FINOTEC – A Quick Review

This broker has many different branches and is well established and known all around the world. This broker has a prestigious profile which is often visible and noticeable by higher costs. The company is traded on the OTCBB stock market. The company operated under the FSA. The FSA monitors the company. The broker claims that the monitoring process is facilitated every hour.

This broker offers broad foreign currency pair ranges as well as a number of different commodities, shares, indexes, futures and option. It is possible to open a new account with a small initial investment. Very little paperwork is needed to open an account. When opening a new account you have several options to choose from including DEMO, MINI, BETTING SPREAD and VIP. The trading platform is capable of providing you with access to all trading channels and investments without the need to install anything on your computer. Most people will be able to comfortable use the trading platform.

“Demo Trading” – Demo trading is available but for only three days. You can contact a company representative to get it extended every three days. You can also try asking to have the DEMO trading period extended for a long period of time. As long as you are capable of convincing the person in charge that you are in fact a very serious trader then he should allow you to have an extended period of DEMO trading time. It should be noted that the spread you receive with the DEMO account will be lesser than the spreads that you receive when starting a “live” account. You can increase the spread by making a large deposit. If you put down a large amount of money you will gain a VIP status which carries benefits into your spread. Score: 8

Initial Investment – There is an initial deposit required to start a MINI account of two hundred dollars. You will need at least a ten thousand dollar initial investment to open a normal account. It is possible to negotiate with the broker and convince him that you’re a professional and he might allow you to have cheaper spreads when opening an account with less than ten thousand dollars. If you open an account with a larger deposit then you will receive VIP status. You will need to clarify this with the broker. Score: 8.7

Withdrawals and deposits from your account – You can make deposits using a credit card or via bank transfer. The process of starting an account is a rather simple process. Score: 8.5

Spread – When opening a MINI account you will notice that your costs will be higher. They will be between 5 to 6 PIPS for main currency pairs. A normal account will let your trade with a spread somewhere between three to 5 PIPS for currency pairs. If you trade on a regular basis then you might even get less. It should be noted that spreads can easily change at any point in time during any transaction. Spreads can change depending on the demand for a particular currency. Score: 8.5

Stop point – Most of the time, a broker will guarantee a stop point. There are times when a broker will have to refuse your request to refund your funds that were lost because of a transaction that was closer at a lower rate than agreed on. These situations including fluctuating market conditions and also in “GAP” situations, which include differences in exchange rate.

Leverage – 1:100 with the possibility of 1:200. Score: 8

Interest – Clarify with the broker.

Regulation – “FINOTEC TRADING UK", which is the broker’s parent company, trades on the stock market and is regulated by the FSA. This particular trading program is linked to twenty six European and American banks. This gives quotes that are highly credible.. The broker will also provide insurance in a sum up to fifty thousand UK pounds. Score: 9.3

Trading Tools:

Technical and professional support – Available 24 hours a day.

Trading courses –Courses that are offered online.

Reviews and market surveys – You will receive daily as well as weekly foreign currency reports, financial news, a financial journal and comprehensive financial analyses.

Trading alerts – You can receive warnings a change occurs in market trends.

Range of foreign currency pairs being offered – Thirty two foreign currency pairs are available by the broker. You can also trade in a different commodities, options, indexes futures and shares. It should be noted that all options might not be available in every single channel. However, you can trade in each area with a number of options which means there is a number of popular possibilities.

Languages – Eleven languages are supported.

On-line trading room – The traditional methods are not available but you can contact the broker of the broker’s representative to see what options and alternatives he has to offer.

Personal coaching – You can get personal coaching if you deposit a certain amount of money into your account.

Bonuses, goodies and other free gifts– When you first open an account you will be able to trade for a period of time with no spread at all.

Downloading trading platform – You do not have to download or install a trading program on your pc.

Trading program “friendliness” – The trading program is multi functional allowing you to trade in a range of investment channels including foreign currencies, commodities and shares on the same platform. The program can be used very comfortably. There are of course more comfortable programs out there. The program is very sophisticated and allows you to quickly and easily produce graphs that include details that are easily understandable. You might not be able to find the analytical tools that are available in some programs, most of them are available in this programs. Score: 8.8

Advantages – The broker is established and well respected. The broker is capable of protecting your money from crashes and collapse. The broker will allow you to invest in a number of choices other than only Forex on the same platform. This platform is quite convenient and offers you almost all of the solutions that you will need to trade well. You will also receive tools that available only with this broker. People who feel that aesthetics are important will love this platform because it is capable of providing excellent visual images. You will receive access to a range of tools that will help you with the decision making process.

Disadvantages – People who are new to trading or are looking to start small will find this broker to be a bit expensive. It is possible to start a “MINI” account. However, this broker is more satisfied with the wealthier and more established traders. This doesn’t necessarily give you a reason to not to choose this broker. This broker provides a good trading platform but there are better platforms out there that offer extra functions that are not available with this particular broker.

Broker Score: 9.2