FinMarket.com is a Forex broker founded in 2015. Based and regulated in Cyprus, it is owned and operated by K-DNA Financial Services Ltd. FinMarket.com Forex has developed a strong reputation and currently offers over 30 currency pairs for private traders, with a minimum deposit of just $250 and leverage of up to 1:30. What other advantages does this broker provide? Our FinMarket.com Forex brokerage review will let you in on all of them, but here are just a few reasons why you might be tempted by a FinMarket.com Forex brokerage account:
- Regulated brokerage, with segregated accounts and deposit insurance
- Tight spreads and transparent costs and commissions
- Good choice of trading platforms
- Wide choice of account types
- 1. Robo Advisor Trading Offer: 30+ currencies
- 2. Robo Advisor Costs: Transparent and competitive
- 3. Accounts: A good range of options, depending on your investment needs
- 4. Trading Platform: A choice of WebTrader or MT4
- 5. Usability of the Website: A focus on UX
- 6. Customer Support: Comprehensive customer education and service
- 7. Methods of Payment: Easy funding and withdrawal processes
- 8. Additional offers: Training, bonuses and demo accounts
- 9. Regulation & Deposit Protection: The fine print
- 10. Awards: Limited industry recognition
- 11. Is FinMarket.com Forex good – and is it better than other Forex brokers?
Trader Rating Total
Depends on account type
up to 1:30
MT4, Broker-owned Software
1.) Robo Advisor Trading Offer: 30+ currencies
One of the first things that any review of FinMarket.com Forex should point out is that this brokerage offers a range of currency pairs, including all major pairs, and some minor and exotic pairs. Currently offering a little over 30 currency pairs, FinMarket.com Forex may not offer as much variety as some of its competitors, but there is still a sufficient range available, and it is likely that more pairs will become available as the brokerage grows.
With a FinMarket.com Forex brokerage account, customers 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.
There is a flexible range of accounts available, depending on features needed and the number of deposit funds you have to invest, and a range of trading platforms, including WebTrader and a robust mobile app, as well as the ever-popular MetaTrader 4. Spreads available will also depend on the account you open, with floating spreads starting at 0.4 for basic members and 0.1 for elite members. Unlike some competitors, FinMarket.com Forex trading also provides an Islamic Member Account, with its own set of features and benefits.
- Flexible range of accounts
- Over 30 currency pairs available
- Opportunity to trade in a range of cryptocurrencies
2.) Robo Advisor Costs: Transparent and competitive
A good range of currency pairs, along with access to a cryptocurrency trading platform, are big advantages when it comes to Forex trading, but when you are trying to find the best broker for you, costs and fees are also vitally important. It is essential, then, to consider the question: is FinMarket.com Forex good value for traders? The company claims to have very competitive costs and fees, but let’s take a look in detail.
FinMarket Forex delivers a transparent and cost-efficient trading model with all costs laid out clearly, albeit all in USD. Commission rates are fixed, depending on the type of account the trader is using, and are currently set at $12.50 on a standard account, $11.00 on a Gold Account and $10.00 on an Elite Account. There are also regular low-commission, or even no-commission, promotional offers for new and existing clients. The broker also offers very low spreads for Gold and Elite Account holders, with floating spreads starting at 1 pip EUR/USD. Spreads will, of course, vary according to market conditions. There may be costs attached to withdrawals and deposits, depending on the methods used.
- Competitive fees and spreads
- Clearly laid out, fixed commissions
- Tight spreads, particularly for Gold and Elite Account holders
3.) Accounts: A good range of options, depending on your investment needs
There is a 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 or an Elite Member Account. There is also the option of an Islamic Member Account, which is significant as not all Forex brokers are able to offer this service to their clients.
The minimum deposit for a basic Blue Member Account is competitively low at just $250. This rises to $5,000 for a Silver Account, $20,000 for a Gold Account, and $50,000 for an Elite Account. Islamic Accounts can be funded with a $500 deposit.
Other features included in Gold and Elite accounts include a Personal Account Manager, Trading Tools and Daily Market Reviews, as well as a London Stock Exchange Course. The amount of instruments available also increases with the premium accounts. All client funds are kept in segregated accounts, separate from the company’s own operational funds, and supervised on a daily basis. All financial transactions are encrypted and handled by Level 1 PCI certified international payment service providers.
- Flexible range of accounts
- Low minimum deposit for standard accounts
- Islamic accounts available
4.) Trading Platform: A choice of WebTrader or MT4
No review of FinMarket.com Forex would be complete without mentioning the range of trading platforms. The right trading platform can make or break a trader’s experience with a particular broker, so traders will be happy to know that FinMarket.com has a choice of tested and reliable platforms, allowing different traders to find the platform that works best for their own needs and trading experience.
FinMarket.com provides WebTrader, which is a popular web-based platform for PC, and the well-respected and widely used MetaTrader 4 (MT4) platform, which integrates the ability to add a customised suite of technical indicators, charting tools and auto-trading options, including the Expert Advisors program, which is a robo advisor that allows automation of the analytical and trading processes in the MT4 platform. MT4 is considered one of the most advanced platforms out there, allowing Forex traders to easily monitor markets, track price movement and automate trading strategies.
In addition, FinMarket.com also provides a mobile app to provide trading on the go via iPhone, iPad and Android devices. The versatility and functionality of the trading platforms available allow for:
- A range of trading experiences to suit different traders
- An MT4 option for all the traders who routinely use this platform
- A robust and convenient mobile trading experience
5.) Usability of the Website: A focus on UX
This review of FinMarket.com Forex found that the website is clear, well laid out and very easy to navigate, with a focus on user experience. The homepage has a clean, uncluttered design, with a top bar menu clearly displaying important pages and information. There is a drop-down menu under “Products” in the main site menu bar, allowing you to easily navigate to “Forex” or “Cryptocurrencies” or indeed any other instrument in which you may be interested. Under “Company Profile” in the top bar menu, you will find important information on regulation, the safety of funds and legal documentation.
Key information regarding products, platforms, tools and other important aspects of the brokerage is all presented clearly and unambiguously. The site contains a lot of information and is quite content-heavy, but the simple layout, with plenty of white space and sub-headings, makes it easy on the eye and quite welcoming even to a complete newcomer.
On scrolling down to the bottom of any page, you will end up at the footer, which contains links to all the important information around the site, making it easy to navigate on to the next page you need.
- Website that prioritises user experience
- Uncluttered, easy-to-navigate design
- Clearly presented information on products, tools and other trading information
6.) Customer Support: Comprehensive customer education and service
One way that FinMarket.com goes out of its way to help its clients is by providing the FinMarket Academy, which is an online training resource offering educational material, tools and videos. There is education aimed at beginners, intermediate and advanced traders, covering everything from the basic concepts of currency trading to advanced technical and fundamental analysis.
FinMarket does make it clear, however, that this education is provided via the platform 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 FinMarket investment advice. This is, however, 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 training and education do not constitute investment advice.
When it comes to customer support, FinMarket.com provides support by email, via a contact form on the website, or via a telephone line, with account managers available from 9.00am to 9.00pm (local time), Monday to Friday. The broker also maintains social media accounts on Facebook and Twitter, giving customers an extra way to get in touch.
- Valuable educational resources for customers
- Customer support options via phone and email
- Active social media accounts
7.) Methods of Payment: Easy funding and withdrawal processes
The first step to getting started with FinMarket.com Forex trading is to open an account via the website. Setting up an account is fast and simple, and the customer support phone line will allow you to access an account manager if you have any questions or problems. You can, of course, email if it is not urgent. Demo accounts are available.
Next, you will need to fund your new account. Payments and withdrawals can be made by wire transfer or credit card, and also by e-Payment, using ECOMMPAY. Be aware that it is normal procedure to withdraw all funds through the same method that was used to make the deposit, and that using a different deposit and withdrawal method may slow down the process, or require further verification of your details.
FinMarket does not currently charge a deposit or withdrawal fee, but always check the current terms and conditions, and also check the fees that your bank or credit card will charge on making deposits and withdrawals. Keep in mind that the minimum deposit will depend on the type of account you have opened.
- Easy, fast account set-up
- Payments and withdrawals by wire transfer, credit cards or e-Payment
- Funds usually transferred back into the same account from which they were deposited
8.) Additional offers: Training, bonuses and demo accounts
As already mentioned, one of the big advantages of FinMarket.com is its free training and education, provided by a third-party training company, but easily accessible via your FinMarket account. This is available to all clients, though there are some premium training options that are only available to premium account holders. All account holders above Blue Member level have free access to trading tools and daily market reviews, as well as the services of a personal account manager. Gold and Elite members can access a London Stock Exchange Course. Access to the VOD library is available for all clients, including basic account holders.
FinMarket also offers various bonuses and promotions to qualifying traders, which may include low or no-commission offers, no spreads, or other temporary benefits. These offers are made to new and existing customers, so check the website, or keep an eye on your account for potential offers.
Like many other Forex brokers, FinMarket also provides a demo account so that you can test out the platform and practice trading strategies risk-free, without any financial commitment. It is highly advisable to register for a demo account and test the system before upgrading to a live account.
- Free training and education package
- Occasional promotions and bonuses
- Risk-free demo account
9.) Regulation & Deposit Protection: The fine print
Entrusting your investments to anyone is a big decision and not something that any new or experienced trader takes lightly, so it is vital to ensure that the funds you deposit are safe and secure. FinMarket.com is based in Cyprus and regulated by the Cyprus Securities and Exchange Commission.
The broker uses segregated accounts to hold client assets, meaning that your investments are held separately from any and all assets belonging to FinMarket.com and cannot be used by the broker to cover everyday operating and trading costs. This means that your investments should be protected even if the broker itself goes bankrupt. In addition, every amount deposited is insured up to €20,000.
FinMarket.com displays all Legal Documentation and Terms and Conditions clearly on its website, and you are strongly encouraged to examine them closely before making an investment. FinMarket prides itself on being diligent and transparent, but like all reputable Forex trading companies, FinMarket acknowledges that there are risks associated with any trading activities, and encourages customers to be fully aware of them before making an investment.
- Regulated by the Cyprus Securities and Exchange Commission
- Offers segregated accounts and deposit insurance
- Clearly displayed legal documentation and terms and conditions
10.) Awards: Limited industry recognition
FinMarket.com Forex trading is relatively new to the world of Forex trading, having only been established since 2015, and the broker has not had the time to build up a string of awards, as some competitors have. It has, however, already received praise from numerous sources.
For example, independent broker comparison site DailyForex.com gave FinMarket a 4.5-star rating in a Forex broker review, mentioning its free educational package, well-respected trading platforms and a good range of major and minor currency pairs. Investment Watch also gave FinMarket a good review, stating: “Despite being a fairly new Forex broker, FinMarket has successfully managed to make a name for themselves within the EU financial field.”
FXEmpire.com has also praised FinMarket Forex trading, citing its tight spreads, choice of trading platforms and comprehensive trading education as significant advantages for Forex traders at all levels. While FinMarket does not, as yet, have a long list of awards to add prestige to its name, we would encourage traders to remember that it 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 well add those awards in the future.
- No outside awards, possibly due to the broker being relatively new
- Recognised and rated well in independent Forex broker reviews
- Praised for tight spreads, education and trading platforms
Is FinMarket.com Forex good – and is it better than other Forex brokers?
There are, without doubt, many areas in which this FinMarket.com Forex brokerage review demonstrates that FinMarket.com Forex is as good as many other Forex brokers available. One stand-out area with this broker is the choice of trading platforms, which includes MT4 and mobile trading. Another big advantage of a FinMarket.com Forex brokerage account is the FinMarket Academy, which provides a range of educational resources that will help both brand-new traders and more experienced traders who are aiming to improve their trading techniques and strategies.
There are a few drawbacks to FinMarket.com Forex. It is a relatively new broker and has yet to prove itself by winning major industry awards. It has fewer currency pairs available than some of its competitors, and its customer support, though adequate, is not available 24/7. However, the above advantages, combined with risk-free demo accounts, tight spreads, transparency and a good choice of accounts, will certainly make FinMarket.com Forex an attractive option for many traders.
- Regulated and licensed, with deposit insurance
- Tight spreads and transparent costs and commissions
- Good choice of trading platforms
- Wide choice of account types
- Customer support is not 24/7
- Fewer currency pairs than some competitors
- Basic accounts have limited features