Finam Forex is a Russian online forex broker. They were the very first broker to receive a license to operate as a forex broker from the Bank of Russia in 2016. Their parent company Finam Holding also operates several other businesses that offer a variety of financial services. The company takes its name from shortening Finance Analysts Moscow.
Finam Trading Platform
Finam gives clients access to the popular MetaTrader 4 platform just like Exante for example. Through this platform, traders have access to a wide array of technical indicators and automated trading tools. The MetaTrader 4 platform is top-rated among online traders, and most brokers offer it. The platform is intuitive and also easy to use, with all the charting tools traders need to understand their investments. The options and also the toolset provided by MetaTrader 4 are unparalleled as far as online forex platforms go.
What Finam Has to Offer
Finam has 26 currency pairs available for its clients, not very impressive compared to other brokers. These pairs all have reasonable spreads, with many of them being favorable. There are no commissions on sales, with spreads being the broker’s sole revenue stream. The initial deposit to get started with Finam is $100. This is a reasonably standard minimum deposit for most brokers, although, among Russian brokers, it is much lower than average.
High Leverage Could Snare New Traders
The broker gives users access to leverage as high as 1:40. This not as shockingly high as the 1:100 or even 1:500 leverages you can find with unregistered brokers. However, it is still higher than the ESMA mandated limit of 1:30. Although this limit does not apply to Russian brokers, it is a good indicator when leverage is too high. New traders who don’t understand the risks associated with leverage often lose their entire deposits in minutes without ever knowing what hit them.
Strange Payment Restrictions
Unlike almost every other online broker, Finam does not appear to allow for a range of payment options. If the information on their website is accurate, they only allow traders to fund their accounts through bank transfers. Most brokers allow credit card, PayPal, Skrill, or even cryptocurrency payments. This is highly restrictive and must certainly put off some new clients. This might have something to do with different account funding regulations in Russia, but that isn’t indicated anywhere.
Start Your Refund Now
So, are you having trouble with your online forex broker? Many brokers mistreat their clients, believing them powerless to fight back. With our help, you can start the journey of recovering your funds. We have many different tools for tracking down refunds. Call us today for a free consultation.
