Finarix was founded in 2016 and is a Bulgarian based forex and CFD broker. They currently boast over 800,000 registered users and over 7,656,000 trades executed per month. Their aims are to provide a secure trading experience through advanced encryption and firewall technologies, being innovative and flexible to enhance user experience and maintain a good reputation in the Forex industry and to uphold the highest standards of regulations and compliance. We will be going through the services being offered to see if they achieve this and so you can decide if they are the right broker for you.
Account Types
Should you decide to sign up with Finarix, there will be a selection of 4 different accounts, each with varying requirements and features, so let’s see what they are.
Takeoff Account:
This account requires a deposit between $250 and $2,499. It has a welcome bonus of up to 25% and access to a daily analytical market update, it also has a reliable customer service team, regular promotional email alerts, and entitlement to join regular webinars.
Standard Account:
This account requires a deposit between $2,500 and $9,999. It has a welcome bonus of up to 50% and access to a daily analytical market update, it also has a reliable customer service team, regular promotional email alerts, and entitlement to join regular webinars. It also comes with a personal trading advisor and 2 weeks of free trading signals.
Premium Account:
This account requires a deposit between $10,000 and $49,999. It has a welcome bonus of up to 75% and access to a daily analytical market update, it also has a reliable customer service team, regular promotional email alerts, and entitlement to join regular webinars. It also comes with a personal trading advisor and 3 weeks of free trading signals.
Elite Account:
This account doesn’t have any set requirements or features, you will need to get in contact with the customer service team to see if you are eligible for this account type.
Platforms
Finarix uses MetaTrader 4 as their only trading platform MetaTrader 4 (MT4) is one of the world’s most popular trading platforms and for good reason. Released in 2005 by MetaQuotes Software, it has been around a while, it is stable customizable and full of features to help with your trading and analysis. MT4 is compatible with hundreds and thousands of different indicators, expert advisors, signal providers and more. Millions of people use MT4 for its interactive charts, multiple timeframes, one-click trading, trade copying and more. In terms of accessibility, MT4 is second to none, being made available in several formats.
Leverage
Leverage is not stated, Finarix uses a different trading method and does not use lots, so there may be no additional leverage offered due to the method used.
Trade Sizes
Finarix uses a different trading method, they do not use the traditional lots as most other brokers do. Instead, you trade via currency, the current minimum trade size is 3 EUR, USD or GBP. The maximum is 10,000,000 USD, GBP or EUR.
Trading Costs
We believe that there will be a commission on the trading at Finarix, however, we are not able to locate what it is.
Assets
The assets have been broken down into three different categories, Currencies, Commodities and Stocks.
Currencies:
There isn’t a full breakdown of the available currencies, however, a few examples are given which are EURUSD, USDJPY, GBPUSD, USDCAD and, USDCHF.
Commodities:
Again there isn’t a full breakdown, the three examples of instruments given are Gold, Silver and Brent Crude Oil.
Stocks:
Once again, no breakdown, examples given within the text include Netflix, Alphabet, Apply, McDonald’s, Nike, and Barclays.
Spreads
Finarix uses a different style of account, and so there are not the traditional spreads and so we cannot really say much for this section.
Minimum Deposit
The minimum deposit amount is currently set at $250.
Deposit Methods & Costs
It appears that Bank Wire Transfer and Credit/Debit cards are the only way to deposit with Finarix. There is no mention of any added fees. However, there is also no mention that there aren’t any so we are not 100% sure if there are any. Be sure to check with your own bank and processor to see if they add any fees of their own.
Withdrawal Methods & Costs
The same two methods are available for withdrawal, these being Bank Wire Transfer and Credit/Debit card. There are some additional charges for withdrawing. The minimum withdrawal amount is $100.
- Debit Card: 25 EUR, USD or GBP
- Credit Card: 25 EUR, USD, GBP + a processing fee of 10 USD, 5 GBP or 7 EUR
- Bank Wire: 50 USD EUR GBP
The charges seem to be quite steep for withdrawals which is a shame to see.
Withdrawal Processing & Wait Time
There isn’t a fixed processing time. Even so, you should likely expect to receive your funds within 1 to 5 business days depending on the method used and the processing of your card issuer or bank.
Bonuses & Promotions
The account page tells us that there are some welcome bonuses that are based on the account you use.
- Takeoff: Up to 25%
- Standard: Up to 50%
- Premium: Up to 75%
However, the terms of these promotions are not known to us and so we cannot comment on how worthwhile they are.
Educational & Trading Tools
The success center contains a number of different articles. It doesn’t have anything that will really improve your trading so if you are looking to learn you will need to look elsewhere.
Customer Service
There are just a few ways to get in contact with Finarix which is a bit of a shame. You can use the online submission form to fill in your query and then get a reply via email. You can also use a number of emails to email them directly.
It would be nice to see further ways to get in contact such as a phone number.
Demo Account
When you click on the platform button on the site it will take you to a web trader, you can select a demo account and it will create a demo account for you to use this demo account then can then be used in MetaTrader 4. You can choose the balance, base currency and leverage for the demo account. There is no information about expiration times or anything like that as it uses the MetaQuotes demo rather than its own.
Countries Accepted
The information about which countries are accepted and which are not is not present on the website, so if you are interested in joining be sure to get in contact with the customer service team to check if you are eligible for an account or not.
Conclusion
The Finarix website is missing a lot of information regarding its trading conditions, most notably would be the lack of information about commissions. There is a limited number of ways to deposit, along with a limited number of ways to withdraw, that coupled with the large withdrawal fees can make it expensive to remove your money. There are also limited ways to get in contact with the customer service team. The way Finarix works is slightly different from the traditional broker, so if you are looking for a more traditional trading experience then you will need to look elsewhere.
