1. Is Finotrade safe or a scam?
  2. Platforms
  3. Accounts
  4. Spread
  5. Leverage
  6. Deposits and Withdrawals with a specification of minimum deposit and withdrawal fee
  7. Conclusion

What is Finotrade?

Finotrade is an international brokerage firm that headquarters in London and founded by investors for investors as broker mentions on its goals. Finotrade is a fully FCA regulated firm that gives an opportunity to invest and maximize trading potential through unparalleled technology, rapid execution and trustable operation all accompanied by competitive trading conditions. Nevertheless, Finotrade Review purpose is to see closer what its offering is all about.

Finotrade website

While the firm operates not for a very long time, since 2018, its team and operational management consistent solely of industry professionals combining over a decade of success and ensure a great experience to all its investors. Finotrade caters professional trading environment through industry leading MT4, provides a range of account types suitable for either beginning or professional investors.

In addition, Finotrade runs its own trading Academy dedicated to integrating traders’ professionalism with better knowledge.

Finotrade academy

Is Finotrade safe or a scam?

Finotrade is a trading name used by the Finotec Trading UK, company authorized and regulated by the Financial Conduct Authority that protects clients and establishes strong investment background. Together with compliance to FCA rules designed to deliver a safe trading environment, the broker audited annually to ensure the firm holds clients’ money under all necessary restrictions.

Finotrade license

As a regulated broker, all client funds are fully segregated at all times while kept in separate bank accounts. Also, every investor of Finotrade automatically falls under the Financial Services Compensation Scheme (FSCS) that protects funds up to GBP 85,000 per client in case of a broker’s insolvency. In addition, while making Finotrade review we specifically concentrate on brokers regulation by the respected authority.

As it does not only mean operation under safe measures but also bringing necessary reputation to the broker, as it can be easily fined or even banned from the operation in case it crosses any laws.

Trading Platforms

The next question in our review goes to software for Forex trading, and Finotrade decided to a mainstay on the most praised platform MetaTrader4. MT4 indeed offers some of the best software solutions for trading, accompanied by a complete analysis package, numerous built-in indicators and fantastic charting tools.

Finotrade platform

In addition to its great trading capabilities and manual trading options, there are also automated robot strategies known as EAs alternatively offering its powerful features. Therefore, MT4 gained its popularity among world traders and still remains the most used one among professionals and regular traders.

Together with that Finotrade also though of its professional investors further and included VPS technology to traders, thus providing continuous trading operation with o interactions.

What are Finotrade Fees?

Finotrade designed four account types where each match necessary conditions defined by the trading volume, amount invested and necessary level of service. As a result, you may choose between Standard, Gold, Platinum and VIP account, see comparison below.

Also, consequently and since Finotrade was created mainly with professional approach investors may find opportunities through MAM and PAMM accounts.

Finotrade accounts

Fees

So with a reliable execution, Finotrade provides you also will access a range of spreads either Fixed, Floating or Raw all available for your choice. Generally, Finotrade spread presented as the low spread, however, we didn’t find a lot of explanation on its website to show in Finotrade review as a spread. EUR/USD floating spread is set to 0.4 pips, where it is commission charges added on according to the trading account.

Also, you can check and compare fees to another popular brokerage Darwinex.

Finotrade swap rates

Finotrade SWAP Rollover

Lastly, you should always consider overnight fees in case you operate swing strategy and hold positions longer than a day. Each instrument has its defined charges that may act either in your favor or as a fee depending on the position you hold.

What is Finotrade Leverage?

Finotrade as a UK based brokerage firm also restricts usage of high leverage levels, since FCA recognized risks for retail traders that use unreasonably high leverage. So always make sure to learn how to use leverage correctly.

Therefore, maximum allowed leverage is set to a 1:30 for major currency pairs, 1:20 for minor ones and 1:10 for commodities. However, professional traders or managers that confirm its status may access higher ratios up to 1:100.

What Deposit and Withdrawal methods Finotrade use?

The last point in Finotrade review obviously to transfer money into your trading account, while Wire Transfer, SafeChrage or Union Pay for payment are at your disposal.

minimum deposit

The minimum deposit amount is set to a convenient 1,000$ which is defined by the Classic account type, while higher types demanding more funds, alike Gold one needs 10,000$. Even though first deposits are rather high, for instance, it is a quite reasonable amount which will allow you to trade almost any from offered instruments.

Finotrade funding methods

withdrawal fee

As for the transferring fees, Finotrade does not add on own charges for deposits or withdrawals, yet payment provider fees are waived to you as a client. Therefore, if you transfer money via Wire Transfer your local charges will be applicable, SafeChrage typically charge on 2.95% processing fee on an amount up to 500k$ and Union Pay charges a 3.95% processing fee.

Conclusion

Overall, Finotrade review a good choice for high-volume traders and investors of a bigger size. Even though trading conditions are not very clear, the broker makes it clear about its strive for lower costs and tailored solutions with the opportunity to choose either fixed, variable or war spread with commission charges.

So we would recommend Finotrade as a reliable company due to its FCA license and customized solutions they do offer, yet, check directly with customer service what solution will suit you the best.

Nevertheless, we will be glad to know your personal opinion about Finotrade, which you may share in the comment area below.

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