Table of contents:
- 1 Finmarket experience
- 1.1 What is FinMarket?
- 1.2 Regulation of FinMarket German – is FinMarket serious?
- 1.3 FinMarket Fees, Commercial Offer and Conditions of FinMarket English
- 1.4 Finmarket demo account in test and users’ FinMarket opinion
- 1.5 Opening a deposit, FinMarket costs and how you can make money with FinMarket
- 1.6 What is FinMarket, are there any signs of FinMarket fraud?
- 1.7 What key values are offered? Does FinMarket look like a rip-off?
- 1.8 WebTrader at FinMarket and the cost
- 1.9 What is FinMarket aimed at?
- 1.10 Internet security at FinMarket
- 1.11 Protection against negative balances
- 1.12 FinMarket Broker Test: What does the deposit protection look like?
- 1.13 Finmarket trading platform
- 1.14 Types of Finmarket accounts
- 1.15 Finmarket Support – What is FinMarket support like?
- 1.16 Finmarket Test Judgement and Conclusion
We have developed a thorough Finmarket Test. In gathering the Finmarket experience we came to an almost completely positive end result. We have summarized everything we found relevant in the Finmarket Test Report. With Finmarket we can completely rule out fraud.
What is FinMarket?
FinMarket Broker, active since 2016, draws attention to its strengths and offers a wide range of services. The company has quickly gained a large customer base. FinMarket Test promises the possibility of making decent profits even in times of low interest rates. But what about the quality of the FinMarket Test offer in detail?
Regulation of FinMarket German – is FinMarket serious?
Of course, it is worth focusing on regulation from the very beginning. The head office is currently located in Cyprus. The local authorities are responsible for the regulation of the entire offering. It is crucial that CySec is based on the laws applicable in the EU. For this reason, traders from Germany also have a legitimate chance to access the offer and use it in their own interest with FinMarket in a legitimate way. Every FinMarket Crypto Broker customer can check the license directly on the main page and find out for themselves that FinMarket is reputable. Due to the high level of transparency of the company, you will find the appropriate seal of the Cypriot authorities, which protects investors from the FinMarket rip-off. For this reason, there is ultimately no doubt as to the seriousness of the proposal, as verification is available on the website, which speaks against a FinMarket rip-off.
FinMarket Fees, Commercial Offer and Conditions of FinMarket English
The broker’s trading offer and the FinMarket spread remain critical to any profit that can ultimately be made with the deposits after a FinMarket deposit. The initial focus is on the FinMarket crypto area, some stocks and indices that are suitable for a return. On the one hand, there are well-known companies that have been leaders in their industry for years. On the other hand, attention was paid to the internationality of the proposal. According to the principle of diversification, one can personally choose preferred shares and earn money with FinMarket. There are also commodities and FinMarket crypto currencies that complement the offer on the website. Digital currencies in particular have recently led to a massive growth of new customers and many FinMarket valuations.
Finally, the broker’s terms and conditions can also be critical to the outcome of FinMarket valuations. This broker has five different types of accounts that you can select at the beginning of registration and FinMarket deposit. The minimum FinMarket deposit depends on which option the client chooses. In the end, the FinMarket deposit can range from 250 to 20,000 dollars. At the same time there are differences in the services included in the registration. Selecting the main account can be a way to have a lasting effect on the cost structure in your own interest. Users can also choose a FinMarket demo account if they want to familiarize themselves with the platform.
Finmarket demo account in test and users’ FinMarket opinion
It is also possible to open a FinMarket demo account. According to the FinMarket ratings, the play money can reach up to 50,000 US dollars. Here a beginner can familiarize himself with all events on the platform and gradually get used to the functions of FinMarket Webtrader and FinMarket App. A professional can also try out new strategies with a FinMarket demo account.
Opening a deposit, FinMarket costs and how you can make money with FinMarket
Registration is relatively easy here. At the beginning the new customer only has to enter some basic personal data. There is no need to fill up an account immediately and FinMarket fees are manageable. Once you are registered, you will receive a personal trading account to trade. However, you must first get to know the platform and then familiarize yourself with the individual circumstances, possibly including the demo account mentioned above, for which no FinMarket fees are charged. It does not look like a FinMarket scam here.
You can fund your account with payment methods such as bank transfers, credit cards (MasterCard, Visa, Maestro), Skrill, CashU or, in FinMarket, Paypal. Money can also be transferred between different accounts on the platform. However, this can only be done in the same base currency without requesting a FinMarket payout.
There is a 48-hour payment process for FinMarket withdrawal of funds, so this process can be completed quickly and professionally during this time. The funds will be transferred to the client’s account within 7-10 business days after FinMarket withdrawal.
What is FinMarket, are there any signs of FinMarket fraud?
At first glance, CFD broker FinMarket offers a number of advantages – in addition to European regulation, these include a competitive FinMarket spread and multi-level accounts. Many traders will also appreciate the availability of MetaTrader 4 and FinMarket Webtrader. If you are familiar with the FinMarket Webtrader software, there is no need to configure it and you can start trading immediately. FinMarket is also available in English, so there is no sign of a rip-off in FinMarket.
What key values are offered? Does FinMarket look like a rip-off?
What is FinMarket – it is primarily a CFD and Forex broker with a FinMarket app. Through one provider you can sell about 30 currency pairs, including large, small and interesting exotic ones. The maximum possible leverage on Forex is 1:30, the FinMarket spread is acceptable.
In addition to trading in the Forex market, trading in contracts for difference is the second direction in FinMarket and is highly recommended by many clients. According to our experience with FinMarket, ETF and CFDs, indices and commodities can be traded. Users can make money with FinMarket because contracts for differences in price allow speculation on growth and price reduction. Traders will find FinMarket a flexible financial instrument with great potential. With the Broker and FinMarket App you can also trade crypto currencies, but more detailed information is not available on FinMarket’s website.
The offer and conditions cannot be fully defined on the FinMarket Support Website. About 30 available Forex pairs are listed.
FinMarket opinion on the trading platform
Traders can use the famous MetaTrader 4 broker with this broker. The FinMarket cost of the trading platform is the first choice for many traders thanks to its numerous functions and universal adaptability with the help of extensions. Even creating and integrating your own algorithms is no problem for advanced users. MT4 is also available for all operating systems and for any type of application. FinMarket support is competent and fast.
WebTrader at FinMarket and the cost
FinMarket provides MetaTrader 4 with its own WebTrader, which is browser-based and can therefore be used from anywhere. FinMarket support will help you in case of problems. The WebTrader functionality includes real-time graphics. This gives traders access to detailed and clear statistics of their transactions, open or closed, and they can use different analysis methods and statistics in multiple time windows. The availability of so-called trading cubes is typical for WebTrader. They allow you to display assets, lot sizes and prices according to the preferences of a trader, who gets a faster overview and can react faster. Visual trends in the Forex market can also be triggered. In addition, WebTrader offers one-click trading and social trading functionality in an intuitive trading environment that allows traders to see what other traders are doing and copy their successful transactions.
Finmarket naturally offers the most important and significant currency pairs involving the Euro and a FinMarket ETF. At the same time there are some exotic products in the program. For example, users can trade the dollar for the South Indian rupee, try your luck with the euro for the zloty or exchange New Zealand dollars for Canadian dollars. ETF, Forex or of course CFD are traded in Finmarket. The commission structure in FinMarket is not necessarily clear. This is also because the broker offers a total of five different accounts, each of which has its own payment model.
The most favorable trading fees are available to traders on Gold and Elite accounts. Here the spreads start at 0.1 pips, but a five digit deposit is required to obtain these conditions. Spreads start at 0.4 on a blue member account, 0.2 on a silver account and 0.65 on an Islamic account. These are always variable spreads, the broker does not offer fixed spreads on any account.
How much the actual trading costs will ultimately be depends of course on the underlying asset you are trading. Depending on the class of assets and the specific underlying asset, the costs sometimes vary significantly. However, the broker offers very similar fees for many basic fees in a specific class. You can also deposit at FinMarket using Paypal.
Values for the main underlying assets
EURUSD: Margin of 16 points, commission of 10 dollars
All products: 6 points spread, $14 commission
All indicators: Surcharge 40, commission 60 Dollar
Crypto currencies: Margin of 500 points, 15% of the lot price
It is not entirely clear how much commission the account will receive. The broker here is not transparent enough and can definitely get plus points by revealing his fee structure so that traders know in advance what conditions they can expect.
What is FinMarket aimed at?
Not every broker is equally suitable for all traders. Basically, FinMarket focuses on CFD and Forex trading. Both areas involve increased risk, so trading these financial instruments is not for beginners. If you don’t have much experience, you can start with “tamed” assets like stocks or bonds before trading CFDs and exchange rates. The use of a training program and extensive exercises with a demo account is definitely recommended for beginners. Even for retail investors and budget traders, FinMarket is not the best choice. With a minimum deposit of 250 USD for a Blue account and a minimum trading amount of 1,000 USD, the broker is already in an area that makes it unsuitable for beginners and investors with little capital. Thanks to the market model and the relatively high cost of full-service accounts, FinMarket is something for experienced traders who know what they want and already have mature trading strategies in place. In the FinMarket test, the broker is not very suitable for beginners.
- Fast account opening online
- Comprehensive commercial offer
- spreads of 0.1 pips
- Various account models
- Islamic member account
- Market news and economic calendar
- Prices on the London Stock Exchange (from Gold Membership)
- Personal Manager (from silver membership)
Disadvantages of FinMarket:
- Extremely unstructured website
- There is no clear presentation of costs, conditions and spreads
- No frequently asked questions on the website
- There is no hotline with a german number, the chat is a mail module
FinMarket wants to make deposits and withdrawals from abroad as convenient as possible, therefore FinMarket also offers Paypal. Accordingly, the broker is dependent on many different payment service providers. For this reason, merchants can not only make a deposit by bank transfer or use VISA, MasterCard or Maestro credit cards, but also the financial service providers EFTpay and Skrill. Thus, most new customers will find a suitable way to make a deposit.
FinMarket also rejects commissions for deposit and withdrawal of funds. At the same time, the broker does not incur fees from payment service providers. This means that it is usually cheaper for a customer to use a bank transfer and initially reject payment service providers that charge interest, as may be the case with credit card or skrill payments.
Merchants must also ensure that they can deposit without verification. In accordance with anti-money laundering laws, a broker can only accept customer money after verification of identity. However, this verification is relatively simple. Traders only need to scan their ID and electricity bill. The data is then compared with the information provided by the merchant to confirm the identity.
The broker continues to use the form to withdraw money. Payments can also be made by bank transfer only. Only accounts in the name of the account holder are eligible for withdrawal.
Internet security at FinMarket
The information on FinMarket encryption technology is in accordance with generally accepted measures. SSL fast transmissions are protected to safeguard user data from unauthorized access by third parties. As for payment methods, there is also a fairly wide range of deposit and withdrawal methods, allowing you to choose a method that meets your own security requirements.
- SSL Encryption
- Various replenishment and payout options
Protection against negative balances
The protection against a negative balance also has a positive effect on the security of the trader – more and more brokers are offering this, as the obligation to pay additional claims is now being lifted throughout Europe. If, for example, the trader’s account threatens to slide into the red due to short-term price fluctuations, open positions are closed and the account is closed. In addition, every trader is of course obliged to ensure the security of his account and data for access to the system and proper risk management, especially when trading volatile financial instruments.
FinMarket Broker Test: What does the deposit protection look like?
According to European law, financial services providers such as FinMarket must manage client funds in separate accounts that are strictly separated from company assets. Deposit protection is also required. For this reason, FinMarket is a member of the Investor Compensation Fund for clients of Cypriot investment firms and other investment firms that are not credit organizations. In the event of the broker’s insolvency, the fund covers claims up to EUR 20,000 per investor.
Finmarket trading platform
In our experience on the financial market, special attention is paid to trading space. The trading platform should be clear and easy to understand. Finmarket definitely meets these requirements with 3 different trading platforms. Besides the internal web development, which looks modern and neat, Finmarket also offers an interface to the popular Metatrader chart analysis tool. Thus Finmarket fulfills all the requirements for a pleasant and well structured trading. In addition, there is access to a mobile application that allows you to easily manage and organize trading on the go.
Types of Finmarket accounts
According to our experience with the financial market, the broker has 4 different types of accounts. The Blue Membership starts here with a deposit of 250 Euro and already includes a wide range of training with numerous video tutorials. There are over 50 tradable assets and low commissions starting from a spread of 0.4.
If you dig a little deeper in your pocket, you are definitely recommended to use a Gold Account. With an investment of 20,000 USD, Finmarket can take advantage of the real prices of the London Stock Exchange. There are also even more favorable spreads and access to all trading instruments. However, our experience with the financial market shows that a “blue” account is sufficient to get started.
Finmarket Support – What is FinMarket support like?
If there is support that you would like to spend time with, the Finmarket team is the one to choose. In our experience in the financial market, the German support has been particularly positive. Friendly, helpful and competent. The customer service is open Monday to Friday from 9:00 to 21:00 and can answer customer questions. Finmarket’s experience also shows that the e-mail support works smoothly. The answers came quickly and reliably.
Despite the fact that Finmarket has only recently expanded its activities in the German market, customers are warmly served. In contrast to some other brokers, where customers are even under pressure. Such a thing will not happen to you at Finmarket.
Finmarket Test Judgement and Conclusion
To summarize our experience, we will briefly review the most important elements. Finmarket is a regulated broker where client funds are additionally secured by a private fund. Deposit security is of paramount importance and very impressive for Finmarket. Trading platforms are modern, there is a large number of assets traded and spreads are very low compared to competitors. Finmarket supports all major payment systems and offers a wide range of training for beginners.