FinQ Forex Trade Platform and Broker Review

FinQ Forex Trade Platform and Broker Review

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FinQ Broker Review

FinQ is an offshore forex broker and trading platform established in 2017 in Seychelles. FinQ offers traders more than 2,100 tradable financial instruments across several asset classes.

FinQ has between 10 and 50 employees and is headquartered in Beau Vallon, Seychelles.

Is FinQ Regulated?

Yes, FinQ is owned and operated by Dilna Investments Limited, which is the primary payment provider and website operator of FinQ. Dilna acts on behalf of its mother company, Leadcapital Corp Limited, which is authorized and regulated by the Seychelles Financial Services Authority (FSA).

This is considered by many industry professionals as “offshore” regulation, and it is not preferred. However, FinQ uses many additional security protocols to ensure that client funds are protected, such as keeping funds in segregated accounts with top-tier banks.

 

Is FinQ Regulated in the United States?

No, FinQ is not regulated in Virginia or any other US state. 

Is FinQ Regulated in Europe?

No, FinQ is not regulated in Europe. 

Is FinQ regulated in a Tier-1 Jurisdiction?

No, FinQ is not regulated in Tier-1 jurisdiction.

Tier-1 Jurisdiction provides brokers with the license to provide financial services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is FinQ regulated in Tier-2 Jurisdiction?

Yes, FinQ is regulated in Tier-2 jurisdiction.

Tier-2 Jurisdiction provides FinQ with the license to offer financial services and operate in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in FinQ?

FinQ offers forex traders with a choice between its own proprietary trader, the FinQ WebTrader, FinQ mobile trader, and MetaTrader 4, which is the most popular trading platform in the world.

  1. FinQ WebTrader offers traders with access to the full suite of more than 2,100 financial instruments. The FinQ WebTrader also offers access to fast trade execution and a range of features, including stop-loss, take profit, limit, and stop orders, and more.
  2. FinQ mobile trading app provides traders with access to a range of markets from the palm of their hand. The app prioritizes fast trade execution and provides unique and dynamic features which mirror the WebTrader.
  3. MetaTrader 4 is a popular, user-friendly, and customizable trading platform that is available across several devices. With FinQ and MetaTrader 4, traders can expect competitive trading conditions and a plethora of features to enhance their forex trading experience.

Does FinQ Have a News Blog for Forex News?

No, FinQ does not have a news blog for forex news.

Does FinQ Have a Traders Dashboard?

Yes, FinQ has a Traders Dashboard. Forex traders can access the trader's dashboard once they have signed up on the FinQ official website. Once registration is complete, forex traders are automatically directed to the FinQ proprietary trading platform and the trader's dashboard.

FinQ Traders Dashboard

Does FinQ Have an Educational Section?

No, FinQ does not have an educational section on the official website.

 

Is FinQ Legit?

Yes, FinQ is operated by Dilna Investments Limited, which acts on behalf of Leadcapital Corp Limited, which has authorization and regulation through the Seychelles Financial Services Authority (FSA).

Is FinQ Safe?

FinQ is classified as an offshore broker and is not considered safe. There are many forex experts and professionals who do not recommend that forex traders use offshore brokers. The reason for this is that client fund security cannot be guaranteed by offshore brokers, even if they claim stringent regulations and protocols.

Is FinQ a Good Broker?

Yes. According to the Forex Suggest review, FinQ is a good broker for security, trading speed, and online support, but not for cryptocurrencies. 

In terms of security, FinQ claims to use additional security where client funds, deposits and withdrawals, and client information is concerned. FinQ claims that only vetted reliable providers are used for deposits and withdrawals.

The trading speed that FinQ offers cannot be specified, but the broker guarantees fast execution through its proprietary trading software.

In terms of online support, FinQ can be reached 24 hours a day, five days a week, on the official website.

Where cryptocurrencies are concerned, FinQ has crypto listed as part of its offering, but there is no information on which cryptocurrencies are offered.

What is the Offering of Investment in FinQ?

Offerings of FinQ can be found below.

Feature FinQ
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  No

Does FinQ have Nasdaq?

Yes, FinQ offers the trade-in Nasdaq by offering share CFDs.

Nasdaq, known as the US Tech 100 or the Nasdaq composite, is the second-largest stock exchange by market capitalization. Nasdaq tracks the top technology stocks in the US.

What are the Awards of FinQ?

FinQ does not list any awards on the official website.

How to Use FinQ for Forex trading?

To use FinQ, a forex trader should have the necessities below:

  1. Traders must have a copy of their identity document along with proof of their residential address for FinQ’s “Know Your Client” or KYC process.
  2. Traders must be able to pay the $100 minimum deposit.
  3. Traders must be 18 years old or older to register an account.

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of FinQ.

How to open a Forex trader account with FinQ?

To open a Forex Trading account with FinQ, a trader should follow the steps below.

  1. Traders can navigate to the official FinQ website and select “Start Trading” from the homepage.
  2. Traders can register on the official FinQ website by providing their email address and a user-selected password before selecting “Create Account.”
  3. Traders will be redirected to the FinQ WebTrader, and a pop-up will prompt them to complete registration.
  4. The forex trader can select “Proceed,” and an online application will load.
  5. Forex traders must complete the account registration and prove their identity and residential address before their account can be verified and approved.
  6. Once complete, the forex trader can pay the minimum deposit according to the account type they opened and start trading.

What is the Forex Trader Account Types with FinQ?

Forex Trading Platform and Financial Asset Management Institution FinQ have 5 different account types that are offered.

FinQ Account Types are listed below. 

  1. Demo Account
  2. Islamic Account
  3. Silver Account
  4. Gold Account
  5. Platinum Account
  6. Exclusive Account
  7. Classic ECN
  8. Pro ECN

1. Demo Account

When forex traders register with FinQ, they are automatically assigned with a demo account which is funded with $10,000 in virtual funds. This account can either be used by beginners to practice trading or by advanced traders to test their strategies.

2. Islamic Account

FinQ offers Muslim traders who follow the Sharia Law with the option of converting their trading account into that of a swap-free or Islamic Account. This exempts Muslim traders from being subjected to swap or overnight fees when they hold positions open overnight or for consecutive nights.

3. Silver Account

The FinQ Silver Account is the entry-level account that has these features:

  • Minimum deposit of $100
  • Daily Analysis: Morning Review
  • Desktop as well as mobile trading
  • 24-hour customer service
  • Access to events and trade
  • Dedicated Account Manager
  • Spreads from 0.6 pips on gold, 1.9 pips on EUR/USD
  • Commission of 0.20% charged on shares

4. Gold Account

The FinQ Gold Account is the next level in account types offered suited for more advanced forex traders. The features on this account are:

  • Minimum deposit of $10,000
  • Daily Analysis: Morning Review
  • Desktop as well as mobile trading
  • 24-hour customer service
  • Access to events and trade
  • Dedicated Account Manager
  • Premium Daily Analysis
  • Access to Trading Central
  • Spreads from 0.5 pips on gold, 1.4 pips on EUR/USD
  • Commission of 0.16% charged on shares

5. Platinum Account

The FinQ Platinum Account caters to traders who need some of the best trading conditions, allowing them to add a competitive edge to their trading. The Platinum Account has the following features:

  • Minimum deposit of $50,000
  • Daily Analysis: Morning Review
  • Desktop as well as mobile trading
  • 24-hour customer service
  • Access to events and trade
  • Dedicated Account Manager
  • Premium Daily Analysis
  • Access to Trading Central
  • Premium customer support
  • Spreads from 0.4 pips on gold, 1 pip on EUR/USD
  • Commission of 0.12% charged on shares

6. Exclusive Account

The FinQ Exclusive Account caters for professional traders who need trading conditions to suit their trading objectives and needs. The features on the Exclusive Account are:

  • Minimum deposit of $100,000
  • Daily Analysis: Morning Review
  • Desktop as well as mobile trading
  • 24-hour customer service
  • Access to events and trade
  • Dedicated Account Manager
  • Premium Daily Analysis
  • Access to Trading Central
  • Premium customer support
  • Spreads from 0.3 pips on gold, 0.8 pips on EUR/USD
  • Commission of 0.08% charged on shares

7. Classic ECN Account

The Classic ECN Account offered by FinQ is designed for active forex traders. The requirement for this account type is that there must be a minimum of one transaction a month to ensure that the account is active. This account has the following features

  • Minimum deposit of $1,000
  • Daily Analysis: Morning Review
  • Desktop as well as mobile trading
  • 24-hour customer service
  • Access to events and trade
  • Dedicated Account Manager
  • Spreads from 0.4 pips on gold, 0.8 pips on EUR/USD
  • Commission of 0.16% charged on shares

8. Pro ECN Account

To qualify for the FinQ Pro ECN Account, forex traders must meet the minimum trade volume requirement, which is 2,000,000 USD for the previous month. If forex traders do not meet this, their account will automatically classify as a Classic ECN Account. This account has the following features:

  • Minimum deposit of $50,000
  • Daily Analysis: Morning Review
  • Desktop as well as mobile trading
  • 24-hour customer service
  • Access to events and trade
  • Dedicated Account Manager
  • Premium Daily Analysis
  • Access to Trading Central
  • Premium customer support
  • Spreads from 0.2 pips on gold, 0.15 pips on EUR/USD
  • Commission of 0.08% charged on shares and $8 per lot on forex and metals.

How to Withdraw Money from FinQ?

To withdraw money from FinQ, the following should be done:

  • Forex traders can log into the FinQ WebTrader and their trading account.
  • The trader can select the menu at the top of the page and “Withdraw.”
  • Traders can complete the withdrawal request and submit it to customer support.
  • Depending on the withdrawal method, funds can reflect instantly, or it can take a few days.
  • Traders must note that they can only withdraw funds in the same manner that they deposited funds.

How many days do deposits take with FinQ?

The number of days that it takes for deposits to clear will depend on the payment method used. Some payment methods may be instant, whereas others can take several days.

What are the costs and fees with FinQ?

There are four types of costs with FinQ, namely spreads, commissions, swap fees, and margin requirements. 

FinQ charges variable spreads which depend on the financial instrument, account type, the volume being traded, and the market conditions. Spreads are the difference between the bid and ask price, expressed in pips.

FinQ charges a flat rate commission depending on the financial instrument being traded and the account type used. FinQ does not offer commission-free trading, even on the basic account types.

Swap fees or overnight fees are charged or credited depending on whether the trader holds a short or a long position. Each financial instrument has its own swap fee, and there may be triple swaps charged before or after a weekend/public holiday. 

FinQ does not provide the swap fees on instruments.

Margin requirements can be seen as collateral that FinQ requires when a trader opens a trade. This is expressed as a percentage and can be from 1% up to 100%. Margin requirements are significantly lowered when traders use leverage.

What are the Trading Fees with FinQ?

The Forex Trading Fees with FinQ are below. 

The Silver Account:

  1. Gold Spreads: 0.6 pips
  2. EUR/USD Spreads: 1.9 pips
  3. NASDAQ 100 Spreads: 1.8 pips
  4. Crude Oil Spreads: 4 pips
  5. Commission on Shares: 0.20%
  6. Initial Margin EUR/USD: 0.3%

The Gold Account:

  1. Gold Spreads: 0.5 pips
  2. EUR/USD Spreads: 1.4 pips
  3. NASDAQ 100 Spreads: 1.6 pips
  4. Crude Oil Spreads: 3 pips
  5. Commission on Shares: 0.16%
  6. Initial Margin EUR/USD: 0.3%

The Platinum Account:

  1. Gold Spreads: 0.4 pips
  2. EUR/USD Spreads: 1 pip
  3. NASDAQ 100 Spreads: 1.5 pips
  4. Crude Oil Spreads: 3 pips
  5. Commission on Shares: 0.12%
  6. Initial Margin EUR/USD: 0.3%

The Exclusive Account:

  1. Gold Spreads: 0.3 pips
  2. EUR/USD Spreads: 0.8 pips
  3. NASDAQ 100 Spreads: 1.4 pips
  4. Crude Oil Spreads: 2 pips
  5. Commission on Shares: 0.08%
  6. Initial Margin EUR/USD: 0.3%

The Classic ECN Account:

  1. Gold Spreads: 0.4 pips
  2. EUR/USD Spreads: 0.8 pips
  3. NASDAQ 100 Spreads: 1.8 pips
  4. Crude Oil Spreads: 4 pips
  5. Commission on Shares: 0.16%
  6. Commission on forex and metals: $8 per lot
  7. Initial Margin EUR/USD: 0.3%

The Pro ECN Account:

  1. Gold Spreads: 0.2 pips
  2. EUR/USD Spreads: 0.15 pips
  3. NASDAQ 100 Spreads: 1.4 pips
  4. Crude Oil Spreads: 2.4 pips
  5. Commission on Shares: 0.08%
  6. Initial Margin EUR/USD: 0.3%

What is the minimum deposit in FinQ?

The recommended minimum initial amount is 100 USD. 

What are the contract specifications in FinQ?

Feature FinQ
Forex Trading Yes
CFDs 100+
Forex Pairs 40+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) Not indicated
Social Trading  No

Does FinQ have promotional offers?

Yes, FinQ Trade and Exchange platform only have a “Refer a Friend” promotional offer, which is given to both new and existing forex traders.

Does FinQ have a welcome bonus?

No, FinQ does not have a welcome bonus.

A welcome bonus is offered to traders who register a real account for the first time and provides them with trading credit. 

Does FinQ have a deposit bonus?

No, FinQ does not have a deposit bonus.

A deposit bonus is granted to forex traders either when they register a new account or with every deposit, according to the discretion of the broker. 

Is there a commission-free trade bonus in FinQ?

No, FinQ does not offer forex traders with a commission-free trade bonus.  

Is there a VIP bonus in FinQ?

No, FinQ does not offer forex traders with a VIP bonus.

Can you start trading with no money at FinQ?

No, you cannot start trading with no money at FinQ. To start trading, traders must pay a minimum deposit of $100.

How does leverage work with FinQ?

FinQ offers leverage up to a maximum of 1:300.

Leverage is a useful tool that allows traders to open larger positions by lowering the margin requirement or call that is needed at the start of each trade as collateral. Leverage can maximize the trader’s profit potential, but it can also expose traders to significant losses.

Where are the headquarters of FinQ?

FinQ is headquartered in Beau Vallon, Seychelles.

Who is FinQ’s CEO?

The CEO of FinQ is not provided by official and trusted sources.

What are the social media accounts of FinQ?

The official website for FinQ does not provide any social media accounts.

How many employees do work for FinQ?

The exact number of employees for FinQ is not given by any official source. However, according to the operational size of FinQ, there are between 10 and 50 employees.

What are the opinions about FinQ?

FinQ is a regulated forex broker and trading platform that falls under the Leadcapital Corp Limited umbrella, with regulation through FSA. There are few reviews that consider FinQ a good, safe option as it is an offshore forex broker truly little information and a lack of true transparency on its operations.

What are FinQ Contests?

FinQ does not run any contests.

FinQ does not currently have any contests, and there are no announcements on the official websites that indicate whether there will be contests held in the future.

Does FinQ have online support?

Yes, FinQ offers online support to forex traders through the live chat option that is available at the bottom of each screen on the website. Online support can be contacted 24 hours a day, five days a week, either by using live chat or the WhatsApp option.

Does FinQ offer demo accounts for Forex trading?

Yes, FinQ offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Forex traders can register on the official FinQ website, and they will automatically be redirected to the WebTrader.
  2. Here, traders can complete their registration to access the demo account.

Does FinQ have a mobile app for Forex trading?

Yes, FinQ offers the Direct App for Android and iOS. 

The FinQ proprietary mobile trading app allows forex traders to trade all tradable financial instruments. The mobile trading app offers a variety of unique features, including access to various features, fast trade execution, and safe deposits and withdrawals.

Through the mobile app, forex traders can easily manage their trading activity and monitor their trades. In addition, with the FinQ app, forex traders can ensure that they stay updated with forex opportunities so that they do not miss out.

FinQ Mobile App

Does FinQ publish an economic calendar?

No, FinQ does not publish an economic calendar on the official website. Provision is made on the official FinQ website for an economic calendar, but there is no data under this section.

An economic calendar is a crucial trading tool that provides traders with the ability to view relevant economic information which is scheduled to be released. Such events could impact on the financial markets and, subsequently, the trader’s trading.

What is the communication information of FinQ?

FinQ does not provide a telephone number on the official website. The main address of FinQ is Suite 3, Global Village, Jivan’s Complex, Mont Fleuri Mahe, Seychelles.

Forex traders who wish to contact FinQ can either use the live chat function, WhatsApp link, or the email address provided on the official website under “Contact Us.”