Finame Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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CYSEC Suspicious Clone 
It's really strange that this company seems to be regulated by CYSEC and has been established for more than five years, and now I can't open their website. Is there something wrong with my network?
Finame, a forex and CFD broker based in Cyprus, has garnered a mix of opinions from users and experts alike. Overall, the reviews indicate that while it offers a range of trading options and is regulated, its user experience and customer service leave much to be desired. Key features include access to various financial instruments and a trading platform that does not utilize the popular MT4 or MT5 systems.
Note: The regulatory environment can vary significantly across regions, and it is vital to consider the specific entity under which you are trading for fairness and accuracy.
| Category | Rating (Out of 10) |
|---|---|
| Account Conditions | 6.0 |
| Tools and Resources | 5.0 |
| Customer Service | 4.0 |
| Trading Experience | 5.5 |
| Trustworthiness | 5.5 |
| User Experience | 4.5 |
We assess brokers based on user feedback, expert opinions, and available features.
Established in 2013, Finame operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CySEC). This broker provides access to a variety of trading platforms, including proprietary options and MT4, allowing traders to engage in forex, commodities, CFDs, and indices. However, it lacks the more popular MT5 platform.
Regulated Geographic Areas:
Finame is primarily regulated in Cyprus, which may not provide the same level of investor protection as brokers regulated by tier-one authorities like the FCA or ASIC.
Deposit/Withdrawal Currencies:
The broker supports multiple currencies for deposits and withdrawals, including USD and EUR. However, it is unclear whether cryptocurrencies are accepted for transactions.
Minimum Deposit:
The minimum deposit required to open an account with Finame is reported to be around $100, which is relatively competitive compared to other brokers in the industry.
Bonuses/Promotions:
Currently, no significant bonuses or promotional offers are highlighted in the reviews, which may be a drawback for traders looking for additional incentives.
Tradable Asset Categories:
Finame offers a diverse range of assets, including forex pairs, commodities, indices, and CFDs. This variety allows traders to diversify their portfolios effectively.
Costs (Spreads, Fees, Commissions):
The spreads are variable and can widen during high volatility, which is a common issue noted by users. The average spread for EUR/USD is reported to be around 1.5 pips, and there are additional withdrawal fees that can apply.
Leverage:
Leverage options range from 1:100 to 1:500, which can be appealing for traders looking to maximize their positions. However, the high leverage also entails significant risks.
Allowed Trading Platforms:
Users can trade using Finame's proprietary platform and MT4. However, the lack of MT5 may deter some traders who prefer its advanced features.
Restricted Regions:
Finame does not accept clients from the United States, which is a common limitation among many brokers due to regulatory issues.
Available Customer Service Languages:
Customer support is offered in English and potentially other languages, but the quality of service has been criticized, with reports of long wait times and unhelpful responses from support staff.
| Category | Rating (Out of 10) |
|---|---|
| Account Conditions | 6.0 |
| Tools and Resources | 5.0 |
| Customer Service | 4.0 |
| Trading Experience | 5.5 |
| Trustworthiness | 5.5 |
| User Experience | 4.5 |
Account Conditions (6.0): The accounts offered are competitive, but the minimum deposit of $100 may still be a barrier for some traders. The lack of Islamic accounts is also a downside noted by potential clients.
Tools and Resources (5.0): While Finame provides some educational resources, users have reported that these materials are not comprehensive enough for beginners. The lack of advanced tools compared to competitors has also been mentioned.
Customer Service (4.0): Many users express dissatisfaction with customer support, citing slow response times and inadequate assistance. This is a significant area for improvement.
Trading Experience (5.5): The trading platforms are functional, but the absence of MT5 is a drawback, particularly for traders looking for advanced analytical tools.
Trustworthiness (5.5): Finame is regulated by CySEC, which adds a layer of trust, but the mixed reviews about customer service and user experiences raise some concerns.
User Experience (4.5): Many users have reported issues with the platform's usability and customer service, leading to a lower overall satisfaction rating.
In conclusion, while Finame offers a range of trading options and operates under CySEC regulation, potential users should weigh the mixed reviews regarding customer service and user experience. As always, it is advisable to conduct thorough research and consider personal trading needs before engaging with any broker.
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