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Finq Review – is finq.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
| Account type | Minimum deposit | Minimum trade size | Maximum leverage | Spreads |
| Classic | $1 000 | 0.01 | 1:300 | 2.0 pips, fixed |
Finq offers one basic and 2 premium account types. We’ll focus on the basic one, the Classic account. It offers fixed spreads, commission-free trading and leverage up to 1:300 on the standard MetaTrader 4 platform.
First of all, we find the minimum initial deposit required by Finq high and the wide spreads. By comparison, most brokers require $200 – $500 as a start, even well-regulated ones. For example, one may open an account with leading forex and spread betting provider IG with just $1.
As regards Finq’s spreads, they are average, fixed at 2 pips on EUR/USD. As most fixed-spread brokers, Finq acts as a Market Maker, which means that there is a risk of conflict of interest.
The Company. Security of Funds
Leadcapital Corp Ltd.
Finq is a newly-launched offshore forex and CFD broker that targets mainly Asian investors. Its product offering is quite impressing, including over 2,100 assets – currency pairs, commodities, indices, ETFs, bonds and stocks and more than 10 cryptocurrencies. Its website available in Malaysian, Indonesian, Chinese, Thai, Vietnamese, Urdu, Tagalog, Arabic, with additional languages English, Spanish, Russian and Albanian.
Behind the brand is Leadcapital Corp Ltd., a company incorporated in 2020 in Seychelles and licensed by the local Financial Services authority. It is a “sister company” to CySEC-licensed Leadcapital Markets Ltd., which operates the Trade.com online brokerage brand.
Forex broker regulation in the Seychelles is not mandatory. As a result, “licensed” FX brokers don’t have to meet any requirements and face little regulatory supervision, if any. This means that clients of such brokerages have no protection if something goes wrong and many of them are pure scams. That is why we advise traders to avoid offshore brokers and choose well-regulated ones, such as companies licensed by UK’s FCA or Cyprus’ CySEC.
Nonetheless, Finq seems a decent broker, as it is part of an international group, whose subsidiary holds a license from Cyprus’ CySEC.
Trading Platform
Finq supports the widely used MetaTrader 4 (MT4), available as a desktop download, web version and mobile apps.
MT4 is the preferred trading platform by most traders and that is why it is offered by the majority of brokerages. It is easy to use and provides all the necessary tools and features for traders to analyze price dynamics of financial instruments (solid charting, technical analysis indicators, back-testing options), execute trades and create & use automated strategies (Expert Advisors).
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Finq offers various bonuses: a welcome bonus of $25, available for each new client who undergoes verification, a First-Time Deposit bonus, Retention Bonuses (which are based on a percentage on clients’ total deposits) and Pending Bonus, available when a trader reaches given amount of points in a predefined period of time.
However, in order to withdraw profits from the bonus, Finq’s clients must generate a trading volume of ten thousand Dollars (US$10,000) for every dollar (US$1) of the bonus funds. Such trading volumes bring additional risks to margin trading, that is why FCA banned forex bonuses.
Methods of Payment
Finq offers its clients the following payment options: via credit/debit card, wire transfer, and third party payment providers such as Skrill, Neteller and FasaPay.
Conclusion
FINQ is a newly launched forex and CFD broker that focuses on the Asian market and offers trading in more than 2000 assets. Of course, the main problem with this broker is the fact that it is registered offshore, yet it does not seem like a scam, for it is a part of an international group. Here are, in a nutshell, the advantages and drawbacks with regards to FINQ:
| Pros | Cons |
| Part of an international group | Registered offshore |
| Rich product portfolio | High initial d eposit |
| MT4 available | Market maker model |
| Commission-free trading |
| Broker | Advantages | |||||||||||||||||||||||||||||||
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Broker Details
Live discussionJoin live discussion of Finq.com on our forum Finq.com profile provided by Forexyard Representative, Dec 11, 2020Founded in 2005, Forexyard has utilized the experience of professional forex traders, as well as internet and financial sector specialists in order to successfully establish itself as one of the premier online brokerages. We offer a secure, dynamic, intuitive and user-friendly trading platform with superior order execution, advanced reporting and analytical tools. During March 2020 Forexyard.com was acquired by, and became a trading name of, Safecap Investments Limited. VideoYour company video here? Contact ad sales Let other traders know if this service is worth checking or should be avoided. Your feedback matters! Consumer ReviewsLength of use: 3-6 Months Service use: Live Length of use: 3-6 Months Service use: Live Length of use: 0-3 Months Service use: Other Length of use: 0-3 Months Service use: Live Length of use: 0-3 Months Service use: Live Length of use: 0-3 Months I subscribed to Finq and they allotted me a manager with name DION. He called himself an Account Manager and Graduate from Oxford and having 94% online trading blah blah. he was asking me to put huge amount but I only start by meself and got USD 2000 profit out of USD 1000 investment only in 4 days. I know I was lucky to got that out of random markets specially OIL. As I was new on online trading and dont wanted to waste my money in any rubbish position but Finq’s manager pushed me hard and gave me assurance of his words that you will get profit in this afternoon or maximum till tomorrow. So, by his words first time I opned 2 stupid positions for USD 2000 and after that my money got stuck for 1 month. This is their trick as a small broker that they will open such positions where your money will stuck and you wont be able to get your money back till face the loss. The reason why they do that is only because your account is showing under some selfish account manager and because of your withdraw their level will get down. This is 100% foolish to spend money with FINQ. Checking your browser before accessing scamrecovery.net.This process is automatic. Your browser will redirect to your requested content shortly. Best Binary Options Brokers: 2020 Ranking
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