Finotrade Review and Tutorial 2021
|Traders in United States welcome|
|Finotrade Facts & Figures|
Start trading forex and CFD products on the MetaTrader 4 platform at Finotrade.
|Instruments||Forex, CFDs, indices, commodities|
|Payment Methods||SafeCharge, UnionPay, Wire Transfer|
|Min. Trade||0.01 lots|
|Auto Trading||Yes (EAs)|
|Buy and sell on the financial markets with Finotrade CFDs.|
Trade currencies from around world with floating spreads.
Finotrade offers popular forex and CFD assets on the MT4 desktop, web and mobile trading platforms. This broker review explores the trading product specifications, plus payments, withdrawals, and demo accounts. We’ll also look at trust and regulation, to help you decide if it’s safe to sign up with Finotrade.
Finotrade is a trading name of Finotec UK Limited, a broker based in London and regulated by the Financial Conduct Authority (FCA). The company was established in 2007 and has since gained 10,000 clients who have invested $100 million.
The company offers forex and CFDs on indices and commodities on the MetaTrader 4 platform. The broker also provides some additional tools, such as an economic calendar, calculators and a forex training academy.
MetaTrader 4 Platform
Clients get access to the MetaTrader 4 platform, which has been trusted by brokers and traders alike for 15 years. The platform is highly customisable and intuitive, boasting a suite of technical and fundamental analysis tools, as well as automated trading capabilities. Features include:
- 30 technical indicators and 24 graphical objects
- 9 time intervals, from one minute to one month
- One-click trading directly from the chart
- Access to Expert Advisors (EAs)
- Live quotes in Market Watch
- Financial news feed
- Trading history
The platform is available for download once you have registered for an account. You can also access the web version directly from an internet browser, which offers the same features and functionality as the native application.
Finotrade offers 34 major, minor and exotic currency pairs, such as EUR/GBP and USD/TRY, 11 CFD indices such as NASDAQ and FTSE 100, plus popular commodities including gold and oil. Whilst a reasonable selection, our review did note there wasn’t any cryptocurrencies or shares.
Spreads & Commission
Finotrade is not transparent with spreads or commission, which is concerning for an FCA-regulated broker. We would warn traders to exercise caution around any brokers that do not provide any indication of pricing to new clients. In such cases, traders will be expected to sign up straight away without knowing what costs are involved, which is a red flag.
The maximum retail leverage permitted at FCA-regulated brokers is 1:30 on major forex pairs. Again, it’s surprising to see that this broker has not provided any transparency around leverage or margin rates to potential new traders.
The MetaTrader 4 platform is available as a convenient mobile app, available in over 20 languages for Android and iPhone users.
Easy trading on-the-go is supported by the platform’s powerful tools, which enable users to manage trades and analyse the markets in just a few taps. The app includes an array of charting tools, indicators and timeframes, plus a live news feed and the ability to set mobile price alerts.
Finotrade accepts deposits and withdrawals via local wire transfers, SafeCharge and UnionPay. Processing fees start from 2.95% for SafeCharge deposits up to $500,000 and 3.5% plus $0.35 for Union Pay. Local bank charges may apply if you’re using wire transfers.
Processing times may vary depending on the payment method; details of these can be provided by the customer support team.
Finotrade offers a practice account where you can test out your skills within the MT4 platform using virtual money. Demo accounts are usually available for a set period of time, so it’s worth checking the terms with the broker before signing up.
Unsurprisingly, deals and promotions are not offered at Finotrade, as the FCA strictly prohibits incentivised trading schemes.
Finotec Trading UK Limited (Finotrade) is licensed and regulated by the Financial Conduct Authority (FCA) in the United Kingdom, with license number 470392. The broker must provide high standards of fund safety by using segregated client accounts, as well as participating in the Financial Services Compensation Scheme (FSCS).
Finotrade offers an Academy section which includes forex and CFD basics, as well as an ebook. There is a section on video tutorials, though the link only leads to a blank page. There is also a small choice of trading tools, including an economic calendar, however the overall selection is underwhelming compared to other brands.
There are 4 account types available at Finotrade: Classic, Gold, Platinum and VIP. The Classic starter account requires a minimum deposit of $1,000, which is high in comparison to other brokers.
The Gold account requires a $10,000 minimum deposit, the Platinum, $25,000 and the VIP, $100,000. These accounts include competitive spreads and additional benefits, such as webinars, an account manager and premium customer care.
The broker also offers a Multi-Account Manager (MAM) account for fund managers, as well as Islamic swap-free accounts.
Reasons to sign up with Finotrade include:
- Desktop, web and mobile trading
- Regulated broker
- Demo accounts
- MAM account
Drawbacks of trading with this broker include:
- Limited educational resources
- No transparency with pricing
- $1,000 minimum deposit
- Limited funding methods
- Poor online reviews
Trading sessions for forex and commodities are open 21:05 – 00:00 GMT and are closed from 00:00 – 20:55 GMT. For indices, trading sessions run from 00:00 to 20:55 GMT. You can also check opening times for a specific product within the MT4 platform.
The customer support team is available via telephone, email or live chat. Note that the live chat service is managed by a chatbot which, when tested, was not able to answer many of our queries.
- Telephone – +44 2033 187 716
- Email – firstname.lastname@example.org
- Address – Finotrade UK, 1-4 Bury Street, Holland House, London EC3A 5AW, United Kingdom
MT4 is a safe trading platform which uses Secure Sockets Layer encryption codes to ensure that data transmitted between servers is protected. Traders can also add extra layers of security login features.
Whilst Finotrade does offer some popular assets, a practice account and a safe trading platform, our review has revealed some notable concerns. If they are to earn the trust of any new traders, the broker should be more transparent around their prices and improve their customer support.
Finotrade accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Alternatives to Finotrade
If you are looking for alternatives to Finotrade we have compiled a list of the top 5 brokers that are similar to Finotrade below. This list of brokers like Finotrade is in order of similarity and only includes companies that accept traders from your location.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- Just2Trade – Just2Trade offer hitech trading on stocks and options with some of the lowest prices in the industry
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
- Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
Is Finotrade legit?
Finotrade is a legitimate company registered and licensed in the UK. Nonetheless, it’s always recommended to compare with other brokers or check out customer reviews online before making a decision.
What accounts are available at Finotrade?
Finotrade offers four account types: Classic, Gold, Platinum and VIP. The classic account requires a $1,000 minimum deposit. There are also MAM accounts and Islamic accounts.
What funding methods are available at Finotrade?
Finotrade accepts payments via local bank transfer, SafeCharge and UnionPay. Note that funding fees will apply and processing times may vary.
Does Finotrade offer a demo account?
Yes, there is a practice account where you can browse the trading platform and test out your strategies. The account will include a sum of virtual money and may expire after a certain period.
What leverage is available at Finotrade?
The maximum leverage you can trade at FCA-regulated brokers is 1:30 for major currency pairs. Professional traders may be eligible for higher ratios and will need to contact customer support for details.
|Start trading forex and CFD products on the MetaTrader 4 platform at Finotrade.|
Finotrade vs Other Brokers
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