FinMarket Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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License
CYSEC Suspicious Clone 
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Finmarket has garnered mixed reviews in the forex trading community, with some users praising its flexibility and range of trading instruments while others raise concerns about high fees and customer service issues. Overall, traders should weigh the pros and cons carefully, especially considering the regulatory environment and the broker's operational history.
Note: It is essential to be aware of the different entities operating under the Finmarket name across various regions, which may affect the trading experience and regulatory compliance. This review aims to provide a balanced view based on available information from multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 5 |
| User Experience | 5 |
How We Score Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding the trading conditions provided by the broker.
Founded in 2015, Finmarket is operated by K-DNA Financial Services Ltd, based in Cyprus. The broker offers a variety of trading platforms, primarily the well-known MetaTrader 4 (MT4) and its proprietary web-based platform. Traders can access a broad array of asset classes, including forex, commodities, cryptocurrencies, and individual stocks. Finmarket is regulated by the Cyprus Securities and Exchange Commission (CySEC), which adds a layer of credibility to its operations.
Finmarket operates under the regulation of the Cyprus Securities and Exchange Commission (CySEC), holding license number 273/15. This regulatory framework provides some security for traders, as it mandates strict compliance with financial standards and investor protection measures. However, concerns have been raised regarding the transparency of its operations and the potential for conflicting entities operating under the Finmarket name in different jurisdictions.
Finmarket allows deposits in multiple currencies, including USD and EUR, and supports various payment methods such as credit cards, wire transfers, and e-wallets like Skrill and Neteller. The minimum deposit requirement is set at $250 for the basic account, which is relatively standard in the industry. Withdrawal requests are typically processed using the same method as the deposit, but delays have been reported, leading to frustration among users.
Currently, Finmarket does not offer any significant bonuses or promotions, which is in line with CySEC regulations that restrict such incentives. This lack of promotional offers may deter some traders looking for added value when opening an account.
Finmarket provides access to a diverse range of tradable assets, including over 30 currency pairs, commodities such as gold and oil, and a selection of cryptocurrencies. The broker also offers CFDs on individual stocks, including major companies like Amazon and Apple. However, the overall number of assets available is considered limited compared to some of its competitors.
One of the main criticisms of Finmarket is its high trading costs. The average spread for the EUR/USD pair can exceed 3.7 pips on mini accounts, which is significantly higher than the industry average of around 1.0-1.5 pips. Additionally, commissions can range from $10 to $15 per trade, depending on the account type, which further increases the cost of trading. Such high fees can severely impact profitability, especially for traders with smaller accounts.
Finmarket offers leverage of up to 1:30 for retail accounts, which is compliant with CySEC regulations. While this leverage level is considered safe, it is relatively low compared to some competitors that offer higher leverage ratios, which may appeal to more experienced traders looking for greater risk exposure.
Traders at Finmarket can utilize the popular MT4 platform, known for its robust features and user-friendly interface. Additionally, the broker offers a web-based trading platform that allows for easy access without the need for software installation. Both platforms support mobile trading, enabling users to trade on-the-go.
Finmarket does not accept clients from certain jurisdictions, including the United States and several other countries with strict regulatory environments. This restriction may limit access for some potential traders.
Customer support at Finmarket is available in several languages, including English, German, French, and Italian. However, users have reported slow response times and a lack of helpfulness from the support team, which raises concerns about the overall quality of customer service.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 5 |
| User Experience | 5 |
Account Conditions: Finmarket offers several account types, including a basic account with a minimum deposit of $250. However, the high fees associated with trading can be a significant drawback for many traders.
Tools and Resources: The availability of MT4 and a web-based platform provides traders with decent tools, but the lack of comprehensive educational resources is a missed opportunity.
Customer Service and Support: Users have expressed dissatisfaction with the customer support experience, citing long wait times and unhelpful responses.
Trading Setup (Experience): The overall trading experience is considered satisfactory, but high spreads and commissions can hinder profitability.
Trustworthiness: While regulated by CySEC, concerns about the operational transparency and the existence of multiple entities under the Finmarket name raise questions about trustworthiness.
User Experience: The user experience is mixed, with the trading platforms being functional but lacking advanced features that some competitors offer.
In conclusion, the Finmarket review indicates that while the broker has potential, significant drawbacks in terms of cost, customer service, and transparency may lead traders to consider alternative options in the crowded forex market.
