FINQ Review – All Key Points About Finq.com Offshore Broker
As can be seen from the FINQ broker website, they are operating from Seychelles. However, they are working under the ownership of LeadCapital Corp Ltd.
The broker offers various asset classes, from currency pairs, commodities, ETFs, cryptos and many more. Since they are not trading in the EU or US, some regulations are not applied to this broker.
Even though it’s pretty transparent we will check as well what other traders think in our FINQ review.
|Broker status:||Regulated Broker|
|Owned by:||Leadcapital Corp Ltd|
|Cryptocurrencies:||Yes – ADA, XRP, ETH|
|Types of Assets:||Forex, Commodities, Indices, Shares, Cryptos, Bonds, ETFs|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Is FINQ a Regulated Broker?
As per the company statement, they are operating under FSA license number SD007. Indeed, checking the register of FSA, we found proof of that.
Must be remembered that FSA belongs to the Tier 3 group of regulations. Unfortunately, it can’t be compared to Tier 1 ones like FCA, BaFin or ASIC. Whereas these regulators have stricter rules, very few companies can really earn their trust.
As a result of research of their database, we couldn’t find any trace of FINQ trading company.
Besides the loose license, FINQ broker provides very high leverage. However, they state on the website that operations in the EU are not committed and ESMA rules don’t apply.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Security is all it matters in trading. If you don’t have guaranteed withdrawal, negative balance protection and transparent conditions, it’s not worth the trouble. For this reason, we always suggest traders look for reliable brokers. Especially ones that are licensed by the most trusted authorities.
FINQ Available Online Trading Platform
Surprisingly, FINQ broker has developed its proprietary web trader. To point out, FINQ has raised the availability of the platform to the next level. They even provide their web trader mobile app, which is upgraded often. Moreover, traders can choose as well a reliable and trusted Meta Trader 4 platform.
Specially designed for fast trading executions, it is suitable for most traders. However, it can’t be compared to MT4 which provides many more trading options.
Web trader is designed for easy access, but it provides only mediocre charting options and TAs. Clients looking for advanced features like social or copy trading, EAs and algorithmic trading would need to find a different option.
Very often upgraded, with some additional features, mobile app is a better option than FINQs web trader. It provides access to more than 2.000 assets from different classes.
As for trading tools, they don’t provide anything advanced, compared to MT4/MT5 or cTrader. On the positive side, you can check the platform with virtual funds and see if it’s suitable for your needs.
Trader’s Reviews of FINQ
As can be seen in some FINQ reviews, many traders complained about customer support and money losses. Out of 119 comments on Trustpilot, almost 40% are low-rated.
Even though they claim not to operate in the EU, we found clients from the Netherlands, for example. Check it out yourself first before you invest any money.
FINQ’s Trading Assets and Instruments
A vast of options is provided by FINQ broker. Divided into 7 different classes and more than 2.000 assets on their web trader, these are available for you:
- Forex USD/JPY, GBP/EUR, EUR/SEK
- Commodities oil, gold, palladium
- Indices DAX30, BE20, DJI
- Shares Microsoft, Pfizer, Cisco
- Cryptocurrencies BTC, LTC, BNB
- ETFs SPY, IWM, QQQ
- Bonds Treasury, Government
Even though FINQ is regulated, they offer the unreasonably high leverage of 1:300. With some volatile assets it is a recipe for a disaster.
FINQ Service Countries
Must be remembered that FINQ broker claims not to operate in the EU or US. However, in the FINQ reviews, we found traders coming from the following countries:
- Sri Lanka
Besides their valid FSA license, some traders had issues with this broker. Therefore, stay cautious and look through all options carefully.
What Are The Different FINQ Account Types?
Besides standard account types, FINQ offers as well ECN accounts. These accounts usually provide better trading conditions.
Anyway, you can choose from:
- Silver $100
- Gold $10.000
- Platinum $50.000
- Exclusive $100.000
- Classic ECN $1.000
- PRO ECN $50.000
Of course, the more money you deposit get tighter the spreads and the lower commission.
Free Demo Account
Surprisingly, FINQ broker covered all aspects of trading. Even though they are a broker with loose licensing, they have thought of everything. In this case, they provide their traders with a demo account. It is suitable for the ones that are still not sure about FINQ’s offer or for beginners.
FINQ Deposit and Withdrawal Policies
As clearly stated in the policy clients are eligible for a withdrawal at any time. However, they are filing a request to the broker which should be approved by them. Since some FINQ reviews are showing that traders might experience troubles with those, it is raising concerns about that. Moreover, they don’t mention any withdrawal or deposit fees.
Payment Methods Available
As can be seen, the broker offers a vast of options. They are divided into 3 groups. Those are:
- Cards Visa/Master card/Diners
- Bank transfer
- E-payments Skrill/Neteller/Fasapay
Any method used for deposit is suitable for a withdrawal.
Bonus Policy and Promotions
Every account type and higher initial deposit brings you more bonus. However, to be able to withdraw that funds you have to make certain profits. In the bonus policy clients can find a calculation formula.
Another promotion where clients get a bonus is referring a friend program. Depending on the amount that person deposits, you a get certain percentage as a bonus.
FINQ Terms & Conditions – What You Need to Know
All T&Cs are clearly disclosed. However, some clients were complaining about those. With that in mind, we can reconsider trading here. Anyway, the safest option is always to look for a Tier 1 regulated broker.
Leverage, Spreads and Fees
Leverage up to 1:300 is already dangerous. Especially for non-experienced traders. In general, spreads are in the industry average of up to 1.5 pips. For some account types even lower than that. However, there is no mention of any fees, except for traders mentioning an inactivity fee of $25.
What Should I Do If I Have FINQ Problem?
Firstly, report it to a designated regulator. Since some traders complained about withdrawals, you can expect potential issues in that aspect. Secondly, if FSA can’t help you, get in touch with our fund recovery experts. Don’t waste time and book your first free consultation today!
What Is FINQ?
FINQ is an offshore broker that provides FX and CFD trading services. However, they are not accepted in the US and EU.
Is FINQ a Regulated Broker?
Yes. However, the FSA license is considered the loosest one in the Tier 3 group of regulators.
Is FINQ Available in the United States or the UK?
FINQ broker restricted themselves from services in the US, but for the UK since they are not in the EU might not be the case.
Does FINQ Offer a Demo Account?
Besides different and affordable live accounts, you can try services with a demo account.