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Financial Spreads Review - Is it scam or safe?

Financial Spreads Review - Is financialspreads.com a good broker or scam?

RATING: 3 / 1 REVIEWS ForexBrokerz Financial Spreads
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Trading Accounts

 

Account type  

Minimum deposit 

Maximum leverage

Spread           

Trading platform

Standard

N/A

1:200

Fixed, 0.7 pips on EUR/USD

In-house

 

Financial Spreads offer spread betting and CFD trading through a single account type with fixed spreads and leverage up to 1:200 on its proprietary trading platform.

The Company. Security of Funds

 

Financial Spreads is not new on the online trading scene. First, the brand was operating as a ‘trading name’ of Finsa Europe Ltd (Finsa). Back in July 2015, the broker made public it had to stop operating as a trading name of financial services solutions provider Finsa, and after more than six months’ voluntary suspension of activities resumed its operations in February 2016.

 

Now, Financial Spreads is a trading name of Clear Investor Ltd., which is an appointed representative of FINSA Europe Ltd. Finsa is duly authorized and regulated by the Financial Conduct Authority (FCA).

 

All FCA-licensed brokerages are required to hold net tangible assets amounting to at least 730 000 EUR and are obliged to adhere to a number of standards and procedures, for instance, to hold clients` money in segregated accounts, to send regular reports on trades to the commission, etc. What is more, FCA-regulated companies fall under Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person. Here you may look up more FCA regulated forex brokers.

 

Trading Conditions

 

Minimum Initial Deposit

The Minimum stake size per "trade per" is 1 unit of the currency of your account, so if your account is denominated in Pound sterling, then the minimum stake for a spread bet on EUR/USD is £1 per $0.0001.

 

Average spreads & Commissions

Financial Spreads offer commission-free trading and tight fixed spreads, amounting to just 0.7 pips on EUR/USD. This cost of trading is really low, as we find most fixed-spread brokers offer spreads of at least 2 pips on majors.

 

In comparison, leading UK spread betting and CFDs trading provider CMC Markets offers variable spreads averaged 0.9 pips and also doesn’t charge any commission. You may look up real-time spreads of 15 leading brokers here.

 

Maximum Leverage

This broker offers a maximum leverage ratio of 1:200, which is considered average. In comparison, CMC Markets provides leverage levels of up to 1:500. If you need higher leverage levels, here is a list of brokers offering leverage levels equal to or exceeding 1:500.

 

Keep in mind that higher leverage involves greater risks of losses, which may even exceed your initial deposits.

 

Trading Platform

 

Financial Spreads offers its in-house platform, available as web and mobile versions. The platform is equipped with most basic tools and features all trading platforms provide, such as a choice for 1 or 2-click trading, Guaranteed Stop and Stop Loss orders to traders to protect their downside, as well as advanced charting package. Thе charting package includes:

 

- A variety of time periods from 1 minute to 1 month;

- Various drawing tools, such as pitchfork, Fibonacci time zones, arcs and fans;

- Key chart overlays, such as Ichimoku Clouds, Moving Averages, Bollinger Bands, Linear Regression, etc.

 

Recently, the broker has improved the Guaranteed Stops, which now are charged only if the order is triggered (by 3 points).

 

Financial Spreads' proprietary trading platform. Click to enlarge.

 

Unlike most forex brokers, Financial Spreads does not support the most widely used MetaTrader 4, a professional, fully-featured software. Unlike Financial Spreads’ in-house platform, MT4 provides its clients with the opportunity to fully automate their trades via Expert Advisors (EA).

 

Besides, Financial Spreads’ proprietary platform does not offer signals trading options, which are gaining popularity lately.

 

Promotions

This broker regularly launches different promotions. By the time of writing of this review, the clients of Financial Spreads are offered 10% trading rebates on trades up to GBP 2000.

 

Methods of Payment

 

The payment methods available to Financial Spreads` clients are credit/debit card, bank wire and e-wallets Skrill and bacs.

 

Conclusion

 

Financial Spreads is a UK CFDs and spread betting broker, offering attractive trading conditions. However, its platform lacks some advanced features offered by MT4. In a nutshell, here are the advantages and disadvantages with regard to Financial Spreads:

 

Pros

Cons

FCA regulation

Doesn’t have a license of its own

Tight spreads

No choice of trading platforms, no MT4

Commission-free trading

No autotrading options

Bonuses available

 

 

 

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Traders` reviews for Financial Spreads

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

 

 

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