Finotec is an online foreign exchange broker that is based in the United Kingdom and is authorized and regulated by the Financial Conduct Authority (FCA). There isn’t a lot of information stated about themselves so instead, we will be using this review to try and look a little closer at the services that are being offered. Hopefully, by the time you’ve reached the end of this review, you would be able to decide if they are the right broker for you to use.
Account Types
There are three different accounts available the only real differences between them seem to be the commissions that are charged. As such, we won’t be outlining their details here instead of in each section of this review. Any potential differences will be mentioned within them.
Platforms
There are two different platforms available to sue, we have outlined both of them down below so you can get an idea of the platforms on offer.
MetaTrader 4 (MT4):
MT4 is super-fast and effective, easy-to-use and flexible, making it a clear-cut favorite amongst investors. Some of its features include free auto-trading with full EA compatibility and MQL5 support, multi-language support, news feeds directly into the platform itself, direct access to real-time executable prices, trailing stop loss facilities, superb security system, trading signals & over 50 technical indicators, and multiple time frames.
Web XTrade 2r:
This is an online trading platform run by PrimeXM, we cant give a whole lot of information around it as we were not able to get a lot. All we know is that t is an online web trader that allows you to trade…we did say that we didn’t have much information.
Leverage
The maximum leverage available is not actually stated on the site, but looking at various sources around the internet we can see that the maximum leverage available is 1:200. We do not know which accounts this applies for, it may well be all of them. We just know that 1:200 is the limit. It is also not clear to us if a lower leverage amount could be selected instead of using the maximum 1:200.
Trade Sizes
The minimum trade size is 0.1 lots, which is equal to 10,000 base currency using due to a lot being 100,000 base currency units. We are not sure what the trade increments are, they could be 0.01 lots or 0.1 lots. We are also not sure what the maximum trade size is or how many open trades you are able to have at any one time.
Trading Costs
The commissions that you are required to pay will depend on the account type that you are using, so be certain to study each of the available account options. There will also be swap charges which are charged when holding trades overnight. These can be viewed within the trading platform that you are using and can be both positive or negative.
Assets
Unfortunately, there isn’t full break won or product specification available so we do not know all of the assets that are available to trade. We managed to get into one of the trading platforms and so could get at least part of the full list. We have outlined them below.
Currencies:
AUDCAD, AUDCHF, AUDDKK, AUDHKD, AUDSGD, AUDUSD, AUDXAR, CADCHF, CADDKK, CADHKD, CADJPY, CADSGD, CHFDKK, CHFHKD, CHFJPY, CHFNOK, CHFPLN, CHFSEK, CHFSGD, CHFZAR, DKKJPY, DKKNOK, DKKSEK, EURAUD, EURCAD, EURCHF, EURCZK, EURDKK, EURGPB, EURHKD, EURHUF, EURJPY, EURNOK, EURNZD, EURPLN, EURRUB, EURSEK, EURSGD, EURTRY, EURUSD, EURZAR, GBPAUD, GBPCAD, GBPCHF, GBPDKK, GBPHKD, GBPHUF, GBPJPY, GBPNOK, GBPNZD, GBPPLN, GBPSEK, GBPSGD, GBPTRY, GBPUSD, GBPZAR, HKDJPY, NOKJPY, NOKSEK, NZDCAD, NZDCHF, NZDHKD, NZDJPY, NZDSGD, NZDUSD, NZDZAR, PLNJPY, SGDHKD, SGDJPY, TRYJPY, USDCAD, USDCHF, USDCNH, USDCZK, USDDKK, USDHKD, USDHUF, USDILS, USDJPY, USDKWD, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR, ZARJPY.
Indices:
AUS200, ESP35, EUSTX50, FRA40, GER30, HKG33, ITA40, JPN225, NASDAQ100, SPX500, SUI20, UK100, US30
Crypto:
BTCEUR, BTCUSD, ETHUSD, LTCUSD, XRPUSD.
Commodities:
Brent Crude Oil, US Crude Oil, Gold, Silver, Palladium, Platinum.
Spreads
The spreads are stated that they start from 0 pips. This is the starting spread and the spreads are variable so they will be influenced and move with the markets. The more volatility in the markets the higher they will be and so they will often be seen a little higher than 0 pips. Different instruments will also have different starting spreads, so while some may be as low as 0 pips, others won’t go any lower than 1 pip as an example.
Minimum Deposit
The amount that you need to deposit will depend on the account type that you want to use. The first account requires a deposit of at least $25,000, then there is an account that requires a deposit of $50,000 and the top tier account requires a deposit of at least $100,000. We are not sure if these amounts reduce once an account has been opened, but with such high amounts, we would expect that they would.
Deposit Methods & Costs
We, unfortunately, we do not know what methods are available to deposit with. Due to the amounts being so high we would expect that Bank Wire Transfers would be available but we cannot say any more than that. We are also not sure if there are any added fees, but be sure to check with your own bank or payment processor to see if they will add any fees of their own.
Withdrawal Methods & Costs
As we do not know the deposit methods we also do not know the withdrawal method. Again, we would expect Bank wire Transfer to be available, but are also once again not sure whether or not there are any added fees from Fintec.
Withdrawal Processing & Wait Time
We do not know what the processing times are. We would expect any withdrawal requests to be fully processed within 7 working days of the request being made. However, we cannot say this for sure.
Bonuses & Promotions
There is no mention of any bonuses anywhere on the site or any evidence that there have been any in the past. However, if you are interested in bonuses you should contact the customer service team to see if there are any coming up that you could take part in.
Educational & Trading Tools
This is another section of the site that didn’t appear to have anything available. This is a shame as many brokers are now actively trying to help their clients improve so it would be good to see Finotec do something similar for their clients too.
Customer Service
You can get in touch with the customer service team over at Finotec in a number of different ways, the first in using the online submission form. Fill in your question or query and you should then get a reply via email. You can also use the provided postal address, email address or phone number, so there is a choice of methods available.
Address: Finotec Trading UK Limited, Mappin House, Oxford Circus, London W1W 8HF, United Kingdom
Email: [email protected]
Phone: +44 (0) 20 351 45555
Demo Account
There is a demo account available for the XTrader 2 platform. In order to open one up for the MetaTrader 4 platform, you will need to download the software and open one up from within. This means that the trading conditions won’t completely match those of the live accounts. The demo accounts do allow you to test out the platforms and new strategies without any real risk.
Countries Accepted
We did not notice any specifics surrounding this on the website and so we would recommend contacting the customer service team to see if you are eligible for an account prior to trying to open one up.
Conclusion
The Finotec website doesn’t actually provide us with much information about themselves or the services that they are offering. The first thing that stood out was the huge amount needed for the lower tier account you will need at least $25,000 which will price out a lot of retail traders. It was then concerning that they are asking for so much but giving away no information around how to deposit or if there are any fees. This goes for the withdrawal methods as well. These are such important aspects for a broker that it is a shame that information was not available.
The commissions were average, but just staying 0 pip spreads with no actual examples leads us to believe that they may well be a bit higher. With all the information being a little vague, it is a little difficult for us to recommend Finotec as a broker to use at this point in time.
