Once again we have found out about a broker and are diving headfirst into its regulations and services. Please note that these types of reviews are what should be guiding you through your journey of trading. We are hoping that this FINMARKET review will help you have a fresh start with a new broker. Hopefully, we will be able to give you enough insight about the broker so that you can make an educated decision, instead of going in blindly.
First things first, the website that you have to visit in order to find more about the broker is pretty much state of the art. While checking it out we were quite impressed by how well designed it is and how well optimized. We need to be honest here and say that the design is a good user experience. But we’ve already talked about this in numerous other reviews that potential scammers are always ready to invest a lot of money in their website to lure in unsuspecting clients. FINMARKET scam probability has already increased just based on the past of broker websites. But still, there are no conclusions being made just yet. We still need to delve deep into their terms & services, options and of course they legality.
FinMarket Regulators & Personal Information
Regulators are one of the most important features when you are looking at a new broker. Imagine if you are choosing a bank. Which one would you prefer to save you money in? in an unregulated, untrustworthy illegal one, or a state bank backed one that has all of its papers in check and has all of the regulations of the country applied to its services, therefore making it very hard to fool you? Obviously the latter right?
Fortunately, FinMarket Forex broker is regulated. They are regulated by the Cyprus based regulator CySEC, which is one of the most popular places for brokers because of the laws that the country has. Trading companies are a lot safer there because of the to €20,000 EUR per person Investor Compensation Fund, which helps investors regain their lost money. Also what makes Cyprus so attractive is the fact that all CySEC registered brokers can operate EU-wide.
The MT4 controversy
We would like to mention that numerous cases have already been in circulation around the internet, that when downloading and installing the MT4 from FinMarket, it displays a completely different name on the company name panel. The company displayed in the FinMarket MT4 is not Cyprus based or regulated either. The name of the company is FinMarket EOOD which appears to be a Bulgarian company, this is a red flag for sure.
In order for you to start trading on this platform, you need to dedicate $5,000 from the get-go. The possibility of a FinMarket fraud has just increased in size, because of the fact that most scammers demand a large investment in order to take as much as possible from clients before they have to run away and start rebranding. This is a huge amount to be asking up-front for a company that is not very trusted. Some of the best brokers in EU who have the same regulations and same conditions can ask for the smallest amount like $5 as a starter, giving you space to build upon you gained experience throughout the journey. If you are a beginner FinMarket is a way too big commitment for you and we would advise looking somewhere else.
On our website, we always try to make our content relevant and accessible to everyone. However we put in just a bit more effort when it comes to being very helpful for beginners, therefore this FinMarket review can be looking like a rookie guide. But please know that all the vets out there are also advised to check out every single review that they can find about brokers.
Accounts on FinMarket
As you can see the number of accounts is not too big nor too small for a Forex broker. What we want you to look at is the $250 account which might look like a different minimum deposit than we’ve mentioned, but it’s literally nothing. The whole meaning behind a basic account is that a beginner needs to be using it, meaning that he needs to have access to all the reviews, courses and information he can get his hands on. FinMarket FX brokerage is completely aware of this and therefore has hidden this behind the $5,000 account in order to urge new traders to go straight for it.
We can easily tell all you rookies out there right now to not do it. For the beginning find a broker that will offer you a low minimum deposit and with that will help you to understand and learn the market. Because a good broker is always holding your best interest in mind. For a trustworthy broker, it is important to build brand loyalty and help customers grow on their platform so that they come back. Even though the Forex market has virtually endless amounts of customers, their retention still should be a top Forex broker priority. So after all the Can FinMarket be trusted? when it comes to you receiving your winnings we believe that there is a high probability that you will get scammed. There are a lot better Forex brokers out there.
Summary of the review
FinMarket in all is a shady broker. We honestly believe that there is a possibility that they will scam you, but when it comes to them being approachable by you or worth it for you then no, we advise you go looking somewhere else. Because you will be receiving larger leverages for smaller deposits with much better brokers. Hopefully, this FinMarket review was helpful for you and will enable you to start trading in a lot more relaxed and rested state, when you find the broker you can wholeheartedly trust. We wish you good luck in your trading!