Finq Review 2020
Finq is an online broker that offers CFD trading on over 2,100+ instruments across multiple asset classes. The broker provides a choice of intuitive and sophisticated trading platforms along with flexible account types and funding methods to cater for different trader needs. Despite this, we believe that they are let down by having offshore regulation only whilst the spreads are higher compared to many other brokerages as they incur a mark-up due to the fact that the broker does not charge a commission fee on trades. The best trading conditions are also reserved for clients with a larger deposit of at least $100,000.
Finq Review 2020, Pros & Cons
- No commission fees on trades
- No commission or fees on deposits & withdrawals
- 24/5 customer support
- Over 2,100 assets to trade
- Premium daily analysis on some accounts, including Trading Central
- Flexible trading account types
- Offshore regulation
- No clients accepted from the European Union or the United States
- Spread mark-ups
- Large account deposit required for best trading conditions
- Minimum $100 deposit
- No MetaTrader 5 platform
In this detailed Finq review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Finq is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Finq.
Finq Review: Summary
Finq offers trading in CFDs online by providing tried and tested reliable platforms for desktop, web and mobile. The broker has over 2,100 assets to choose from including stocks, commodities, forex, ETFs, indices and bonds. Finq charges no commission on trades, has leverage of up to 1:300 and a multi-lingual client support team on hand 24/5 to give account holders assistance.
Some of the key features of the Finq trading broker includes:
- State of the art technology with robust trading platforms
- 24/5 expert support for clients
- Real and valuable educational materials
- Regular new assets
- Deposit from $100
- Leverage up to 1:300
- No commission fees charged on trades
- No fees on deposits or withdrawals
Finq Review: Regulation
Finq.com is operated by Dilna Investments Ltd which is the primary payment provider and website operator. Dilna Investments Ltd is acting on behalf of its mother company, Leadcapital Corp Ltd who are authorised and regulated by the Seychelles Financial Services Authority (FSA).
Many experts and professionals would consider this “offshore regulation” and would prefer to use a broker that is regulated by the FCA, CySEC and/or ASIC. You can see a list of regulated brokers on our best trading brokers list.
Finq has employed additional security with client funds being kept separately in top tier global banks, and with payment methods that ensure deposits and withdrawals are completed through vetted reliable providers.
Tight regulation for all of the brokers operational jurisdictions is covered by internal policies and external authorities with annual auditing in line with high standards of accounting.
The broker implements safety systems and client protection online through innovative platform security, verified payment providers and in-date SSL certification.
Finq Review: Countries
Finq does not establish accounts to residents of certain jurisdictions including the European Union, United States or any particular country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Some Finq broker features and products mentioned within this Finq review may not be available to traders from specific countries due to legal restrictions.
Finq Review: Trading Platforms
WebTrader is one of the most up-to-date platforms giving clients the opportunity to trade over 2,100 assets backed by 90 edit tools, trending tools, analysis recommendation tool and events & trade tool. These tools can be extremely valuable for analysing the markets and used every day in trading strategies.
WebTrader is the ultimate platform designed for quick execution in a fast trading environment. It has everything expected from a bespoke built platform for you to build and control portfolios from 7 asset classes. The platform has reliable execution and features such as stop loss and take profit, limit and stop orders, you can control timing and positions 24/7.
Finq Mobile App
WebTrader is designed and developed to be used in web browsers and as a mobile app. The app is downloaded for iOS or Android devices and available on Google Play and Apple Store completely free of charge. Modern lifestyles motivate mobile trading and now over 70% of the brokers WebTrader clients utilize the mobile app for every-day monitoring and trade execution.
When the broker developed the WebTrader app, they prioritized speed, deposit and withdrawal requests, plus fully-functioning displays of each asset. You can view the Traders Trend Bar, see the Trending Now asset list, and use stop loss, take profit, entry limit and entry stop as you trade.
The technical team constantly update the mobile app to help give clients one of the best solutions for trading anytime anywhere, so that you never have to miss an opportunity to trade.
MetaTrader 4 (MT4) still remains one of the most popular trading platforms today, used by millions of traders worldwide. The MT4 platform offers flexibility, 1-click trading and advanced technical analysis with an abundance of built-in trading tools.
Finq offer access to the MT4 platform as a free download with over 370 assets available covering 5 asset classes – global equities, forex currencies, bonds, indices and commodities. The MT4 platform is freely available on desktop, web and mobile devices (iOS & Android).
When you enter the platform, you will see highly visual charts with 3 graphical representations of each asset in 9 different time horizons. You can open multi-tabs and multi-windows to access instruments, and the 1-click trading based on lots, is quick and easy.
The tools list is vast – oscillators help to identify buy or sell positions, ‘trend following’ tools can show price movement, and volume tools indicate the flow of activity from other traders. You may choose an asset, set your indicators, change the visuals, then save the template for using again at a later date.
MT4 supports automated trading via the use of expert advisors (EAs). There are EAs already included within the platform and thousands of paid and free EAs available online. You can even use the MetaEditor interface within the trading platform to creature your very own customised scripts, indicators and EAs in the MQL language. There is also a strategy tester that will allow you to back test EAs over historical data. It should be noted that back testing has many limitations and thus historical results are by no means an indication of future performance.
To aid decision making, news and fundamental data are shown on the Finq MT4 platform whilst the brokers customer support and dealing desk teams are experts in MT4 and ready to assist clients as and when required.
Finq Review: Trading Tools
Use Finq Traders’ Trend tools to assess how many traders are buying and selling in real-time to help optimize entry points and manage risk according to market sentiment. Sentiment analysis is often used as part of a contrarian trading strategy.
There is an economic calendar on the Finq website that displays the latest economic news releases. You can see the date/time of these releases along with the countries they are expected to have an impact on. The calendar shows the forecasted, expected and actual impact of each news release. This is a useful tool as part of the fundamental analysis of an overall trading strategy.
Finq Review: Education
Finq aims to deliver a comprehensive approach to trading by providing all levels of education and tools to assist in analysis and risk management, and with additional training on the features of WebTrader and MetaTrader 4.
Finq Review: Trading Instruments
With Finq you can trade over 2,100 assets including commodities, stocks, forex, indices, CFDs, ETFs, bonds and cryptocurrency (Bitcoin).
Finq Review: Trading Accounts & Fees
The broker has 5 account types, thus providing a good variation for different trading styles, experience levels and investment sizes. The minimum deposit for an account with Finq.com is $100 for the micro account and goes all the way up to $100,000 for the exclusive account. To get the lowest spreads a larger deposit is required which is slightly disappointing as the trading brokers review team believes that all traders should get the best available trading conditions regardless of their investment amount. Flexible leverage of up to 1:300 is available, just make sure that you have a clear understanding of how leveraged trading works and the significant risks involved.
Finq offer demo accounts with $10,000 in virtual funds which allow you to trial the different trading platforms provided and to practice your trading strategies before going live. Islamic accounts that comply with Sharia law are also available upon request.
As broker fees can vary and change, there may be additional fees that are not listed in this Finq review. It is imperative to ensure that you check and understand all of the latest information before you open a Finq broker account for online trading.
Finq Review: Customer Service
Finq support and dealing desk teams are highly trained experts in the field and receive constant training so they are ready to answer all queries. The Finq multi-lingual customer service is on call 24/5 and clients can contact the team or account manager through email, telephone or live chat.
Finq Review: Deposit & Withdrawal
Finq accepts major credit cards, e-wallets, local payment methods and wire transfers for deposits. They charge no commission or fees on deposits and withdrawals. When you withdraw, all funds are returned through the same method used to deposit.
Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. Some third party fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. Finq strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your Finq trading account.
Finq Review: Account Opening
You can register in just a few steps and join thousands of traders on Finq. There is a short online form to complete where you will need to submit some personal information. As part of the normal KYC procedure, you will need to submit documents such for personal identification such as a passport and proof of address such as a utility bill no more than 6 months old. Once your account has been verified by a member of the accounts team, you will be able to make a deposit and starting trading online with Finq. During the account application process, you should ensure that you read and fully understand all of the brokers terms, conditions and policies. Only procced if you agree to them all whilst the brokers support team is on hand to assist you during the account opening process should you need them.
Finq Review: Conclusion
Finq has a solid offering for an online trading broker with powerful trading platforms that can be used across multiple devices and a generous amount of trading tools. They have a large number of tradeable instruments across multiple asset classes. The account types and funding options are flexible to cater for different client needs. Whilst they do not charge a commission fee, this does mean that they mark-up spreads which means they do not have the lowest spreads. In addition to this, we feel that they are let down by offshore regulation and could benefit greatly from expanding their regulation to another regulator. For this reason, we would consider an alternative trading broker from our list of the best online brokers.
Leveraged trading in foreign currency contracts, contracts for difference or other off-exchange products carries a high level of risk and may not be suitable for everyone. Before trading, you are strongly advised to read and ensure that you understand the relevant risk disclosures and warnings. There is a substantial risk that you may lose all of your initial investment. We advise you to consider whether trading leveraged products is appropriate for you in light of your own personal circumstances. We recommend that you seek independent financial advice and ensure that you fully understand all risks involved before trading. Trading through an online platform carries additional risks.