PayPal | Wire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli | |
| Visit Broker | Visit Broker | Visit Broker | Visit Broker |
Conclusion
Finotec is an online broker that is based in the United Kingdom. They provide traders with the MT4 trading platform for trading multiple financial assets. The broker offers multiple trading account options to choose from, with a minimum deposit requirement of $1,000.
Min $1,000 Deposit
Finotec is an online financial services provider that provides traders with the MT4 trading platform to trade multiple financial instruments, including Forex, CFDs & Commodities.
About the Author
Rana Adnan
I am an introverted long-distance runner and a Forex trader with more than 7 years of experience. Reminiscences of a stock operator was the first book that changed the whole concept of trading for me.
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