FINQ.com Review is Finq a Scam or Reliable Forex Broker

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Finq Review – is finq.com scam or good forex broker?

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

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Finq.com Review Visit site

NOTICE: December 2020. Safecap Investments has threatened to “pursue action” against the FPA if two forums threads about Markets.com are not removed. The FPA does not hide member complaints or negotiate while under legal threat. The two threads are HERE and HERE.

The FPA recommends against doing business with companies which use legal threats to try to hide information.

Was ForexYard.com. Later renamed to Finq.com

Was owned by Safecap Investments Ltd. Then moved to Lead Capital Markets.

Other websites of this company include Trade.com, Stock.com, LeadTradeLTD.com, ForexYard.com, ForexYard.com.eu, and Finexo.com

About Finq.com

Finq is a forex broker. Finq offers the MT4, WebTrader and Mobile forex trading top platform. Finq.com offers over 75 forex currency pairs, cfds, commodities, stocks, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

  • Information
  • Live Discussion
  • Profile
  • Video
  • 13 Widgets
  • More .

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 300:1
Minimum to Open Live: $100
Established: 2020
Address: Suite 3, Global Village, Jivan Complex, Mont Fleuri, Mahe Seychelles., Seychelles
Contact: [email protected], +35722008069
Regional offices:
Regulators: FSA-S #
Prohibited countries:

Yes

Yes

Trading platforms: MT4, WebTrader
Web Trading:
Mobile Trading:
Currencies: (75+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (1450+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities

Yes

Yes

EAs/Robots:
News Spike Trading:
Deposit Methods: Bank Wire, VISA, MasterCard, FasaPay, Maestro, Neteller, Skrill
Withdrawal Methods: Bank Wire, VISA, MasterCard, FasaPay, Maestro, Neteller, Skrill

Live discussion

Join live discussion of Finq.com on our forum

Finq.com profile provided by Forexyard Representative, Dec 11, 2020

Founded 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.

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Consumer Reviews

Length 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.
In the morning I hit withdraw for USD 2500 than suddenly DION called me and pushed me to open USD/RUB and EUR/RUB account.

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.

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