Finmarket ReviewOpen Demo Account
FinMarket is an online brokerage firm based and regulated in Cyprus that provides premium investment opportunities in the financial markets for its clients. Some of their unique offerings include the MetaTrader 4 and mobile trading platforms. There are over 30 currency pairs, oil, gold, silver, and even cryptocurrencies that are available to trade with the firm.
Founded in 2015, it is owned by K-DNA and has positioned itself as a market leader over the years by providing tight spreads, and real-time market prices. These are provided via a direct link to the interbank market, and a unique margin policy, which allows clients to maximize the full potential of their trading account.
The company offers deep liquidity and a unique fully transparent trading model that enables them to deliver exact price execution on client orders.
As with many other retail brokers, the brand has expanded in recent years and have gained popularity among traders across the globe.
The key question is, how good is the brand? Well, we’ve done the research for you and all you have to do is read this review.
- Regulated by the CySEC with segregated client accounts and deposit insurance
- Tight spreads, transparent costs, and commissions
- Good choice of trading platforms
- A wide selection of account types
- Access to multiple trading platforms on desktop and mobile devices
- Online tutorial videos lack depth
- The product portfolio is rather limited
What can you trade?
FinMarket Forex Review
As for currency pairs, the firm allows you to trade up to 30 major currency pairs as well as some minor and exotic pairs. These include the EURCAD, GBPAUD, USDZAR, and EURNOK pairs just to name a few. The currency market has high liquidity levels due to the massive volumes traded on a daily basis.
One of the significant advantages is the free training and education resources, which are provided by a third-party training company but are easily accessible via your account. The training is available to all clients, though some premium training options are only available to premium account holders. All account holders above Blue Member level have free access to the trading tools and daily market reviews, as well as the services of a personal account manager. Gold and Elite members can access the London Stock Exchange training course. Access to the VOD library is open to all clients, including basic account holders.
FinMarket CFD Review
A CFD (Contract For Difference) is a tradable contract between a client and a broker to exchange the difference between the opening price and closing price of a contract. With CFDs, investors can benefit from the fluctuations in the price of stocks, commodities, indices, and more, without actually owning the underlying asset. There are CFD instruments available to trade on assets such as Currencies, Commodities, Crypto, Stocks, and Indices.
FinMarket Cryptocurrency Review
Customers who have an account with the firm also have the opportunity to invest in a range of cryptocurrencies, with a variety of coins available, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ripple, Litecoin and Dash.
The company delivers a transparent and cost-efficient trading model with all costs laid out clearly, albeit in USD. Commission rates are fixed, depending on the type of account the trader is using, and are currently set at £8.22 on a silver account, £9.35 in a Gold Account, and £7.48 on an Elite Account.
There are also regular low-commission, or no-commission, promotional offers for new and existing clients. The broker also offers very low spreads for Gold, Platinum, Diamond, and Elite account holders, with floating spreads starting at 1 pip for the EUR/USD pair. Spreads vary according to market conditions. There may be costs attached to withdrawals and deposits, depending on the methods used.
There is a wide range of accounts available to FinMarket.com customers. Clients are able to choose from a Blue Member Account, a Silver Member Account, a Gold Member Account, a Platinum Member account, a Diamond Member account, or an Elite Member Account. There is also the option of an Islamic Member Account, which is significant as not all Forex brokers offer this service to their clients. For the Muslim faithful who would love to trade in accordance with their beliefs, a swap-free Islamic Account is available as an option to both the Standard and Prime Accounts.
Other features included in Gold, Platinum, Diamond and Elite accounts include a Personal Account Manager, Trading Tools, and Daily Market Reviews, as well as the London Stock Exchange Course. The amount of instruments available also increases with more premium accounts. All client funds are kept in segregated accounts, separate from the company’s own funds, and supervised on a daily basis. All financial transactions are encrypted and handled by Level 1 PCI certified international payment service providers.
This review would not be complete without mentioning the wide selection of trading platforms on offer. The right trading software can make or break a trader’s experience with a broker, so clients will be happy to know that they have a choice of tested and reliable platforms. Therefore, every trader can find a platform that works best for their needs and trading experience.
The firm provides WebTrader, which is a popular web-based platform for PCs, and the popular MetaTrader 4 (MT4) platform for both mobile devices and desktop computers. The software allows users to add a customised suite of technical indicators, charting tools and auto-trading options. It also includes the Expert Advisors program, which is a Robo-advisor that allows automation of the analytical and trading processes within the MT4 platform. MT4 is regarded as one of the most advanced trading platforms out there, allowing Forex traders to easily monitor the markets, track price movements and automate trading strategies.
The MT4 software provides automated trading via Expert Advisors and also provides access to the Mql4 market where users can acquire ready-made tools at a cost or sometimes for free. Details on an asset can be accessed easily just by clicking on it, and orders can also be made the exact same way.
MT4 provides various types of charts for easy understanding. Charts like line charts, bar charts, and candlesticks are all available for easy technical analysis.
The firm goes out of its way to help clients by providing the Academy, which is an online training portal offering educational material, tools and videos. The educational materials are segmented to cater to beginners, intermediate and advanced traders, covering everything from the basic concepts of currency trading to the advanced technical and fundamental analysis techniques.
However, the brand does make it clear that the educational resources are provided by a third-party training company. It is not liable for the quality of the education and stresses that it should not be considered as investment advice, which is a fairly standard disclaimer. With so many potential pitfalls in the world of online trading, almost all online education carries the caveat that no guarantees are made and that the training and education do not constitute investment advice.
When it comes to customer support, the firm provides support via email, through a contact form on the website, or via telephone line, with the account managers being available from 9.00 am to 9.00 pm (local time), Monday to Friday. The company also maintains social media accounts on Facebook and Twitter, giving customers extra channels to get in touch with them.
The first step to getting started trading with the firm is to open an account on their website. Setting up the account is fast and simple, and the customer support phone line will allow you to talk to an account manager if you have any questions or problems. You can, of course, email them if the issue is not urgent. Demo accounts are also available.
Next, you will need to fund your new account. Payments and withdrawals can be made via wire transfer or credit card, and also by e-payments using ECOMMPAY. Be aware that it is standard procedure to withdraw your funds via the same method that was used to make the deposit. Using different deposit and withdrawal methods may slow down the process, or require further verification of your details.
Only two types of credit cards are allowed, and you have to submit a picture of both sides of the credit card showing the last four digits to verify ownership. Mastercard and Visa are the only accepted cards as well as other payment options such as Skrill, Maestro, Giropay and Neteller.
Bank Wire Transfer
Bank wire transfers are accepted for both deposits and withdrawals. It takes a period of five business days to process, and the minimum deposit amount is $500.
Payments and withdrawals can also be made by e-Payment, using ECOMMPAY. The firm does not charge a deposit or withdrawal fee, but this may change in future. You should also check the fees that your bank or credit card company may charge on deposits and withdrawals. Keep in mind that the minimum deposit will depend on the type of account you opened.
Mastercard is usually an acceptable means of withdrawal as long as ID verification is provided.
Regulations, Deposits, and Protections
Entrusting your investments to anyone is a big decision and not something most people take lightly, so it is vital to ensure that the funds you deposit are safe and secure. The company is based in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC).
The broker uses segregated accounts to hold client assets, meaning that your investments are held separately from assets belonging to the firm; hence, they cannot be used by the broker to cover everyday operating and trading costs. This means that your funds are protected even if the company goes bankrupt, and the client funds are insured up to £20,000.
The firm displays all Legal Documentation and Terms and Conditions clearly on its website, and you are strongly encouraged to examine them closely before opening an account. The brand prides itself on being diligent and transparent, and like all reputable Forex trading companies, also acknowledges that there are risks associated with any trading activities. They encourage customers to be fully aware of the risks before making an investment.
The company is relatively new to the world of Forex trading, having only been operational since 2015. Therefore, the broker has not had the time to accumulate a string of awards like some of its competitors have. However, it has already received praise from different reviewers including us.
While FinMarket does not yet have a long list of awards to add prestige to its name, we would encourage traders to remember that this is a young and growing company. Take a look at its features and decide whether you think that it will suit you, and be aware that it may scoop some awards in the future.
Finmarket is the brand name of K-DNA Financial Services Ltd, a Cyprus Investment Firm authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). So, that answers the question of legitimacy. All investor funds are in segregated accounts in tier-I banks; the stringent regulatory framework ensures protection of client privacy and data security. Besides, the CFD broker’s ICF membership ensures that deposits held by retail clients up to €20,000 are covered.
Monarch Project and Finmarkets Ltd is a separate entity and is not related to Finmarket in any way. The former is a Non-Government organisation incorporated as a financial services firm in Mumbai, India in 1993. Finmarket, on the other hand, is a Cyprus Investment Firm (CIF) offering CFD trading in forex, stocks, indices, commodities and cryptocurrencies.
Yes, Finmarket provides users with access to the WebTrader demo account. To start using the demo, you have to sign-up with the broker by filling out the account opening form and submitting your personal details. The Web Trader comes with a user-friendly interface with one-click order entry, live analysis and charts, trading cubes, visual trends and copy trading.
Finmarket offers clients the choice of five account types: Silver, Gold, Platinum, Diamond and Elite, besides the Islamic and demo accounts. The minimum deposit varies from $250 to $250,000 depending on your account type. The primary differences are in the variable spread offered on the various products and the commission discount. Higher the category, lower is your fees.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.