Finesse Markets

Overview

Finesse Markets Pty Ltd, based in Australia and founded in 2019, presents several concerning aspects. While it operates under the regulation of ASIC, indicating a level of oversight, there are notable drawbacks. The minimum deposit requirements of $200 for the Standard Account and $1000 for the RAW Account may deter some traders. Although high leverage of up to 1:500 is available, the lack of educational tools and the absence of an Islamic account option may hinder the trading experience, particularly for less-experienced or specialized traders. Furthermore, the reported non-functioning website adds another layer of uncertainty. While phone support is available in English, the impersonal email contact raises questions about customer support quality. Overall, traders should exercise caution and consider these limitations when evaluating Finesse Markets as a potential broker.

Regulation

The Australia Securities & Investment Commission (ASIC) classifies “FOCUS MARKETS PTY LTD” as a “Clone Firm,” signifying that it imitates a legitimate, regulated entity. While the entity claims to be involved in Market Making (MM), it is vital to exercise caution, as clone firms often attempt to impersonate genuine organizations, potentially posing risks for investors. The regulatory license, issued on March 7, 2019, under license number 514425, is specific to “FOCUS MARKETS PTY LTD.” Traders should verify the authenticity of financial institutions and their regulatory status before engaging in any financial transactions and report any suspicious activity to regulatory authorities to ensure industry security and integrity.

Pros and Cons

Finesse Markets presents a mix of advantages and drawbacks for traders. On the positive side, it offers diverse market instruments, multiple account types, high leverage, and access to the popular MT4 trading platform. English-speaking clients also benefit from direct phone support. However, there are notable concerns, including the “Clone Firm” classification, the absence of educational resources, and the use of an impersonal customer support email address. Traders should carefully weigh these factors when considering this broker for their trading needs.

Market Instruments

Finesse Markets appears to offer a range of financial instruments for trading in the Forex (foreign exchange), commodities, and Index CFDs (Contracts for Difference) markets. Here's a breakdown of these market instruments:

1. Forex (Foreign Exchange):

   Forex, also known as the foreign exchange market, involves the trading of currency pairs. Currency pairs consist of two currencies, where one is exchanged for the other. Common pairs include EUR/USD (Euro/US Dollar), GBP/JPY (British Pound/Japanese Yen), and USD/JPY (US Dollar/Japanese Yen). Forex traders speculate on the relative strength or weakness of one currency against another, attempting to profit from price movements.

2. Commodities: Commodities are tangible goods or raw materials that can be traded in financial markets. Finesse Markets likely provides access to various commodities. Common commodities include precious metals like gold and silver, energy products such as crude oil and natural gas, agricultural products like wheat and soybeans, and industrial metals like copper.

3. Index CFDs (Contracts for Difference): Index CFDs allow traders to speculate on the price movements of stock market indices without owning the underlying assets. Stock market indices represent the performance of a group of stocks from a particular market or sector. Examples include the S&P 500, NASDAQ Composite, and FTSE 100. Traders can go long (buy) or short (sell) Index CFDs, aiming to profit from both rising and falling markets.



Account Types

Finesse Markets offers three tiered trading account types, each designed to cater to the varying needs and preferences of traders. These accounts are categorized as “Standard,” “RAW,” and a “Demo” account for practice purposes.

Standard Account:

The Standard account is well-suited for traders who are just starting or prefer a more straightforward trading experience. With a minimum deposit requirement of $200, it offers competitive spreads starting from 1.0 pips. Leverage can go up to 1:500, allowing traders to control larger positions with a relatively small initial investment. Notably, there are no commissions associated with this account type, making it appealing for those who want cost-effective trading.

RAW Account:

For more advanced traders or those seeking tighter spreads, the RAW account is an option. It demands a higher minimum deposit of $1000. With spreads starting from 0.0 pips, traders can benefit from exceptionally low pricing on their trades. The leverage remains up to 1:500, providing flexibility. However, there is a commission of $3.5 per standard lot traded. This commission-based structure is often favored by traders who appreciate precise pricing and don't mind paying a transparent fee for their trades.

Demo Account:

In addition to the live trading accounts, Finesse Markets offers a Demo account, which is a risk-free practice environment. It allows traders to hone their skills, test strategies, and become familiar with the platform without risking real capital. The Demo account is an invaluable tool for both beginners and experienced traders looking to refine their techniques in a simulated trading environment.

Here's a table summarizing the key features of these account types:

Account Type	Minimum Deposit	Spreads	Leverage	Commission
Standard	$200	From 1.0 pips	Up to 1:500	No commission
RAW	$1,000	From 0.0 pips	Up to 1:500	$3.5 per standard lot
Demo	No minimum	Practice	Practice	No trading with real funds



Leverage

Finesse Markets provides traders with a maximum trading leverage of up to 1:500. Leverage allows traders to control larger positions with a smaller capital investment, amplifying both potential profits and losses. Traders should exercise caution, implement effective risk management, and be aware of regulatory limits and margin requirements when using high leverage.

Spreads & Commissions

Spreads:

The spreads represent the difference between the buying (ask) and selling (bid) prices of a financial instrument. Finesse Markets offers different spreads based on the chosen trading account:

Standard Account: Spreads start from 1.0 pips. This account type is suitable for traders who prefer a straightforward trading experience and do not pay commissions on their trades.

RAW Account: Traders opting for the RAW account can benefit from even tighter spreads starting from 0.0 pips. However, in this case, there is a transparent commission of $3.5 per standard lot traded. This pricing structure is often favored by traders who appreciate precise pricing.

Commissions:

Commissions are charges applied by the broker for facilitating trades and can vary depending on the account type:

Standard Account: This account type does not have a commission for trading. Instead, the broker's revenue is primarily derived from the spreads.

RAW Account: Traders using the RAW account pay a commission of $3.5 per standard lot they trade in addition to the spread. This commission-based structure can be attractive to traders who prefer lower spreads and don't mind paying a transparent fee.

Deposit & Withdrawal

Deposit Methods:

PayPal: Traders can deposit funds using their PayPal accounts, a popular and widely accepted online payment system known for its security and ease of use.

Skrill: Skrill, an e-wallet solution, allows traders to deposit funds securely and quickly. It's known for its accessibility and international availability.

Neteller: Similar to Skrill, Neteller is an e-wallet option that offers a convenient way to deposit funds into trading accounts. It's favored for its accessibility and user-friendly interface.

Debit Card: In addition to credit cards, traders can use debit cards for deposits. Debit card deposits provide a straightforward way to fund trading accounts directly from a bank account.

Online Payment Gateway: Finesse Markets offers a proprietary online payment gateway that allows traders to securely deposit funds through various online payment methods, such as Apple Pay, Google Pay, and other digital wallets.

Local Bank Transfer: Traders can opt for local bank transfers specific to their region. This method enables them to deposit funds directly from their local bank accounts, simplifying the process for users in specific countries.

Withdrawal Methods:

ACH (Automated Clearing House) Transfer: Traders can initiate ACH transfers for quick and convenient withdrawals directly to their linked bank accounts, a popular method in the United States.

Wire Transfer: Finesse Markets provides wire transfer withdrawals, allowing traders to transfer funds directly to their bank accounts, suitable for international transactions.

Check: Traders can request withdrawal via a physical check, which is mailed to their registered address. This method is chosen by those who prefer traditional banking.

Ethereum (ETH) Wallet: In addition to other cryptocurrencies, traders can withdraw funds to their Ethereum wallets, taking advantage of blockchain technology for fast and secure withdrawals.

Payoneer: Payoneer is a global payment service that enables traders to receive their withdrawals efficiently, especially if they prefer a prepaid card or bank transfer.

BitPay: BitPay is a cryptocurrency payment processor that allows traders to receive Bitcoin (BTC) withdrawals. It's an option for those who prefer to hold their funds in cryptocurrency.

Trading Platforms



MetaTrader 4 (MT4) is a widely used trading platform known for its user-friendly interface, advanced charting tools, and powerful features. It offers real-time quotes, technical analysis tools, and the ability to automate trading with Expert Advisors. MT4 supports mobile trading, offers data security, and is available in multiple languages, making it a top choice for traders of all levels.

Customer Support

Finesse Markets provides a contact number for English-speaking customers at +61 3 7019 0488, which can be seen as a positive aspect for those seeking direct phone assistance.

However, the negative aspect lies in their customer support email address, customerservice@finessemarkets.com. This may raise concerns for some as it appears to be a generic and impersonal email address. Ideally, a company's customer support should have dedicated email addresses that reflect a commitment to customer service, which can foster trust and confidence among clients. The use of a more personalized and professional email address would likely be more reassuring for customers seeking assistance and support.



Educational Resources

The absence of educational resources at Finesse Markets is a notable limitation. Educational materials are essential for traders, especially beginners, to learn about trading strategies and market insights. Without these resources, traders may need to seek external education, which could deter less-experienced traders from choosing this broker.

Summary

Finesse Markets Pty Ltd, an Australian-based broker established in 2019, raises significant concerns for prospective traders. While it operates under ASIC regulation, certain drawbacks cast a shadow over its offerings. The steep minimum deposit requirements of $200 for the Standard Account and $1000 for the RAW Account may deter many traders. Moreover, the absence of educational resources and the lack of an Islamic account option limit its appeal, particularly for less-experienced or specialized traders. Adding to the uncertainty, reports of a non-functional website raise doubts about the broker's reliability. While English-speaking clients can access phone support, the use of an impersonal email contact does little to inspire confidence in customer support quality. These limitations should give traders pause when considering Finesse Markets as a potential broker.

FAQs

Q1: What is the minimum deposit required to open a Standard Account with Finesse Markets？

A1: The minimum deposit for a Standard Account with Finesse Markets is $200.

Q2: What is the maximum leverage available to traders with Finesse Markets？

A2: Finesse Markets offers a maximum trading leverage of up to 1:500, allowing traders to control larger positions with a relatively small capital investment.

Q3: Are there any commissions for trading with a Standard Account at Finesse Markets？

A3: No, there are no commissions associated with trading a Standard Account. Instead, the broker's revenue primarily comes from spreads.

Q4: What types of payment methods are accepted for deposits and withdrawals at Finesse Markets？

A4: Finesse Markets offers a variety of payment methods, including bank transfer, credit card, cryptocurrency, e-wallets like PayPal, Skrill, and Neteller, debit card, online payment gateways, local bank transfer, and more.

Q5: Does Finesse Markets provide educational resources for traders？

A5: No, Finesse Markets does not offer educational resources. Traders seeking educational materials may need to look elsewhere for learning and market insights.