Finspreads Review

MIN. DEPOSIT £50
Up to 200:1
Up to £100 BONUS
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Finspreads
Up to £100
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Overview

Company Information Finspreads is one of the senior brokers from the industry. The company started its operations in 1999, and it was initially founded by six professionals from the financial… more

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Details

BrokerFinspreads
Website URLhttp://www.finspreads.com/
Founded1999
HeadquartersLondon, United Kingdom
Support Number+44 20 7150 0400
Support Emailenquiries@finspreads.com
Support TypesPhone, E-mail
LanguagesEnglish
Minimum 1st Deposit£50
Minimum Trade Amount10p
BonusUp to £100
PayoutUp to 200:1
Free Demo AccountYes
Regulated Yes
RegulationFinancial Conduct Authority (FCA)
Account TypesBeginners Account, Standard Account, Limited Risk Account
Deposit MethodsVisa, MasterCard, Electron, Maestro, Bank Transfer
Withdrawal MethodsVisa, MasterCard, Electron, Maestro, Bank Transfer
Types of AssetsIndices, Shares, Currencies, Metals, Commodities
Account CurrencyAUD, USD, GBP
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Finspreads is one of the senior brokers from the industry. The company started its operations in 1999, and it was initially founded by six professionals from the financial sector. The primary service provided at that time spread betting. Finspreads was severely backed by one of the largest spreads betting providers in the UK called Sporting Index. However, three years later the brand was sold to another giant in the financial world – IFX Group PLC. For the next four years, Finspreads was operated by IFX Markets, but in the summer of 2006, it was acquired by City Index Holding Ltd. (which also operates City Index as a brand). Nowadays, the client base is quite extensive (more than 35 000 customers), and Finspreads is considered a globally recognized broker of a higher class. It’s regulated by FSA for its spreads betting service, which is still the primary one offered by the online broker. In 2016, the brand is owned by GAIN Capitals UK Ltd. with their main headquarters located in London and more specifically Park House, 16 Finsbury Circus. Finspreads is dedicated to educating its clients and aid them in their journey on the financial markets. There are various articles and other helpful materials for the beginners, as well as a complete introduction to spreads betting.

 

Trading Information

The online brokerage company provides a service, which is very similar to the traditional trading. The main difference is that there is no actual purchase on the markets, but speculation about the price. Finspreads offers a broad range of markets with various financial instruments listed there. There are indices, shares, currencies, commodities, metals and day trades available for the traders. Spreads are relatively tight. Forex pairs can be traded as low as 0.8 pips spread, indices start from 0.4, and most of them are provided at 1 point. Shares are offered with commissions, which is a usual practice for these financial instruments. The percentage can range from 0.16% to 1%. And the margin is between 2.5% and 5%. Commodities are represented by US and UK Crude Oil (both futures) with spreads of 6 points and 1% margin. Also, the traders can invest in metals – gold, silver, copper, platinum and palladium. Spreads there can vary, but mostly stay in the range of 0.4 – 4 points. The margin is also variable, from 0.50% to 1.00%. All these numerous instruments can be traded through three different account types – Beginners, Standard and Limited Risk report. They are perfectly suitable for novices and experienced traders.

 

Trading Platforms

Those who love to trade with MetaTrader 4 will be highly disappointed as the traditional software is still not supported by the broker. In fact, Finspreads have their trading platform called Advantage Web designed to meet the client’s’ expectations and offered extensive charting, tools, and indicators. It’s a good thing that the software is completely adjusted according to the broker’s standards. As you’ve probably guessed, it’s a browser-based platform that can be accessed from every device. It’s equipped with numerous features that will help the traders in their day-to-day tasks.

 

Smartphone and tablet users will be able to trade with Finspreads right from their favorite device. The investing provider offers extensive access via their app, which is quickly installable on iPhone, iPad, Android and Android Tablet. The application can be used only through a registered and activated account.

 

Security and Customer Services

As an old and well respected traditional broker, Finspreads is following all the best practices and regulations employed by the industry and the authorities. When it comes to client’s money protection, the broker has an exemplary policy. All the customers’ funds are well preserved in segregated accounts across various top-rated banks and financial institutions. As part of the City Index Group, Finspreads is a trusted brand and a financially stable company. The website of the broker is also protected with SSL encryption provided by Symantec. The high-security measure is an extra protection from unauthorized access to personal data.

 

There is also an excellent support department available 24/5. Customers can easily get in touch with Finspreads’ representative by phone on both local and international landline, email, live chat and postal address. The support is extremely helpful and polite. Problems are handled fast, and clients will be satisfied to learn that they can take advantage of an extensive database with FAQ, which covers various topics.

 

Deposits and Withdraws

Funding an account is incredibly easy, and the steps are well documented by Finspreads. First of all, the client should choose the desired payment method (you can review all of them in the table), then a minimum deposit rule should be satisfied and the account type determined. They are as follows – Beginners account – £50, Limited Risk and Finspreads Standard account – £100. Extra charges are not employed by the broker, except for the credit cards where a processing fee of 1.5% is applied to all transactions.

 

Withdrawals are also handled similarly. All the transaction options used for the deposits are also employed here, and clients can transfer their funds through their desired method. There is a minimum withdrawal amount of £50 and a maximum of £20 000. However, there is no daily limit, which means the clients can make as many requests as they want in a single day. Take note that Finspreads may force internal approval processes.

 

Deposit Bonus and Loyalty Program

Finspreads does not offer any deposit bonuses or loyalty programs. However, the online broker compensates with the competitive environment and various improvements on their trading conditions. There are regular margin cuts and premium spreads offerings for both the existing and new clients. If you decide to trade with Finspreads, make sure to stay tuned to their excellent discounts.

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