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Finq Review - is it scam or safe?

Finq Review - is finq.com scam or good forex broker?

RATING: 1.6 / 8 REVIEWS Finq
Finq is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads
Classic $1 000 0.01 1:300 2.0 pips, fixed

 

Finq offers one basic and 2 premium account types. We’ll focus on the basic one, the Classic account.  It offers fixed spreads, commission-free trading and leverage up to 1:300 on the standard MetaTrader 4 platform.

 

First of all, we find the minimum initial deposit required by Finq high and the wide spreads. By comparison, most brokers require $200 - $500 as a start, even well-regulated ones. For example, one may open an account with leading forex and spread betting provider IG with just $1.

 

As regards Finq’s spreads, they are average, fixed at 2 pips on EUR/USD. As most fixed-spread brokers, Finq acts as a Market Maker, which means that there is a risk of conflict of interest.

 

The Company. Security of Funds

 

Company

Country

Regulation

Leadcapital Corp Ltd. 

Seychelles 

FSA

 

Finq is a newly-launched offshore forex and CFD broker that targets mainly Asian investors. Its product offering is quite impressing, including over 2,100 assets – currency pairs, commodities, indices, ETFs, bonds and stocks and more than 10 cryptocurrencies. Its website available in Malaysian, Indonesian, Chinese, Thai, Vietnamese, Urdu, Tagalog, Arabic, with additional languages English, Spanish, Russian and Albanian.

 

Behind the brand is Leadcapital Corp Ltd., a company incorporated in 2014 in Seychelles and licensed by the local Financial Services authority. It is a “sister company” to CySEC-licensed Leadcapital Markets Ltd., which operates the Trade.com online brokerage brand.

 

Forex broker regulation in the Seychelles is not mandatory. As a result, “licensed” FX brokers don’t have to meet any requirements and face little regulatory supervision, if any. This means that clients of such brokerages have no protection if something goes wrong and many of them are pure scams. That is why we advise traders to avoid offshore brokers and choose well-regulated ones, such as companies licensed by UK’s FCA or Cyprus’ CySEC.

 

Nonetheless, Finq seems a decent broker, as it is part of an international group, whose subsidiary holds a license from Cyprus’ CySEC.

 

Trading Platform

 

Finq supports the widely used MetaTrader 4 (MT4), available as a desktop download, web version and mobile apps.

 

MT4 is the preferred trading platform by most traders and that is why it is offered by the majority of brokerages. It is easy to use and provides all the necessary tools and features for traders to analyze price dynamics of financial instruments (solid charting, technical analysis indicators, back-testing options), execute trades and create & use automated strategies (Expert Advisors).  

 

Promotions

Finq offers various bonuses: a welcome bonus of $25, available for each new client who undergoes verification, a First-Time Deposit bonus, Retention Bonuses (which are based on a percentage on clients’ total deposits) and Pending Bonus, available when a trader reaches given amount of points in a predefined period of time.

 

However, in order to withdraw profits from the bonus, Finq’s clients must generate a trading volume of ten thousand Dollars (US$10,000) for every dollar (US$1) of the bonus funds. Such trading volumes bring additional risks to margin trading, that is why FCA banned forex bonuses.

 

Methods of Payment

 

Finq offers its clients the following payment options: via credit/debit card, wire transfer, and third party payment providers such as Skrill, Neteller and FasaPay.

 

Conclusion

 

FINQ is a newly launched forex and CFD broker that focuses on the Asian market and offers trading in more than 2000 assets. Of course, the main problem with this broker is the fact that it is registered offshore, yet it does not seem like a scam, for it is a part of an international group. Here are, in a nutshell, the advantages and drawbacks with regards to FINQ:

 

Pros  Cons
Part of an international group Registered offshore
Rich product portfolio High initial deposit
MT4 available Market maker model
Commission-free trading  

Latest news about Finq
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Traders` reviews for Finq

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

 

 

Finq.com made me lose a lot despite having personal account manager ...

Do not invest in finq they are not reliable at all they make one invest and then irresponsibility invest their hard earned money ..


Shamim shoukat 04/13/2019

great company

i never had a problem , if you deposit only $100 and expect wonder's then friends trading is not for you , withdraw any amount no issue and never had any problem with them

aamir 03/23/2019

Scam

Do NOT give them your money. If you're interested in trading search the web for a reputable broker - this is a scam. Not to mention they keep pestering me with phone calls

Gus Ali 03/20/2019

Forcing me to deposit

They call me almost everyday asking me to deposit offering me $25 bonus and assigning me to a free manager. Really just dont trust them

Winny 10/22/2018

Comlete Loss

I have lost almost all the money I have traded with finq.com regardslss of applying stop loss and take profit -since i started trading even under their guidance- I lost almost all of it

Tebogo 08/01/2018

Please do not invest.

Pure scam. Bad Liars. Owner lives a luxurious life from the looted money. Promise you that they will make you rich, etc. All bullshit. The greedy fat pig wants to fill his pocket and goes around robbing people.

Marcus 06/07/2018

Lost withdrawals

Finq is a pure scam. I started trading with them by depositing usd100. When i applied for withdrawal, the funds were never released to me and there support department was of little help to resolve my delayed withdrawals. upto now i have not received my funds. USE FINQ AT YOUR OWN RISK

Nicolas 04/29/2018

Scam

I lost a lot of money. They said they will make 20% profit and i invested 10000$ and i lost everything. Please do not trust em.

anonymous 04/04/2018
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