Finotrade is an international brokerage company based in London, established by investors for investors. Finotrade is a strictly regulated FCA firm that offers an opportunity to invest and optimize trading potential through unparalleled technology, fast execution and efficient service, all accompanied by favorable trading conditions. However, the object of the Finotrade Review is to see more closely what its offer is all about.
Although the company has not been running for a very long time, since 2018, the staff and corporate management are made up entirely of industry veterans, bringing over a decade of success and offering a wealth of expertise to all its investors. Finotrade caters to professional trading environments through industry-leading MT4, provides a range of account types suitable for both novices and pro investors.
In addition, Finotrade operates its own business academy dedicated to integrating better-knowledge traders’ professionalism.
Is Finotrade secure or is it a scam?
Finotrade is the brand name used by Finotec Trading UK, a company approved and controlled by the Financial Conduct Authority that protects its clients and offers a clear investment history. In addition to compliance with the FCA regulations designed to provide a secure trading atmosphere, the broker is audited regularly to ensure that the company keeps clients’ money under the necessary restrictions.
As a controlled broker, all client funds are completely separated at all times and held in separate bank accounts. In addition, any Finotrade investor automatically falls under the Financial Services Compensation Scheme (FSCS) which protects funds up to GBP 85,000 per client in the event of a broker’s default. In addition, when analyzing Finotrade, we explicitly concentrate on the supervision of brokers by the esteemed authority.
It does not only means working under protective regulations, but also giving the requisite prestige to the broker since it can easily be fined or even forbidden in the event of any laws being broken.
Platforms for Trading
The next issue in our review is about Forex trading tools, and Finotrade has chosen to create a mainstay on the most praised MetaTrader4 site. Yes, MT4 provides some of the best trading software solutions, along with a robust research kit, various built-in indicators and great charting tools.
In addition to its high trading capabilities and manual trading options, automated robot strategies known as EAs also offer powerful features. As a result, MT4 has gained popularity among world traders and remains the most common one used by professionals and daily traders.
Along with that, Finotrade’s skilled investors have started to use VPS technology for traders, thereby Finotrade offers continuous trading with 0 interactions.
What are Finotrade Fees?
Finotrade developed four types of accounts, each of which corresponds to the appropriate terms specified by the volume of trading, the amount invested and the level of service required. As a result, you can select between the Standard, Gold, Platinum and VIP accounts, see the comparison below.
As Finotrade was developed primarily with a professional approach, investors can find opportunities via MAM and PAMM accounts.
And with a robust execution, Finotrade also provides you with access to a variety of spreads, either Fixed, Floating or Raw, all available for your choice. Generally speaking, Finotrade spread was seen as a low spread, but we did not find much clarification on its website. The EUR/USD floating spread is set at 0.4 pips, where transaction charges are applied on the basis of the trading account.
You can also test and compare fees with another common Darwinex brokerage.
Finotrade SWAP Rollover
Bear in mind overnight payments in case you run a swing strategy and keep positions longer than a day. Every instrument has its own fixed fees, which can work either in your favour or as a charge, depending on the role you hold.
What’s Finotrade Leverage?
Finotrade, as a UK-based trading company, often prohibits the use of high leverage rates, as FCA recognized risks to retail traders using unreasonably high leverage. And always make sure you know how to use leverage correctly.
The maximum allowed leverage is therefore set at 1:30 for major currency pairs, 1:20 for small currency pairs and 1:10 for commodities. Nevertheless, skilled traders or managers who affirm their status may have access to higher ratios up to 1:100.
Which forms of deposit and withdrawal are used by Finotrade?
The last point in the Finotrade analysis is obviously how to pass money to your trading account, while Wire Transfer, SafeCharge or Union Pay for payment are at your fingertips.
Minimum Deposit Volume
The minimum deposit sum is set at a comfortable $1,000, which is determined by the Classic account type, whereas higher types need more funds, and Gold requires $10,000. Even though the first deposits are very large, for example, it is quite a fair sum that will allow you to trade almost all of the instruments offered.
Fee for Withdrawals
As far as the transfer fees are concerned, Finotrade will not put in its own fees for deposits or withdrawals, but the payment service charges are waived for you as a customer. If you move money via Wire Transfer the local charges will apply, SafeCharge typically charges 2.95 percent on the processing fee for up to $500K and Union Pay charges 3.95 percent of the processing fee.
Generally, Finotrade is a decent option for high-volume traders and larger investors. Although the trading terms are not quite explicit, the broker makes it clear that it is looking for lower costs and personalized options with the option of choosing either fixed, variable or war spreads with commission charges.
We would recommend Finotrade as a reputable company because of its FCA license and tailored solutions they provide, but you should confirm directly with the customer service what solution is better suited to you.