Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

Xtrade was founded in 2000 and based in Melbourne, Australia, is a online trading broker. It currently holds a full license from the Australian Securities and Investments Commission (ASIC), a suspicious clone license from the Cyprus Securities and Exchange Commission (CYSEC), and an offshore retail forex license from the Financial Services Commission (FSC) of Belize. Xtrade offers a wide range of tradable assets, including currencies, commodities, indices, stocks, and more. This diverse selection allows traders to access various global markets and create well-diversified portfolios. With Xtrade, traders have the flexibility to choose from various trading account types, catering to different levels of expertise and trading preferences. The minimum deposit required to open an account is$250, allowing traders with different budget sizes to participate in the markets.

Xtrade offers a competitive maximum leverage ratio of up to 1:400, enabling traders to amplify their trading positions. Spreads on different financial instruments vary, ensuring a diverse range of trading opportunities.

Traders can access the markets using Xtrade's user-friendly and feature-rich trading platforms. These platforms provide seamless trading experiences across multiple devices, including web, mobile, and desktop.For traders who wish to test their strategies or familiarize themselves with the platform, Xtrade provides a demo account. Additionally, the broker offers an Islamic account option for traders who follow Shariah principles.

Xtrade prioritizes customer support, providing assistance to traders through various channels, including live chat, email, and phone. Traders can reach out to the dedicated support team for any inquiries or assistance they may need. The broker also provides educational tools and resources to help traders enhance their trading knowledge and skills.

Is Xtrade legit or a scam？

Xtrade is a broker that is regulated by two regulatory authorities, namely the Australian Securities and Investments Commission (ASIC) and the Financial Services Commission (FSC). ASIC is an Australian regulatory body known for its strict oversight of financial services providers, ensuring fair and transparent practices.

The FSC, on the other hand, is the regulatory authority in Belize, where Xtrade operates as an offshore entity. While the FSC is responsible for overseeing financial services in Belize, it is important to note that the regulatory standards may differ from those of ASIC. Traders should be aware of the regulatory jurisdiction in which the broker operates and understand the associated risks.

Pros and Cons

Xtrade offers several advantages and disadvantages that should be considered by potential traders. On the positive side, the broker is regulated by reputable authorities like ASIC. They offer a wide range of trading instruments, including Forex, commodities, indices, and cryptocurrencies, providing diversification opportunities. Additionally, Xtrade provides educational resources and tools to support traders' knowledge and skills development. However, some drawbacks include the spreads not being highly competitive, which could affect the cost of trading, and the lack of transparency regarding commission charges, the absence of MT4 or MT5 trading platforms. Traders should carefully evaluate these factors before deciding to trade with Xtrade.

Market Instruments

Xtrade offers a diverse range of market instruments to cater to the trading needs of its clients. Traders can access a wide variety of indices, representing different global markets, allowing them to speculate on the overall performance of major stock exchanges. Additionally, Xtrade provides a selection of commodities, enabling traders to participate in the price movements of precious metals, energy resources, agricultural products, and more.

Furthermore, Xtrade grants access to a comprehensive range of shares, including stocks of renowned companies from around the world. This allows traders to invest in individual companies and potentially benefit from their performance and dividends. In the forex market, Xtrade offers a vast selection of currency pairs, enabling traders to capitalize on fluctuations in exchange rates between various currencies.

For those seeking diversification, Xtrade provides access to Exchange-Traded Funds (ETFs). ETFs are investment funds that track the performance of a specific index or sector, allowing traders to gain exposure to a basket of assets with a single trade. Moreover, Xtrade offers the opportunity to trade bonds, enabling traders to invest in fixed-income securities issued by governments or corporations.

With this extensive range of market instruments, Xtrade empowers traders to diversify their portfolios and take advantage of various trading opportunities across different asset classes.

Account Types

Xtrade offers different account types to cater to the varying needs of traders, starting with the Standard account. With a minimum deposit requirement of $250, the Standard account is ideal for beginners who are new to trading or prefer to start with a smaller investment. This account provides access to a user-friendly trading platform, educational resources, and basic trading features, allowing traders to gain experience and knowledge in the financial markets.

Moving up the ladder, the Premium account requires a minimum deposit of $1,000. This account type is suitable for intermediate traders who have a bit more experience and seek competitive trading conditions. Traders with a Premium account can enjoy a wider range of tradable assets, receive regular market updates, and access customer support services to assist them in their trading journey.

For traders looking for an even higher level of service and benefits, Xtrade offers the Platinum account. Requiring a minimum deposit of $5,000, the Platinum account provides traders with enhanced features, including tight spreads, faster trade execution, and dedicated account managers who can offer personalized guidance and support. This account type is suitable for traders who desire a premium trading experience and want access to advanced trading tools.

Lastly, Xtrade offers the VIP account, which is designed for experienced and high-net-worth traders. With a minimum deposit requirement of $20,000, the VIP account provides exclusive benefits such as priority customer support, lower trading costs, and advanced trading tools. Traders with a VIP account can enjoy personalized services and assistance from dedicated account managers to meet their specific trading needs.

How to open an account？

Opening an account with Xtrade is a straightforward process.

1. To begin, visit the Xtrade website and click on the “Open Account” button.

2. Fill out the registration form with your personal details, including your name, email address, and phone number.

3. Next, choose your desired account type and leverage level. After completing the form, review and accept the terms and conditions.

4. Finally, verify your account by providing the necessary identification documents as requested by Xtrade. Once your account is approved, you can proceed to fund it and start trading in the financial markets with Xtrade's user-friendly trading platform.

Leverage

Xtrade provides traders with flexible leverage options across various instruments. The leverage offered by Xtrade varies depending on the trading asset. For forex trading, the maximum leverage available is up to 1:400, allowing traders to amplify their trading positions. When it comes to commodities, the leverage reaches up to 1:200, offering traders the opportunity to trade larger volumes with a smaller initial investment. Shares trading on Xtrade's platform has a maximum leverage of 1:10, enabling traders to take advantage of price movements in the stock market. Lastly, for cryptocurrency trading, the leverage ranges from 1:10 to 1:50, depending on the specific digital asset.

Spreads & Commissions (Trading Fees)

Xtrade offers spreads that are not considered highly competitive, with the benchmark spread on EURUSD ranging from 2 to 5 pips. The spreads indicate the difference between the buying and selling prices of a trading instrument, and in the case of Xtrade, they may be slightly wider compared to some other brokers in the market. It's important for traders to consider the spreads as they directly impact the overall cost of trading.

However, it's worth noting that the exact commission charges associated with trading on Xtrade's platform are not specified. Traders should evaluate the overall trading conditions, including spreads and any applicable commissions, to make informed decisions regarding their trading strategy on Xtrade.

Non-Trading Fees

Apart from trading fees, Xtrade may charge non-trading fees, which refer to fees not directly related to trading activities. These fees can include charges for account inactivity, withdrawal fees, or fees for certain payment methods. It is important for traders to familiarize themselves with the specific non-trading fees imposed by Xtrade, as they may vary depending on the account type and the services utilized. Being aware of these fees can help traders effectively manage their trading costs and make informed decisions.

Trading Platform Available

Xtrade offers a user-friendly trading platform designed to meet the needs of modern traders. One of the platform options available is the WebTrader, which allows traders to access their accounts and trade directly from their web browser. It provides a seamless trading experience with advanced charting tools, real-time market quotes, and an intuitive interface. The WebTrader platform is accessible from any device with an internet connection, making it convenient for traders who prefer trading on the go.

For traders who prefer to trade on their mobile devices, Xtrade provides a mobile trading app compatible with both iOS and Android systems. The mobile app offers full functionality, enabling traders to monitor their positions, place trades, and access real-time market information. It is designed to be user-friendly and responsive, providing a smooth and efficient trading experience even on smaller screens.

Additionally, Xtrade offers a tablet trading app, optimized for larger screens and providing enhanced features for tablet users. The tablet app combines the convenience of mobile trading with the expanded functionality of a larger display, allowing traders to analyze charts, execute trades, and manage their portfolios with ease.

Promotions

Xtrade presents a range of enticing promotions and bonuses to enhance the trading experience for its clients. Traders can take advantage of the First Deposit Bonus, which offers a rewarding boost of up to $5000 on their initial deposit. Additionally, by completing a simple Phone Verification process, traders can earn a $25 Cash bonus as a gesture of appreciation. The “First Trade on us” promotion allows traders to enjoy a cash bonus of up to $500 when placing their initial trade. Furthermore, by verifying their trading account, clients can receive a generous 20% bonus as part of the Account Verification promotion. These promotions provide traders with added value and potential rewards, giving them a head start in their trading journey with Xtrade.

Deposit & Withdrawal

Xtrade offers flexible deposit and withdrawal options to cater to the diverse needs of its clients. While the standard minimum deposit is $250, Xtrade occasionally runs promotions that allow for lower deposit thresholds, providing more accessibility for traders. Clients can choose from various payment methods, including credit/debit cards, bank transfers, and American Express, among others. The availability of deposit options may vary depending on the country of residence.

When you request a withdrawal, the funds are returned using the same method you used for depositing. For example, if you deposited funds using a credit card, the withdrawal amount will be credited back to that card. Similarly, if you used a bank transfer for deposit, the withdrawal will be transferred back to your bank account. In the case of deposits made through e-wallets like Skrill or Neteller, the withdrawal will be returned either through a bank transfer or directly to the e-wallet. It's important to note that withdrawal requests typically take up to five business days to process. However, please be aware that external factors beyond our control, such as credit card companies or intermediary banks, may cause delays of up to three weeks in extreme cases. Normally, bank transfer or credit/debit card refunds are completed within 10 business days, while e-wallet payments are processed instantly once the withdrawal is approved.

Customer Support

Xtrade prioritizes providing excellent customer support to its clients. With their dedication to customer satisfaction, Xtrade offers round-the-clock customer support, ensuring assistance is available 24 hours a day, 6 days a week. This allows traders from different time zones to access support whenever they need it. The customer support team is multilingual, capable of assisting clients in various languages, further enhancing the accessibility and inclusivity of their services.

Clients can reach out to Xtrade's customer support through multiple channels, including email, phone, and online chat. This diverse range of contact options allows traders to choose the method that suits them best for efficient and convenient communication. Whether clients prefer written correspondence, direct phone conversations, or real-time chat support, Xtrade accommodates their preferences.

To provide additional assistance and address common inquiries, Xtrade offers a detailed FAQ section. This comprehensive resource covers a wide range of topics, including account registration, deposits and withdrawals, trading platforms, trading conditions, and more. The FAQs provide clear and concise answers to frequently asked questions, empowering traders with the necessary information to navigate the platform and make informed decisions.

Educational Resources

Xtrade offers a comprehensive range of educational resources designed to empower traders with knowledge and skills. Their educational offerings include video tutorials, which provide step-by-step guidance on various trading concepts and strategies. These tutorials are easy to follow and cater to traders of all levels, from beginners to advanced.

In addition to video tutorials, Xtrade provides interactive courses that cover a wide range of trading topics. These courses are carefully curated to provide traders with a structured learning experience, allowing them to delve deeper into specific areas of interest and enhance their trading proficiency.

For traders looking to familiarize themselves with industry terminology, Xtrade offers a comprehensive glossary. This glossary serves as a valuable reference tool, providing clear and concise definitions of key trading terms and jargon.

To keep traders informed about the latest market trends and developments, Xtrade offers a wealth of trading information. This includes real-time market news, analysis, and insights, enabling traders to stay updated and make informed trading decisions.

Xtrade's blog is another educational resource that offers a wealth of informative articles on various trading topics. From market analysis and trading strategies to risk management and psychology, the blog covers a wide range of subjects to help traders expand their knowledge and refine their trading approach.

Lastly, Xtrade prioritizes trading education and provides access to additional educational materials such as e-books, webinars, and seminars. These resources offer valuable insights and perspectives from industry experts, further enriching traders' learning experience.

Overall, Xtrade's educational resources aim to equip traders with the knowledge and skills necessary to navigate the financial markets effectively. By offering a diverse range of educational tools, Xtrade strives to support traders in their quest for continuous growth and improvement.

Conclusion

Xtrade offers a wide range of trading opportunities with its user-friendly platform and diverse tradable assets. The broker is regulated by ASIC and FSC, and the leverage provided offers flexibility to traders. Customer support is readily available, and the broker supports various payment methods. Xtrade also provides educational tools to enhance traders' knowledge and skills. On the downside, there may be delays in withdrawal processing, particularly when involving third-party payment methods. Besides, it is important to note that spreads may vary and some non-trading fees may apply. Overall, Xtrade presents an opportunity for traders to explore the financial markets, but it is important to consider both the advantages and limitations before engaging in trading activities.

Frequently Asked Questions (FAQs)

Overview:

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.

Regulation:

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.

Market Instruments Offered by FinMarket:

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:

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.

Account Types：

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:

1. Mini Account:

1. Minimum Deposit: $250

2. 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.

2. Standard Account:

1. Minimum Deposit: $1,000

2. 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.

3. VIP Account:

1. Minimum Deposit: $10,000

2. 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.

4. Premium Account:

1. Minimum Deposit: $100,000

2. 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.

Leverage:

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 & Commissions:

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.

1. 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.

2. 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.

3. 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.

4. 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 & Withdrawal

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.

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

Trading Platforms:

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:

1. 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.

1. 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.

2. 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.

Customer Support:

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.

1. 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.

2. 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.

3. 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.

4. 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.

Summary:

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.

FAQs:

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.