de | cn | ru

Finance-Trades Review - is it scam or safe?

Finance-Trades Review - Is finance-trades.com scam or good forex broker?

RATING: 1 / 1 REVIEWS Finance-Trades
Finance-Trades is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

Account type Minimum deposit Maximum leverage Spread
Bronze  $500 1:100 Around 4.0 pips
Silver
$2,000
1:100 Around 4.0 pips
Gold $10,000 1:100 Around 4.0 pips
Platinum $50,000 1:100 Around 4.0 pips
Black $100,000 Upon request Upon request

 

Finance-trades is a forex and CFD broker. The company offers access to a lot of markets, but does a relatively poor job at presenting the specifics. As you have probably noticed from the score, we don’t find this broker attractive, but will still start the review, by highlighting the positive things we found.

 

Finance-trades Advantages

 

Many asset classes covered 

Finance-trades provides currency trading as well as CFDs on stock market indices, individual stocks, commodities, bonds and cryptocurrencies. As always, we will focus on the forex conditions, but it’s nice to know there are alternatives.

 

1:100 in leverage

This ratio is pretty much considered to be “standard”. While one can easily blow up his account, if not careful, it also facilitates most traders’ needs. Learn the importance of position sizing, before you start trading.

 

Skrill payments supported

Finance-trades accepts payments via Credit Card and Skrill. These options are solid, but the fact Bank Transfers aren’t explicitly mentioned on the website is a bit troubling. That being said, this isn’t the only missing information, as we will highlight in the negatives section.

 

Finance-trades Disadvantages

 

Offshore company

Finance-trades is owned by Novatec LLC, a company based in St. Vincent and the Grenadines. This could immediately be seen as a disqualifying factor by experienced traders

 

>>The risks involved with offshore brokers<<

 

May be connected to another broker

One of the interesting things we noticed when browsing Finance-trades’ website is the fact another broker, Noble Capital House is mentioned. The people behind one of the companies are probably related to the other. Alternatively the same third party developers may have simply designed both websitesr, but this seems muck less likely .Here is a screenshot:

 

Look at the bottom of the screen (Click to zoom-in)

 

Subpar trading platform

 Finance-trades offers its service through a popular web-based platform, which also has the ability to facilitate binary options. This functionality is probably its biggest strength in our opinion, with the rest of the platform not standing up to the industry leaders. Here is a preview:

 

The platform at Finance-trades (click to zoom)

 

While this web-based solution will probably allow you to trade, there are better platforms on the market. For instance, MetaTrader4 (MT4) is a popular one, which offers a much better charting package, a standalone desktop platform (as well as mobile and web versions) and most notably supports the use of newly created technical indicators and automated trading systems.

 

>>Top MT4 brokers<<

 

High costs of trading

The EUR/USD spread we saw, when testing the platform provided bt Finance-trades was around 4 pips, during the early European trading hours (possibly on of the most liquid times of the day). Trading with such costs will make the already difficult task of beating the markets even harder. For a comparison of much tighter spreads, check the link below.

 

>>Real-time spread comparison<<

 

Trading conditions not specified

We had to check the spreads at the trading platform provided by Finance-trades, as the company’s website does not specify them. Additionally the leverage ratios, full instrument list or any other details on the actual conditions aren’t mentioned.

 

No demo accounts

Finance-trades does not offer demo trading. This is by no means as big of an issue as some of previous ones, but is still a negative.

 

Account types give small benefits

The account types at Finance-trades provide you with benefits, which aren’t directly related to your trading conditions (webinars, e-books, personal account managers and so on). The industry practice is for brokers to offer lower spreads with bigger initial investments. 

 

Conclusion

 

Finance-trades is an offshore forex broker, which has a very poor presentation. After opening an account with them we weren’t impressed with what they had to offer. From the high spreads, through the tough the clunky platform.

 

That being said, the greatest issue we have with this company is its legal status. An offshore company isn’t that trustworthy, especially when compared to a broker based in a developed country and overseen by a world-class agency. A prime example of this is the UK’s Financial Conduct Authority (FCA). 

 

>>Find FCA regulated brokers here<<

 

All brokers registered with them have to follow many strict rules, including two major ones which guarantee the security of your funds. Every deposit made by a client is sent a so called segregated account (which the broker, can’t access at will). On top of that, the Financial Services Compensation Scheme (FSCS) is in place to protect you, in case your broker becomes insolvent. Many countries have similar mechanisms in place, including for bank deposits. FSCS coverage (for forex brokers) is limited to £50,000 per person. 

 

To recap this review:

 

Pros Cons
Many asset classes covered Offshore company
1:100 in leverage May be connected to another broker
Skrill payments supported Subpar trading platform
  High costs of trading
  Trading conditions not specified
 
No demo accounts
  Account types give small benefits

 

Latest news about Finance-Trades
No news about Finance-Trades. Check back later.
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for Finance-Trades

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Finance-trades is scam for 100% Dont send them any money

I had experience with this company, I m sure that this is a scam, I lose a lot of many with them.
they are writing, emails and calling, promising to help to make some money and pushing to make deposits, and ounce they got your money, they dont make any withtdrawals, just pulling time in many ways and making, schemes, like extra fee, what you need to pay before withdrawal and many other ways to get out more money from you. there is a group of scamists. I hope they all will be soon in a prison.
dont send any money to them!!!!

Mr Jonh 05/03/2018
de | cn | ru