Reviewed by: General
Features
Pros
- Up to $4000 deposit bonus!
- Quick withdrawals
- High Bonus offer
- High leverage
Cons
- Spreads, roll overs/swats, inactivity fees
- Missing EU regulation at the moment.
Finq.com Review 2023
FxExplained does not recommend this broker!
Finq is an FX/CFD brokerage that’s regulated in the Seychelles. Finq.com targets traders in Asia, India and South Africa. It offers a high leverage, a very good selection of tradable assets, a minimum deposit of $100 and an extremely nice welcome bonus of up to $4000. Launched in 2017, Finq.com is not just a relatively new online FX/CFD broker (although that might not even be the case after all), it is also a very peculiar operation.
The reason why Finq.com may not be as new as its resume lets on, is that it is the possible re-incarnation of an older brokerage. According to some, Finq.com is essentially ForexYard reborn. The operation used to belong to Safecap Investments Ltd. and then it was taken over by Leadcapital Corp Ltd.
LCP is the company currently listed as the owner of the brand in the documents we have received from the broker.
The regulation in the Seychelles makes Finq an “offshore” operation for all intents and purposes. It does not seem to be currently regulated in any major financial jurisdiction.
Furthermore, it uses a company from Kuwait to process some of its payments. It does not accept traders from the US or the EU and a number of other jurisdictions. The picture that is coming together about Finq.com is a very peculiar one indeed.
The official website of the broker lists a certain Dilna Investments Ltd as the payments and website operator behind the Finq brand.
Given all the jurisdictions where Finq.com does not operate, it would be safe to assume that the GCC is in fact one of its targets. That would also explain why JM Financial Brokerage Services provides payment services for Finq.com. JM is based in Kuwait and its activity is regulated by the Ministry of Commerce in the State of Kuwait. The registration number of operator is 355893.
Other targeted countries of the brokerage are South Africa, India and Southeast Asia.
The list of countries from where the broker does not accept traders is quite long. In addition to the countries/jurisdictions mentioned, Japan, Israel, Canada, Brazil, Australia, the Philippines, Turkey and Hong Kong are also on this list.
What is the main draw of the brokerage?
According to the official Finq.com website, the core values of the brokerage include regulatory transparency. In this regard, the activities of the broker are governed by the regulatory requirements of the FSA of Seychelles.
Another core value is apparently a consistent and professional approach to clients. In this regard, there is plenty of user feedback available out there.
Above and beyond these pretty slogans, the brokerage features a very reasonable minimum deposit requirement of $100, a more than decent range of tradable assets, a great suite of free analysis tools as well as bonuses and fast trade execution.
Finq.com Accounts
Like other Lead Capital Markets brokers, Finq.com offers 5 different account type options, beginning with the Micro Account and wrapping up with the Exclusive one.
The Micro Account is the one featuring the mentioned $100 minimum deposit requirement. Other than that however, it does not really have much going for it. It offers access to 24h customer service and the worst trading conditions of any Finq.com account type.
This translates to spreads starting from 3 pips on major currency pairs such as the EUR/USD.
The Silver Account makes quite a jump minimum deposit-wise, from the $100 featured by the Micro Account. If you want to open a Silver Account, you need to deposit at least $1,000.
In addition to what the Micro Account offers, the Silver one provides access to daily analysis and a dedicated account manager. Caution needs to be exercised in regards to these managers however. They do not always work in the best interest of the trader.
The trading conditions on the Silver account are better too: on pairs like the EUR/USD, spreads start from 1.9 pips.
The next step up account type-wise is the Gold Account. This one calls for a minimum deposit of $10,000.
For this rather substantial deposit, traders gain access to Trading Central and much better trading conditions than those featured by the Silver Account.
“Much better” means that spreads on major currency pairs start from 1.5 pips.
To gain access to the full suite of perks offered by Finq.com, one needs to open a Platinum Account.
This one is no longer what one would call “accessible”. The minimum required deposit is $50,000. Interestingly, for that sort of money, the Platinum Account only offers premium customer support, in addition to what the Gold Account provides.
The trading conditions are not that much better either. Spreads on popular currency pairs start from 1.2 pips.
The Exclusive Account is at the very top of the account-type pops. Requiring a minimum deposit of $100,000, this one is a sort of VIP option. Needless to say, this account type is all-access and it features by far the best spreads. On major currency pairs, the spread starts from 1 pip.
Please note that these are the minimum spreads advertised by the broker. While technically, they are factual, it takes a $100k deposit to gain access to them.
There are no commissions charged on any of the above account types. The maximum available leverage on all these accounts is 1:200.
Finq.com Deposits and Withdrawals
The broker supports a decent number of deposit/withdrawal methods. WebMoney, Skrill, Wire Transfer and credit cards are all accepted.
The broker offers a generous bonus on deposits. The maximum size of this bonus can be $4,000.
Finq.com Market Coverage
The broker covers the usual selection of stocks, bonds, ETFs, commodities, indices and FX pairs. It does not support cryptocurrency trading in any form, not even through CFDs.
Platform & Tools
The Finq.com trading platform selection is centered on MT4.
WebTrader is the most readily accessible platform. It is obviously a no-download option, that will have traders looking at charts and pondering their angles within a couple of clicks.
The charting capabilities of WebTrader are impressive – to say the least. It supports several order types and its trade execution is superb. The compatibility of the platform is outstanding as well: it works with all major browsers, without a kink.
As mentioned, the centerpiece of the broker’s trading platform offer is MT4. MT4 is available in a WebTrader format as well, in addition to its Windows- and Mac-based desktop variants.
MT4 hardly needs an introduction to traders with any kind of online experience. It is the gold standard of online trading and it is indeed the best in everything it does.
At Finq.com, MT4 supports some 5 asset classes, totaling more than 370 tradable assets.
The platform supports scores of time frames, as well as an impressive number of preinstalled technical indicators. Needless to say, traders can download MT4 directly from the website of the broker, for free.
MT4 is a fully customizable trading environment. Traders are free to create and to add custom technical indicators and even EAs, coupled with custom scripts. They can save their setups for later use. One-click trading is available through the platform, straight from the charts.
The AppTrade platforms are essentially WebTrader versions for Android and iOS-based devices.
As far as additional tools are concerned, the broker is rather stingy. All it offers in this regard is an economic calendar, as well as a couple of pages featuring information on weekly CFD rollovers and CFD expiration dates.
Of those, the calendar may provide some help with fundamental analysis. The rest is just common-sense information.
Asset Classes
Finq.com offers a more than decent selection of tradable assets. Needless to say, most of these are traded through CFDs – traders will obviously not be required to take possession of barrels of oil or even actual cryptocurrencies. Finq.com is NOT a cryptocurrency exchange and you will not be able to purchase any bitcoin through it.
The Stocks section of the broker is probably the most populous one. The tradable stocks are listed by country, so finding your preferred one should be a cinch. There are literally hundreds of stocks available.
The FX section is host to scores of tradable currency pairs. From majors to minors and exotics, everything is covered here. The selection includes cryptocurrencies, with special weekly products for bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin and XRP.
There are quite a few commodities to trade as well. From the usual staples such as gold and oil, all the way to cotton, corn, palladium, rice and zinc, every trader will find something to his/her liking here.
The Indices section covers several global indices such as the DollarIndex, Europe50, China50 etc. Indices are attractive investment vehicles to those looking to bet on the performance of whole market sectors/geographic regions.
Bonds and ETFs offer further exposure to entire market segments, under advantageous trading conditions.
Commission & Fees
The base service offered by the broker is free in the sense that traders are not required to pay platform fees for instance.
The broker makes its money via the spread, as it does not charge commission on most of its trading products.
Spreads can vary and the broker reserves the right to widen them at its absolute discretion. Make sure you understand exactly what this entails for the asset you want to trade.
In addition to the spread, the broker will credit/debit fees on overnight rollovers as well. You may want to know that on Wednesdays, these rollover fees are tripled, in an apparent anticipation of the upcoming weekend.
Research & Education
According to the About page of the broker’s website, Finq.com is committed to educating its users, with extra training provided on the use of the MT4 platform. That said, this intention has thus far failed to yield any palpable results. The broker does not seem keen on education.
As a matter of fact, other than a decent FAQ section on the mobile and desktop versions of WebTrader, it has made nothing available in this regard.
Customer Service
Live Chat is the handiest and most straightforward way to contact Finq.com support. If for some reason, you cannot use this support channel, the broker features an email address: support@finq.com. The dealing desk can be contacted directly through phone. The number is: +35722008069.
The Finq.com support staff is knowledgeable and it is indeed focused on helping. It is reachable 6 days a week, 24 hours a day. Support is available from Saturday evening all the way to Friday afternoon.
Mobile Trading
The mobile apps offered by the broker are versions of its WebTrader platform. Two apps are available: for iOS and Android devices. Apparently, some 70% of the clients who use WebTrader, also make use of one of the mobile platforms.
The rating of the iOS platform is hardly relevant: it is currently rated 5/5 in the AppStore, but it only has one rating.
The Android app on the other hand has been rated more than 470 times and it boasts a score of 4 out of 5 stars.
Conclusion
Finq.com may not possess the best reputation and its regulatory background leaves room for improvement too. It does however offer a good selection of tradable assets, account types and trading platforms.
Its trading conditions could be a tad better as well. The relatively wide spreads are compensated by the fact that the broker does not charge commissions in any shape or form.
PLEASE DO NOT JOIN FINQ. I lost 93k USD – This is the largest unscrupulous underhanded legal scamster co. targeting and exploiting vulnerable people with none or little financial experience or knowledge with the promise of making a bit of extra money on the side.
The account manager, Andreas (not sure if its his real name) pushed me into placing large, misguided positions, that kept going in the wrong direction forcing me to keep topping up my free margin in the fear of losing what I had already invested.
Finq will manipulate you by showing you a great day on the market, and when you do finally have funds available to withdraw – they will make sure you never take any of your money out by fearmongering you into believing that if you withdraw any funds you taking a risk. Soon after you try to withdraw funds, and when your saving account has been depleted and you have no more to add to Finq, they will surreptitiously sabotage you with their orchestrated plan so that you lose everything.
Wish I had read Finq reviews before I embarked on such a disastrous swindling scheme.
Dear All,
I am in full support with what you’ll have mentioned. Finq is a scam. This platform has no direct access. I’ve lost 6 figure amount in dollars with them. I sent on investing to cover my losses and in the hope of recovering. They brought up different amount managers, Rahul, Mohnish, Daniel, Atif, Asad, Nilesh etc,. to give me tops to recover. Off the 10 positions they made me open, only 2 made money. Their contact numbers are a farse, no one answers or is directed to India. Based on singapore as they state, they give you a Cyprus number directed to India.
It’s a scam. Do not invest with them.
Hi,
6 figures is a lot. Did you deposit that in one go or did you deposit more and more and more?
They convinced me to open an account and deposit only 100$.
I told them I have no experience in trading and they confirmed that I will have an account manager who will guide me and will give training on a demo account.
The next day I received the call from my account manager and told me I don’t need training and he will call me when I need to close or open the position and convinced me to deposit more. he kept calling for 5 times or more days till I deposited 10k.
He promised that I can start withdrawing profit in a week.
after that promise he disappeared. I called their landline every day asking for the account manager and every time they promised me that he will call back and that never happened.
I lost all the money b the margin dropped.
it’s the worst experience of my whole life.
Hi,
Finq.com is the best broker, Account manager is supporting a lot, when ever i require support the account manager is calling all the best I recommend finq.com I withdraw my profit on time..
Best of luck
Thanks
A
Is that so…..
do not trust your account manager.He will give you one or two good advise and then he wil ask you to take a wrong position and ask you to bet more money on the wrong position so that you will lose all or most of your money,I had two Account managers by the Name of Asad Sayyed and Deepak Paniker who made me lose money
Dear Mr Senthil,
I truly agree with you. I had been with finq for 3 months. They made us open some deals in the opposite direction of the market and said it will drop. Then the market went opposite. Then they keep asking for increasing your funds. From 5000usd, we went to 30,000USD. In the end he again made us hedge. When we asked to hedge, he never approved. Once we had deposited 30,000. he made us hedge and left us hanging and we lost every thing.
We were dealing with some one by the name of Mohnish.
Be careful…. If your not confident of your self. Avoid dealing with them.
one time one gay he called and informed me, he is calling from finq.com, he will contact around 1 year, he forced to deposit in finq.com, he offer 70 % of bonus of the deposit amount, finally I deposit 5000$. when he received this amount, after that he resigned from finq, and he deposit manipulate trading pltform. this case I informed to finq authority, but finq not take necessary action. in my investigation these terms collecting finq Clint details and offer large profit percentage , and forced to deposit their own manipulate trading pltform. the Clint not yet back this capital or profit also. so please take necessary action for this crime. I can give some more information for this crime.
Forced? Did he hold your arm around your back? A gun to your head? Sounds a bit weird.
Let say if not a gun held to the head but definitely very persuasive!!!!! Frequent calling besides trying to be overly helpful !!!! Something fishy from the approach itself!?!?
Ok, but bottom line is that you could say no if you wanted to?
Maybe you are very much supportive of CFD traders. I have a very bitter experience with Finq and their so called Sr,Account mangers. I am not complaining about Finq as a company but their employees. First they give you two or three advise to gain your trust, then always try to convince you to make a depost. Their favourite amount is to ask you to deposit 5000 dollars. After giving a couple of correct advise they convince you to take a wrong position. I personally lost a larger amount listeing to my account manager Asad Sayyed’s Advice. A fortnight ago I got a similar wrong advice from another Account manager of Finq whose name was Deepak Paniker. Morever these account manager names are all fake. you cannot find a linked in profile of Asad Sayyed or Deepak Paniker. Theyse guys call you from phone numbers which you cannot call back. Trade on such forums but with extreme caution and try to invest as minimum as possible and take out your profits at the earliest
Hi, We don’t recommend Finq.
There are so many better brokers out there.
I have lost $20000 because of Finq. They gave wrong positions and some right ones to make you believe you are earning money. When you first deposit money they will ask a copy of your ID (front and back) and a copy of your card (front and back) you will not see this in other recognized brokers. Also, I believe the information I sent to Finq was used by other scammers to try to steal more money from me which is why you shall not share a sensitive information about you with untrustworthy organizations. My advise stay away from them.
Hi, asking for verification of your account is very common with regulated brokers. Remember to only show what is needed of your Credit card. Hide CCV and all but last 4 digits. If you didn’t do that then you need to cancel that card and get a new one.
So if there is risk why do the account manager force to invest more than the risking amount manageable by the customers. they should be in the limits of the capabilities of the client and not force them to deposit and to give them wrong information on the trade.
This is total scam
Force? You have the final decision to say no and hang up the phone, right?
Hello,
Finq is a biggest scammer. My Account manager appointed was Nishant, He push me to deposit 2500 usd and gave me such a trade that to save that 2500 usd i had to increase the margin level and deposit more funds into the account. likewise I had to loose 7500 USD . I hope the karma of this will not leave him. before he use to call me every now and then to make the deposit and now after I loose all my money he refuse even to reply to my mail. Nishnat You will face for this from the God.
Raj
Dubai
Can we ask why you started to trade with Finq in the first place?
Thank you for your comment.
Everyone starts to trade to make a profit. But when you trade on Finq you are destined to lose
You might be right. Have you tried any other broker?
Will you share me your num i got a call to join in today
never join Finq
Just dont trust to any one try it and you will actually be amazed, do not trust payed reviews
Hi, do you mean our review or the comments?
Finq chased me for almost 2 months and called anytime they felt. I gave it a try and invested 2500$ and they allotted me a manager named SAM. He called himself highly qualified with some millions into his account with he made through online trading and asked me to invest more money and promised that this money cannot be deducted or nobody has access to it other than me. He took vow on his only SON to convince me so I finally added another 2500$.
In the morning SAM called me and pushed me to open USD/RUB and EUR/RUB account also some OIL, SUGAR and COTTON.
As I was new on online trading and do not know much so I did all that he advised me accordingly alas I started getting mails that I am short of fund and to add more funds. I was stuck in total curfew in my region due to Covid 19 and when we resumed in 20 days I noticed that they removed all the money from my account and I am left with ZERO. I am giddy since then with sleepless nights. I pray that they succeed and that my hard earned money without any profit that they smoothly conned me to invest goes into medical expenses for them!
A sad and honest person from Kuwait.
I know that you work for 70trade and the reason why you are badmouthing finq.com is because you are getting payed,
my account manager is SAM, and he is great in the last 60 day I made 4 times more of my capital.
Now how I know that you are working for 70trade is that you was my acc manager there and you took my money and never called back.
Sam and the anti money laundering is helping me out to find you and get the money back so run my friend run
You know that he works for 70trade how? By then name Bet or some other way? Thank you for your comment!
go screw your self man you are a crazy and all above its a bull shet as i have the sam story with Sam as above exactly the same
look man you and all the other like you , we wish to have the money you get it in the medical and dont think god will leave the money i wish to have it in your family and all other person you love because you got this money from my children
the pstuped person calling him self account Manager his Sam Cain
my name its Ahmad From Dubai
My prayers are with you brother trust me we both suffered from this scam by SAM CAIN – Finq.com
Karma is a bitch so its high time the scamsters realize that.
We will wait for the happy news which you will never be able to share as the shenanigans are waiting to pounce on your loot.
All these names like SAM are fake. These account managers are fraud. Finq is a platform to avoid because of these so called account mangers who try their best to make you fail
Finq brokers are not trustworthy and it’s a fraud company , they will keep Calling contineously continuously and convence you to deposit the money once you deposited they will ask you to open a position against the market so they will make sure that you will loose you money and the broker keep asking for adding money to let you losing. They are cheating about bonus they never give any bonus, once you lost completely they will not respond the email or calls. I advise don’t do any trading with them as they are fraudulent.
Hi,
How come you didn’t get the bonus? Did you reach the requirements?
Have you spoken to their support?
Are you still trading or have you given up totally?
Thank you for your comment.
Finq brokers are not experienced and they keep you losing and give you wrong positions so you will lose tour money. The broker keep asking for adding money to let you losing it. They are cheating about bonus and i am not advise to join them totally they are not experienced and they are keep cheating you.
you are right. that ‘s exactly what happened to me. they are worst than scam Co.’s as they maintain the relation to continue suck you again & again till you totally lose hope.
Hello,
My experience is not good with Finq. All trades i have received from the account manager went in negative and I lost around USD 5000. They are not reliable. The moment you will put trade .It will go negative. Do not invest in Finq
Hi, we have reached out to Finq to see if they can reply to your comment.
What you have to remember is that trading comes with a lot of risk and 65-85% do loose when trading.
Thank you for your comment.
My experience is not good with finq. I made deposit of 600$. That was my hard earned money. When my account was opened one of their employee called me & made 50$ loss, next day I was loss of 100$. My mind was disturbed and i put a withdrawl request for rest of my money. The he called me back and gave me a hope, he will try to recover my loss. Again and again I was lost my money. When I have only 233$ left I was again put withdrawl request. Then he called me back and told me just give me one chance, and this is my biggest fault i trust him and gave a chance and opened a position in wrong position. So, I suggest all of you guys please don’t deposit your hard earned money. It’s total a scam of fraud people.
Thank you for your comment.
The key thing in your comment is that you trusted whoever it was you talked to. You need to be more careful with your money and only trade with money you are prepared to lose.
I had the same story with finq.com at the beginning they show me perfect in placing positions, and they make brain wash for me and the account manager is taking care of my account, he was not allowing me to do anything in my account and he make me to deposit $31000
As he promised me i will get the same amount as bounce from company and he told me this offer is only for me , I didn’t believe him at the beginning, later dr sam the excutive manager of the company call me and he was trying to convince me to deposit more money with promises of the bounce and he told once you finish you deposit you will get the bounce same time so you can withdraw your money and trad with the company money, I deposit $31000
And that time i had only 2 positions open and i was very worried for 4 days i didn’t see any bounce in my account but now my head in the lion mouth, all the money in the account and im not sure if i can withdraw that money again , I don’t has any options except following them after 4 days of waiting my account manager call me and make me to open 19 positions at same time one is buy and one is sale for same items and he ask me to take profit at any direction, after one hour of collecting profit my capital reach $53000 but my liquidity and margins are going down, I figure his trick , i was getting too much profit, but i was losing my money, i call him because i was confused, he answered me after 3 hrs and i think he was drunk of sleepy , but I didn’t get any proper explanation from , Than i notes this scammer, and i will never get my money back, so I close all the positions to save the remaining of the money which was $9700 , and i please them to send back the remaining of the my money, but both of them was plaming me because i close the positions and lost lot of my money and they ask me again to open some positions so i can get bounce of $22000 and i can withdraw it at that time i realized that i will not be able to get back my money, so I do what they want and up to this time im watching my account going to 0, and whenever i call them no answer.
Now im reading all the stories of the people who was attacked by finq.com and i notes now mentioned that he could withdraw any thing from his account.
And its clear now there is one way for the money.
And till now im thinking what is there profit out of this . Im not sure but i think the real money will go to them and all what you see in there app is feak not real and I don’t know how they can do like this , I was believed that evils are the most dangerous creatures to humans, but now I realized i was wrong, we have humans who can attack evils with cold blood
Hi, a few questions and thoughts.
1. Bounce? Do you mean bonus?
2. Why deposit $31000? Why not start with $500 or $1000? I mean you do have the final word when it comes to what you want to trade, no?
3. When did this happen to you?
Thank you for your comment. We hope you are doing alright today.
It has nothing to do with Finq as an organisation.I had deposited around 2000 usd and was making good progress. One day their account mangar named Deepak Paniker called me to take a position on USA 30(3 units on sell direction) saying that the market is going to go down. It never went down for the next 7 days.I had to depost 1000 usd to stay afloat. During this one week Deepak Paniker never replied to my email of whatsapp message. Then I complained to Finq and then they gave me a master fraud named Asad Sayyed. By this time I had recovered and made good progress upto 10650 usd. Asad Sayyed(his fake name for Sure) made my take a sell position on ITA 40(20 units). I lost all my money within a span of 12 hours. Within this span of 12 hours I called the guy Asad Sayyed Numerous times and he repeatedly asked me to maintain position.The market opened at a much higher level and lost around 8250 usd due to this guy Asad Sayyed.I took the sell position on 24th November 2020 at 21950 as per Asad Sayyed’s strong recommendation and as of today 27th November market has gone on the opposite direction.Today it is at 22342. I never got a chance to correct my position
Hi,
What trades did you do?
Did you bet it all?
I had deposited around 2000 usd and was making good progress. One day their account mangar named Deepak Paniker called me to take a position on USA 30(3 units on sell direction) saying that the market is going to go down. It never went down for the next 7 days.I had to depost 1000 usd to stay afloat. During this one week Deepak Paniker never replied to my email of whatsapp message. Then I complained to Finq and then they gave me a master fraud named Asad Sayyed. By this time I had recovered and made good progress upto 10650 usd. Asad Sayyed(his fake name for Sure) made my take a sell position on ITA 40(20 units). I lost all my money within a span of 12 hours. Within this span of 12 hours I called the guy Asad Sayyed Numerous times and he repeatedly asked me to maintain position.The market opened at a much higher level and lost around 8250 usd due to this guy Asad Sayyed.I took the sell position on 24th November 2020 at 21950 as per Asad Sayyed’s strong recommendation and as of today 27th November market has gone on the opposite direction.Today it is at 22342. I never got a chance to correct my position