Finq.com is an online trading platform that offers contracts for difference (CFDs) on various assets, such as forex, stocks, commodities, indices, bonds, and ETFs. Finq.com claims to have more than 2,100 CFD instruments available for trading, with zero commission and competitive spreads. Finq.com also provides its clients with access to the popular MetaTrader4 platform, as well as a web-based platform and mobile apps. Finq.com offers four types of accounts: silver, gold, platinum, and exclusive, with different minimum deposits and spreads. Finq.com also has a range of educational and research tools, such as daily analysis, traders’ trend, webinars, and ebooks.
However, before you decide to trade with Finq.com, there are some important factors that you should consider. In this Finq.com broker review, we will examine the pros and cons of this broker, and see if it is a reliable and trustworthy choice for your trading needs.
Pros of Finq.com
- A wide selection of CFD instruments from various asset classes
- No commission fees on trading
- Access to the MetaTrader4 platform
- A variety of educational and research resources
- Welcome bonuses for new clients
Cons of Finq.com
- No regulation by any reputable authority
- High minimum deposits for higher-tier accounts
- No MT5 platform available
- No US or EU clients accepted
- Limited customer support options
- Lack of transparency regarding deposits and withdrawals
- Negative customer reviews and complaints
Regulation and Safety
One of the most important aspects of choosing a broker is its regulation and safety. Regulation ensures that the broker follows certain standards and rules that protect the interests and rights of the clients. Safety means that the broker keeps the clients’ funds in segregated accounts, uses encryption and security measures to prevent fraud and hacking, and offers compensation schemes in case of insolvency.
Unfortunately, Finq.com does not meet these criteria. Finq.com is owned and operated by Leadcapital Corp Ltd, which is registered in Seychelles, a notorious offshore jurisdiction that has lax regulations and oversight. Finq.com is licensed by the Financial Services Authority (FSA) of Seychelles, which is not a reputable or trustworthy regulator. The FSA does not have strict requirements or enforcement mechanisms for its licensees, and does not offer any protection or compensation to the clients in case of disputes or issues.
This means that Finq.com is not regulated by any reputable authority, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, or the Australian Securities and Investments Commission (ASIC) in Australia. These regulators have high standards and rules for their licensees, such as minimum capital requirements, client fund segregation, anti-money laundering policies, regular audits, and participation in compensation schemes.
Therefore, trading with Finq.com involves a high level of risk, as you have no guarantee that your funds are safe or that you can get your money back if something goes wrong. You also have no recourse or assistance from any independent or impartial body if you have any complaints or disputes with the broker.
What to Do If You’ve Lost Money with Finq.com?
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