Finotec Review

Finotec At a Glance

Overall Rating

• 3.4/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 200

Regulators

FCA

Trading Platform

MT4, Web XTrader, Fix API, Currenex

Crypto

No

Total Pairs

0

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

Choose your quick section of our Finotec below.

Finotec review – 19 key point quick overview:

1. Finotec At a Glance
2. Finotec Overview
3. Finotec Safety and Security
4. Finotec Sign-Up Bonus
5. Finotec Minimum Deposit
6. Finotec Demo Account
7. Finotec Leverage
8. Finotec Accounts
9. Finotec Market instruments
10. Finotec Fees, Spreads & Commissions
11. Finotec Deposit and withdrawal
12. Finotec Trading platforms
13. Finotec Current Popularity Trend
14. Finotec vs Exness vs XM – a Comparison
15. Finotec Customer Reviews
16. Finotec Pros and cons
17. Finotec Conclusion
18. Finotec Disclaimer
19. Frequently Asked Questions

Finotec Overview

According to research in South Africa Finotec is a British company founded in 2007, with headquarters in London, UK.

Finotec, is a division of a real-time Internet trading company Finotec Trading Inc. which established the world of online Forex trading in 1998. Initially, it began by managing a Risk Book brokerage business and accumulating an understanding of all aspects of the FxSpot leveraged business.

In 2001, the company introduced its Forex online trading platform and made it globally available. It now offers real-time Internet trading not only in currencies, but also in options, commodities, CFD’s, and stocks.

Finotec sees itself as a Boutique FX Prime Brokerage and makes provisions for investment managers, Hedge Funds and professional traders as well as to retail brokers.

The company enables its clients to trade with multiple brokers, market makers, and banks, providing a credit line, based on their margin account, to the clients with whom they have a relationship.

Finotec Safety and Security

Finotec is authorized and regulated by the Financial Conduct Authority (FCA Register Number 470392). It can hold client funds, act as a matched principal, and holds an FCA Investment Management license with a European passport for many years.

Finotec Sign-Up Bonus

Finotec does not offer new traders a sign-up bonus or also known as a welcome bonus when signing up.

Finotec Minimum Deposit

The minimum deposit amount required to register a Finotec trading account is $200. This minimum deposit is equivalent to R3200 ZAR at the current exchange rate between the  South African Rand & United States Dollar.

Finotec Demo Account

Finotec does not offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment.

Finotec Leverage

Leverage enables a trader to get a much larger exposure to the market the person is trading than the amount deposited to open the trade. Leveraged products, such as forex trading, magnify a trader’s potential profit – but also increase the potential loss.

Leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1 000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.

Margin is the collateral to cover any credit risks that may arise during trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you need to have enough funds in your trading account to ensure sufficient margin.

For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal to or more than 100% to be able to open new trades, otherwise, your trading account will be fully hedged.

Since Finotec falls under the regulations of the FCA the maximum leverage it can offer is 1:40.

It does not state what the maximum leverage is for traders outside Europe but looking at various sources on the web it could be around 1:200.

Overall Rating

• 3.4/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 200

Regulators

FCA

Trading Platform

MT4, Web XTrader, Fix API, Currenex

Crypto

No

Total Pairs

0

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

Finotec Accounts

Finotec offers the following types of accounts:

• Standard Individual Account
• Partner/Corporate Account
• Demo account.

Not much detail is given about any of these accounts on the website.

How to open a Finotec account

1.  Step 1 – Register an account

Navigate to the Finotec website and select the option “open account”

2.  Step 2 – Complete information

Complete your email address and select a password, click on continue and have the complete application form open up.

3.  Step 3 – Select accounts

Select the account you would like to open and complete the prompts for an account to be registered.

4.  Step 4 –Account verification

An account verification email will be sent to traders’ registered email addresses. Once registered you can log into your account. Similarly to a bank, to register a forex trading account with Finotec for the first time, you will be required to go through a basic “know your customer” process, which will allow Finotec to ascertain that your submitted details and ensure the safety of your funds and account details.

Finotec Market instruments

The most popular market instruments available from most brokers for trading include:

Forex

Forex trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

Commodities

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and play a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

Indices

Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

Precious metals

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

Finotec offers the following market instruments:

• Currencies
• Options
• Stocks
• CDFs
• Commodities

Finotec Fees, Spreads & Commissions

Cost and fees depend on different factors, like spread and margins, and Finotec clients may also experience different fee structures according to their country or place of residence.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

The minimum trade size with Finotec is 0.1 lots, which is equal to 10,000 base currency using due to a lot being 100,000 base currency units. It is not clear what the maximum trade size is or how many trades you can have at any one time.

If you do not have an open account, it is not possible to determine what the commissions are on each account type.

There will also be swap charges which are charged when holding trades overnight. These can only be viewed within the trading platform that you are using and can be positive or negative. Spread start from 0.0 pips.

Finotec Deposit and withdrawal

Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be made in the same ways, but sometimes differ.

In the case of Finotec, the following methods and minimum deposits are required:

• The minimum deposit for Standard accounts is $200
• The minimum deposit for Corporate accounts is $10 000.

The following methods can be used to fund accounts and to execute withdrawals:

• Credit/debit cards
• PayPal
• Wire Transfer
• WebMoney

The currencies available to open an account is EUR, GBP, JPY, and USD.

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Finotec Trading platforms

The forex trading platform provided by Finotec to its clients is the software to carry out their trades. Some brokers provide only one, others quite a few platforms.

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

Finotec provide four trading platforms. They are:

• Metatrader4
• Web XTrader
• Fix API
• Currenex

The platforms are available in Arabic, Chinese, English, French, German, Greek, Hebrew, Italian, Polish, Portuguese, Romanian, Russian, Spanish, Turkish and Vietnamese.

Finotec Current Popularity Trend

According to Google Trends, here is an overview of how frequently the search term – “Finotec” is entered into Google’s search engine over a given period of time.

Finotec vs Exness vs XM – a Comparison

Finotec Customer Reviews

Trading with Finotec

I trade their institutional platform and didn’t have any issues, generally, I’m happy with the prices and the platform.

Excellent spreads

Hello, nothing to complain, excellent spreads (among the best I found) better than IB, Oanda, and Interactive. Good execution. FSA regulated, so no worries for the first 50k

Less sophisticated platform

I tried this broker a few years ago. The platform is very different from MT4 for example and is suitable for beginners, but also for people who like to experiment. There are a lot of graphical possibilities and yet it is simple. There is a short explanation for each indicator. They also have some different pairs, additionally, like USDCZK, USDNOK, and GBPILS. I worked with a web-based platform, so I could log in from any computer. That was interesting because I was traveling at that time. Very often I could not log in during busy times. Fridays, sometimes I had trouble login, to handle some positions, so I had to fix it Monday early at night. Although I liked the possibilities of the platform, it was an unstable connection. The communication by telephone was good. A lot of basic things are explained on the website. Sometimes they were calling me to give me some advice. I hope they have improved the stability of the connection because that was the weak point. Nevertheless, I am glad that I didn´t start with the most sophisticated platform. It´s original anyway, but in their own advantage, to improve the internet connection.

Finotec Pros and cons

Finotec Conclusion

Finotec is not an LP or an ECN broker. They are a boutique FX prime broker that connects their clients with top-tier liquidity, giving them constantly competitive pricing.

Finotec is a good choice for investment managers, Hedge Funds, professional traders as well as retail brokers.

Finotec has been providing its clients with optimal trading conditions for their FX activities and has held fast to its founding principles of acting in its clients’ best interests.

Being authorized by FCA it has sustained a business model that is consistently fair and transparent.

Unfortunately, Finotec’s website is not easy to use and does not give enough information. Traders will have to rely on reviews given by traders on various sites that have used Finotec.

Overall Rating

• 3.4/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 200

Regulators

FCA

Trading Platform

MT4, Web XTrader, Fix API, Currenex

Crypto

No

Total Pairs

0

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

Finotec Disclaimer

The website Finotec.com is owned and operated by Finotec Trading UK Ltd., which is authorized and regulated by the Financial Conduct Authority (Financial Services Register Number 470392).

Trading in Foreign Exchange and other leveraged products carries a high degree of risk to your capital and it is possible to lose more than your initial investment. You should only speculate with money that you can afford to lose.

The full Disclaimer and Risk Warning, Cookie Policy, Returns Policy, and Pillar 3 Disclosure can be found on the website.

These products may not be suitable for all investors, therefore please ensure that you fully understand the risks involved and seek independent advice if necessary, according to research in South Africa.

Frequently Asked Questions

Is Finotec a fake or scam broker?

Finotec is not regarded as a fake or scam broker as it adheres to regulation by the strict Financial Conduct Authority in the United Kingdom

What is the overall rating for Finotec?

The overall rating for Finotec is 7/10

Which trading instruments does Finotec offer?

• Currencies
• Options
• Stocks
• CDFs
• Commodities

Which platforms are supported by Finotec?

• Metatrader4
• Web XTrader
• Fix API
• Currenex

Does Finotec offer leverage?

Yes, Finotec offers maximum leverage of 1:40