Beware! Finquotes Financial is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Finquotes Financial is a questionable forex broker that does not provide clear information about its legal status and trading conditions. In this review, we’ll show you the clues that Finquotes Financial is most likely a scam and point you to more credible alternatives for investing in the financial markets.
Finquotes Financial Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.
On the homepage of this website, we do not see company and regulatory licence information. There is also no office address. Contact telephone numbers in Belarus, Russia and Cyprus are provided.
The text of the Client Agreement states that the company behind this broker is called Finquotes Financial LLC and that the applicable jurisdiction is that of Belarus. At the time of writing this review, we have not been able to confirm that this company is a licensed broker in Belarus. In this country, the regulatory requirements for forex brokers are considerably looser than in the European Union.
The Bank of Russia has issued a warning that Finquotes Financial is not authorised. The domains mentioned by the Russian regulator refer to the one used by Finquotes Financial at the time of writing this review.
In Cyprus there is a licensed company with a similar name, but it operates through a completely different domain from that of Finquotes Financial.
Ultimately, there is no proof that Finquotes Financial is a licensed and regulated forex broker.
It is advisable to approach one of the licensed brokers that are truly regulated by institutions such as Cyprus Securities and Exchange Commission (CySEC).
They must maintain a minimum net capital of at least EUR 730 000, which guarantees that the company is financially stable and has a serious long-term approach. When clients deposit money in their trading accounts, they are kept segregated from the broker’s operating funds in separate bank accounts. Thus the clients’ money remains shielded in case of mishaps like a broker’s bankruptcy.
All brokers licensed in Cyprus and other EU countries are members of the Investor Compensation Fund, which may cover a maximum of EUR 20,000 per person in the event of broker insolvency. EU forex brokers are required to report their clients’ transactions on a regular basis. This requirement is designed to improve investor protection and promote market integrity and transparency.
Finquotes Financial Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|Finquotes Financial platform||❌||❌||❌||❌|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Finquotes Financial claims to offer desktop, mobile and web trading applications.But the website did not send the email required to complete the account registration. Therefore, we were unable to confirm whether Finquotes Financial has trading software.
If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
Finquotes Financial Trading instruments
Finquotes Financial advertises trading in a large number of financial instruments, including cryptocurrencies, commodities, indices, stocks and currency pairs. But we have no good reason to believe this shady website offers real trading.
Finquotes Financial Spreads and cost of trading
When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.
Finquotes Financial offers absolutely no information on trading conditions. All we see on the website are promises of bonuses – a practice prohibited to brokers in the European Union and most other regulated jurisdictions.
Finquotes Financial Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.
Finquotes Financial Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Bank wire||2-5 business days||2-5 business days||$25+|
|Credit card||Instant||24 hours||Not specified|
|Crypto||24 hours||24 hours||Fee depends on crypto|
Finquotes Financial claims to allow deposit of funds via credit/debit cards and cryptocurrencies.
Due to our inability to register an account, we were unable to ascertain what payment methods Finquotes Financial uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.
Finquotes Financial Minimum deposit
The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers like Finquotes Financial.
Finquotes Financial Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Finquotes Financial||Not specified||Up to $200||$10|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
The Customer Agreement specifies quite high withdrawal fees, which can reach 200 USD. Legitimate forex brokers usually do not charge transaction fees.