Introduction of Finotec Trading

General Information of Finotec

Finotec Trading UK is a British broker, established in 1998, starting its online services in 2001, and is currently regulated by the Financial Conduct Authority FCA, holding a straight-through license authorized by it, regulatory number: 470392. Finotec's actual office address has been verified to be non-existent, and the broker has been frequently exposed to the scandal of an illegal broker and the inability to withdraw funds, so investors should be careful about Finotec.

Market Instruments

The main financial assets that can be traded on the Finotec platform are Forex currency pairs, metals, CFDs, and crude oil.

Types of accounts of Finotec

Finotec offers two types of accounts: mini accounts and standard accounts. The minimum deposit for a Mini account is $200, while the Standard account requires a minimum initial deposit of up to $10,000. Objectively speaking, the minimum initial deposit amount set by Finotec is too high, as most of the traders open mini accounts with $0-$5 and standard accounts with $100-$200, so investors should be careful to avoid risks.

Spreads & Commissions of Finotec

The official website of Finotec does not provide information on spreads for specific Forex or metal but only says that the spread starts from 0.0 pips. However, given that the platform is unable to withdraw funds and there are more negative reviews about the illegal platform, it is likely that this is just a gimmick to attract investors to open accounts. In addition, Finotec charges traders a commission of 3 USD per lot.

Trading Platforms Available of Finotec

Finotec claims to offer several trading platforms, namely the market-leading and popular MT4 trading platform, the Web XTrader trading platform, the FIX API, and Currenex.

Deposit and Withdrawal

Finotec supports traders to deposit and withdraw funds to and from their investment accounts via credit/debit cards and wire transfers.