Last Updated on: 20th July 2023, 11:25 am
The financial service provider is a vital link between traders and the financial market. This link should not be fragile. Certain brokerage firms focus on profit maximisation keeping the interest of the broker at the side. One such broker is Finq. Here is an unbiased review about the services, charges and regulations of the broker. Read before opting for the firm.
Is Finq Scam or safe?
There is no information regarding the license and regulation of the firm. Once you visit the website, you will find out how badly the firm is cheating on you. It does not offer a segregated banking account, robust safeguard tools and advanced encryption technology. Thus, your sensitive information, personal information, account details and transactions data are not safe with the broker.
There is no reason to deny the fact that Finq is a scam broker. It is risky to invest with the firm. Hence, think twice before opting for such firms.
Account types
When looking at the firm’s account types, the broker does not want its clients to think beyond the silver account. Only silver account type has an average fee (high concerning other firms) apart from this rest accounts charges are beyond the range of normal traders.
The minimum deposit for gold, platinum and exclusive are 10,000, 50,000 and 100,000, respectively. We have not seen any brokerage firm demanding such a high fee.
Moreover, the broker has written a $10.000 charge in its gold account. We cannot figure out that the broker has made this mistake in carelessness or trapping traders by displaying the wrong information. In case it is an outcome of carelessness then why it is not taking any initiative to improve. It compels us to go with the latter reason.
Commission spreads and fees
There is no information regarding the commission charged by the broker on trade. It looks like the brokerage firm is trying to hide essential data so that the trader opens an account. After opening and depositing fee he is forced to deposit these additional charges and commission as he/she is left with no other option.
There are several hidden fees on trade. Also, the spreads are high and variable. It goes up to 3pip. This high spread adversely or inversely affects the profit size.
Markets and products
Finq allows trading on limited markets. Also, the asset choice in each market is restricted. Thus, the firm blocks all the possibilities for diversifying the trading portfolio of traders. Hence, pushes or exposes traders to numerous financial risks.
Trading tools
Trading tools are vital, enhance your trading standards and impact your trading decisions to a larger extent. With no accessibility of information, charts and tools, you cannot make any strategies in the financial market arena. Thus, they play a vital part in your success. Unfortunately, we do not find such tools with the broker. There are many firms which are providing pieces of advice from learned traders, investors and experts.
Trading platform
Though being a relatively old brokerage firm, it has failed in upgrading its trading platforms. These platforms directly affect trading standards of investors. The world has shifted towards MetaTrader 5, and the broker is still standing in the market with its outdated MetaTrader 4.
There are various package MetaTrader 4, and it seems like the firm has opted for the cheapest one. It lacks many basic functions and hence creates numerous problems for traders while trading.
Educational resources
We do not find any tab for educational resources on the official website of the broker. Finq is least interested in raising and upgrading the knowledge of their client. It is only focusing on its profit maximisation, keeping the interest of traders at the side.
Official website
The official website of the broker is relatively slow, thus, consumes a lot of time. It might be not very reassuring if a trader misses the trend, which is its favour. The firm is also not paying heed to several corrections; for example, it has written $10.000 instead of $10,000 for the gold account. It is a massive mistake.
Customer support service
The customer support team of the brokerage firm is inefficient and worst ever. It does not provide a quick response to the traders’ queries. The response time for receiving calls is greater than one minute, and more than three days for answering mail.
Drawbacks of Finq
1) High withdrawal charges
2) Not safe
3) High spreads (up to 3pip)
4) High minimum deposit
5) Limited time for trading on demo or virtual trading account
6) Complex user interface
7) Poor customer support
8) Outdated platform
The Bottom Line
Finq can be regarded as an unregulated brokerage as there is no information about license on the official website. It is not safe to invest, so think twice before investing. Apart from this, the high minimum deposit, poor leverage, high withdrawal charges, complex user interface and lack of some fundamental tools compel us to look for other firms. Firms like Global TradeATF, HFTrading, 101investing, ROinvesting, and PrimeFin offer far better services at affordable fees.
