About the company

Finotrade is the trading name of Finotec UK Limited, a London-based broker with license number 470392 from the Financial Conduct Authority. Since its inception in 2007, the company has grown to 10,000 clients with a total investment of $ 100 million.

The broker has the Academy, which provides forex and CFD essentials as well as an e-book. There is a video tutorial component, however, the link takes you to a blank website. There is a tiny number of trading instruments, including an economic calendar, but the entire selection pales in comparison to other companies.

Trading platform

Clients have access to the MetaTrader 4 platform, which has been trusted by brokers and traders for over 15 years. The platform is extremely customizable and user-friendly, with several technical and fundamental analysis tools as well as automated trading features. After registering for an account, you can download the platform. You can also use your web browser to view the web version, which has the same features and functionality as your app.

For Android and iPhone users, the MetaTrader 4 platform is offered as a simple mobile application in over 20 languages. Powerful platform-tools offer easy trading on the go, allowing users to manage trades and monitor markets with only a few touches. The app features charting tools, indicators, and timeframes, as well as a live news feed and the ability to establish mobile price alerts.

Account types

The company offers four different categories of accounts: Classic, Gold, Platinum, and VIP. In comparison to other brokers, the Classic first account demands a minimum deposit of $ 1000, which is quite costly.

The Gold account requires a minimum deposit of $10,000, the Platinum account requires a deposit of 25,000, and the VIP account requires a commitment of $100,000. These accounts come with attractive spreads as well as other perks like webinars, account managers, and premium customer care. For fund managers, the broker offers a Multi-Account Manager (MAM) account as well as swap-free Islamic accounts.

Demo account

The company provides a virtual money training account where you may put your MT4 skills to the test. Demo accounts are often accessible for a limited time, so it’s worth double-checking the terms with the broker before signing up.

Resources

The broker offers 34 major, minor, and exotic currency pairs, including EUR/GBP and USD/TRY, as well as 11 CFD indices, including the NASDAQ and FTSE 100, and prominent commodities such as gold and oil. Our analysis did not include any cryptocurrencies or equities, even though the options were adequate.

Payments

Deposits and withdrawals are accepted via local bank transfers, SafeCharge, and UnionPay. SafeCharge deposits up to $ 500,000 have a 2.95 percent processing cost, whereas Union Pay deposits have a 3.5 percent plus $ 0.35 processing fee. When using bank transfers, local bank fees may apply. Processing times may vary depending on the payment type; customer support can provide more information.

Leverage

For major currency pairs, the maximum retail leverage allowed by FCA authorized brokers is 1:30. This broker does not provide information regarding leverage or margin rates for potential new traders, which is surprising.

Trading hours

Trading sessions for forex and commodities are open from 21:05 to 00:00 GMT and close from 00:00 to 20:55 GMT. For indices, trading sessions run from 00:00 to 20:55 GMT. You can also check the uptime of a specific product on the MT4 platform.

Support service

The customer support team is available by phone, email, or live chat. Please note that the live chat service is operated by a chatbot that, in testing, was unable to respond to many of our requests.

• Phone – +44 2033 187 716
• Email – support@finotrade.com
• Address – Finotrade UK, 1-4 Bury Street, Holland House, London EC3A 5AW, United Kingdom.

Flaws

• Limited educational resources
• No transparency with prices
• Minimum deposit $ 1000