There are numerous things that you should consider before you decide to open an account with a Forex broker. This might seem a daunting task at first but once you establish the features to check out, you will have an easy time identifying your ideal FX broker. After reading this Finq.com review, you should have an easy time determining whether this is a good broker to trust your money with or not.
Finq Forex broker
Finq is not an old firm in the Forex industry. It was established with an aim to specifically serve the Asian market. This explains why the official website can be accessed in Urdu, Chinese, Malaysian, Arabic, Tagalog and Vietnamese among other Asian languages. However, languages like Spanish, English and Albanian have also been added.
On the official website of the broker, you will find that residents of the EU, USA, North Cyprus and Belgium cannot access the services of the broker. This might make you wonder, ‘is Finq.com legit?’ This is especially the case given that the firm specifically avoids serving all the traders who happen to be located in jurisdictions where financial laws are strict.
The licensing and legal status of Finq.com review
Finq Forex broker is owned by Leadcapital Corp Limited (LLC), a company which was established in 2014. Leadcapital Corp is licensed and regulated by the Seychelles Financial Services Authority (FSA) and the license number is DS007. The offices of the company are located in Office Suite 3 in Global Village, Jivan’s Complex, Mout Fleuri, Mahe, Seychelles.
Finq Forex broker is operated by Dilna Investment Limited which is the primary service provider of the broker. Dilna operates on behalf of Leadcapital Corp. It is important to note here that Leadcapital Corp is related to Leadcapital Company which holds a CySEC license. It seems Leadcapital Co. is designed to serve the European market while Leadcapital Corp concentrates on the Asian market. In this arrangement, one can say that the two entities are designed to serve FX traders in accordance to the regulations existing in their respective jurisdictions.
Seychelles is known for being a top destination for shell corporations and is also a tax haven for companies and people from all over the world. This jurisdiction is not known for being one of the most strict ones when it comes to financial matters. In fact, you can register your financial services business online without even stepping into the country. Unlike CySEC which requires a broker to have separate segregated customer accounts, FSA Seychelles does not have such a requirement. In some Finq opinions, you will find that some traders, especially the experienced ones are skeptical about Finq’s legitimacy.
How is trading at Finq.com?
In many Finq reviews you will find that besides the licensing details of a broker, the trading platform is looked into too. When you visit the official website of the broker, you will find that there are more than 2,100 assets one can trade in. One can opt to trade in indices, stocks, currencies, metals, commodities and even cryptos.
The trading platforms available on Finq include the MT4 which affords a trader with cool trading features such as analysis tools and charts. There is also a web-based platform which you can easily download and which is compatible with almost every other PC. Finally, there are mobile apps which are compatible with both iOS and Android based mobile devices.
Leverage and spreads of Finq.com broker
In our Finq scam review, we established that this broker offers quite a high leverage which should attract the traders who have small accounts. With a 1:300 leverage, you can turn your basic $100 account into a multi-thousand account within no time. However, there is as much risk of losing everything within a very short time. In light of this, some jurisdictions such as Japan and the Euro Zone have established laws where the leverage of popular currencies is 1:25 and 1:30 respectively. As for the spreads, Finq Forex broker has set 2 pips to be average for a standard account.
Types of accounts at Finq.com
At Finq, you will find four different types of accounts; Basic, Classic, Gold and Premium. When you open the Basic Account which requires a minimum initial deposit of $100, you get to enjoy features such as desktop and mobile trading, daily market analysis and 24-hour customer support. A Classic Account which comes with a dedicated account manager and webinars on top of what Basic account has requires a minimum initial deposit of $1,000. The Gold Account requires $5,000 while the Platinum Account which offers you premium daily analysis and premium customer support asks $25,000 for the starting deposit.
Is Finq.com legit?
Earlier in this Finq.com review, we saw that Leadcapital Corp which is the mother company of this broker is related to Leadcapital Co. which is licensed in Cyprus. Given that Seychelles is not a globally respected financial regulator, it might not be a very good idea to open an account with Finq.com. Moreover, the firm employs a market maker model which means it gains some advantage when dealing with its customers. You should not forget that there are many better established and reliable FX brokers out there which are asking for a far lesser amount as far as the initial deposit is concerned.