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Do you want to know which is the better broker between Vipotor and FinMarket ?
In the table below, you can compare the features of Vipotor , FinMarket side by side to determine the best fit for your needs.
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You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of vipotor, finmarket lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
Aspect | Information |
Company Name | VIPOTOR |
Registered Country/Area | Malta |
Founded Year | 2019 |
Regulation | Unauthorized by NFA |
Minimum Deposit | $100 |
Maximum Leverage | Up to 1:100 |
Spreads | Starting from 1.1 pips |
Trading Platforms | MT4 |
Tradable Assets | Forex exchange, forex exchange options, CFDs |
Account Types | Standard, Premium, Prime account |
Customer Support | English phone: +356 2778 1919, Email: services@Vipotor.com |
Deposit & Withdrawal | Wire Transfer, Debit/Credit Cards, Skrill, Neteller |
Educational Resources | Limited educational resources |
VIPOTOR, founded in Malta in 2019, is an online trading platform offering a diverse range of market instruments, including forex exchange, forex exchange options, and CFDs. The platform supports the popular MetaTrader 4 (MT4) trading platform, offering traders a user-friendly interface and comprehensive charting tools.
However, it's important to note that VIPOTOR is unauthorized by the National Futures Association (NFA) in the United States, raising concerns about regulatory oversight and user protection.
VIPOTOR is unauthorized by the regulatory authority, the National Futures Association (NFA), in the United States. It holds a Common Financial Service License with License No. 0538884 and operates under the name VIPOTOR WEALTH LTD. It's crucial to emphasize that VIPOTOR's regulatory status is“Unauthorized.”
Traders should exercise extreme caution and conduct comprehensive research before engaging in trading activities with unauthorized entities.
Pros | Cons |
Diverse range of market instruments | Unauthorized by the regulatory authority |
Provides the popular MT4 trading platform | Lack of comprehensive educational resources |
Offers various deposit methods | |
Competitive spreads | |
Leverage of up to 1:100 |
Pros:
Diverse Range of Market Instruments: The platform provides a variety of market instruments, such as forex exchange, forex exchange options, and CFDs. This broad range caters to different trading preferences and strategies.
MT4 Trading Platform: VIPOTOR supports the widely acclaimed MetaTrader 4 (MT4) trading platform. MT4 is known for its user-friendly interface, comprehensive charting tools, and technical analysis capabilities, making it a popular choice among traders.
Various Deposit Methods: VIPOTOR offers multiple deposit methods, including wire transfers, debit/credit cards, and e-wallets. This variety ensures convenience and flexibility for traders when funding their accounts.
Competitive Spreads: VIPOTOR provides competitive spreads, particularly on major currency pairs. Competitive spreads can help traders optimize their trading costs, potentially leading to more profitable trades.
Leverage of up to 1:100: The platform offers leverage of up to 1:100. Leverage allows traders to control larger positions with a relatively small amount of capital. This can amplify potential profits, but it also comes with increased risk.
Cons:
Unauthorized Regulatory Status: VIPOTOR lacks authorization from a reputable regulatory authority. This raises concerns about transparency, oversight, and user protection.
Lack of Comprehensive Educational Resources: VIPOTOR's educational resources are limited, which can be a drawback for traders seeking in-depth knowledge and skill development.
VIPOTOR provides its clients with a diverse range of trading assets across various categories, allowing traders to explore a wide array of investment opportunities:
Forex Exchange: VIPOTOR offers access to the foreign exchange market, commonly known as forex trading. Clients can trade major currency pairs like EUR/USD, GBP/USD, USD/JPY, and numerous exotic currency pairs.
Forex Exchange Options: In addition to spot forex trading, VIPOTOR provides clients with the opportunity to engage in forex exchange options trading.
Contract for Difference (CFD) Products: VIPOTOR also offers a range of CFD products, which include various assets such as indices, commodities, stocks, and cryptocurrencies. Traders can speculate on the price movements of these underlying assets without owning them physically.
VIPOTOR offers three distinct account types to accommodate traders of various experience levels and preferences.
Standard Account: This entry-level account provides traders with leverage of up to 1:100, allowing them to amplify their positions. The spread on major pairs is competitive at 1.7 pips, making it suitable for those who want cost-effective trading conditions. Additionally, there are no commissions associated with this account type, making it attractive for traders looking to keep trading costs low. The minimum deposit requirement for a Standard Account is $100, making it accessible to a wide range of traders. You can trade on this account using the popular MT4 trading platform.
Premium Account: With a minimum deposit of $500, the Premium Account offers the same leverage of up to 1:100 as the Standard Account. However, traders benefit from slightly tighter spreads, with major pairs having a spread of 1.4 pips.
Prime Account: For experienced traders and those looking for the tightest spreads and the highest leverage, the Prime Account is a suitable choice. It requires a minimum deposit of $5,000 and provides leverage of up to 1:100. The spreads are notably low, with major pairs having a spread of just 1.1 pips.
Account Type | Standard | Premium | Prime |
Leverage | Up to 1:100 | Up to 1:100 | Up to 1:100 |
Spread | 1.7 pips | 1.4 pips | 1.1 pips |
Commission | None | None | None |
Minimum Deposit | $100 | $500 | $5,000 |
Trading Tool | MT4 | MT4 | MT4 |
Customer Support | 24/7 | 24/7 | 24/7 |
Opening an account with VIPOTOR is a straightforward process. Here are the five steps to guide you through the procedure:
Visit the VIPOTOR Website: Start by visiting the official VIPOTOR website (https://www.Vipotor.com/).
Registration: You'll be prompted to provide your personal information, including your full name, email address, phone number, and country of residence. Make sure the information you provide is accurate and matches your official documents.
Account Type Selection: VIPOTOR offers multiple account types, such as Standard, Premium, and Prime. Select the account type that aligns with your trading needs and budget.
Identity Verification: To comply with regulatory requirements, VIPOTOR may require you to verify your identity. This often involves submitting a copy of your government-issued ID, passport, or other identification documents.
Fund Your Account: Once your account is approved, you can proceed to fund it. VIPOTOR typically accepts various deposit methods, such as wire transfer, debit/credit cards, and e-wallets like Skrill and Neteller.
Vipotor offers leverage up to 1:100 for futures and options contracts. Leverage allows you to control a larger position with a smaller amount of capital. However, leverage can also be risky, as it can amplify your losses as well as your profits.
Account Type | Standard | Premium | Prime |
Leverage | Up to 1:100 | Up to 1:100 | Up to 1:100 |
VIPOTOR provides competitive spreads for traders across its account types. In the Standard account, the spread for major pairs is 1.7 pips, while the Premium account offers tighter spreads at 1.4 pips. For the Prime account, traders can benefit from even lower spreads starting at 1.1 pips. Notably, VIPOTOR does not charge any commissions, enhancing cost-effectiveness for its clients.
Account Type | Standard | Premium | Prime |
Spread | 1.7 pips | 1.4 pips | 1.1 pips |
Commission | None | None | None |
VIPOTOR is a trading platform that provides its users with access to the popular MetaTrader 4 (MT4) trading platform, catering to the needs of both PC and mobile users on IOS and Android devices. Additionally, VIPOTOR offers an online trading portal that allows traders to engage in trading without the need for any downloads or installations.
MetaTrader 4 (MT4) Platform: One of the standout features of VIPOTOR is its support for the MT4 trading platform. MT4 is well-regarded in the trading community for its user-friendly interface, advanced charting tools, technical analysis capabilities, and a wide range of customizable indicators. This platform is favored by both novice and experienced traders alike for its reliability and comprehensive set of features.
Multi-Device Compatibility: VIPOTOR ensures accessibility for traders on various devices. Whether you prefer trading on your PC or on the go using your mobile device, VIPOTOR has you covered. The MT4 trading platform is available for PC users, while traders on IOS and Android devices can also enjoy seamless trading experiences.
Online Trading Portal: In addition to the downloadable MT4 platform, VIPOTOR provides an online trading portal. This portal offers traders a convenient way to access the markets without the hassle of software installations. Traders can simply log in to their accounts through a web browser and commence trading immediately. This feature is especially appealing to traders who value flexibility and quick access to the markets.
User-Friendly Approach: VIPOTOR's emphasis on the MT4 platform and an online trading portal reflects its user-friendly approach. The availability of multiple options allows traders to choose the method that best suits their preferences and trading styles. Whether you're a desktop enthusiast or prefer the convenience of mobile trading, VIPOTOR caters to your needs.
VIPOTOR offers a variety of payment methods to accommodate its clients' preferences. Traders can fund their accounts using common payment options widely supported by brokers, including Wire Transfer, Debit/Credit Cards, and popular e-wallets like Skrill and Neteller.
Wire Transfer: This traditional banking method allows for secure and direct transfers from your bank account to your VIPOTOR trading account. It is a reliable option for larger deposits, but processing times may vary depending on your bank and location.
Debit/Credit Cards: VIPOTOR accepts payments via major debit and credit cards, providing a convenient and widely-used option. Deposits made through cards are usually processed quickly, allowing traders to start trading promptly.
E-Wallets (Skrill and Neteller): E-wallets offer a swift and convenient way to deposit funds into your VIPOTOR account. Skrill and Neteller are popular choices among traders due to their ease of use and rapid transaction processing times.
The minimum deposit requirement varies based on the chosen account type, with the Standard account requiring a minimum deposit of $100, the Premium account at $500, and the Prime account at $5,000. Traders should ensure they meet the minimum deposit criteria for their selected account type before initiating the deposit process.
Account Type | Standard | Premium | Prime |
Minimum Deposit | $100 | $500 | $5,000 |
VIPOTOR offers responsive customer support to assist its clients with any inquiries or concerns. For direct communication, you can reach VIPOTOR's English-language customer support team at +356 2778 1919. Additionally, you can contact VIPOTOR via email at services@Vipotor.com for assistance and information. These multiple customer support channels ensure that clients have access to reliable assistance, enhancing their overall trading experience and addressing any issues promptly and effectively.
VIPOTOR lacks comprehensive educational resources. The platform does not provide an extensive collection of educational materials for traders seeking in-depth knowledge and skill development. While basic FAQs may address common queries, traders looking for a more robust educational experience may need to supplement their learning with external sources or educational platforms to enhance their trading expertise while using VIPOTOR as their trading platform. It's essential for traders to be aware of this limitation and take proactive steps to acquire the necessary knowledge and skills for successful trading.
In conclusion, VIPOTOR offers traders a diverse range of market instruments, featuring forex exchange, forex exchange options, and CFDs. With the support of the popular MetaTrader 4 (MT4) trading platform and various deposit methods, it caters to traders' diverse needs. Competitive spreads and leverage of up to 1:100 enhance trading opportunities.
However, it's crucial to consider the platform's unauthorized status by the National Futures Association (NFA) in the United States, which raises transparency and oversight concerns. Furthermore, the limited educational resources may require traders to seek additional learning sources. As with any trading platform, thorough research and caution are essential when considering VIPOTOR.
Q: Is VIPOTOR a regulated forex broker?
A: No, VIPOTOR is unauthorized by the regulatory authority, the National Futures Association (NFA), in the United States.
Q: What trading platforms are available on VIPOTOR?
A: VIPOTOR offers the MetaTrader 4 (MT4) trading platform for PC, IOS, and Android, along with an online trading portal.
Q: What is the minimum deposit required to open a VIPOTOR account?
A: The minimum deposit varies depending on the account type, starting from $100 for the Standard account, $500 for Premium, and $5,000 for Prime.
Q: Does VIPOTOR charge commissions on trades?
A: No, VIPOTOR does not charge commissions on trades. It primarily earns revenue through spreads.
Q: Are there educational resources available on VIPOTOR?
A: VIPOTOR's educational resources are limited, consisting mainly of basic FAQs. Traders seeking in-depth education may need to explore external sources.
Aspect | Information |
Registered Country/Area | Cyprus |
Founded Year | 2015 |
Company Name | FinMarket |
Regulation | Unregulated (Suspicious Clone) |
Minimum Deposit | $250 (Mini Account) |
Maximum Leverage | Up to 1:500 |
Spreads | High spreads on Mini accounts |
Trading Platforms | MetaTrader 4 (MT4), WebTrader, In-House Mobile Platform |
Tradable Assets | Forex currency pairs, major indices, commodities, individual stocks, cryptocurrencies |
Account Types | Mini Account, Standard Account, VIP Account, Premium Account |
Demo Account | Available |
Islamic Account | Available |
Customer Support | Limited availability and slow response times |
Payment Methods | Credit transfer, wire transfer, Ecommpay |
Educational Tools | Information not provided |
FinMarket is an unregulated Forex and CFD broker based in Cyprus, established in 2015. Despite claiming to be regulated by CySEC, the lack of proper regulation raises concerns about the safety of traders' funds and the transparency of their operations. Unfortunately, the website is currently down, which adds further doubts about the broker's legitimacy. The high spreads and commissions, along with the relatively high minimum initial deposit of $1000, make it an unattractive option for traders, especially beginners. Moreover, the limited account manager availability and the absence of an FAQ section demonstrate a lack of commitment to customer support. Overall, due to the unregulated status and the website's unavailability, FinMarket should be approached with extreme caution.
Suspicious Clone.
A “Suspicious Clone” in the context of financial services refers to an entity that mimics or imitates the appearance and branding of a legitimate and regulated company, often with the intent to deceive and defraud unsuspecting individuals. These clones use similar names, websites, and other identifying features to create the illusion of being a reputable and regulated entity, while in reality, they are operating without proper authorization and oversight.
In the case of FinMarket being labeled as a “Suspicious Clone,” it suggests that the broker claims to be regulated by CySEC but lacks the necessary authorization and compliance. Such suspicious clones can pose significant risks to investors and traders, as they may engage in fraudulent activities, mismanage funds, and potentially disappear without a trace. Traders should exercise extreme caution when dealing with suspicious clones and always conduct thorough research and due diligence before entrusting their funds to any financial service provider.
FinMarket offers a diverse array of market instruments, catering to traders' interests and allowing them to diversify their portfolios across different asset classes. The following table summarizes the market instruments along with some examples:
Market Instrument | Number of Assets | Examples |
Forex Currency Pairs | 30+ | EUR/USD, EUR/GBP, AUD/JPY, etc. |
Major Indices | Various | FTSE, S&P 500, NASDAQ, etc. |
Commodities | Various | Silver, Crude Oil, Gold, Coffee, etc. |
Individual Stocks | 160+ | Amazon, Netflix, Apple, etc. |
Cryptocurrencies | Various | Bitcoin, Ethereum, etc. |
Forex Currency Pairs:
FinMarket provides access to more than 30 forex currency pairs, including major pairs like EUR/USD, EUR/GBP, and AUD/JPY. These major pairs offer high liquidity and are widely traded in the global forex market.
Major Indices:
Traders can participate in the performance of major stock market indices, such as FTSE, S&P 500, and NASDAQ. These indices represent the overall performance of specific stock markets and sectors.
Commodities:
FinMarket offers various commodities for trading, including precious metals like Silver and Gold, energy resources like Crude Oil, and agricultural products like Coffee. Commodity trading allows traders to diversify their investment strategies.
Individual Stocks:
With over 160 individual stocks available as CFDs, traders can speculate on the price movements of well-known market holders like Amazon, Netflix, and Apple. This allows investors to gain exposure to individual companies without owning the underlying shares.
Cryptocurrencies:
For those interested in the cryptocurrency market, FinMarket offers access to various digital assets like Bitcoin, Ethereum, and more. Cryptocurrency trading allows traders to capitalize on the price movements of these digital currencies.
Despite offering a diverse array of market instruments, FinMarket's lack of proper regulation raises concerns about the safety and legitimacy of its offerings. Traders should exercise extreme caution when considering this broker due to the absence of regulatory oversight, which may expose investors to potential risks and fraudulent activities. Additionally, the website being down further adds to the suspicion surrounding the broker. While the range of assets offered, including forex currency pairs, major indices, commodities, individual stocks, and cryptocurrencies, might seem attractive, the overall lack of regulation casts doubt on the broker's credibility and reliability. It is essential for traders to conduct thorough research and choose regulated brokers to safeguard their investments and trading experience.
FinMarket offers a range of trading accounts, but be warned, their account types may not be as attractive as they seem. Let's take a closer look at each account with a critical eye:
Mini Account:
Minimum Deposit: $250
Features: This account type may seem affordable, but don't be fooled. The demo account for practicing strategies is nothing special, and the 40% margin is quite restrictive. With only 24 Forex currency pairs and 10 commodities and indices for trading, you won't have a wide range of options. The leverage up to 1:500 might sound impressive, but it could lead to significant losses for inexperienced traders.
Standard Account:
Minimum Deposit: $1,000
Features: The demo account is available, but the 26 Forex currency pairs and 10 commodities and indices offered for trading are nothing extraordinary. The daily market news and SMS alerts may sound appealing, but they hardly compensate for the lack of variety in trading options. The dedicated account manager might not be as dedicated as you expect, and the Islamic account option is just a small gesture to attract a specific group of traders.
VIP Account:
Minimum Deposit: $10,000
Features: The high minimum deposit might make you think you're getting premium treatment, but don't be fooled. The additional features offered, such as 28 Forex currency pairs and a full range of commodities and indices, may not justify the steep price. Direct access to a trading manager might not be as beneficial as they claim, and the 30% margin is quite restrictive for experienced traders.
Premium Account:
Minimum Deposit: $100,000
Features: The hefty minimum deposit requirement might make you believe you're entering an exclusive club, but the reality might disappoint you. The in-depth analyst tips they promise are just a way to add some fluff to the account. The 25% margin is not as competitive as you'd expect, and the so-called deep liquidity might not be as deep as you hope.
Account Type | Minimum Deposit | Features |
Mini Account | $250 | - Demo account for practicing strategies<br> - 40% margin<br> - Trading options include 24 Forex currency pairs and 10 commodities and indices<br> - Leverage up to 1:500 |
Standard Account | $1,000 | - Demo account available<br> - Trading options include 26 Forex currency pairs and 10 commodities and indices<br> - Daily market news and SMS alerts<br> - Dedicated account manager<br> - Islamic account option |
VIP Account | $10,000 | - 28 Forex currency pairs and a full range of commodities and indices for trading<br> - Direct access to a trading manager<br> - 30% margin |
Premium Account | $100,000 | - In-depth analyst tips<br> - 25% margin<br> - Claims of deep liquidity |
In summary, FinMarket's account types might appear enticing at first glance, but upon closer inspection, they fail to deliver on their promises. The high minimum deposits, limited trading options, and questionable additional features make these accounts less appealing than they initially seem.
FinMarket boasts about offering “up to 1:500” leverage on their trading accounts. However, before you get too excited, let's take a closer look at the reality behind this high leverage claim.
While a leverage of 1:500 might seem like an attractive prospect, it comes with significant risks and drawbacks. High leverage can amplify both your potential profits and your potential losses. This means that even a small adverse price movement could wipe out a significant portion of your trading capital.
Inexperienced traders often get lured in by the promise of high leverage, thinking they can make huge profits with a small initial deposit. However, they fail to realize that it also exposes them to substantial risks.
Moreover, it's worth noting that regulatory authorities, like CySEC, which oversees FinMarket, have been tightening their rules regarding leverage. High leverage has been associated with increased client losses and is considered risky for retail traders. Many regulatory bodies now impose leverage caps to protect traders from excessive risk-taking.
So, while FinMarket might advertise high leverage as a way to attract traders, it's crucial to approach it with caution. Trading with such high leverage can be a recipe for disaster, especially for inexperienced traders who might not fully comprehend the risks involved.
In conclusion, the maximum trading leverage offered by FinMarket might sound appealing, but it's essential to remember that high leverage comes with substantial risks. It's crucial for traders to exercise caution and employ proper risk management strategies to protect their capital when trading with such high leverage.
Spreads and commissions at FinMarket vary depending on the type of trading account. However, upon closer examination, it becomes evident that the broker's offerings are less competitive than they claim to be.
Spreads:
FinMarket advertises “tight spreads” on their website, but in reality, the spreads they offer are quite high, especially on their Mini accounts. For the benchmark EUR/USD currency pair, the average spread exceeds 3.7 pips on Mini accounts. Such high spreads can significantly impact a trader's potential profits, making it challenging to trade cost-effectively.
Commissions:
In addition to spreads, FinMarket charges commissions on trades, further increasing the overall cost of trading. The commission rates vary depending on the type of account. For Mini accounts, the commission fee is $15.00 per trade.
Comparison to Competitors:
Compared to other reputable brokers in the market, FinMarket's trading costs are less favorable. Many competitors offer much lower spreads, often within the range of 1.0 to 1.5 pips for the EUR/USD pair, without charging additional commission fees.
Impact on Traders:
The high spreads and commission fees at FinMarket can hinder a trader's ability to profit consistently, particularly for those with smaller trading accounts. These unfavorable trading conditions may lead to significant losses and can discourage traders from achieving their financial goals.
In conclusion, despite claiming to provide tight spreads and varying commissions, FinMarket's trading conditions fall short compared to many other brokers in the industry. Traders seeking cost-effective and competitive trading experiences may find better options with brokers offering lower spreads and commission fees.
Deposit and withdrawal processes at FinMarket seem to be relatively straightforward, offering various methods for funding accounts and accessing funds. However, there are some considerations to keep in mind.
Deposit Options:
FinMarket provides several options for depositing funds into trading accounts. Traders can choose to deposit through credit transfer, wire transfer, or the electronic payment method Ecommpay. These options offer flexibility, allowing clients to select the most suitable method based on their preferences and location.
Minimum Deposit Requirements:
The broker does not impose any specific minimum deposit requirements. However, it's important to note that individual payment channels may have their own minimum deposit limits. Traders should verify the minimum deposit amount with their chosen payment method before initiating the transaction.
Withdrawal Process:
FinMarket generally processes withdrawals through the same method used for depositing funds. This is a standard practice among many brokers and helps ensure the security of transactions. Traders should be aware that withdrawal requests may take some time to process, depending on the payment method and the broker's internal procedures.
Fund Security:
FinMarket emphasizes the security of customer funds. The broker operates under the regulation of the Cyprus Securities Exchange Commission (CySEC), which requires adherence to strict guidelines for the protection of client funds. Furthermore, the use of SSL encryption ensures the safe transmission of personal and financial information during transactions.
Additional Considerations:
While the deposit and withdrawal processes themselves appear to be straightforward, traders should also consider the overall cost associated with funding their accounts and accessing their funds. This includes any fees charged by payment providers and potential currency conversion charges, especially for international clients.
In conclusion, FinMarket offers various deposit options and follows standard practices for processing withdrawals. However, traders should be aware of any minimum deposit requirements imposed by payment channels and carefully consider any associated costs to make informed decisions about funding their trading accounts and accessing their funds.
FinMarket provides its clients with multiple trading platforms, ensuring a diverse range of options to suit individual preferences and trading styles. The broker offers the following trading platforms:
MetaTrader 4 (MT4) Platform:
MetaTrader 4 is one of the most popular and widely used trading platforms in the industry. It offers a user-friendly interface and a comprehensive set of tools and features, making it suitable for both beginner and experienced traders. Traders can access advanced charting capabilities, a wide array of technical indicators, and various timeframes for market analysis. MT4 also supports automated trading through Expert Advisors (EAs), allowing traders to execute trades automatically based on predefined strategies. The platform is available for desktop (Windows, Linux, and MacOS), as well as mobile devices (iOS and Android), providing convenience and flexibility for traders who prefer to trade on the go.
In-House Web Trading Platform (WebTrader):
FinMarket has developed its own web-based trading platform known as WebTrader. This platform is accessible through any web browser without the need for downloading or installing additional software. WebTrader offers a user-friendly interface with one-click trading functionality, real-time market charts to monitor market trends, and social trading features. The platform caters to traders who prefer a hassle-free trading experience and wish to access their accounts from any internet-connected device.
In-House Mobile Trading Platform:
For traders who are constantly on the move, FinMarket offers a mobile trading platform compatible with both Android and iOS devices. This mobile app provides full access to trading accounts, enabling traders to execute trades, monitor positions, and access real-time market data from the palm of their hands. The mobile trading platform ensures that traders can stay updated and respond to market movements promptly, regardless of their location.
In summary, FinMarket provides a diverse selection of trading platforms to cater to the needs of different traders. The MetaTrader 4 platform offers advanced tools and analysis for experienced traders, while the in-house WebTrader platform appeals to those seeking simplicity and convenience. Additionally, the mobile trading platform ensures traders can stay connected to the markets at all times, making it a comprehensive offering for a range of trading preferences.
FinMarket's customer support has been a source of frustration for many traders, as it often fails to meet their expectations. The broker claims to provide reliable assistance, but in reality, reaching their customer support team can be a tedious and time-consuming process.
Phone Support: While FinMarket offers a phone support option, getting through to a support representative can be a daunting task. Traders often find themselves waiting on hold for extended periods, only to be met with unhelpful responses or transferred to different departments without any resolution.
Email Support: Traders who opt for email support are often left disappointed with the slow response times. It can take several days to receive a reply, and even then, the answers provided are often generic and fail to address the specific concerns raised by traders.
Live Chat: The live chat feature on FinMarket's website is advertised as a quick way to get assistance, but in reality, it is far from efficient. Traders report experiencing long wait times before connecting with a support agent, and when they do, the responses are often vague and unhelpful.
Web Contact Form: Submitting inquiries through the web contact form is no better, as traders rarely receive timely or satisfactory responses. It seems like the broker pays little attention to these contact forms, leaving traders feeling ignored and frustrated.
Overall, FinMarket's customer support is lackluster and inadequate. Traders have expressed their dissatisfaction with the slow response times, unhelpful answers, and overall lack of professionalism displayed by the support team. As a result, many traders feel let down by the broker's supposed commitment to providing reliable assistance.
FinMarket is an unregulated Forex and CFD broker based in Cyprus, established in 2015. While it offers a diverse range of market instruments, including forex currency pairs, major indices, commodities, individual stocks, and cryptocurrencies, the lack of proper regulation raises concerns about the safety of traders' funds and the legitimacy of its operations. The high spreads, varying commissions, and relatively high minimum initial deposit of $1000 make it unattractive, especially for beginners. The website's unavailability adds further doubts about the broker's credibility. The customer support is inadequate, with slow response times and unhelpful assistance.
Pros:
Offers a diverse array of market instruments.
Provides multiple trading platforms, including MetaTrader 4 (MT4).
Supports mobile trading for on-the-go access.
Cons:
Unregulated status raises concerns about fund safety and transparency.
High spreads and commissions impact profitability.
High minimum deposit requirements.
Inadequate customer support with slow response times and unhelpful answers.
Website unavailability adds to doubts about legitimacy.
Overall, due to the lack of regulation, high costs, and unsatisfactory customer support, FinMarket is not recommended for traders. It is essential to consider alternative, regulated brokers with better trading conditions and customer service for a more secure and reliable trading experience.
Q1: Is FinMarket a regulated broker?
A1: No, FinMarket is an unregulated broker, which raises concerns about the safety of traders' funds and the transparency of their operations.
Q2: What is the minimum initial deposit required to open an account with FinMarket?
A2: The minimum initial deposit for a Mini account is $250, while the VIP account requires a minimum deposit of $10,000.
Q3: Does FinMarket offer a demo account for practice?
A3: Yes, FinMarket provides a demo account for traders to practice their strategies before trading with real money.
Q4: What trading platforms does FinMarket offer?
A4: FinMarket offers MetaTrader 4 (MT4), a web-based platform (WebTrader), and a mobile trading platform for Android and iOS devices.
Q5: Is customer support readily available at FinMarket?
A5: FinMarket's customer support has been reported as inadequate, with slow response times and unhelpful assistance, making it a source of frustration for traders.
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive vipotor and finmarket are, we first considered common fees for standard accounts. On vipotor, the average spread for the EUR/USD currency pair is -- pips, while on finmarket the spread is --.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
vipotor is regulated by ASIC. finmarket is regulated by CYSEC.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
vipotor provides trading platform including -- and trading variety including --. finmarket provides trading platform including Silver Member,Gold Member,Platium Member,Diamond Member,Elite Member and trading variety including Forex Commodities Indices World Shares CryptoCurrencies.