FINQ.com Review is Finq a Scam or Reliable Forex Broker

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

Checking your browser before accessing scamrecovery.net.

This process is automatic. Your browser will redirect to your requested content shortly.

Trusted Forex Broker Reviews

Not even legends in the calibre of a Larry Williams or a Martin Schwartz will have much luck in currency trading if the broker is unwilling to cooperate – it has an overwhelming role in determining what type of experience you will have as a forex trader. The lack of clear rules and precedents creates great opportunities, but also huge risks for the unprepared.
But aren’t there always two sides to a story? To help our visitors avoid the dark side of forex, we have carefully screened the best offers in the online brokerage business, and prepared a selection of some of the most reputable and efficient brokers for your exclusive benefit. If you have any plans to explore the exciting world of currency trading, we are sure that you will find our list an invaluable guide in the crowded and sometimes shady world of the forex brokers. We recommend reading our listed brokers’ review pages for user reviews, e.g. OctaFX or FXTM review page.

Safest Forex Brokers 2020

*Broker offers variable spreads which are subject to fluctuating market conditions. Spreads tend to be tight during times of deep liquidity but can also widen significantly during times of low liquidity.

Want to be featured on this broker list? Use our contact form here.

More country specific forex broker listings:

Finding the Best Forex Broker – FAQ

Finding the best forex broker for your needs takes some research. Hundreds of online brokerage firms now compete for your account, so plenty exist to choose from. Check out our recommended top list above, or read our FAQ below with excellent points to consider before choosing your broker, or see this extensive five step guide on how to choose a forex broker.

Finding the best forex broker that has a fast execution capability, a reliable trading platform and which can be trusted with your account deposit might be the first things you will want to assure yourself of. Other sweeteners can include account opening bonuses and other features like mobile trading and SMS market alerts.

Basically, you want a forex broker you can trust to handle your money and your trades so that you can get on with the business of trading forex without worries. Anyway, to make the process of finding a broker simpler, the list above covers most of the key comparison points between forex brokers so that you can be better prepared for a successful search.

In the end of this page you will find many more brokers that did not make the top list, you can still read our reviews of them and give your comments on them or share your experience from them.

But first we will go through some of the criteria and features you should look for when searching for the best forex broker for you.

Regulation

Most reputable online forex brokers take the step of submitting to regulation by one of the main financial regulatory agencies operating in their home country. Sometimes, they will even be regulated by more than one agency. Such regulation provides you with the security of knowing the broker’s operations are being overseen by an independent authority with the goal of keeping the business honest.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

Is there a benefit to where a broker is located?

Location can make a big difference, especially if the regulatory regime in the country is top of the line. The most advantageous location has to be reserved for UK brokers, since London is the center of the foreign exchange business.

Forex Trading in the UK

Early in the last century, nearly 50% of the world’s foreign exchange was conducted using the Pound Sterling. Today, daily forex trading turnover in the London market represents 41% of the world, more than double that of the United States at 19%. If you choose a reputable UK broker, then you can be assured that the firm can draw upon a broad pool of experienced and professional staff in the UK.

From a regulatory perspective, UK forex brokers must also comply with one of the strictest regulatory bodies around, the Financial Conduct Authority (FCA). Once again, the pool of UK staff will be very aware of best business practices and related compliance issues, another reason to choose a UK broker, if at all possible. One must, however, be due diligent when choosing a broker that claims to have offices in London, since the marketing aspect of this location has caused many overseas brokers to set up a “shell” presence in the UK to gain your trust, but without the benefits listed above. If you prefer a UK broker, then make sure that they are headquartered in London and have a significant presence there.

Forex Trading in Australia

The Australian Forex/CFD/Cryptocurrency landscape is an intricate one, where at least three different types of brokerages peddle their services. There are unlicensed, unregulated brokerages with a global reach, whose services may indeed be accessible to Australian traders too. Then, there are financial service providers who are not based in Australia, but who are licensed by ASIC to peddle their products there. Finally, there are Australian born-and-bred operations, firmly under the authority of ASIC.

If you are looking for a forex broker in Australia or that offers services for Australians then make sure to go here.

Data Security

When you either enter or store vital personal information online, it can be subject to falling into unfriendly hands that may use it for their own personal gain. Accordingly, a top priority when choosing a broker is that they encrypt all data entered into online forms using industry standard SSL-encryption or better.

Another key issue involves the safe storage of data so that it will not be lost in case of disaster. Many online forex brokers use duplicate data farms with high security to assure the safety of your account information.

Dealing Spreads

Many day trading strategies become unsuccessful over the long term if your account does not have access to competitive dealing spreads. The spread is simply the difference between the bid price and the offer price for a particular currency pair and should be no greater than five pips in the majors and major crosses, with wider spreads often seen in the minor crosses and exotic currencies.

Commissions and Fees

Sometimes brokers are not content just to have you dealing on their spreads. In this case, they might charge a commission or fee for each transaction. Sometimes these are calculated on a per transaction basis or on a volume dealt basis. Additional fees might be involves in making withdrawals or deposits, so be sure to check that information to minimize your transaction costs.

Order Types

Most forex brokers handle the basic market, stop and limit order types. Nevertheless, some brokers also offer support for OCO (one-cancels-the-other) and trailing stops. If either of these more specialized order types would be suitable for your trading plan, then be sure that your chosen broker supports them and make sure that you fully understand the limitiation of these different order types.

Currency Pairs

Since more currency pairs often means more opportunities to profit, you will want to make sure that your forex brokers offers all of the pairs you might be interested in trading. Some traders also like to have access to precious metals like Gold and Silver, in addition to oil, especially if they will be trading the commodity currencies like AUD and CAD whose exchange rates can depend on commodity price fluctuations.

Deposit Required

Unless you are just interested in opening up a demo or practice account with the forex broker, they will usually require a minimum deposit to be made for you to get started trading forex. Often, the more money you place on deposit, the more features you have access to or the tighter your dealing spreads become. Make sure that you research the broker thoroughly before sending a deposit.

Account Types

Account types vary considerably between brokers, but most offer demo accounts for practice trading, mini accounts for newer traders with a low minimum initial deposit, standard accounts for more experienced traders with a moderate deposit, and finally VIP accounts for larger initial deposits. Here is a list of forex brokers that offers demo accounts.

Also, the features offered with each account type vary quite a bit among the various forex brokers, so be sure to see which reputable broker will offer you the best deal for the initial deposit you have available to you.

Leverage

Leverage refers to how much of a position you can control with a certain amount of funds allocated to it. Forex brokers currently offer leverage rates of as high as 500 to 1. What this means is that you can control a $50,000 trading position with just $100 allocated from your portfolio. Note that in the U.S. the maximum leverage is 50:1 for majors and 20:1 for minors.

Naturally, amplifying your risk by using leverage can result in larger gains, as well as larger losses, so be sure to use leverage wisely and avoid trading beyond your means.

Margin Requirements

Even though forex transactions are exchanges and not purchases of an asset like a stock or commodity, when the exchange rate moves, it creates credit risk for the counterparty showing a gain on the transaction. As a result, most forex brokers require that their clients place a certain amount of funds on deposit to cover such potential losses. This is known as the broker’s margin requirement.

Since margin requirements vary among brokers, you will want to make sure that the broker you choose has guidelines you can live with. Also, some brokers automatically close out trading positions when the amount of margin in your account is exceeded by trading losses, or according to other criteria, so be sure to understand such the implications of such policies for your trading business.

Trading Platforms

Most of the better forex brokers offer their own proprietary trading platforms for you to use to execute forex transactions with and to keep track of the market. These usually either take the form of web-based platforms that use access via your Internet browser or client-side platforms that you download to, install and run on your personal computer.

In addition, some brokers support independent trading platforms like the popular MetaTrader 4 platform that can be obtained free of charge and which many commercial forex trading robots are designed for.

Mobile Trading

Some forex traders require the convenience of trading and keeping in touch with the forex market via their mobile phone or other mobile device. Many brokers provide such services, so if this is important to you, check out what each broker offers in this regard and whether their software will work with your device.

Algorithmic Trading

Forex traders increasingly wish to automate their trading plans or algorithms to free up their time for other endeavors. They often do this by using a programming language to write down their decision process in an algorithmic format that can then automatically be executed by forex trading platforms that support this capability.

If you think you might want to automate your trading plan, check to see with brokers you are considering to see if they support this type of trading and how they do so.

ECN Brokers

ECN Brokers are brokers who use an Electronic Communications Network to provide price quotations and trading opportunities to their clients. The best way to picture an ECN is as an Exchange. Through an ECN, the broker puts various market participants into touch, directly. What that means is that it matches up trades so a seller will always find a buyer and vice-versa.

CFDs – Contracts for Differences

These days, CFDs are all the rage as far as online trading is concerned. These Contracts for Differences offer traders (and brokers) several advantages, which make the setup a very attractive one indeed.

A CFD is in essence a futures contract arrangement, between a broker (the CFD provider) and a trader (the client), the object of which is the difference between the current value of a traded asset (which can be just about anything, given the impressive market coverage of this financial derivative) and its value at the end of the contract. Find more information about CFD brokers here.

Market Alerts

Many brokers offers SMS or other types of market alerts to their customers. If you think this might be important to your trading business, look for this feature.

Support

Those new to forex trading will want to have better access to both dealing support and technical support. See what services each broker under consideration provides and whether it will suffice for your purposes.

Information Resources

Newer traders often require educational materials about the forex market and trading in general to get started trading forex on the right foot. If this is important to you, research what the brokers you are considering have to offer in this regard.

Also, many brokers provide sophisticated news feeds, like Reuters for example, as well as proprietary market commentary and other timely information.

Dealing Desk Access

Some traders like to speak to a personal dealer or advisor at the broker in order to obtain inside market information and advice. Others like to be able to make transactions over the telephone in a pinch. If either of these options makes sense for you, inquire with your potential brokers whether dealing desk access will be available to someone with your anticipated initial deposit.

Managed Forex Accounts

There are three types of managed forex accounts, Individual, Pooled and PAMM accounts. Here is a list of recommended managed forex accounts that offers this kind of forex accounts.

Finq Forex Broker Review

Last Updated: October, 2020.

While at first glance, Finq.com is a new brokerage launched in 2020, its roots reach back way further than that. It was apparently involved with ForexYard.com as well as Safecap Investments Ltd and lead Capital Markets for a while. Its corporate background nowadays has nothing to do with any of those entities though.

Finq.com’s reputation among the FX-trading public is not particularly stellar right now – there is just no way around that fact. Some traders accuse the broker of being a market maker, while others decry the quality of the 24/5 support it offers and the conditions that tie its bonus.

Still others believe the verification system used by the broker to validate withdrawals is way too lengthy and convoluted.

Roughly about half the users who have bothered posting reviews/feedback about the brokerage have had a positive opinion on its services.

When it comes to its corporate background, the operator is not particularly generous with information. We do learn though that the entity currently owning the Finq.com brand is a certain Dilna Investments Ltd, which is a subsidiary of Leadcapital Corp. Ltd, and acts on its behalf at all times.

We mentioned in the title that Finq.com is an Asia-focused operation. As such, it does not accept traders from the EU (or rather, the whole of the EEA), the US, Canada and Belgium. In fact – as its website states – it does not accept clients from any jurisdiction where its functioning is in any way, shape or form illegal.

All that said, why would you want to make Finq.com your primary FX/CFD trading destination?

To begin with, the operation only requires a minimum deposit of $100. For beginners and recreational traders, accessibility is extremely important, and in this regard, Finq.com does indeed deliver.

Unlike most of its peers, the broker offers a bonus deal, which can be an important balance-booster for beginners. In regards to this bonus, it needs to be pointed out that it is tied by some pretty strict terms and conditions, so make sure you fully understand those, before you commit.

The broker gives its traders access to a host of useful trading tools as well as to more than 1,200 tradable assets.

No commissions are charged on any of the accounts supported by Finq.com. The broker uses the spread exclusively to generate revenues.

Besides the real money account options, a Demo account is also available to those who want to put the platform to the test, without risking any real money.

As far as the security of trader funds and regulation is concerned: according to its official site, Finq.com is licensed and regulated by the FSA of the Seychelles. Its license number is SD007.

In compliance with the regulatory requirements, the funds deposited by traders are kept in segregated bank accounts, with prestigious financial institutions.

Finq.com Account Types

A total of 4 account types are available at the brokerage, of which the Basic one is the most…basic.

Requiring a minimum deposit of only $100, the Basic account throws a Daily Analysis into the mix and that’s about it. Basic traders also have 24/5 support and access to desktop- as well as mobile trading, but that should go without saying for any proper, modern brokerage.

Those looking for a more complete service, can opt for the Classic Account. This one requires a minimum deposit of $1,000 in exchange for which, traders also gain access to webinars and a dedicated account manager. As always, we have to caution you in regards to this account manager setup though.

Next on the account-type ladder, we have the Gold Account, which requires a minimum deposit of $5,000. In addition to what the Classic Account has to offer, this one throws Premium Daily Analysis into the mix as well.

Last, but not least, we have the Platinum Account, which is obviously the “full extra” option of the broker. With a minimum deposit of $25,000, the Platinum Account features Premium Customer Support in addition to what the Gold account offers.

Interestingly, though it would make sense for there to be differences in regards to the trading conditions among these account types, the broker does not deliver any information in this regard. We do know however that the maximum available leverage at the broker is 1:300. The actual leverage depends on the traded asset.

While a Demo account is indeed available, there’s no word on Islamic account versions, which too would make sense, given the Asia-focused nature of the brokerage.

Finq.com Market Coverage

As already mentioned above, Finq.com’s market coverage is outstanding, with more than 1,200 tradable assets on offer.

This market coverage extends to stocks, commodities, FX pairs, ETFs, Bonds, as well as cryptocurrency-based CFDs.

As far as stocks are concerned, scores of them are available, categorized by country.

In regards to FX pairs, more than 100 are available, from majors to minors and exotics, all the way to cryptos. The spreads start from 1.90 pips on the EUR/USD pair, which we can assume are the lowest the broker can offer.

On exotics, the spreads can be as high as 72-300 pips.

The commodities section of the broker is surprisingly generous as well. From Brent Oil to Cocoa and from Natural gas to Platinum, scores of different assets can be traded. The spread on Brent Oil for instance starts from 0.04 pips, and the maximum leverage on this same asset is 1:152.

The cryptocurrencies section features Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic and Dash. The maximum leverage on these crypto assets is 1:2. The spreads are rather steep – as expected, given the volatility associated with this asset-class.

Finq.com Trading Platforms

The trading platform selection of the broker is simple and straightforward. it is comprised of a Web Trader, mobile apps for Android- and iOS devices and MT4.

The Web Trader is a download-free solution, which offers surprisingly potent analysis tools and execution speeds. Limit and stop orders can be used through the web trader, and traders have access to the full range of tradable assets offered by the broker.

MT4 is obviously the centerpiece of the Finq.com platform offer. It can be downloaded for free off the site, and it comes with an impressive number of preinstalled technical indicators.

MT4 provides a fully customizable trading environment, allowing users to add indicators at will and to create/code their own ones.

Custom scripts can be used in combination with EAs, to put marginally profitable strategies to work and to “milk” those small edges through trading volume.

MT4 supports trading off the charts, and it comes with scores of chart types and drawing tools.

The mobile apps featured by the broker are capable as well as surprisingly popular. According to the broker, some 70% of its traders use the mobile apps to monitor their accounts and to execute trades.

Finq Conclusion

Finq.com looks like a serious trading destination. Its MT4 support is instrumental in eliciting this impression, though its market coverage pitches in as well in this regard.

The downside is that the broker cannot really be called a reputable one, and the jurisdictions from which it accepts traders are rather limited. The trading conditions could be better as well, especially in regards to the spreads featured on popular tradable asset categories.

Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

Like this post? Please share to your friends:
How To Make Money on Binary Options Trading
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: