Home » Finmarket Review – finmarket.com Scam Warning

Finmarket Review – finmarket.com Scam Warning

Finmarket Review

Finmarket (finmarket.com) is a forex and CFD broker that trades over 30 currency pairs, commodities and index CFDs on the popular MetaTrader 4 platform. The company behind the brand, K-DNA Financial Services Limited, is licensed by the Cyprus Investment Company, Cyprus Securities and Exchange Commission (Cybec). The company also operates forex broker brands London FX and GalaxyFX.

Cyprus is currently one of the most popular forex broker sites due to its excellent financial control. There is an Investor Compensation Fund, which can pay up to 20,000 20,000 per person in compensation if a licensed company stops trading or goes bankrupt. In addition, every CySEC-controlled investment firm is also MiFID compliant and therefore eligible to provide border services in all EU states.

However, when we downloaded Finmarket’s MT4 platform to try the broker demo account, another company name appeared, not unlicensed in Cyprus: Finmarket EOOD. It appears to be a Bulgarian company with no information. If you want to open an account with FinMarket, keep this in mind.

Finmarket Review

Do you want to leave your 9 to 5 job behind and make the best out of the freedom the world of online investing has to offer? Check out the following program which will assist you in your journey. Our goal is to educate and empower everyone.

CryptoDroid Free Account (Click Here) – http://bit.ly/30Rg5xZ

Crypto MasterBot (Best Auto-Trader) – https://bit.ly/2UV7nM3

Need help with Trading, feel free to reach out to us at – simplefxonline@gmail.com

Facebook Group – https://www.facebook.com/groups/702669997149616/

Follow our Channel for Daily Updates regarding all the Forex Trades I take in real time. We will be doing manual trading along with occasional Algo trading wherein we are going to use softwares like Crypto Bull App, BinBot Pro, etc,.

Minimum deposit Amount in Finmarket

To open an account with Finmarket, merchants must invest at least $ 1000. Since other Cypriot based brokers have a lower demand, the minimum opening amount is much higher. For example, the leading EU brokerage XM initially demanded only $ 5 from its customers.

Spreads and Commission

According to us, the main disadvantage of this broker is the high trading cost. More than 3.7 pipes for EUR / USD in Finmarket mini accounts, many spreads. On top of this, it charges a saline commission of $ 15.00. This means that the average trade cost is more than 5 pips from the norm, but most brokers range from 1.0 – 1.5 pips for this pair. We were very shocked when we did this simple calculation, which asked Finemark’s customer support via live chat, is it true that they offered such a high spread plus commission fees, and the answer was yes. At least they are honest.

For example, the average zero account of XM spreads at just 0.1 pipes in EUR / USD and the standard lot (round trip) is $ 10 commission. For more information, you can check out the real-time spreadsheets of 15 leading brokers here.

Finmarket Profit Rate

The maximum profit margin offered by Finmarket on actual accounts is 1:50, which is a low ratio, however, in line with the latest Sysec guidelines. However, many Cyprus-based brokers still offer a high level of leverage – for example, up to XM Leverage 1: 888.

Trading platform

It supports standard MetaTrader 4 (MT4), which is available in desktop, web and mobile versions.

MT4 is a preferred choice for many traders (and brokers) around the world because it offers a full range of trading tools and features: multiple built-in technical indicators, advanced charting packages, automated strategy (EAS) and comprehensive back-testing. Weather. Additionally, merchants can download readymade or create their own EAS (and indicators) and let the program do all the work.

Payment methods

The following payment methods are available to Finmarket customers: Credit / Debit Card, Bank Wire Transfer and Ecopass.

Keep in mind that the withdrawal fee applies.

Do you want to leave your 9 to 5 job behind and make the best out of the freedom the world of online investing has to offer? Check out the following program which will assist you in your journey. Our goal is to educate and empower everyone.

CryptoDroid Free Account (Click Here) – http://bit.ly/30Rg5xZ

Crypto MasterBot (Best Auto-Trader) – https://bit.ly/2UV7nM3

Need help with Trading, feel free to reach out to us at – simplefxonline@gmail.com

Facebook Group – https://www.facebook.com/groups/702669997149616/

Follow our Channel for Daily Updates regarding all the Forex Trades I take in real time. We will be doing manual trading along with occasional Algo trading wherein we are going to use softwares like Crypto Bull App, BinBot Pro, etc,.

Final Verdict

It is a well-regulated forex and CFD broker, which claims to provide negative balance protection and STP enforcement. However, its commercial cost is the highest we have seen. Additionally, its MT4 will be provided by another company. In summary:

Leave a Reply

Your email address will not be published. Required fields are marked *