Finveo Review 2024
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- Daytrading Review TeamFinveo will appeal to newer traders. It has an active investing community alongside educational materials, fixed spreads and fractional shares. Its 30+ years of industry experience are also reassuring.
Finveo is a CFD broker that offers trading on popular asset classes, including forex, shares and commodities. Spreads start from 0 pips while high leverage up to 1:500 is available, alongside the customizable MetaTrader 4 platform. Finveo is regulated in multiple jurisdictions, including Turkey and Mauritius.
Forex Trading
Finveo clients that wish to speculate on the currency markets may do so through more than 60 forex pairs, including major, minor and exotic couplings.
Stock Trading
Finveo offers 1000+ stocks with fractional shares providing exposure to big names like Tesla, Apple and Netflix. Stock traders can take positions with a $1 minimum investment.
CFD Trading
Trade 1000+ CFDs including commodities, forex, indices, equities and cryptos. Execution speeds are fast with spreads from 0.0 pips. Investors can speculate on rising and falling prices.
Crypto Trading
Finveo boasts a variety of cryptocurrency CFDs that can be traded on MT4 and MT5 with leverage to speculate on the performance of different digital tokens.
✓ Pros
- Great choice of payment methods with no broker fees including cryptos, credit/debit card, and e-wallets
- Access to the MetaTrader 4 platform and app with customizable charting and automated trading
- Responsive customer support available 24/5 via live chat, email, WhatsApp and telephone
- Proprietary app with expert insights, community forum and automated analysis features
- Access to ZuluTrade copy trading with capital allocation and risk flexibility
- Education for beginners including a blog and strategy guidance
✗ Cons
- Wide spreads on the Standard account type from 1.6 pips
- Finveo is not regulated by a tier-one financial regulator
- Limited trading tools compared to alternatives
Finding a broker that is best for you can be a difficult task as there are so many to choose from, each claiming to be the best, cheapest and most user-friendly. Finveo MN, a broker based in Montenegro, is one such option. This 2024 Finveo review will outline key details about the firm’s services and explore the trading platforms, assets and conditions on offer.
Finveo Headlines
Finveo is a multi-asset brokerage that serves a global clientele and has headquarters in Podgorica, Montenegro. It was launched in 2020 as a subsidiary of INVEO Investment Holding, a leading Financial Services Investment Holding company based in Istanbul, Turkey.
Licensed and regulated by the Capital Market Authority of Montenegro, Finveo also complies with international regulations prescribed by European Securities and Markets Authority (ESMA).
In addition, Finveo is a member of the Montenegrin Foreign Investors Council under the name of Finveo JSC.
Assets
- Forex: 60+ major, minor and exotic currency pairs
- CFDs: Contracts on global equity indices, cryptos and stocks
- Commodities: Over 60 assets, such as precious metals and oil
- Equities & fractional shares: speculate on a long list of publicly listed companies, including 1,000+ US stocks
Fees
Finveo’s revenue mainly comes from the spreads, which are linked to the account tier of its clients. The Standard account has a minimum spread of 2.0 pips, which is quite high compared to other platforms. However, spreads can get much lower for the Platinum account or even raw for the ECN Pro account.
While Finveo does not charge commission for Standard, Gold and Platinum accounts, there is a charge of USD 10 per lot on the ECN Pro accounts.
Finally, there is no dormancy fee. Instead, accounts with no funds deposited and no activity for over three months are disabled. If you wish to reactivate your account, you must contact Finveo support.
Payment Methods
Finveo accepts a range of payment options for deposits and withdrawals. All deposits must be made in USD and the minimum limit is $100 for Standard accounts. Accepted methods are:
Trading Platforms
MetaTrader 4
Finveo uses MetaTrader 4, which is one of the most popular forex trading platforms in the world, available for download on both Windows and macOS computers. Some of the main MT4 features include:
- 39 languages
- Trading signals
- Nine timeframes
- One-click trading
- 30 built-in indicators
- Four pending order types
- Fully customisable charts & tools
- Thousands of custom indicators online
- Algorithmic trading through MQL4 (order-based system)
MetaTrader 5
Finveo customers also have access to the MetaTrader 5 platform, which is the later iteration by MetaQuotes. Rather than being an updated version of the MT4, it is a platform designed with more experienced traders in mind and has a focus on commodities, equities (including fractional stocks), and CFDs. The MT5 platform boasts the following features:
- 39 languages
- 21 timeframes
- Trading signals
- One-click trading
- 38 built-in indicators
- Six pending order types
- Fully customisable charts & tools
- Thousands of custom indicators online
- Algorithmic trading through MQL5 (positional system)
Social Trading
If Finveo customers wish, they are able to follow successful traders using the ZuluTrade social trading platform. On ZuluTrade, there is a sorting algorithm that creates a performance ranking of all members that anyone can see. When choosing from the other clients to follow, you can see the number of trades they have made, the amount of time they have been active for, their win percentage and their return on investment.
Account Types
Individual
Finveo offers its customers four different types of trading accounts.
Standard
- Equity threshold for lower leverage $5,000
- No minimum monthly volume
- Minimum trade 0.01 lots
- Minimum deposit $100
- Maximum trade 5 lots
- Leverage up to 1:500
- Spreads from 2 pips
- No commissions
- Margin call 50%
- Stop out 25%
Gold
- Equity threshold for lower leverage $10,000
- Minimum monthly volume 10 lots
- Minimum deposit $1,000
- Minimum trade 0.01 lots
- Maximum trade 20 lots
- Spreads from 1.2 pips
- Leverage up to 1:400
- No commissions
- Margin call 50%
- Stop out 25%
Platinum
- No equity threshold for lower leverage
- Minimum monthly volume 50 lots
- Minimum deposit $5,000
- Minimum trade 0.01 lots
- Maximum trade 50 lots
- Spreads from 0.8 pips
- Leverage up to 1:200
- Margin call 100%
- No commissions
- Stop out 50%
ECN Pro
- No equity threshold for lower leverage
- Minimum monthly volume 1,000 lots
- Minimum deposit $5,000
- Commissions $10 per lot
- Minimum trade 0.1 lots
- Maximum trade 50 lots
- Leverage up to 1:200
- Margin call 100%
- Stop out 50%
- Raw spreads
Corporate & Institutional
Finveo also offers accounts to institutions and professional traders. These are high-quality services that come with special tools, customisable platforms and flexible trading conditions to ensure trading styles are accommodated and investments are best protected.
Demo Account
Finveo offers all users a free demo account, which is a great place to practise trading on its platforms, explore its assets and test out new ideas and approaches. The accounts are funded with $100,000 in digital capital and can access leverage rates up to 1:100.
Promotions
First Deposit Bonus
Finveo will match any first deposit and give it to you as a bonus. For example, if you were to deposit $100, Finveo would give you another $100 to trade with. In order to claim this bonus, you simply have to sign up by completing a registration form and sending the appropriate documents. To receive the bonus, you would have to be within the undisclosed number of clients to sign up and trade 1 lot turn for every $10 bonus.
Swap-Free
Finveo has introduced a deal whereby forex and CFD traders can avoid paying or receiving overnight fees on the MT4 platform. To claim this benefit, you just need to send a request for a swap-free account when you register. This is suitable for Islamic traders.
Regulation & Licensing
Finveo is regulated by the Capital Market Authority of Montenegro under the license number 03/2-2/11-20, which is a member of the International Organisation of Securities Commissions (IOSCO). Furthermore, Finveo complies with the rules set out by the European Securities and Market Authority regarding the safety and security of customer funds and accounts. This means you can rest assured that the funds in your account are protected. The LEI code can be found under the name Finveo Ad Podgorica.
Mobile Apps
All three software platforms offered by Finveo, MT4, MT5 and ZuluTrade, are also available via mobile applications. The platforms can be downloaded for iOS devices via the Apple App Store and Android (APK) devices via the Google Play Store.
The MetaTrader 4 mobile app comes with three chart types, nine timeframes, 30 technical indicators, market news and a chatbox, plus full account management functionality. The MT5 application builds on this, with six order types, level 2 price data, 30 indicators, 24 analytical tools, news updates and push notifications.
Customer Support
The Finveo customer service team can be contacted via the live chat window on the website, which is available 24 hours a day, except on weekends. Alternatively, you can submit an email ticket through the online form or you can call or WhatsApp the team at the number below.
- Phone Number: +382 20 436 690
Finveo is also active and available for contact on social media, with accounts on Twitter, Facebook, Instagram, linkedIn, YouTube and Telegram. These platforms can also be used to keep up with news and announcements.
Education & Analysis
Finveo has created a training library with many educational resources to teach clients and readers about financial instruments and markets. This is a useful tool for both beginners and more advanced traders that this review recommends taking advantage of. The content is free and accessible to all, without the need to login to an account. Furthermore, there is a daily technical analysis page, where you can see insights and market trends on forex, commodities and indices, all of which are great for garnering more tips and information to construct your own strategies and execute trades.
Finveo Verdict
Finveo is a relatively new broker that offers many different instruments and markets to trade in. The use of the world-leading MetaTrader 4 and 5 platforms, the latter offering both forex and equities, plus the firm’s massive educational library, make it an attractive offer. Moreover, there is the opportunity for social trading through the popular ZuluTrade platform and experienced clients can open an ECN Pro account. In addition, Finveo has partnered with Autochartist – a top-class signals provider.
On the downside, the spreads offered on the lower account levels are not particularly competitive and the regulation is limited.
FAQs
Can USA-Based Customers Register With Finveo?
Customers based in the US mainland, Alaska and Hawaii may not join Finveo. Only those in the US Virgin Islands may join.
Is Finveo Legit?
Yes, it is regulated by the Capital Market Authority of Montenegro. Additionally, Finveo follows the rules and regulations laid out by the European Securities and Market Authority (ESMA). This means that the firm has taken certain precautions to protect deposits and customers against fraud.
What Is Social Trading On Finveo?
Social trading is where you can follow the performance and success of other traders. It can be a helpful way to learn about the different strategies that other people use and adapt your own accordingly to help boost your profits. Finveo’s customers can use the social trading platform, ZuluTrade.
What Assets Does Finveo Offer?
Finveo supports trading on forex, commodities, cryptos, indices and equities, both spot and CFD, through MT4 and MT5. This includes an impressive list of 1,000+ US stocks.
Is Finveo Regulated?
Yes, Finveo is regulated by the Capital Market Authority of Montenegro, which is a member of the International Organisation of Securities Commissions. However, the CME is not a renowned, top-tier agency, so this review recommends that care be taken by all clients.
Top 3 Alternatives to Finveo
Compare Finveo with the top 3 similar brokers that accept traders from your location.
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IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
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World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
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Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
Go to Interactive Brokers
Finveo Comparison Table
Finveo | IG | World Forex | Interactive Brokers | |
---|---|---|---|---|
Rating | 2.2 | 4.4 | 4 | 4.3 |
Markets | CFDs, Forex, Stocks, Cryptos, Commodities | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
Demo Account | Yes | Yes | Yes | Yes |
Minimum Deposit | $100 | $0 | $1 | $0 |
Minimum Trade | 0.01 Lots | 0.01 Lots | 0.01 Lots | $100 |
Regulators | CMA | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | SVGFSA | FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB |
Bonus | – | – | 100% Deposit Bonus | – |
Education | No | Yes | No | Yes |
Platforms | MT4, MT5, AutoChartist | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | MT4, MT5 | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
Leverage | 1:500 | 1:30 (Retail), 1:250 (Pro) | 1:1000 | 1:50 |
Payment Methods | 8 | 6 | 10 | 6 |
Visit | – | Visit | Visit | Visit |
Review | – | IG Review |
World Forex Review |
Interactive Brokers Review |
Compare Trading Instruments
Compare the markets and instruments offered by Finveo and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
Finveo | IG | World Forex | Interactive Brokers | |
---|---|---|---|---|
CFD | Yes | Yes | Yes | Yes |
Forex | Yes | Yes | Yes | Yes |
Stocks | Yes | Yes | Yes | Yes |
Commodities | Yes | Yes | Yes | Yes |
Oil | Yes | Yes | Yes | No |
Gold | No | Yes | Yes | Yes |
Copper | Yes | Yes | No | No |
Silver | Yes | Yes | Yes | No |
Corn | No | No | No | No |
Crypto | Yes | Yes | Yes | Yes |
Futures | No | Yes | No | Yes |
Options | No | Yes | No | Yes |
ETFs | No | Yes | No | Yes |
Bonds | No | Yes | No | Yes |
Warrants | No | Yes | No | Yes |
Spreadbetting | No | Yes | No | No |
Volatility Index | No | Yes | No | No |
Finveo vs Other Brokers
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Customer Reviews
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