Finam Forex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FinamForex Review.
Finam Forex Review
Finam Forex has one type of account, much like another purely Russian forex broker – VTB24 Forex. There is also a free demo account with virtual $50 000 for test trading without risk.
The broker has a trading portfolio of 26 major and minor forex pairs and this is a rather limited selection, comparing it to brokers like FxPro which offers more than 70 or XM with more than 50 forex pairs. The aforementioned VTB24 Forex, also has around 20 majors and minors, while the major player on the Russian market – Alpari – has a portfolio of 61 instruments.
The other brokerage services of Finam Holding offer trading in stocks, commodities, indices, oil, gold, etc.
The Company. Security of Funds
Company Country Regulation
Finam Forex (Финам Форекс) Russia Bank of Russia
Finam Forex is part of Russia’s Finam Holding – a company offering numerous services, including banking and brokerage service, airplanes and helicopters for rent, flight training and traveling and tourism services.
Finam Forex is the first forex broker to obtain a license from the Bank of Russia and for a while in 2016 was the only one to have such.
Minimum initial deposit
Finam Forex requires an initial deposit of $100. This is a relatively low sum, compared to its competitors VTB24 Forex which has a requirement of $2000. Still $100 is quite a lot, compared to the major forex broker IG which wants just $1, or XM with $5.
Spreads and commissions
Finam Forex offers fixed spreads of 1 pips for EURUSD and 2 pips for USDCHF and GBPUSD, which is pretty good, considering that the broker says it does not charge additional commissions.
In comparison, FXCM’s spreads for the commission-free accounts start at 1.4 pips. The spreads of FXTM are even higher – 2.2 pips for the cent account and 1.8 pips for the standard account.
Like we already said, the 1:40 leverage of Finam Forex is pretty low and definitely below the average for the industry. As far as we know, there is no regulatory reason for this, even though the competitor VTB24 Forex has a leverage of 1:50. On the other hand, the major players on the Russian market Alpari and Forex Club offer higher leverage.
Finam Forex offers the most popular trading platform – MetaTrader 4 (MT4) developed by the Russian software company MetaQuotes Software.
For over 10 years MT4 has maintained its positions as a preferred platform by traders and brokers alike thanks to its stability, versatility and ease of use. It has numerous options and funcitonalities, offers multiple technical analysis and charting tools, as well as the possibility for algorithmic trading.
Methods of payment
Finam Forex accepts client deposits through a bank transfer. There is also the fee-free option to make a deposit through the online banking system of Finam Bank.
We could not find information about other payment options like credit cards or PayPal, for instance.
Finam Forex is the first forex broker to obtain a license from the Bank of Russia – in the end of 2015. It is one of the few bigger local forex brokers, along with VTB24 Forex and Gerchik&Co, but cannot be compared in size with, for example Alpari.
Compared to its local counterpart VTB24 Forex, Finam has somewhat better trading conditions, especially in terms of minimum deposit, but offers even lower leverage. Its minimum trade size is also more favorable and so are the spreads.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
FinamForex Review Conclusion
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