Overall FINAM FOREX can be described as low risk and has an overall rating of 6 out of 10. FINAM FOREX offers a maximum leverage ratio of 1:40 with no minimum deposit amount required to open an account and is regulated by The Central Bank of the Russian Federation.
FINAM FOREX at a glance
| Broker's Name | FINAM FOREX |
| 📍 Headquartered | Moscow, Russian |
| 📅 Year Founded | 1994 |
| ⚖️ Regulating Authorities | The Central Bank of the Russian Federation |
| 🌐 Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | No |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 🚀 Sign up bonus | Yes |
| 📈 Maximum Leverage | 1: 40 |
| 💰 Minimum Deposit | $ 0 |
| 💳 Deposit Options | Wire transfer from a bank account Through the cash desk of the FINAM Bank Using a bank card |
| 💳 Withdrawal Options | Wire transfer from a bank account Through the cash desk of the FINAM Bank Using a bank card |
| 💻 Platform Types | MetaTrader4 QUIK TRANSAQ FinamTrade MetaTrader5 |
| 📱 OS Compatibility | Web browsers, desktop, Windows, Android, and iOS |
| 📈 Tradable assets offered | 27 Forex currency pairs Stocks Commodities Indices Oil Gold |
| 👨💼 Languages supported on Website | English and Russian |
| 👥 Customer Support Languages | English and Russian |
| 📆 Customer Service Hours | 24/7 |
| 👉 Open a account | 👉 Open Account |
Choose your quick section of our FINAM FOREX Review below.
FINAM FOREX Review – 17 key points quick overview:
FINAM FOREX Overview- FINAM FOREX Safety and Security
- FINAM FOREX Sign-up Bonus
- FINAM FOREX Minimum Deposit
- Step by step guide to depositing the minimum amount
- FINAM FOREX Account Types
- FINAM FOREX Account Features
- FINAM FOREX Demo Account Features
- How to set up a Demo Account – Step by Step
- FINAM FOREX Trading platforms
- FINAM FOREX Fees and Spreads
- FINAM FOREX vs Forex4you vs Fibo Group – A Comparison
- FINAM FOREX Current Popularity Trend
- FINAM FOREX Pros and Cons
- CONCLUSION
- DISCLAIMER
- Frequently Asked Questions
FINAM FOREX Overview
According to research in South Africa, FINAM FOREX is one of the largest forex brokers in Russia and a leader in the Russian financial services market. It has been in operation since 1994 and has headquarters in Moscow.
FINAM FOREX has offices in over a hundred cities in Russia and is a member of NAUFOR (National Association of Stock Market Participants). It also sits on the board of directors of NP RTS. In English, the broker is known as Limited Liability Company FINAM FOREX (LLC FINAM FOREX) and forms part of the FINAM group of companies.
The broker is regulated by Russian legislation and services are provided through a license from the Central Bank of the Russian Federation. It adheres to high standards of activity in the international foreign exchange market.
FINAM FOREX offers trading conditions on the international currency market and clients have access to a wide range of currency pairs and other trading instruments, attractive rates for trading, low spreads, and a variety of trading programs.
Traders can only trade through one live standard trading account and the option of a demo account is also available. Clients from the United States are not accepted by FINAM FOREX.
FINAM FOREX Safety and Security
When traders evaluate brokers, regulation is one of the most crucial components that must be considered. Regulated brokers are required to comply with stringent rules and regulations set by regulatory entities and through this, client fund security can be ensured.
The activities of regulated brokers are also overseen by such entities to ensure that there is no fraud or foul play, and to ensure that traders are always protected against such activities. FINAM FOREX is regulated by Russian legislation and services are provided based on a license from the Central Bank of the Russian Federation.
The broker also offers negative balance protection and client funds are kept in segregated accounts.
FINAM FOREX Sign-up Bonus
With FINAM FOREX there is no offering of a sign-up bonus. No sign-up bonus, a welcome bonus or deposit bonus, is offered to traders who want to register a real account with the broker.
Brokers usually offer these kinds of bonuses to draw in new customers to participate in trading activities. With a welcome bonus, the traders will receive some money back. However, this will depend on the initial deposit made by the trader.
Although FINAM FOREX does not offer bonuses, or for that matter any rewards, or promotions, it still offers attractive trading conditions.
FINAM FOREX Minimum Deposit
There is no minimum deposit required when opening an account with FINAM FOREX. According to the broker’s website, it is one of the largest forex brokers in Russia and a leader in the Russian financial services market.
It is not regulated by a regular and authorized body like FCA or CySEC but through Russian legislation and services which is provided based on a license from the Central Bank of the Russian Federation. It does seem that the Central bank has all the regulatory rules in place for a risk-free environment to trade-in.
FINAM FOREX promises the safety of funds as well as Negative Balance Protection. Another requirement by most regulatory bodies and financial institutions, amidst several other strict rules and regulations, is that all client funds must be kept separate from the broker account.
FINAM FOREX states that client funds are kept in separate accounts and that they can only be used by the trader for trading activities.
Step by step guide to depositing the minimum amount
Traders can fund their account from their own bank account by transferring funds to their account with FINAM FOREX.
Traders can also go to their personal client portal with the broker and deposit the minimum amount from their personal area after having registered a live trading account that has been approved.
Traders should log in to their personal account and go to the section “Information” and then choose “Requisites for the transfer of funds.”
Select the correct currency and account number and the funds will be transferred through the brokerage account by wire transfer or through the cash desk of the FINAM Bank.
Traders must ensure that the funds are transferred in the same currency as the bank account to which they are sending them. If not, traders may be subjected to currency conversion fees.
FINAM FOREX Account Types
With FINAM FOREX clients have the choice of registering for only one live account type. In addition, the broker also offers a demo account. Although it offers only one live account, the trading conditions are competitive with comprehensive solutions and services with FINAM FOREX.
FINAM FOREX Account Features
Live Account
| Live Account | |
| 💰 Minimum deposit | $ 0 |
| 📈 Leverage | 1: 40 |
| 📊 Spreads | 0.6 pips on USD/EUR |
| 💳 Deposit or withdrawal charges | None |
| ⚖️ Commission | None |
| 👉 Open a account |
FINAM FOREX Demo Account Features
Like all demo accounts, the account offered by FINAM FOREX mimics a live trading account. With these accounts, traders have access to the same functions, features, and options that they would on a live trading account.
The main difference is that the demo account is risk-free since traders make use of virtual funds to conduct their trading. Therefore, traders cannot withdraw any profits which are made on the demo account.
FINAM FOREX funds the demo account with a balance of 500 000 RUB. Like many other demo accounts that expire after 30 days, it does not expire with FINAM FOREX.
Traders make use of the trading platforms offered by the broker, namely MetaTrader4, QUIK, TRANSAQ, the proprietary FinamTrade, or MetaTrader5. Through these platforms, traders will have access to the various functions, tools, features, and more, which is offered by these trading platforms.
How to set up a Demo Account – Step by Step
Traders who want to register for and set up a demo account with FINAM FOREX can follow these steps:
Step 1 : Click on “open demo account”
Click on the “open demo account” option.
Step 2 : Fill out the form
Provide basic personal information requested.
FINAM FOREX Trading platforms
The trading platform is the software that traders use to execute their trades. Each broker reserves the right to offer their own preferred trading platform. Where some brokers offer a variety of third-party platforms, others prefer offering their own proprietary platforms, if they have one.
FINAM FOREX offers the use of multiple trading platforms, namely MetaTrader4, QUIK, TRANSAQ, the in-house FinamTrade and MetaTrader5. MetaTrader4 is the globally known and preferred platform and is offered by most brokers due to its popularity and rich features along with high customizability and user-friendliness.
The MT4 platform supports 3 types of execution of operations, including Instant Execution. Traders can use market, pending and stop orders. The trading arsenal of the MT4 platform is suitable for the implementation of almost any trading strategy.
Most of the platforms must be downloaded and are available on desktop, web, or mobile devices such as Android and iOS. The in-house trading platform FinamTrade is a trading terminal where investors analyse securities, monitor the market, and execute trades. It is available for smartphones, tablets and as a web version for the browser.
FINAM FOREX Fees and Spreads
FINAM FOREX’s spreads start from 0.6 pips on the regular EUR/USD currency pair. Traders will find that FINAM FOREX offers competitive trading with fixed spreads that typically start from 0.6 pips EUR/USD. This will depend on the trading platform used, the type of financial instrument that is being traded and the market conditions.
The spread list and fee schedule which is offered by FINAM FOREX is quite transparent as well as competitive. Traders need to navigate carefully on the broker’s website to get all the information needed.
Traders should also keep in mind that price spreads vary throughout the day depending on factors such as available liquidity, market forces, volatility, and the trading session.
FINAM FOREX does not charge any commissions for trade executions. This only applies if you replenish your account in cash at the FINAM cash desk or transfer money from a FINAM Bankcard and if you withdraw in RUB. If you withdraw in any other currency from the FINAM bank account, a 0.07% commission will be charged.
FINAM FOREX vs Forex4you vs Fibo Group – A Comparison
| 🔎 Broker | 🥇 FINAM FOREX | 🥈 Forex4you | 🥉 Fibo Group |
| 💰 Minimum Deposit | None | None | $50/R800 |
| 📝 Sign-Up Bonus | ☑️ Yes | ☑️ Yes | ☑️ No |
| ➕ Max. Leverage | 1: 40 | 1:1000 | 1:1000 |
| 💵 Currency Pairs | 27 | 50 | 38 |
| 🚀 Open an Account | 👉 Open Account | 👉 Open Account | 👉 Click Here |
FINAM FOREX Current Popularity Trend
As According to Google Trends, here is an overview of how frequently the search term – “FINAM FOREX” is entered into Google’s search engine over a given period of time.
FINAM FOREX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Demo account offered | Clients from the United States not accepted |
| Fixed spreads | Limited base currencies |
| No Commission charges | Limited payment methods |
| No minimum deposit requirement | No Islamic Account |
| Regulated through the Central Bank of the Russian Federation | Only one account type offered |
| Various educational tools are available |
CONCLUSION
FINAM FOREX has been operating for many years and is a well-established Russian-based broker. The trading conditions offered are competitive when compared with other brokers. The broker offers powerful trading platforms with many features that can only be to the advantage of beginner or advanced traders.
Trading can only be done through one live account on several financial instruments, but it is more focused on forex currency pairs. Trading fees are transparent and competitive, although the broker does not offer many payment methods on deposits and withdrawals and only limited base currencies.
There is adequate education offered and the trading platforms should make up for where the broker lacks in research tools, resources, and materials. Another benefit that FINAM FOREX has is that it offers a demo account which allows traders to explore the broker’s offer in a risk-free environment.
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DISCLAIMER
FINAM FOREX warns that the proposed contracts or financial instruments are high-risk and may lead to the loss of the deposited funds in full. Before entering contracts, you should familiarize yourself with the risks with which they are associated.
The proposed contracts or financial instruments are highly risky and may lead to the loss of the deposited funds in full. Before making transactions, you should familiarize yourself with the risks with which they are associated, according to research in South Africa.
Frequently Asked Questions
TRADING ENVIRONMENT
How many instruments can I trade with FINAM FOREX?
You can trade any of the following:
- 27 Forex currency pairs
- Stocks
- Commodities
- Indices
- Oil
- Gold
Which platforms are supported by FINAM FOREX?
MetaTrader4, QUIK, TRANSAQ, FinamTrade and MetaTrader5.
Does FINAM FOREX offer leverage?
Yes. FINAM FOREX offers leverage of up to 1: 40.
What spreads can I expect with FINAM FOREX?
You can expect fixed spreads from 0.6 pips.
Does FINAM FOREX charge commission?
No. FINAM FOREX offers commission-free trading.
Is FINAM FOREX regulated?
Yes. FINAM FOREX is regulated by the Central Bank of the Russian Federation.
Is FINAM FOREX a recommended forex trading broker for experts and beginners?
Yes. FINAM FOREX offers an ideal environment for both beginners and experts.
What is the overall rating out of 10 for FINAM FOREX?
6/10.
ACCOUNTS
What is the difference between a demo and a live trading account?
A demo account is an account funded with virtual money that allows for risk-free trading while a live trading account requires actual capital.
With a demo account, traders can safely explore the broker’s offer, practice trading, or test out their trading strategies that they wish to use in a live trading environment.
Does FINAM FOREX offer a demo account?
Yes.
How long is the demo account valid?
The demo account does not expire.
Which live trading accounts does FINAM FOREX offer?
FINAM FOREX offers only one standard live trading account.
What are the available deposit currencies for a live trading account?
RUB, USD, and EUR.
DEPOSITS AND WITHDRAWALS
What is the minimum deposit for FINAM FOREX?
$ 0.
How do you make a deposit and withdrawal with FINAM FOREX?
You can use any of the following:
- Wire transfer from a bank account
- Through the cash desk of the FINAM Bank
- Using a bank card
Does FINAM FOREX charge withdrawal fees?
No. FINAM FOREX does not charge any withdrawal fees. Traders may be subjected to transaction fees that are charged by their bank.
How long does it take to make a withdrawal?
Withdrawals are executed within 2 business days from the date of submission of the order.
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