Beware! Finansero is an offshore broker! Your investment may be at risk.

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Finansero is a regulated Cypriot broker that aims to offer affordable trading accounts. However, this broker did not manage to really impress us. They offer a lacking trading platform, their spreads are horribly high, and there are no decent educational materials provided. It is probably safe to start trading with this broker but it would also probably not be worth it. There are far better regulated brokers so check out multiple offers before making a final decision.

Finansero Regulation and safety of funds

The best thing about Finansero is that they are regulated by the Cyprus Securities and Exchange Commission (CySEC) – one of the strictest regulators in the world of forex trading – under the company name Global Trade CIF Ltd.

The broker is also authorized by multiple other EU authorities such as CONSOB (Italy), CNMV (Spain), FI (Sweden), BaFin (Germany), etc. This means that they are definitely a reliable broker that had to meet many requirements in order to obtain a license and keep it.

All EU brokers have to:

  • maintain a minimal operational capital of varying size to prove their financial stability – €730 000 but potentially more if the broker has many clients
  • keep client money in segregated accounts the broker has limited access to – so your broker will surely not be using your money for their own financial operations
  • provide Negative balance protection is also provided – so your losses can never exceed the amount of money you have in your account
  • report to authorities on a regular basis and allow external audits – this makes matters much more transparent
  • participate in compensation schemes. In case your broker becomes insolvent, you would be entitled to compensation of up to €20 000 depending on the size of your investment

For all of these reasons, trading with a licensed broker is usually a very safe, transparent affair.

Finansero Trading Software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Finansero platform
MT430+ indicatorsAndroid
MT550+ indicatorsAndroid
cTrader40+ indicatorsAndroid and iOS

Finansero offers a web-based trading platform that turned out to be quite a disappointment.

This platform proved to be quite easy to use and offered an alright charting and analysis package. However, there were not many useful additional features worth mentioning. We were able to do some quite standard things – set a Stop Loss/Take Profit, create signals for prices going up or down, etc. Algorithmic trading and copy trading were not possible, and neither was creating custom scripts.

Most legitimate brokers, on the other hand, offer far better, more functional platforms. MetaTrader 4, MetaTrader 5, and cTrader are our definite favorites in that regard. All of these platforms offer a lot of features worth checking out. For example, MT4 and MT5  offer:

  • Expert Advisors that trade automatically
  • VPSs you could purchase to keep trading bots operating even when your computer is off
  • customizable signals, and the opportunity to subscribe to signals set by top traders,
  • possibilities for developing your own trading bots and indicators
  • a market for add-ons

Do not just take our word for it – check out brokers that offer these great platforms.

 

Finansero Trading instruments

CurrencyStocksIndicesCryptoCommodities
Finansero
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

Finansero offers access to all big markets and to a decent variety of trading instruments. With this broker, you would be able to trade currencies, commodities, shared, ETFs, indices, CFDs, and synthetic derivates which is more than sufficient for a good trading experience.

Finansero Spreads and cost of trading

FinanseroXMFBSFXTM
Spread EURUSD40.611.1
Spread GBPUSD41.31.21.4
Spread USDJPY2.91.31.21.4

One of the worst things about Finansero is their spreads. The broker offered spreads as wide as 4 pips on benchmark pairs such as EURUSD and GBPUSD, and 2.9 pips on USDJY. This is ridiculous considering the fact that most brokers strive to offer around 1.5 pips on EURUSD. Such a spread would have you pay $40 per lot just to be able to trade with this broker which is quite pricy. With such spreads, you would hardly be able to turn any decent profits.

Additionally, the broker charges a huge inactivity fee – $150 for every 3 months of no trading activity.

Finansero Maximum leverage

ForexStocksCryptoGoldIndices
Finansero broker30:1 (1:200 for professional traders)5:1 (1:10 for professional traders)2:110:1 (1:200 for professional traders)10:1 (1:100 for professional traders)
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

Finansero offers the standard maximum leverage you would get with all EU brokers – up to 1:30 on forex majors if you are a retail trader. If you meet some additional conditions and qualify as a professional trader, you could get access to higher rates – up to 1:200 depending on the asset class. Leverage caps exist because trading with higher leverage could potentially result in much bigger losses for inexperienced new traders. However, it could also turn out to be extremely profitable in case you have the knowledge and experience to handle it.

What we would recommend is that you generally stick to lower, safer rates unless you are an experienced professional that knows what they are doing.

Finansero Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Bank wireUp to 5 business days2-5 business daysFree (banking fees might occur)
Credit cardInstant24 hoursFree

Finansero stated that it accepts payments made with a credit/debit card, through several e-wallets, or via wire transfer. The broker did not actually mention which e-wallets it accepts but it did not seem to have a lot of preferences in that regard since it stated that they accept payments from both EU and non-EU e-wallets.

The fact that Finansero does not charge deposit or withdrawal fees is also a big plus.

Finansero Minimum deposit

FinanseroXMFBSFXTM
Minimum deposit$200$5$10$5

Finansero asks for a minimum deposit of $200 in order to open a basic trading account which is fairly fine. However, you should keep in mind that there are plenty of brokers that would open an account for much less money – sometimes even for as little as $10. It might be worth it to check out some additional offers.

Finansero Withdrawal requirements

Finansero does not charge any withdrawal fees and does not have trading volume requirements. This is hardly surprising since legitimate brokers rarely do.

Trading volumeFee/Tax on withdrawalMinimum withdrawal
Finansero No NoneNo
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

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