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Finmarket Review – is finmarket.com scam or good forex broker?
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Trading Accounts
| Account type | Minimum deposit | Minimum trade size | Maximum leverage | Average Spreads |
| Mini | $1 000 | 0.01 | 1:50 | From 3.7 pips + $15.00 |
| Standard | $5 000 | 0.01 | 1:50 | From 2.7 pips + $12.50 |
| VIP | $10 000 | 0.1 | 1:50 | From 1.0 pips + $11.00 |
| Premium | $100 000 | 0.1 | 1:100 | From 0.9 pips + $10.00 |
Finmarket offers its clients a choice of four account types, based on the initial amount deposited. The broker claims that all accounts offer STP execution and Negative balance protection.
Swap-free services are available on all accounts but Mini. Keep in mind that hedging is allowed solely on VIP & Premium accounts.
The Company. Security of Funds
K-DNA Financial Services LTD
Finmarket is a forex and CFD broker that offers trading in more than 30 currency pairs, commodities and indices CFDs on the popular MetaTrader 4 platform. The company behind the brand, K-DNA Financial Services Ltd., is a Cyprus Investment Firm that is licensed by Cyprus Securities and Exchange Commission (CySEC). The company also operates forex broker brands LondonFX and GalaxyFX.
Cyprus is currently one of the most popular forex broker destinations due to its well-balanced financial regulation. There is the Investor Compensation Fund, which is able to pay compensation up to €20,000 EUR per person, If a licensed company ceases trading or becomes insolvent. Moreover, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in all EU Member States.
However, we would like to mention that when we downloaded Finmarket’s MT4 platform to try out the broker demo account, the name of another company appeared, not the one licensed in Cyprus: FinMarket EOOD. It seems that this is a Bulgarian company, for which there is no information. Do have this in mind if you consider opening an account with Finmarket.
Click to zoom in.
Trading Conditions
Minimum Initial Deposit
In order to open an account with Finmarket, traders have to invest a minimum of $1000. Such minimum initial amount is quite high, considering that other Cyprus-based brokers require less. For instance, leading EU brokerage XM demands just $5 from its clients as a start.
According to us, the main disadvantage of this broker is the high trading costs. Finmarket offers very high spreads, exceeding 3.7 pips for the EUR/USD on Mini accounts. On top of that, it also charges salty commission, fees, amounting to $15.00. This means that average trading costs amount to more than 5 pips per standard lot, while most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair. We were so shocked when we made this simple calculation, that asked Finmarkets’ customer support on live chat is it true that they offer such high spreads plus commission fees, and the answer was yes. At least they are honest.
For example, XM’s average spreads on Zero accounts amount to just 0.1 pips on EUR/USD and involve commission of $10 per standard lot (round trip). For further information, you may check out real-time spreads of 15 leading brokers here.
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The maximum leverage level offered by Finmarket on basic accounts is 1:50, which is a low ratio, yet it is in line with the latest CySEC guidelines. However, most Cyprus-based brokers still offer significantly higher leverage levels – for example, XM provides leverage up to 1:888.
Trading Platforms
Finmarket supports the standard MetaTrader4 (MT4), available as desktop, web and mobile versions.
MT4 remains the preferred choice of most traders (and brokers) worldwide, as it provides a full range of trading tools and features: a number of built-in technical indicators, advanced charting package, automated strategies (EAs) and extensive back-testing environment. Besides, traders can download ready-made or create their own EAs (and Indicators) and let the program do all the work.
Methods of Payment
The following payment methods are available to Finmarket clients: credit/debit cards, bank wire transfer, and ecoPayz.
Keep in mind that withdrawal fees apply.
Conclusion
On the one hand, Finmarket is a well-regulated forex & CFD broker that claims to offer Negative balance protection and STP execution. On the other, however, its trading costs are the highest we have seen. Besides, its MT4 is provided by another company. To sum up the above:
| Pros | Cons |
| Well-regulated | Very high spreads plus salty commissions |
| Negative balance protection | MT4 belongs to another company |
| High initial deposit | |
| Hedging not allowed on basic account types |
| Broker | Advantages |
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Ready to open an account? Opening a live account with FINMARKET is simple and secure. The 4 step process takes approx. Trading carries risk and could result in the loss of your entire capital. Experience the latest technology in forex trading Maximize your trading experience with the Enjoy an innovative, web based trading experience and gain unparalleled access to the market. Trade Forex on your IOS or Android mobile device and never miss an opportunity to trade. Protected by the world’s leading security systems Enhance your trading experience with FINMARKET’s free mobile app * Trading education is provided by a third party and is provided solely for promotional purposes. Under no circumstances such information shall be interpreted and/or construed as investment advice. K-DNA FINANCIAL SERVICES LTD (“K-DNA”) disclaims all liability, including any warranties for such third-party services and K-DNA does not make any representation as to the fitness of such third-party services for the customer’s intended purpose. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Contact usProductsPlatformsToolsAccountsAbout Us* Trading education is provided by a third party and is provided solely for promotional purposes. Under no circumstances such information shall be interpreted and/or construed as investment advice. K-DNA FINANCIAL SERVICES LTD (“K-DNA”) disclaims all liability, including any warranties for such third-party services and K-DNA does not make any representation as to the fitness of such third-party services for the customer’s intended purpose. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Forex, Virtual Currencies and Contracts for Differences (“CFDs”) are complex financial derivative instruments that are traded on margin. Trading on Forex, Virtual Currencies and CFDs on leverage involves a high degree of risk and may not be suitable to all investors. Trading in such financial instruments can result in both, an increase and decrease in capital. Investors trading in high leveraged instruments may lose all their invested capital. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved, taking into account your investment objectives and level of experience. Past performance of Forex, Virtual Currencies and CFDs is not a reliable indicator of future results. K-DNA and its officials are not responsible for any related losses and before trading, you should consult an independent advisor or professional if necessary. For further information, please CLICK HERE to read our full Risk Disclosure. K-DNA Financial Services Ltd does not offer its services to residents or passport holders of certain jurisdictions such as Azerbaijan, Moldova, New Zealand, Hong Kong, Singapore, Macau, Belgium, Sudan, USA, Syria, North Korea, Israel, Canada, Myanmar and Australia . FINMARKET is a brand owned and operated by K-DNA Financial Services Ltd, a Financial Services Company registered in Cyprus, authorized and regulated by the Cyprus Securities and Exchange Commission under license number 273/15. Head Office Address: K-DNA Financial Services LTD: 56 Griva Digeni Avenue, Anna tower, First floor, 3063, Limassol, Cyprus. Best Binary Options Brokers 2020:
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