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Sometimes we open the accounts with unsafe trading firms and get to know about it later. That’s why it is important to have a deep understanding of the firm before investing in it. Most of the firm claims that they are regulated by high trusted statutory bodies but later it comes to notice that they were fake in providing their important information. Finq.com is a trading firm founded in 2007. When it comes to trading with finq.com then traders capital is always at risk.
The firm is not registered under any regulatory body. There are always chances of losing money with this firm. The firm also doesn’t provide a powerful trading platform.
Is it safe to invest money with Finq.com?
Finq.com is not a safe broker for the traders. It is not regulated by any best reputed governing body and its regulatory background needs to improve a lot. It does not have any important details mentioned on its websites such as licence number and disclosure about its rules and regulation. The firm is not registered with the EU.
Moreover, it is registered with an unauthorised regulatory body which is FSA in Seychelles.
Account opening
Account opening process is slow, not fully digitalised and there are high charges on account opening. Finq.com does not offer a proper convincing to its clients. During the time of account opening, it requires lots of documents. It is confusing and fails to take the information entered in the form. It is frustrating and not suitable for the newbies.
They also do not provide an Islamic account. The account opening process is awkward and problematic.
Finq: Types of Accounts
Finq.com offers four different types of accents to its traders which are Micro, Silver, gold, platinum, exclusive. But each account has many drawbacks and it does not suit the traders budget. The amount is higher as the trader turns to the next account.
Tradable assets
The company allows its investors to do a trade-in Stocks, CFD, Forex, Crypto. The broker hides every information about their tradable assets. Finq.com offers trading on 2100+ assets, whereas other brokers in the market are offering more than 2100+ tradable assets. They don’t offer clients to trade on Metals and indices which blocks the users’ ability to trade with more assets.
Deposit and Withdrawal
As far as Deposit and Withdrawal modes of payment are concerned, offers limited payment methods. All of these are not secured with passwords and SSL. Further, they also charge several hidden fees when withdrawals are made.
The available methods are Master Card, maestro, visa, visa electron, and some e-wallets. The processing also takes much time. The service quality provided by the broker is not up to the mark and there is also no option to deposit money through cash.
Finq: Trading Platform
Finq.com allows users with the MetaTrader 4 trading platform, which is one of the most tradable platforms used by most firms. The company uses a restricted featured platform.
Finq.com platform is a challenging platform to understand and newcomers find it difficult to operate, there are very few signal indicators, timeframes and market analytical skills charts. Fiinq.com does not enable users to trade with iOS, Android and Windows i.e it is not compatible with all the operating systems.
The traders do not have any access to the trading signals, market prices, status of the broker. The company is using MetaTrader 4 which is an old trading platform as most of the renowned brokers have turned up to the latest online technology and trading platforms. The existing platform has already discouraged its users because of its gloomy interface.
Spreads, Commission and Fees
The company charges inactivity, rollovers and swaps fees. The company also charges a commission. The broker has a fixed spread in every type of account, and the spreads are 1.9 pips, which are low and hugely competitive spreads.
Leverages
They offer highest leverages i.e 1:100 which is low. Finq.com offers some tight Crypto spread on the leading cryptocurrencies, plus 1:2 leverage.
Finq: Education and Research
Finq.com fails to provide good and amazing educational and research stuff. Brokers have limited educational tools available. The resources available for the traders are not giving them new avenues of knowledge. The research does not escalate the understanding of reality and help them in appending market strategies.
Customer care services
Customer care team never replies to the customer. Their lines always come busy. A customer has to mail them several times, but they prove to be of no use. The customer services are not available 24 hours 7 days a week.
Most of the clients have a bad experience with the team. They indeed don’t focus on solving the problem of the clients. The broker does not provide toll-free call services available. The team is not knowledgeable.
Cons of Investing in the Finq.com
- The regulatory status of the company is questionable.
- They charge a high maintenance charge on withdrawal.
- They also charge high account opening fees.
- It does not allow social trading.
- They don’t have auto trading, analytical tools and features available.
- The company provides very low leverages that are up to 1:100.
- The firm does not provide a clear and intuitive interface.
- There is no Islamic account available.
- The company doesn’t offer diverse liquidity for trade.
- The US traders are not allowed to do trading.
Bottom line
Finq.com does not provide sound educational stuff. The company is not regulated under any authorised body. Not only that, the spreads provided by the firm are not up to mark. The leverage is not satisfactory which varies from 1:50 to 1:300, the risk on leverages is also high. The trading hour is also available for 24 hours 5 days a week.
The traders are from the United Kingdom, Germany, France, Canada, United States, Italy, Belgium and Denmark. The profit margin is also not high with Finq.com. It does not offer a good selection of tradable assets and trading accounts.
The traders do not get opportunities to have a customisable portfolio and to shape a better trading career. The beginners are not made available with experts, whereas other brokers provide advisors and experts to its clients. Finq.com brokers do not offer a safe system to the traders.
ROinvesting, Global TradeATF, ETFinance, are well-recognised brokers, which we would recommend you to trade with. These brokers are regulated by a highly reputed regulatory body. Not only that, these brokers provide clients with a good user-friendly trading environment.
Frequently asked Questions
Is the company regulated by any supervisory body?
No, the company is not regulated by any advisory and statutory body. It is regulated under an unauthorised body. Moreover, there are always chances of losing your hard-earned money. You should switch over to the authorised platform.
How to withdraw money from the firm?
Traders can withdraw by sending the withdrawal request to the firm on their respective email id. It takes as the withdrawal policy consists of lots of formalities and charges amount as well.
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