Your capital is at risk Finq.com is a barely year-old online FX/CFD provider, and during its short existence, it has apparently managed to rack up a rather impressive number of user reviews. While some of these reviews are indeed favorable, there are quite a few complaints mixed in with them too.
There’s obviously a catch in regards to these reviews. After all, only brokers counted as industry veterans can boast as much and as colorful a palette of user reviews as Finq.com.
Some of the review sites out there have lumped in the broker with the ForexYard brand, linked to Safecap Investments Ltd. While there is obviously a link between the companies that own the two brands, making Finq.com into a re-incarnation of ForexYard might be a bit of an overreach.
The company said to be behind Finq.com is a certain Dilna Investments Ltd. which is the subsidiary of Leadcapital Corp Ltd. Now then, Leadcapital Corp is the one that owns a FSA Seychelles license, under which the services offered by Finq.com are currently peddled.
Leadcapital Corp is also the sister operation of Leadcapital Markets Ltd, an entity licensed by CySEC, which was indeed behind several more or less unsavory online trading initiatives in the past. One thing is certain, Leadcapital Corp is not making use of the above said CySEC license, falling back instead on FSA Seychelles license # SD007 for legal coverage.
As such, it is obvious that Finq.com cannot offer online trading services in any of the EEA countries and that it is not in fact MiFID-compliant either.
Since its reputation isn’t exactly what one would call “spotless” and its regulatory status is as depicted above, what exactly does the broker offer to draw in traders from the jurisdictions from which it does accept clients?
Probably the most important thing from the perspective of a beginner/recreational trader is accessibility. In this regard, such traders will be glad to learn that the minimum deposit required by the broker is just $100. Obviously, the account type that features this requirement does not offer many perks and it is safe to assume that its trading conditions aren’t top-notch either, but all that comes with the turf if you’re looking to trade on a tight budget.
Unlike most of the other online brokerages out there, Finq.com offers a bonus deal on trader deposits. This may in fact help budget traders to build up something of a balance, though one should bear in mind that such bonuses often come with some rather surprising terms and conditions.
The market coverage of the broker is superb too. Not only does it offer some 1,200 tradable assets to choose from, its selection includes the newest and most exciting asset-type too: cryptocurrencies.
Trade execution is said to be superb at Finq.com and the broker does indeed feature MT4 – the world’s most capable and popular trading platform. In addition to its real money account types, the broker also offers a Demo account option, through which traders can test-run the platforms risk-free.
Finq.com Support
The Finq.com support staff (which seems knowledgeable and eager to help) can be contacted through the live chat feature. Support is available 24/5, but over the weekends, traders can leave messages through the same chat feature.
[email protected] is the email address through which support can be normally requested. A UK-based phone number (+44 203 868 8509) is also available, together with a couple of additional numbers in the Philippines and Malaysia.
The official address of the brokerage is in the Seychelles and it does not have a physical presence in any of the jurisdictions where its services are available.
Finq.com Account Types
In addition to its Demo account, Finq.com offers 4 real-money account options. There does not seem to be an Islamic account option available for the time being, which – considering the geographic target of the operation – does not make a lot of sense.
As already mentioned above, the most accessible account type is the Basic one. It requires a minimum deposit of $100, in exchange for which, traders gain access to 24h support, as well as a daily market analysis feature. The trading conditions associated with this account are not made clear, leaving us to assume that they may be the same as on the other accounts.
The Classic Account – which requires a minimum deposit of $1,000 – ups the stakes quite a bit. Interestingly, for that money, one only gets a dedicated account manager and access to a series of webinars and seminars, in addition to what the Basic account offers.
The Gold Account requires a minimum deposit of $5,000. This account type brings a premium daily analysis option to the table as well.
Last, we have the Platinum Account, which is at least a little puzzling. For the $25,000 minimum deposit that it requires, it only throws a premium customer support option on top of what the Gold account offers for a fraction of that money.
Platinum traders may however get better trading conditions too – that would make perfect sense indeed.
Finq.com Trading Platforms
In this regard, the broker has chosen to keep its setup as simple as possible. It only features a Web Trader – which can be used download-free, a couple of mobile apps for Android- and iOS-users and MT4.
MT4 is indeed well capable of shouldering the load here, though it has to be said that the Finq.com web trader is also surprisingly capable and useful.
As far as the mobile apps are concerned, the Google Play page of the Android app has generated some complaints, but overall, the vibe is very positive there.
MT4 needs little to no introduction to experienced traders. It is nothing short of the gold standard in online trading, offering peerless analysis and charting functions. The trading platform is fully customizable. Not only does it allow users to create custom chart templates and to save them, it also lets them install and even create new technical indicators and Expert Advisors.
Expert Advisors work well with a good VPS service, though whether or not such a thing is available at Finq.com is also quite unclear.
MT4 supports scores of order-types as well as single-click trading off the charts. The trading tools offered by the broker via MT4 far exceed technical indicators though. There are all sorts of trend-following solutions provided, as well as volume tools, the focus of which is to showcase the trading flow originating from other Finq.com users.
Fundamental data and market news are also delivered live, in-platform.
Finq.com Market Coverage
The broker covers some 1,200 tradable assets, among them well over a hundred FX pairs. While the overall maximum leverage offered by the broker is around the 1:300 mark, it really depends on what asset one trades.
On cryptocurrencies for instance, this leverage is not more than 1:2.
Finq Conclusion
The strengths of the broker are obvious: it is very accessible, and its trading conditions are quite outstanding on some of the supported asset-classes. The same goes for its market coverage.
As far as the downside is concerned, the dubious reputation of what can in effect be described as the precursors of the brokerage, cannot be ignored. Due to its regulatory status, the availability of the brokerage is very limited.