We have not approved Finq. While we are testing, please sign up with 24option in case you are interested in trading Forex and CFDs with a regulated broker.
Finq is a newest brand of Leadcapital Corp Ltd licence, owned by Dilna Investments Ltd. It was launched in 2017 with media outlets claiming the focus of the broker was Asian market, however, the broker is available in other markets as well. They offer a set of trading tools that will satisfy the pros (MT4) and those who are still getting into the excitement that is Forex/CFDs trading via a super intuitive web and smartphone platform. One of the biggest strengths of the broker is the asset portfolio which reaches 2100 assets, depending on the platform. Finq is regulated on Seychelles with License No: SD007. South African traders will appreciate possibility of depositing in Rand, and having a ZAR denominated trading account.
Opening an account with Finq is easy – as expected. What we liked particularly was the fact that the platform access is immediately available. What was a bit less obvious was how to use the demo account.
Finq Demo Account
We found out we can get a demo account when first signing up since a popup offers access to a $10000 virtual money demo after the initial setting have been selected. They include name, email and the account currency. The account currencies offered with Finq are USD, RUB and ZAR. After this is done, there are several steps further to get into the demo. At least this is how the wizard in the platform works, however, if you close the wizard, we are pretty sure you will be able to launch the demo account without finishing any further steps. All that is needed is to press the tiny text “Demo account” in the bottom left of the platform where the balance is.
Finq Live Account
If you continue with the process in the wizard, you are on your way to open a live account, which is probably good since it does not cost anything and later when you decide to leave the demo for real trading, everything is ready, only deposit is left. In any case the process is fairly standard – fill in the rest of your info and answer several questions about your trading history and knowledge in order for the broker to assess if CFDs trading is something you should be doint, considering your understanding of the basic trading terms and the leveraged trading. Questions include: “What it means if its bull market”, or what can happen to your profits and losses if you are using leverage to trade… After that, you will be asked to deposit and take a bonus. More about Finq bonuses below the account summary.
When you have decided to open a live account, there are several options at hand, if you want to start more seriously and with full broker support. Find the info on Finq account types:
Finq Classic Account
- From $1000 deposit
- Dedicated account manager
- Daily market analysis
- $300 bonus*
- $600 bonus if $3000 deposited*
Finq Gold Account
- From $5000 deposit
- All the Classic account features
- Includes PREMIUM daily market analysis
- Up to $1000 bonus*
Finq Platinum Account
- From $25000 deposited
- All the Gold account features
- Also includes PREMIUM customer support
- Up to $4000 bonus*
We already mentioned that Finq offers bonuses when opening a new live account. These will be presented for each predefined amount deposited. Naturally you need to opt in to receiving the bonus in case you want one. In case not, just select “Deposit your own amount without bonus” which will take you directly to the screen. Bonus policy does not prevent customers from withdrawing the money, but the in case of loss or profit on the account, the amount that is taken away with the bonus is calculated by using the ratio of deposit to bonus. So if you deposited $4000 and got $1000 bonus, the ratio is 80:20. If you had additional $1000 profit from trading with the bonus, you will be able to receive $800 of your profits.
We think this is fair, in contrast to policies that often made all losses as part of customer’s money and all profits as part of the bonus, which was mostly case with binary options brokers – which is why they aren’t allowed to offer bonuses anymore. In any case before accepting the bonus understand the terms and conditions that require that a volume of $10000 is to be generated for every 1$ of bonus received, before being able to withdraw the bonus. Timeframe for this is 90 days. Please read the bonus policy on broker’s website with care before agreeing to a bonus.
Trading Software & Assets
Finq WebTrader is the default option with this broker. We did not see the option to get the demo immediately on MT4 however, if you enter “my account” area, it is easy to find MT4 acocunts in the menu and create a practice account for yourself.
The WebTrader is really easy to navigate with asset list on the side and a large chart to the left. Top of the cart doubles as the trading instructions area with all the necessary info such as the Asset, Spread, Sell/Buy buttons etc. It also includes the charting tools menu as small icons where indicators, oscillators and other tools can be selected. It is also possible to open a news submenu on the right side for those who want to be up to date with current market events. All 7 asset classes are available on the web-trader and its mobile equivalents.
Webtrader spreads are fixed and not variable, so clients know that their EURUSD always includes 2 pips spread with up to 1:200 leverage. For other currency pairs and assets see the asset list on the Finq Website
MetaTrader includes less assets – 370, in 5 asset classes: stocks, forex, bonds, indices and commodities.
Finq Trading Assets
With webtrader there are more than 2000 assets available for trading. The main asset classes include forex/currencies, indices, bonds, equities, ETFs ,commodities and cryptocurrencies. Most interesting lately have been the cryptocurrencies. Since the surge in price of bitcoin everyone wanted in on the action, so CFDs with crypto were created. Finq platform offers following cryptocurrencies:
- Bitcoin Cash USD
- Bitcoin EUR
- Dash EUR
- Ethereum EUR
- Litecoin EUR
The support is available from Sunday to Friday, 24h a day. Traders can use phone numbers indicated on the website to contact the broker, but also email and live chat function. We have not found any FAQs at Finq website, however, mot info is easily accessible from the menu. More info on payments would be welcome, but fear not, we have you covered in the next section of the Finq review.
Finq website is available in Albanian, Arabic, Chinese, Bahasa (Indonesia and Malaysia), Russia, Spanish, Filipino, Indian, Vietnamese
Banking & Company Information
Minimum deposit with Finq is $100 or equivalent, which is in line with the biggest brands in the industry. In order to obtain bonuses and other perks, larger deposits are needed, as indicated in previously in the review. The Finq deposit methods are
- Credit cards
- Wire transfer.
This is not very impressive, but should be enough for most of customers. Selection also depends on the country so it will be easily true that other deposit options may be offered in some markets.