How did I hear about Finq?
Whilst I was on vacation, I saw a billboard with an advertisement for Finq and because I had not yet heard of them, I was curious to see what they had to offer.
What was my first impression of Finq?
Since I had not come across a huge amount of advertisement either online or in person, my first impression was fairly neutral. However, upon looking at what they had to offer on their website, I was initially quite impressed with the level of sophistication they projected, until I learnt they offer bonuses. Immediately, I became dubious and was curious to see how they go about offering this and enticing their clients, and whether or not they have any other elements that could cause a negative stir and reputation.
How easy is it to navigate the broker website?
I did not find the website particularly clear or easy to navigate, as it feels very claustrophobic and busy. However, the obvious tabs are set out at the top of the website, so the majority of initial first questions a prospective client may have can be found fairly easily. One negative to note that I did come up against persistently, was the fact that the website is very slow at loading new pages/sections, and that unfortunately was the case on more than one device, and more than one browser.
Do they offer different account types and what are the benefits?
One thing that soon put me off the idea of becoming a client with this broker is the fact they have chosen to front their clients with 5 different account types to choose from. Not only is this confusing for the potential client, but I really struggled to see the benefits to the client, in the way of spreads, instruments and platform accessibility; the only major difference appeared to be the deposit amount, which starts at $100 for the smallest account, ranging straight to the largest account minimum deposit requirement being $100, 000.
The lack of ‘middle ground’ I feel can be quite intimidating to clients, and does not necessarily cater for the wider majority of traders and what they might be looking for. I also found it quite disgusting that you must hold a Platinum account (minimum deposit requirement $50,000) in order to receive ‘premium customer support’. The fact that the Micro ($100), Silver ($1,000) and the Gold ($10,000) account receive less than premium customer service, is ridiculous. Surely, ALL clients should be regarded and treated with equal quality service of customer assistance? This lead me to assume that this broker is incredibly profit driven, even if that may be at a hefty cost for the client.
Do they offer a wide variety of tradable assets?
Finq do offer a wide variety of tradable assets. This broker gives access to trade over 2,100 assets: Forex, Stocks, Commodities, Indices, Bonds and ETFs. FInq also offer a small variety of cryptocurrencies to trade, however, it struck me as odd that according to the website, one can only trade cryptocurrencies between 9pm Monday until 9pm on Tuesday. Surely this is allowing many missed opportunities, and restricting clients from freedom of trading cryptocurrencies when they should have access to the markets? In this case, I took the opportunity to speak to their live chat to find out a bit more.
Upon further explanation from the Support agent, I learnt that this appears to be an error, and in fact, clients can trade cryptocurrencies between Monday 21:00 through to 21:00 Friday. I was relieved to be informed that this was an error, but I was also disappointed that cryptocurrencies cannot be traded on a 24/7 basis. This website error also hinted at the idea that this broker is new to the industry and the website is not completely up to date yet. I also say this because, at times, their live chat is present on the website, and at others it is not there at all which to me would make sense if the website is being adapted and modified as people are on-boarding and using it.
Weight was added to my assumption when the live chat closed the chat on me, right after delivering that message to me, without warning or asking if there was anything further I may need help with. I found this rude and very unwelcoming.
How competitive are their spreads?
Of course, with Finq, the best spreads are only accessible once you start depositing larger sums of money. For example, with the smallest account (Micro), the spread on old is 0.7, and you must deposit a minimum of $100 to have access to that. On the flip size, if you wish for a slight improvement, down to 0.4, you must deposit $100,000 and hold the ‘Exclusive’ account. The middle ground is also not very agreeable either; the Silver, Gold and Platinum accounts have very mediocre spreads on the pairs you can see below.
Spreads are an important factor in trading success, and the fact that for the minimal difference, there is such a gap in deposit expectation, is a clear indication that this broker operates heavily and relies on large deposits, whilst encouraging clients to do so, even if their benefits are really rather minimal.
All spreads are available on the website, and you can see a sample below, with the variations between account types:
I wanted to establish if all spreads are floating, or fixed, or dependent upon pairs on the different account types, for example. When I asked Live Chat (as a result of lack of clarity on the website info), I was advised that the spreads are: “Spreads are subject to change by the relevant department’’ which is not something I can say I have ever heard before; surely they are one or the other? I asked for an explanation on this, and waited several minutes before I received a response, confirming that spreads are not fixed, but variable, across all 5 account types.
What is the maximum leverage they offer?
Disappointingly enough, information regarding leverage was absent from the FAQ page, so I had to ask a live chat agent. I also wanted to find out if maximum leverage allowance varies from account types, and instruments.
I found that the maximum leverage offered overall is 1:300, but each instrument has different leverage, and the account type caps leverage also. The reception I received from live chat was not of a professional or polite manner, and I had to keep repeating myself to get to the bottom of this question. You can even see below that I did not receive a comprehensive or relevant response, and then the agent proceeded to close the chat on me, before I even had a chance to take in the information, let alone reply.
Although Finq like to say they offer 1:300 leverage, this is applicable to very few scenarios (tradable pairs on particular accounts). On the whole, leverage is capped very low. For example, all 6 cryptos offered can only be traded on a maximum of 1:2 leverage, which is shockingly appalling compared to alternative brokers out there. It also can vary depending on which country you are residing in and trading from, as you can see below:
What is their commission charge?
Again, I was astounded that information on commissions are not set out on the website FAQ page. This again meant that I had to speak to customer support to find out, because although on the home page it states 0 commissions, I had an inclin that commission could vary between the 5 account types.
I encountered an issue on multiple occasions whereby the live chat feature disappeared from the webpage, and even under the ‘contact us’ section, when you click on ‘chat with us’, you are presented with a blank page- this also concretes my assumption and doubts that this is not a well prepared or established company. I could not utilize live chat, and instead had to call in or send an email, which I did (both) but the telephone line was invalid, and my email did not receive a response within 24 hours. Based on this, it can only be assumed that commissions are indeed NOT charged across the board.
Do they offer a deposit bonus?
Yes, Finq offer bonus schemes, which are purely a ploy in place to not only encourage clients to deposit continuously, but also to allow clients to feel they have a (false) sense of leverage in the sense that with a larger capital, comes a higher chance of profits/success. This of course, can not be guaranteed, nor is it the case.
With Finq you are entitled to a ‘welcome’ bonus, and depending on the amount you deposit, you will be granted a bonus accordingly; the higher your deposit, the higher the bonus. You can receive up to a maximum of 30% of what you deposit. Of course, you cannot withdraw this bonus, UNLESS you are able to make $10,000 in volume for every one dollar of bonus, within 30 days, which is of course, structured to be near on impossible so that the clients are most likely unable to ever actually benefit form this bonus scheme.
What do I need to open a verified account?
In order to open a live verified account, Finq require you to submit the standard requirements; one valid document proof of Identification along with a document as proof of residency, dated within 6 months.
How long does it take to open a live account?
Opening a live account was not on the agenda on the back of the fact that communicating with this broker was very hit and miss, and I did not feel confident they are entirely trustworthy. In addition, if they are incompetent in the way of answering simple questions, or indeed just avoiding my questions in emails, calls, and live chat, or not responding at all, then what hope do I have with the security of my funds and a smooth operation of my account?
Do they have a minimum/ maximum deposit requirement?
As I have understood,depending on which account type you opt for, you could be required to deposit $100, or it could be $100,000. This is quite an intimidating range for the average trader. If you opt for the Micro account, the minimum amount required is $100, the Silver account requires $1,000, the Gold is $10,000, the Platinum is $50,000 and the Exclusive account is $100,000. Although there is quite a gap in the way of minimum deposit requirements between the account types, I don’t feel the higher value accounts hold much water in the way of ‘benefits’ to the client.
What deposit and withdrawal methods are available?
The FAQ page tells you HOW to complete a deposit and withdrawal, but does not offer the methods available. In this case, I had to email and await a response, but not for long because all i got repeatedly was a failed delivery message. There is only one email address available on the website, to which I composed an email to, as you can see.
Are desktop/mobile/web trader versions all available?
Yes, Finq do allow the option to trade with via Webtrader, MT4 WebTrader, MT4, MT4 for Mac. In addition, you may trade via ‘App Trade’ or their very own customized WebTrader.
Of course, with a broker offering their OWN platform means they have the ability to manipulate particular aspects of the client’s trading experience, and have some control over the direction of their trades.
Which countries are restricted from trading with Finq?
Since it so far has been almost impossible to get a straight answer, or even a response at all from this broker, it did not come as a surprise that information regarding restricted countries is nowhere to be found on the FAQ page. The only thing I could go by was the footer of the website which states that they “do not establish accounts to residents of certain jurisdictions including the European Union, United States or any particular country or jurisdiction where such distribution or use would be contrary to local law or regulation.’’
However, when you register, you would be required to state your residency upon approval, so that is how you would establish if you are able to be a client or not.
Do they sell additional products/services/managed accounts?
I could not find anything on the FAQ page or the website that suggested they sell their own EAs, Signal services or Managed accounts, however, knowing that they offer their own platform as an alternative to MT4, I would have assumed they would offer all 3.
I had an issue yet again with accessing their live chat, or even being able to call in (invalid phone number) and I did not receive a response to my email, only a delivery failure message. This again concretes my concerns about this broker not being fully established or set up, to the point where they are almost impossible to communicate with. Who would sign up with a broker that you cannot even communicate with, let alone fund your account, and risk not being able to communicate in regards to a potentially complex trade query and then try to withdraw your funds?
If assistance is required, how can you get in touch?
Well, good luck if you are able to even start a live chat with Finq! Supposedly, Finq offer customer support, 24 hours a day from Sunday evening at 5 pm EST through Friday afternoon at 4 pm EST. However, as you can see throughout this review, I have found it near impossible to get hold of these guys, even on the most basic of queries. This lead me to assume they could either be a new company to the industry, and not fully set up for client on-boarding, or they leave their clients in the dark purposely because they can, take client profits, and that’s that.
What is the quality of customer service?
I would be able to tell you If I had actually experienced substantial interaction with them via live chat, telephone and email but unfortunately all avenues appear to be disabled, or out of use. It is unclear as to why the reason is, but either way, it is unacceptable.
How can a broker leave clients in the lurch, allow them to deposit funds (and substantial minimum requirements also!), and then never allow you to communicate in regards to withdrawing those funds? What if you wanted to discuss a trade query? I feel I could put money on that those who sign up with Finq, never actually see their funds again.
Do they offer an IB affiliate program?
Finq offer a ‘refer a friend’ program meaning that each time you recommend a potential client, and they sign up, you will receive a bonus once they make their initial deposit. Again, this demonstrates the element of sheer greed, and giving little back that the broker seem to base their operation on; they seem keen to get as many clients as they can through the door, entice them with bonuses so that they deposit, and then don’t even bother to communicate with them to retain their clients, but merely take their money and close the door on them.
With the refer a friend program, an ‘affiliate’ can receive up to 400 USD on the largest deposit. Although this is a promising program, and definitely encourages existing clients to bring on more clients, there is a lack of promise with this broker from the get-go; no communication, and heavy encouragement on bonuses do not project them as being a trustworthy and clean operating broker.
What is my overall opinion of Finq?
I cannot put into words my sheer bewilderment I exert for this broker, and the pity I feel for those who have been caught in the trap. This broker does not have the ability to instill confidence in anyone who is looking for a straight forward, clear and decent broker, right down from the bare standard expectations, right through to things like communication, which they lack entirely.
In conclusion, I do not feel this broker are one to trust, or even worth wasting your time trying to get answers from them.
Without a doubt, this is one of the worst brokers I have reviewed, and would be astounded if anyone I knew in my trading circle would want to even consider becoming a client.