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Finmarket Review - is it scam or safe?

Finmarket Review - is finmarket.com scam or good forex broker?

RATING: 2.9 / 3 REVIEWS Finmarket
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Trading Accounts

 

Account type   Minimum deposit Minimum trade size Maximum leverage Average Spreads
Mini $1 000 0.01 1:50 From 3.7 pips + $15.00
Standard $5 000 0.01 1:50 From 2.7 pips + $12.50
VIP $10 000 0.1 1:50 From 1.0 pips + $11.00
Premium $100 000 0.1 1:100 From 0.9 pips + $10.00

 

Finmarket offers its clients a choice of four account types, based on the initial amount deposited. The broker claims that all accounts offer STP execution and Negative balance protection.

 

Swap-free services are available on all accounts but Mini. Keep in mind that hedging is allowed solely on VIP & Premium accounts.

 

The Company. Security of Funds

 

Company

Country

Regulation

K-DNA Financial Services LTD

Cyprus

CySEC

 

Finmarket is a forex and CFD broker that offers trading in more than 30 currency pairs, commodities and indices CFDs on the popular MetaTrader 4 platform. The company behind the brand, K-DNA Financial Services Ltd., is a Cyprus Investment Firm that is licensed by Cyprus Securities and Exchange Commission (CySEC). The company also operates forex broker brands LondonFX and GalaxyFX.

 

Cyprus is currently one of the most popular forex broker destinations due to its well-balanced financial regulation. There is the Investor Compensation Fund, which is able to pay compensation up to €20,000 EUR per person, If a licensed company ceases trading or becomes insolvent. Moreover, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.

 

However, we would like to mention that when we downloaded Finmarket’s MT4 platform to try out the broker demo account, the name of another company appeared, not the one licensed in Cyprus: FinMarket EOOD. It seems that this is a Bulgarian company, for which there is no information. Do have this in mind if you consider opening an account with Finmarket.

 

 

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Trading Conditions

 

Minimum Initial Deposit

In order to open an account with Finmarket, traders have to invest a minimum of $1000. Such minimum initial amount is quite high, considering that other Cyprus-based brokers require less. For instance, leading EU brokerage XM demands just $5 from its clients as a start.

 

Spreads & Commissions

According to us, the main disadvantage of this broker is the high trading costs. Finmarket offers very high spreads, exceeding 3.7 pips for the EUR/USD on Mini accounts. On top of that, it also charges salty commission, fees, amounting to $15.00. This means that average trading costs amount to more than 5 pips per standard lot, while most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. We were so shocked when we made this simple calculation, that asked Finmarkets' customer support on live chat is it true that they offer such high spreads plus commission fees, and the answer was yes. At least they are honest.

 

For example, XM’s average spreads on Zero accounts amount to just 0.1 pips on EUR/USD and involve commission of $10 per standard lot (round trip). For further information, you may check out real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by Finmarket on basic accounts is 1:50, which is a low ratio, yet it is in line with the latest CySEC guidelines. However, most Cyprus-based brokers still offer significantly higher leverage levels - for example, XM provides leverage up to 1:888.  

 

Trading Platforms

 

Finmarket supports the standard MetaTrader4 (MT4), available as desktop, web and mobile versions.

 

MT4 remains the preferred choice of most traders (and brokers) worldwide, as it provides a full range of trading tools and features: a number of built-in technical indicators, advanced charting package, automated strategies (EAs) and extensive back-testing environment. Besides, traders can download ready-made or create their own EAs (and Indicators) and let the program do all the work.

 

Methods of Payment

 

The following payment methods are available to Finmarket clients: credit/debit cards, bank wire transfer, and ecoPayz.

 

Keep in mind that withdrawal fees apply.

 

Conclusion

 

On the one hand, Finmarket is a well-regulated forex & CFD broker that claims to offer Negative balance protection and STP execution. On the other, however, its trading costs are the highest we have seen. Besides, its MT4 is provided by another company. To sum up the above:

 

 

Pros Cons
Well-regulated  Very high spreads plus salty commissions 
Negative balance protection MT4 belongs to another company
  High initial deposit
  Hedging not allowed on basic account types

 

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Traders` reviews for Finmarket

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

 

 

The same scam covered under regulation

If you ever invested with Yesoption, EU-Capital, 10Trading, or Marketrading.co, and you were scammed, good to know, they are same scammers as well, with fraud regulation papers and licenses. DONT TRUST THEM ! :)

Anonym Guy 01/09/2019

£300

Your fin.Tradefinmarket.
You took £3oo.Oo from my account on 17.7,2018
And ivw not heard from you since
I want my money you stole from my account returned
I never finished the form filling or agreed to your taking my £300
You havent sent me anything in return for my £300.00
I want the money you illegally took from my account

Mark Slade 10/12/2018

Finmarket Scam

The people who own Finmarkets also own the well-known scam website Zurich Prime - their offices are basically door to door on Totleben 30-32 boulverad, Sofia, Bulgaria. Do not trust them. I worked for them and all of their 'techniques' are manipulative and only target your money. Fuck them. Sabotage them.

Anonymous 05/25/2018
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