General Information |
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Broker Name: | FinMarket |
Broker Type: | Forex Broker |
Country: | Cyprus |
Operating Since (Year): | 2015 |
Regulation: | CySec, 273/15 |
Address: | 56 Griva Digeni Avenue, AnnaTower, First Floor, 2063, Limassol, Cyprus |
Broker Status: | Regulated |
Customer Service | |
Phone: | +1 844 951 2224 |
Email: | [email protected] |
Languages: | ENG, FR, IT, DE |
Availability: | 24/5 |
Trading | |
Trading Platforms: | MT4, WebTrader, MobileTrader |
Trading Platform(s) Timezone: | GMT +0 |
Demo Account: | Yes |
Mobile Trading: | Yes |
Web-based Trading: | Yes |
Bonuses: | N/A |
Other trading instruments: | Currency, CFDs, Stocks, Commodities, Cryptocurrency |
Account | |
Account Minimum Deposit ($): | $250 |
Maximum Leverage: | 1:50 |
Spread: | Variable |
Scalping Allowed: | No |
Platform Review |
FINMARKET Review (2021 Update)
CONTENT
- GENERAL INFORMATION
- FUNDS TRADING AND SECURITY
- TRADING ACCOUNTS
- FINMARKET TRADING CONDITIONS
- TRADING PLATFORM
- FINMARKET’S TRADING PRODUCTS
- CUSTOMER SERVICE
- FINMARKET REIEW: CONCLUSION
General Information
FINMARKET is an established brokerage offering a broad range of trading services. It started operating in 2015 and includes various trading options, such as forex and crypto. The broker’s headquarters are in Cyprus, more precisely at 56 Griva Digeni Avenue, AnnaTower, First Floor, 2063, Limassol. Our FINMARKET review will assist you in deciding if they’re the right brokerage for you.
With over half a decade of experience, you’d be right to expect a lot from FINMARKET. However, an issue older brokers have is that they often fall behind. The online brokerage world and procedures have evolved rapidly in the last few years, leaving many in the dust. As such, it’s not uncommon to see older brokers hinging on their reputation, with a trader experience that can’t compete with others. Luckily, FINMARKET doesn’t fall into that category.
The broker did a superb job at updating each aspect of its service so that it’s indistinguishable from modern online trading giants. That starts with simple things, such as the design of its website. Visually, it provides clarity by going for a minimal, professional design. Thus, the colors are somewhat toned down so that they don’t divert too much attention. It looks pretty good visually and fulfills its role of conveying the broker’s overall atmosphere.
Additionally, the website is functionally commendable, running smoothly and quickly. Together with the way, it’s organized, it makes reading up on the brokerage a breeze. FINMARKET made sure to make everything about itself clear, demonstrating integrity. However, our FINMARKET review isn’t about the website but the broker’s trading capabilities. Luckily, FINMARKET’s trading-related services are on par or better than the industry standard.
Here are some of the specifications that caught our eye:
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NO ADDED COMMISSIONS AT FINMARKET
To provide its customers with the best possible trading specifications, FINMARKET removed any charges for its services. That creates a situation where the trading process is entirely transparent, and the broker doesn’t artificially devalue your money. Additionally, the absence of fees ensures that no trading tactic is less viable than another. When you sum those factors up, it’s not difficult to see why not having extra charges is not only an advantage but a significant one.
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EDUCATIONAL METHODS
Although the presence of educational materials isn’t by any means uncommon in the online brokerage world, they’re often near-useless. After all, why would you read a broker’s text about trading when you can find much more accurate information. If you truly wish to learn about trading by reading, you can use a wealth of independent online resources or professional literature. FINMARKET goes about educating its customers differently by employing webinars, professional assistance, and other face-to-face methods. Options such as those are difficult to come by and often expensive from other sources.
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EXTENDED CUSTOMER SUPPORT
Most of us agree that waiting around for customer service agents to resolve your issue isn’t the most pleasant experience. That’s especially true if the customer service team has a break over the weekend, and your problem happens on Friday. That’s more common than you’d think in the online brokerage world and is a known source of frustration. FINMARKET partially alleviates the issue by extending its support work time from the usual 24/5 to 24/6.
Funds Trading and Security
Security is a hotly debated topic with any online service with a large amount of money involved. There’s a certain deal of discomfort when ordering a package from Amazon, let alone when potential tens of thousands of dollars are circulating through your online brokerage account. And with the expansion of online broker services, there are more scams now than ever. As such, traders are left in a tough spot, where they often need to demonstrate an unreasonable amount of trust.
However, with FINMARKET, that’s not the case, as the broker did everything in its power to eliminate traders’ reasons to worry. For starters, the broker is regulated by the Cyprus Securities and Exchange Commission (CySEC), notorious for being one of the strictest watchdogs out there. The regulator is glad to release data about any broker wrongdoings publically, dishing out adequate punishment. That can range from fines, blacklists, or cooperating with governments to organize a complete shutdown of services. As such, the license itself leaves little wiggle room for brokers that hold it.
Some traders, however, prefer practical displays over technical ones. That’s somewhat fair since specific regulators are much less strict than others and often create mistrust in traders. In that case, you can look at FINMARKET’s reputation, which will show you that it has a nigh-perfect record. In the case of online brokerages, you’ll always have someone complaining. We went through all the alleged issues, and it was apparent that most were just customers venting their frustrations over lousy trading decisions.
Lastly, if you need more proof of the broker’s trustworthiness, you can look at how it presents information. Shady brokerages will often attempt to hide details about their service in an attempt to lure customers. FINMARKET is entirely open and transparent, displaying confidence and ethics.
Trading Accounts at FINMARKET
FINMARKET has five different account options covering both budget and luxury traders. The cheapest option costs the standard $250 and is quite well-equipped for its price. It makes all the different asset categories available, along with providing competitive spreads. That means even fund-conscious traders have a fair shot at turning a significant profit, as we said already in our FINMARKET review, which makes them a solid fit for both newbies and veterans.
However, if you’re willing to invest a bit more, the broker is prepared to reward you. Higher account types get specific privileges in the form of improved trading conditions. That creates a balance most other CFD brokers miss, where the broker does incentivize upgrading but isn’t forceful about it. Here are some of the account specifications:
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SILVER
Minimum deposit $250
Allow Expert Advisors: Yes
Hedging & Scalping allowed: Yes.
Commission discount up to Standard
Forex Variable Spreads (EUR USD): 1.6
Indices Variable Spreads (DOW): 230
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GOLD
Minimum deposit $5000
Allow Expert Advisors: Yes
Hedging & Scalping allowed: Yes.
Commission discount up to 15%
Forex Variable Spreads (EUR USD): 1.4
Indices Variable Spreads (DOW): 230
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PLATINUM
Minimum deposit $20000
Allow Expert Advisors: Yes
Hedging & Scalping allowed: Yes.
Commission discount up to 65%
Forex Variable Spreads (EUR USD): 1.3
Indices Variable Spreads (DOW): 230
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DIAMOND
Minimum deposit $50000
Allow Expert Advisors: Yes
Hedging & Scalping allowed: Yes.
Commission discount up to 75%
Forex Variable Spreads (EUR USD): 1.1
Indices Variable Spreads (DOW): 225
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ELITE
Minimum deposit $250000
Allow Expert Advisors: Yes
Hedging & Scalping allowed: Yes.
Commission discount up to 85%
Forex Variable Spreads (EUR USD): 0.7
Indices Variable Spreads (DOW): 200
Trading Conditions
We’ve already praised FINMARKET’s trading conditions, as they’re set up so that they can compete even with the heavy-hitters of the online brokerage industry. The tight spreads and sufficient leverage ensure that your trading process goes smoothly while the value of your funds is increased. However, you should be aware that leverage is a dangerous tool, and using it requires a bit of finesse. Additionally, the broker provides expert advice down from the lowest account tier, which is quite rare.
The secondary conditions are as good as those strictly trading-related, with tight security and a wealth of deposit/withdrawal options. As such, we have a situation where the broker is well-rounded and caters to a massive variety of traders.
Trading Platform
Another area where FINMARKET did well is enabling premier trading software for its customers. The software in question is MetaTrader4, the most common trading platform on the market. Also, while veterans are undoubtedly already accustomed to the tool, even newbies won’t have a challenging time grasping its intuitive UI. It also comes with two convenience features with web and mobile clients.
FINMARKET’s Trading Products
Near the beginning of our FINMARKET review, we mentioned that the broker covers a broad trading service area. Namely, the firm allows its customers to trade on every major category. Additionally, each section has more than enough products, allowing for simple diversification and quality selection. The trading instrument classes at FINMARKET are the following:
- Currencies
- CFDs
- Commodities
- Digital currencies
- Stocks and indices
Customer Service
We mentioned the extended worktime of the broker’s support team earlier in our FINMARKET review. On top of that, you can reach the broker via email or phone. For the latter, it has multiple phone lines open, making contacting the firm easier for customers.
Phone number: +1 844 951 2224
Email: [email protected]
FINMARKET Review: Conclusion
FINMARKET blends experience and innovation, resulting in a quality all-around experience with the best of both worlds. In fact, the brokerage treats its customers well, with fair pricing, strong conditions, and top-notch support. Its stringent regulation and clean reputation serve as proof of the validity of its operations. Lastly, the broad area that its trading materials cover makes it suitable for nearly any broker.
From the entirety of our FINMARKET review, it should be apparent that we’re more than comfortable with recommending the broker. Its educational experience and trading tools make it a quality choice for traders of all experience levels; together with its diverse service, that makes FINMARKET a solid choice for almost anyone.
Overall
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Support
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Platform
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Spread
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Trading Instrument
Accomodating customer service
I am dealing with accommodating customer service. Every time I send a message about any concerns, they immediately call me and address my needs.
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Satisfied with the services
It is a good trading broker to trade with. They have good trading services and I am fully satisfied.
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One of the best
One of the best trading brokers with excellent services. I am fully satisfied so far and I am happy with my profit.
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Easy to deal with
Easy to deal with. They are skilled and approachable brokers.
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Good trading company
This is a good trading company. They are highly skilled in forex and they never fail to pay profit on time.
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Good choice of broker
Great choice of apps to trade with depending on your device and preference. It has an easy interface, easy to download and there is no technical support encountered affecting my trades.
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Easy withdrawals
Charts on the tools are easy to interpret. Easy and smooth withdrawals, too.
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Reliable brokers
Reliable and professional brokers. They’ve been consistently providing excellent services to me since day 1 up until now.
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Good trading platform
Good trading platform and services. Thumbs up for this broker company.
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Excellent broker
I joined this broker company last month and as early as 2 weeks I see potential. I must admit they are one of the best among any other brokers in the industry.
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Good broker
Good trading broker. Signals are always timely and profitable.
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Good people
Good people. They explain all things clearly and process my withdrawals smoothly.
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Good services
Outstanding brokers. The services are all good.
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Amazing support
Amazing customer support. I am trading worry-free because I always got their back.
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Awesome broker service
I started trading with them with zero knowledge but they have patiently taught me everything I need to know. I have been using their services for a year and all seems fine, I never had any problem dealing with them.
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