Finq Review (2023)
Is Finq a scam or a legit broker?
Finq is not a secure Forex broker (see the list of Best Forex Brokers) since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.
What is Finq?
Finq provides trading in CFDs by offering tried and tested reliable platforms for web and mobile with over 2100 assets – stocks, commodities, forex, ETFs, indices, bonds. According to the website, Finq takes no commission and has multi-lingual client support standing by 24/5 to give assistance for account holders. On Finq, they guarantee some of the lowest spreads (Check out lowest spread forex brokers) in the market and zero commission, whilst offering leverage up to 1:300.
Among the platforms offered by Finq the WebTrader is one of the most up-to-date popular platforms giving clients an opportunity to trade over 2,100 assets backed by 90 edit tools, Trending tools, Analysis Recommendation tool and Events & Trade tool. The MT4 platform is also available to Finq traders.
About FINQ
| 🗺️ Registered in | Seychelles |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is FINQ safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
Licenses & Regulation
Is Finq regulated?
It is not safe to trade with Finq, as it is an offshore company. Finq.com is operated by Dilna Investments Ltd which is the primary payment provider and website operator. Dilna Investments Ltd is acting on behalf of its mother company, Leadcapital Corp Ltd is regulated as a Securities Dealer by the Seychelles Financial Services Authority.
The point is that Seychelles offers an easy process of financial or investment firm establishment, through a very low list of requirements, small budgets and what is more crucial with no strict supervision of the brokers’ operation or history. For that reason, offshore zones attract vast non-scrupulous or shady brokerages such as Hugo’s Way, Prime XBT that aim to attract clients, to grab their funds and disappear.
Is Finq a scam?
There are a lot of offshore-registered brokers out there claiming that offshore registration is a legit thing that allows them to do business in the financial market. However, most of them are simply registered, and not licensed, nor monitored by any governmental agency, which makes those firms the most dangerous places for investing.
Finq in India
Finq has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here (forex trading brokers in india).
Finq in the USA
The United States is one of the countries that is not accepted by Finq. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Finq, you are only permitted to trade with the U.S regulated platforms.
Deposits & Withdrawals
The minimum deposit in FINQ.com is $/€/£ 100. The broker offers several payment methods: debit/credit cards, bank transfers, Neteller, FasaPay and Skrill.
Apps
Finq provides its traders with mobile trading through its iOS and Android apps. The traders can trade on the branded Finq WebTrader to access 2,100 assets from the world’s financial markets with free apps for mobile trading. They can view the Traders Trend Bar, see the Trending Now asset list, and use Stop Loss, Take Profit, Entry Limit and Entry Stop as they trade. Most importantly, the broker’s technical team constantly updates its app to give traders the best solution for trading anytime anywhere, so they never have to miss an opportunity to trade.
Demo Account
Finq offers a demo account so you can try the Finq platform with virtual trading before you put down a payment. This FREE demo account comes loaded with $10,000 of virtual money. Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option. Also check info on FBS Broker Demo account.
Conclusion
In any case, we never advise trading with a non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple: the broker may promise the most competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a company means the trader will believe only on the broker’s words, and of course, it is a high risk.
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or Australian Forex Brokers and reliable brokers such as AvaTrade and XM.com.
You can also share your trading experience with Finq by commenting on this review.
Reviews
I DEPOSITED $2000 WITH FINQ. because they were constantly pressing upon the point that its totally free brokerage in US markets. Only 2% brokerage from profits. they were pressing too hard on trading. but when i told them that i will trade later, and requested my money, there was no response.
yesssss and why all you gays dont have an acc on finq.com. you are alle liaers becauze i have 5 years that im investing whith finq and i dont hape any problem
Yes u are right finq.com broker allso faurd with me when I add my firs 100$ the broker also ask me that you get $100 bonus but no bonus
Hi give me & faurd with me
I have paid 600USD and there staff in starting force me to make more 5000USD but I was not setisfy with the service I have submitted withdraw request but they not credited amount in my account apart from that after requesting withdraw amount they removed my all money which I deposited in starting, I was shoked I send support and company people mail reply me call me or reply on mail but unfortunately no one reply there I have spoken with 5 to 6 people Aneesh, arvind, Kuvar, atif, kamal, Rahul they all are only interested to get our money nothing else no responsibility or not good services they do follow up for I do make more deposit and then they do 0 zero my hard money that not right way in trading system need support to do complaint in higher level and stop this kind of breach, and fake services, there office also not real need full investigation on there business they are looting the genuine people.
Just reading this comment saved me alot from this people. I was about to deposit my money but told myself that i need to do some research first.
T
Finq is a fraudulent CFD broker, everything moves smooth with them like a dream although they call you a lot on a daily basis to enter in to deals, however when you start doing some profits and decide to withdraw some funds, your dream turns in to a nightmare! Your account manager will do his best to make you loose all your money! I lost my funds and when requested to get back my funds they told me my complain takes up 2 months! Beware traders!! Don’t do the same mistake. Choose regulated tier 1 brokers. Not offshore like Finq.
I totally agree with everyone here.. Fine is a Fraudulant broker. They always provide false signals. Without proper reasearch and you will keep losing all your money. I lost. 1000usd with these guys.and upon that they asked me to deposit 1000 more. And today evening called me again. And asked me to invest in oil and when I said I have no money left. They asked me to deposit 1000 more. And invest as it is a good time to recover losses. I waited.checking the trend chart all day. I didn’t see any raise. And in the evening there was a huge fall. They don’t do any research. So to all who are planning to do trading with find. Be carefull.