Finq.com – review and opinions on a CFDs broker
Finq.com is a broker that allows trading in CFDs for over 2100 assets. The assets covered by the company include stocks, commodities, forex, cryptocurrencies, indices, ETFs and bonds. The company advertises itself as a platform that caters to people from many different backgrounds, which is why it has a multilingual support staff that is available around the clock. More importantly, Finq doesn’t take commissions and offers one of the lowest spreads on the market. The Finq.com review below will go over the services offered by the company and provide opinions on their convenience. This review also considers other Finq reviews posted online by the users to form a general opinion on its services to answer the question: Is Finq.com a scam or a viable option for the customers worldwide?
Finq Platforms Review
Finq broker currently offers two different platforms as well as mobile trading to its customers. “Trade on the branded Finq WebTrader to access 2,100 assets from the world’s financial markets with free apps for mobile trading. MetaTrader4 is also available,” – states the company’s website.
The WebTrader platform gives users access to 7 different asset classes. Furthermore, it has tools that allow for a smoother trading experience. The customers can use stop loss & take profit features as well as stop and limit orders to hedge against sudden price fluctuations. In addition, WebTrader has independent spreads some of which are fixed and could potentially offer customers better options than what they would be able to encounter elsewhere. “For example 0.07 USD on Gold and 2 USD on EURUSD are fixed as opposed to many floating spread platforms and we do not charge any commission,” – says the company. Finq has put a lot of effort into offering its customers additional functionality that differentiates its services from the rest of the market. For example, the WebTrader platform has an integrated ‘Events & Trade’ feature that warns the traders about potential price movements from the economic calendar. Additionally, the ‘Analyst Recommendations’ feature gives an account of the forecasts regarding various assets.
During our Finiq.com review we’ve found out that in addition to the WebTrader, customers are also offered to trade using the MetaTrader4 platform. Using MT4 the users can reach about 370 assets in 5 asset classes: currencies, bonds, global equities, indices and commodities. This platform is equipped with various tools that facilitate trading as well. The graphs that represent the assets in different time horizons are helpful for the users to better visualize their holdings. MT4 also allows 1-click trading that uses lots, which can be a lot faster and more convenient for the customers. The list of tools also includes ‘trend following’ that inform the users about general price trends and ‘volume tools’ that show the flow of activity on the website. These help the traders make better-informed decisions and not miss out on the trends in the market.
Besides these two standard platforms, the customers of Finq.com broker will also be able to trade using their mobile devices. This is achieved through the WebTrader apps that are available on both iOS and Android. According to the company, more than 70% of customers use these applications that can be downloaded for free. “When we developed the WebTrader app we prioritized speed, deposit and withdrawal requests, plus fully-functioning displays of each asset. You can view the Traders Trend Bar, see the Trending Now asset list, and use Stop Loss, Take Profit, Entry Limit and Entry Stop as you trade,” – says the company about its application.
Finq.com Review of Assets
It has been spotted during Finq review, that this broker allows users to trade more than 2100 different assets. These assets are organized as various asset classes and depend on the platform being used by the trader. On the WebTrader platform, there are 7 asset classes available including stocks, Forex, commodities, bonds, ETFs and cryptocurrencies. The stocks are organized by countries and offer many options to the customers. For the user’s convenience, the website also provides information about the spreads, leverage and trading hours for each stock. “Finq.com reserves the right from time to time to increase margin requirements for Share CFDs prior to company announcements or where market conditions require such increases. Clients’ open positions may be subject to forced liquidation and the client may suffer significant loss in the case of failure to fulfill such requirements on time,” – warns the company.
For Forex, the currency pairs are organized in three sections, major, minor and exotic pairs. The major pairs include USD and another major currency. Minor pairs are formed by two major currencies other than US dollar and the exotic pairs include minor currencies. There are many options available in each category so that customers shouldn’t have any trouble to find what they’re looking for.
Finq.com Forex broker also allows trading in cryptocurrencies. Although there are many brokers which allow users to trade these digital assets, most of them limit options to one or two of the most popular cryptos. Finq.com, on the other hand, allows users to trade Bitcoin and Ethereum, as well as Dash and Litecoin.
Trading commodities is also possible using the platform provided by Finq. The list of commodities available includes gold, oil, natural gas, Brent oil, platinum and others. Those who want to trade in bonds will also have options on Finq. For people who are seeking less risky options, the website also offers various ETFs and indices.
Finq.com Accounts Review
There are four trading account types on Finq. The Basic account has a minimum account size of $100 and doesn’t include webinars and seminar, premium daily analysis or premium customer support. In addition, Basic account users won’t have a dedicated account manager. For Classic account holders, the minimum account size is $1,000, for Gold accounts, it is $5,000 and for Platinum accounts, the minimum is $25,000. Depending on the account type additional functionality may also vary. Platinum account users are the only ones who have access to premium daily analysis and premium customer support.
Finq offers its customers all the basic functionalities that the competing providers might have. In addition, the company focuses a lot on keeping the users informed about the trends on the market. The webinars and seminars offered by Finq educated the customers on various issues regarding trading. Furthermore, the company has put a lot of effort into making its customer service convenient for all types of users. Finq.com reviews posted by its users emphasize the convenience of the mobile platform which allows traders to react quickly to the markets. In conclusion, Finq is a great choice for traders who enjoy educating themselves about the assets, market trends and trading strategies.