Why They Aren’t Worth Considering
FinQ is a broker who came into being in 2017. Although this might seem like a new business, it has been working as the backend force for many renowned brokers. Hence, it knows what the trading market has to offer. Lately, many customers have shown their concerns about this trader as to whether it is a legit business or just another scam, that’s waiting to pounce on weak and vulnerable prey every day. So, to clear all the suspicions, we conducted a review of FinQ encompassing all the aspects of the business, which at the end, helped us to conclude why this broker isn’t a good choice.
FinQ offers four different types of accounts the details related which are as follows:
|Account Type||Minimum Deposit||Leverage|
The micro account is the one with the least deposit of $100 and the least facilities provided. They claim to give the customers 24/5 customer care and support but other than that the trading conditions provided for this account type are the worst.
In silver account type, the minimum deposit jumps straight from $100 to $1,000 making it difficult to work. They provide account manager services in this package but beware of them as they don’t always work in the best interest of their customers.
In Gold account type, the minimum deposit again leaps from $1,000 to $10,000 making it a lot more expensive. Here, the customers are given access to the trading central, and the trading conditions are also improved.
There is an option to develop a demo and a swap-free account (Islamic Account). The details regarding them are not mentioned very elaborately rather they are discussed just to fulfill a formality.
Regulation and Security:
Although the broker was not so generous in terms of the information related to them but when we dug deeper into them, we found that the broker is owned by a company named Dilan Investments Limited on the behalf of Lead Corps Limited. So, this unusual division of power makes it suspicious and what adds to it is the regulation they have. The broker is regulated by FSA in Seychelles which is an offshore regulator.
The problem with offshore regulators such as FSA is that they can not ensure that the broker or the company they are regulating is doing the business by the book or not? Moreover, they can not ensure the security of the funds of the traders which they invest in the business regulated by them.
So, it is just a blind bet to work with an organization that can not even manage to get a proper regulation to give the best to those who put their trust and money in them.
The trading platform provided by FinQ is the one renowned throughout the trading community and used by over 80% of the brokers. MT4 is the best trading platform offered in the trading world. It is compatible with all the types of operating systems ranging from IOS to Android to Windows. It is also available in a web-based version which makes it easy to access.
The major reasons for the fame of its analytical abilities, its strength to handle multiple trades simultaneously and the trade bots it offers. But having a good trading platform alone doesn’t mean the trader is worth your time. Having a good trading platform makes terrible brokers seem great and it can cause many people to get fooled.
The trading conditions offered by the broker are not attractive. As far as the leverage is concerned, they offer it to be 1:300 which is adequate as it’s more safe than risky. At this leverage the profit won’t be very large but so would be the loss. It’s good for people who are new in the trading world but those who have been here for a while may think of it as not so good an option.
The trade pips they provide are not so attractive too. They range from 3 to 1 pips depending on the account type chosen. This makes the traders vulnerable to huge losses and may even cost someone a fortune.
Withdrawal and Deposit Methods:
The platform accepts transactions by wire transfer, bank transfer, credit cards, debit cards, and online money transfer services such as Neteller and Skrill. They however do not support transactions through cryptocurrency.
There has been constant griping by the customers about the withdrawal methods because they are lengthy, complex, and waste a lot of time. The customers have reported that their withdrawal requests were not processed as fast as possible and they were made to go through a lengthy procedure. Moreover, the procedure just ended up wasting their time because they didn’t receive their funds after all.
There are also some unusual withdrawal conditions related to the bonuses they offer. The customer is asked to earn 10,000 USD on every dollar bonus which was given to them that too in a tenure of thirty days.
Customer Care and Correspondence:
There have been multiple complaints about the customer care and correspondence such as to it being unresponsive and not helpful to the customers. The complaints state that the customer care is stated to be active 24 hours and 5 days of the week which is not fulfilled by the broker. The account managers also correspond effectively only for a small period and then just disappear making excuses about them being busy at conferences and other work. Sometimes the customers had to wait two to three weeks before they were able to get hold of anyone who could help them.
So, all the points which surfaced during my review of FinQ suggest that this is not a safe business to work with. Its regulation is not strong, the funds are not safe with them, trade spreads are not very good, withdrawal conditions are alarming, bonus conditions are unreal to say least, and their customer care and support system has major loopholes.
I suggest that you should perform proper research before you trade with any business should know what the business has to offer. This makes it clear whether it is safe or not. It is better to be safe than sorry and moneyless.
And regarding FinQ, I can say with confidence that your funds wouldn’t be safe with them. Don’t bother taking such a huge risk.