Finotec Review
Overview
Company Information Finotec is one of the older Forex brokers on the market. It’s owned by Finotec Trading UK LTD. The company is based in the UK, together… more
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| Broker | Finotec |
|---|---|
| Website URL | http://www.finotec.com/ |
| Founded | 1998 |
| Headquarters | London, United Kingdom |
| Support Number | +44 (0)20 351 45555 |
| Support Email | contact@finotec.com |
| Support Types | Phone, E-mail |
| Languages | English |
| Minimum Trade Amount | 0.01 lots |
| Maximum Trade Amount | 100 lots |
| Free Demo Account |  |
| Regulated | |
| Regulation | Financial Conduct Authority (FCA) |
| Account Types | Individual, Joint, Corporate |
| Deposit Methods | Credit Card, Bank Transfer |
| Withdrawal Methods | Credit Card, Bank Transfer |
| Types of Assets | Forex, Metals, CFDs, Oil |
| Account Currency | EUR, GBP, USD |
| US Traders Allowed |  |
| Mobile Trading | |
| Tablet Trading | |
Full Review
Company Information
Finotec is one of the older Forex brokers on the market. It’s owned by Finotec Trading UK LTD. The company is based in the UK, together with the larger portion of its headquarters and offices. The company started out in 1998 locally and then moved online in 2001. The broker even has its trading platform, named Finotec ECN. It’s ideal for serving the specifics of the company itself. Finotec has an official license, issued by the FSA. It is known for being a very reliable and trusty Forex broker. Finotec is considered a boutique solution. Of course, you can decide for yourself with a demo account and see if the broker is the right one for you.
The website is created with minimal in mind. Of course, you can still check out all the information you need, but the overall look of Finotec is quite clean. I can’t say its high quality – the images used on the homepage are with a small resolution and are best viewed on mobile. Some of the informational articles are hard to come by, too. There is absolutely no trading information about the Forex movements on the homepage. However, you can read all about the partnership program and other useful things. Lately, Finotec has been focusing more on start-up brokers, but still supports traders from around the world.
Trading Information
Finotec FX offers a couple of account types, plus a demo account. The demo is the perfect way to get a feel about the Forex broker and decide if you want to invest more money and time. It’s also the perfect way to get used to the different platforms and make your trades more fluid. It’s imperative to give your 100% when trading – you don’t want to miss your big hit. Sadly, Finotec doesn’t offer segregated accounts. But if you want an institutional or a managed account – you can dive right in. Traders can also deal with virtually every kind of instrument. Finotec supports metals, oil, gold, indices, stocks, commodities, ETFs and CFDs. The leverage you will encounter is 200:1 and the pips range from 0.1 to 0.8, depending on the account and instrument. Traders have a colossal pool of options for buying and selling. Dozens of binary options, currency pairs and commodities await your experienced hand. US accounts are not accepted at Finotec, but you can create a swap-free (Islamic) one.
Trading Platforms
Concerning platform variety, Finotec FX is a bit ahead of the rest. For starters, the broker makes good use of the versatility of MetaTrader 4. Finotec allows most options, stretching the abilities of the platform almost to the maximum. If you are new in trading – MT4 is the most widely used and versatile Forex trading platform in the world. It’s over ten years old, but it’s still number one regarding functions. The next one is Currenex. It’s another popular choice, especially for high-level traders. It offers some extra usability regarding information, indicators and other helpful features. Currenex is worth getting into – it’s relatively rare to find it, since the platform is mainly used by legitimate Forex traders, and those aren’t many. Finotec ECN is the custom solution of the company. It’s a unique platform, considering this is the only website which is using it. It takes some time to get used to, but in the end, it’s worth the effort. After all, it was created to accommodate the broker.
Security and Customer Service
With the lowered bar for hacker activities comes the need for adequate online protection. Finotec is not utilizing an SSH encryption, which means the data you send over the internet is not private. I’m sure the reason is the recent website redesign, and the security measures will be back up in a while. However, take every piece of information with a grain of salt. The broker, however, is registered and licensed by the FSA, so fair trading is guaranteed.
The boutique service shines with the customer support. The good people in the department are always eager to answer any question and any request you might have. I’ve had some great conversations with them. They can converse in over ten languages, so you are most probably set. The customer support department can be reached by phone, e-mail, and callback. Currently, there is no live chat version on the website.
Deposits and Withdrawals
Finotec doesn’t offer many ways to deposit or withdraw money. The only available options are Credit/Debit cards, cheques, and a bank wire transfer. Most other Forex brokers at least have an e-wallet service to cover for people who need their money fast. The minimum deposit you need to make is $200 for the mini account and $10 000 for the standard account. Of course, the sum is a bit high, but the leverage is 1:100 in the second case. You have the potential to earn some big money. Withdrawing money is easy and relatively fast. There is no extra processing time added to the already existing services.
Deposit Bonus and Loyalty Programs
Finotec used to offer two kinds of bonuses. The refer-a-friend gives a sum, based on the first deposit your friend would make. The second was the deposit welcome bonus. It was also based on the initial deposit you decide to invest. However, right now the online broker does not offer any bonuses to the traders. There is also no loyalty program. On the other hand, it seems Finotec are moving more towards servicing new start-ups who would like to become Forex brokers. Experienced traders have the opportunity to become money managers and trade the funds of multiple clients as they see fit. Another great option is the starting Forex broker package – you can get the whole thing for $1000! That’s a very hefty sum for such an offer. Maybe the price will go up with time, so it might be a good idea to act while you can.
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