|Customer service hours:||24/5|
|Deposit Bonus||As per Deposit amount - Min = 25% Max=100%|
|First Deposit Bonus||Bonus As per Deposit amount - Min = 25% Max=75%|
|Special Event Bonus||N/A|
|Platform OS Compatibility||Windows, IOS, Android|
Finarix was founded in 2016 and is owned and operated by Zolarex Ltd, which is a company registered and with its headquarters in Marshalls Island; registration number 78978. Upon our full review of the broker, we can say that Finarix seems to be guided by the willingness to offer a modern and first class trading experience to its traders. They do this by combining an excellent trading platform with an unparalleled level of customer service. We have no doubts that, in the near future, they will evolve to become one of the leading brokers in the industry.
Registering is as easy as filling their simple registration form as you can see in the screenshot below.
Once completed, traders will have full access to the website. At this point, they will only need to fund their account and they will be good to go.
Finarix Trading Platform
The trading platform of Finarix seems to be inspired by MT4, one of the most popular trading platforms on the market. It is very nicely designed, with all the important features easily accessible.
All the tradable assets offered are listed in a left tab, a search box and drop down menu makes it easy to find the assets you are interested to invest in. The sell, buy and spread are clearly displayed as well as a trader’s insight that gives traders a projection to either buy or sell.
The chart takes most of the screen real estate and is bordered with the different drawing tools, customisation options and indicators. The platform has all the popular tools and indicators traders will need to ensure they are best equipped to track the trend of their favourite assets. Moreover, they will also have the option to compare trends of different assets on the same chart. And it must be noted that the charts are powered by the highly acclaimed TradingView.
The tab just below the chart displays all the open positions and pending orders and traders can also close them there.
Finarix Account Types
Finarix has four distinct account types: the 'Takeoff', 'Standard', 'Premium' and 'Elite' accounts. Each one is tailored to suit the needs of a specific type of traders.
Regardless of the account types they choose, traders will have access to the basic services and features that will allow them to trade and make a profit with Finarix. All account types provide daily analytic market updates, reliable customer support, regular promotional mail alerts and regular webinars.
Traders choosing the Standard and Premium options will get a personal trading advisor and free trading signals for a certain time, depending on the account they choose.
The Takeoff account is the most basic of the four and only requires a minimum of $250 investment, while the Standard account, which is their most popular account has a minimum deposit of $2,500 and the Premium account has a minimum investment of $10,000.
The Elite account is accessible to traders who deposit a minimum of $50,000. They enjoy better leverage and tighter spread than the other accounts.
Once traders have chosen their account and made their deposit, they will get full access to the trading platform and other features of the broker and can start trading.
The simplex option of Finarix has a limited list of tradable assets accessible to traders. A total of 64 assets is available from the major financial markets. These include 12 currency pairs, 16 cryptocurrencies, 4 futures, 28 tocks and 4 commodities. A minimum investment of $5 is required for any assets in the simplex option. A commission of 0.1% is charged for trading currencies, futures, stocks, and commodities while 1% is charged for cryptocurrencies.
The leverage across all the financial markets is between 1:20, 1:25 and 1:30. Additionally, a long and short swap of 0.0278% is charged for the forex market, a long and short swap of 0.5556% for the cryptocurrency market, a long swap of 0.0694% and short swap of 0.0347% for the future market, a long swap of 0.1111% and short swap of 0.0556% for the stock market, and a long swap of 0.0694% and short swap of 0.0417% for the commodity market.
In the Forex Option, traders will have the option between 134 tradable products from the major financial markets. 27 assets in the forex market, 13 from the cryptocurrency market, 4 from the future market, 86 from the stock market and 4 from the commodity market.
No commission is charged for the forex, cryptocurrency, future and commodity markets, whereas a commission of 0.1% is charged for the stock market. The margin for currency pairs and commodities are of 1.00%, 4.00% for cryptocurrencies and stocks, and 2.00% for futures.
Finarix Security and Regulation
From the way the website is structured and the security, privacy and compliance policies, it becomes abundantly clear that the broker takes the security, safety and privacy of its customers very seriously. Data provided by traders are kept secure through a robust combination of firewall and encryption technologies. The website operates under HTTPS and SSL certification and is in line with PCI security standards. If you are not familiar with these terms, in short, these technologies protect and encrypt any information transferred over the internet.
This broker also follows very strict compliance procedures in line with Anti-Money Laundering and Know Your Customer policies. This protects traders and makes sure that only you can access your trading account. It prevents things like identity theft and fraudulent financial activities.
Although not currently regulated, Finarix follows all international laws governing financial institutions and they are in the process of undergoing regulation processes with CYSEC. It’s only a matter of time before they become a fully regulated broker. It has also never, to date, been associated with fraudulent monetary activities. By all accounts, Finarix does not fit the profile of a scam broker.
The next thing worth mentioning is the support team that they boast. The level of customer service is unparalleled in the industry. The customer support is available 24/5 and can be contacted via email, telephone or live chat. This is one of the many things that distinguish Finarix from scam online brokers: They are fully accessible and transparent.
To give you a more authentic feedback to the customer support team of the broker, we went ahead and tested all three channels of communication. The level of dedication was fantastic and the support team seems to be very knowledgeable about their products and services. We also greatly appreciated the fact that the answers received were not automated. We communicated with a real person and not a mere robot.
Is Finarix a scam?
The short answer is No. Finarix is not a scam. In fact, during the whole time we investigated how the broker operates, we could not find one area that seemed shady. From the structure of the website to the trading platform and the customer service team, everything was transparent and intuitive. This broker has also never been involved in any fraudulent or illegal activity. In our honest opinion, they are reliable and with the right trading strategies, you can generate decent returns while trading on their platform.
Our Final Opinion
Since Finarix is a relatively new broker on the block, it is understandable that you ask yourself this question. And from what we have seen so far, this online brokerage company seems clean and committed to promoting sustainable trading. Being a newcomer in the industry should not be the reason for people to avoid a broker. Base your decision on the facts and figures of the company. With the innovative trading tools and features on the website, this broker is here to stay.
Finarix has a decent education section that explains the basics of online trading. Articles cover topics such as 'What is Forex Trading?', 'Top Forex Trading Strategies', '10 steps to become a successful trader' amongst others.
These articles will be very helpful for beginners to get up to speed with online trading.
Moreover, the FAQ section of the website covers many online trading terms as well as explains in detail how to trade on the platform and use the different features of the website.
Speaking of the different deposit methods offered by this broker, to make sure that we have all the details, we opted for the Takeoff account and deposited a minimum amount of $250.
The options we were given to fund our trading account were:
- Bank wire transfer
- The Debit/Credit card
We selected the credit card method and had to fill out a form to provide information about the card. Once the account was funded, we were offered a 25% welcome bonus, so our capital displayed a total amount of $312. Getting bonuses are always good so we were happy with the amount we received.
It should be noted that Finarix has a Compliance policy to ensure the security of traders and ensure that the funds they are depositing or withdrawing are secured. To be compliant, traders must provide:
- Proof of identity
- Proof of address
- Proof of payment
The withdrawal procedure of the broker is also as simple and fast as the deposit procedure and requires a compliance process to ensure the money is safely credited to the account of the trader. A minimum amount of $100 can be withdrawn and the funds are credited to the personal account of the trader in no more than 3 days. Finarix charges a withdrawal fee of $25 for debit/credit card withdrawal and $50 for bank transfers.
Finarix proposes an interesting range of bonuses to clients, which will depend on the type of account you have. To start with, a welcome bonus is credited to your trading account as soon as you make your first deposit. Traders who opt for the Takeoff account are eligible for up to 25% welcome bonus, those choosing the Standard account will get up to 50% welcome bonus and up to 75% welcome bonus is given to traders who chose the Premium account.