Overview of FinesseTrade
FinesseTrade is a relatively new online trading platform that offers services across various financial markets, including gold, oil, and currencies. Established in August 2023, it aims to attract traders with diverse needs by offering multiple account types, each with different features such as varying spreads and leverage options. Despite these attractive features, the platforms lack of proprietary trading software and unclear support for standard platforms like MetaTrader 4 or 5 are seen as a drawback.
Another significant drawback of FinesseTrade is its lack of regulation by any recognized financial authority, which increases the risk for potential investors.
Additionally, while FinesseTrade claims to offer customer support via email (support@FinesseTrade.net) and has listed physical addresses in the United States and the United Kingdom, the absence of live chat or phone support might limit the responsiveness and effectiveness of their customer service.
The platforms educational resources are not well-documented, making it unclear what kind of learning tools or support they provide for traders.
Regulatory Status
So far, FinesseTrade is not regulated by any recognized financial authority. This lack of oversight increases the risk of potential fraudulent activities and reduces investor protection.
Pros and Cons
Pros
Variety of Financial Markets: FinesseTrade offers trading services in a range of financial markets including gold, oil, currencies, and offshore investments. This diversity can appeal to traders looking to diversify their investment portfolios.
Demo Account Available: Trading with a demo account is an excellent way to practice your trading skills and strategies without risking any money.
High Leverage Options: The platform offers high leverage options (up to 1:5000), which could attract traders looking to maximize their trading positions with smaller initial investments【6†source】.
Cons
Lack of Regulation: One of the most significant drawbacks is that FinesseTrade is not regulated by any recognized financial authority. This lack of oversight increases the risk of potential fraudulent activities and reduces investor protection.
Recent Establishment: The platform is relatively new, having been established in August 2023. This short operational history means there is limited user feedback and no long-term track record to assess its reliability and performance.
Low Website Traffic and Questionable Hosting: The website has low traffic and shares its server with several low-rated websites, which indicates potential issues with reliability and trustworthiness.
No Trading Software: According to some reviews, the platform does not have its own trading software, which is a critical tool for executing trades effectively and efficiently.
High Minimum Deposits: The minimum deposits required to start trading on FinesseTrade are relatively high, with amounts starting from $500 for a basic account and going up to $35,000 for a platinum account. This could be a barrier for small investors.
Market Instruments
FinesseTrade offers trading services in a range of financial markets including gold, oil, currencies, and offshore investments. This diversity can appeal to traders looking to diversify their investment portfolios.
Account Types
The account levels offered by FinesseTrade range from Starter to Platinum, with increasing minimum deposit requirements and increasing benefits.
The minimum deposit required to open an account increases as the account tier goes up. The Starter account requires a $500 minimum deposit, while the Platinum account requires a $35,000 minimum deposit.
Spreads decrease as the account tier goes up. The Starter and Basic accounts have spreads from 3.3 pips, while the Platinum account has spreads from 0.5 pips.
Leverage increases as the account tier goes up. The Starter account has leverage of 1:300, while the Platinum account has leverage of 1:5000.
All of the accounts include live chart support, access to all available platforms, and access to all education tools. The Bronze, Silver, Gold, and Platinum accounts also include technical analysis reports. Additionally, the Gold and Platinum accounts also include market update emails.
Heres a table summarizing the account levels and their features:
How to Open an Account？
To open an account on FinesseTrade, follow these general steps:
Visit the Website: Go to the official FinesseTrade website at finessetrade.net.
Register an Account:
- Click on the “Open Account” or “Sign Up” button typically found on the homepage.
- Fill in the registration form with required personal details such as name, email address, phone number, and possibly more.
- Create a username and password.
Verify Your Identity:
- You may need to upload documents to verify your identity and address, such as a passport or driver's license and a utility bill or bank statement.
- This step is crucial for complying with anti-money laundering (AML) regulations.
Choose an Account Type:
- Select the type of trading account you wish to open. FinesseTrade offers various account levels, each with different minimum deposit requirements and features (e.g., Starter, Bronze, Silver, Gold, Platinum).
Make a Deposit:
- Deposit the minimum required amount to activate your account. The minimum deposit varies by account type, starting from $500 and going up to $35,000.
- FinesseTrade might offer various payment methods, such as bank transfers, credit/debit cards, and possibly cryptocurrencies.
Set Up Your Trading Platform:
- If FinesseTrade provides its own trading platform, download and install it as per the instructions provided.
- Alternatively, if they use a common platform like MetaTrader 4 or 5 (MT4/MT5), you might need to download that software and link it to your FinesseTrade account.
Start Trading:
- Once your account is funded and set up, you can start trading in the various financial markets offered by FinesseTrade.
Leverage
The leverage offered by FinesseTrade gradually escalates from 300 for Starter Account to 5000 for Platinum Account.
Spreads & Commission
FinesseTrade offers six account options ranging from Starter to Platinum, each with varying minimum deposit requirements and starting spreads.
While specific commission fees are not disclosed for any of the account types, the starting spreads decrease with the account level, from 3.3 pips for the Starter account to 0.5 pips for the Platinum account.
Demo Account
FinesseTrade offers demo accounts for traders to practice their trading skills and strategies without risking any money.
Deposit & Withdrawal
Minimum Deposit: The minimum deposit varies depending on the account type. It starts from $500 for the Starter Account and goes up to $35,000 for the Platinum Account.
Payment Methods: Common deposit and withdrawal methods typically include:
Bank Transfers
Credit/Debit Cards
Electronic Wallets
Cryptocurrencies
Customer Support
FinesseTrade provides several customer support options. Heres an overview based on the available information:
Email:
Support Email: support@FinesseTrade.net
This is the primary method of contact provided for customer support. Email support is typically used for detailed inquiries and issues that require documentation.
Physical Addresses:
United States: 663 Natoma St, San Francisco, CA 94103, United States
United Kingdom: 30 Lothian Rd, Edinburgh EH1 2EP, United Kingdom
Educational Resources
The help section of FinesseTrade contains tutorials, guides as well as trading strategies.
Trading Guides and Tutorials:
Basic guides covering the fundamentals of trading in various markets (forex, commodities, indices, etc.).
Step-by-step tutorials on how to use the trading platform, execute trades, and utilize different features.
Demo Accounts:
Practice accounts that allow users to trade virtual money to get hands-on experience without financial risk.
Conculsion
FinesseTrade offers a range of financial markets, including gold, oil, and currencies, along with high leverage options and various account types, which attracts diverse traders. However, the platform has significant drawbacks, such as its lack of regulation, recent establishment, and limited transparency on trading software. Additionally, customer support options appear limited primarily to email, and there's a scarcity of clear information on educational resources.
FAQs
Q: What markets can I trade on FinesseTrade？
A: FinesseTrade offers trading in various financial markets including gold, oil, and currencies. They provide multiple account types for different trading needs.
Q: What is the minimum deposit required to open an account？
A: The minimum deposit varies depending on the account type. It starts from $500 for the Starter Account and goes up to $35,000 for the Platinum Account.
Q: Does FinesseTrade offer any trading software？
A: It appears that FinesseTrade does not have proprietary trading software.
Q: What are the spreads and leverage offered by FinesseTrade？
A: Spreads start from 3.3 pips for the Starter Account and can go as low as 0.5 pips for the Platinum Account. Leverage options vary from up to 1:300 to as high as 1:5000, depending on the account type.
Q: Is FinesseTrade regulated by any financial authority？
A: No, FinesseTrade is not regulated by any recognized financial authority, which poses a significant risk for potential investors.
Q: How can I contact FinesseTrade's customer support？
A: You can reach FinesseTrade's customer support via email at support@FinesseTrade.net.
