Financika-Overview of Minimum Deposit, Spreads & Leverage

BASIC INFORMATION

Financika Trade is an online forex broker, offering a range of financial instruments to both beginners and veterans. Operated by Sharp Trading Ltd, Financika is registered with the Vanuatu Financial Services Commission (VFSC) and also operates as a European entity in Cyprus. The companys customer service address is based in Bulgaria, but its clients can be found from Europe to Chile, Mexico, Peru, and Colombia.

REGULATORY INFROMATION: LICENSE

No valid regulatory information. Please be aware of the risk!

MARKETS

Financika offers a variety of products:

· Currencies – Trade 40+ major, minor, and exotic currency pairs including the EUR/GBP & USD/GBP.

· Indices – Trade 7 of the worlds most popular indices including the FTSE, Dow Jones, and DAX.

· Stock CFDs – Trade on over 90 global companies such as Apple, Facebook, and Uber.

· Commodities – Trade on gold, silver, oil, wheat, and more

MINIMUM DEPOSIT

Financika only offers one standard account, which you can sign up for on the home page. The minimum deposit requirement is $200.

SPREADS & COMMISSIONS

For major forex pairs such as the EUR/USD and GBP/USD, spreads start from 3 pips – higher than at most other brokers. Brent crude oil is offered at a spread value of $0.12, whilst for silver and gold, it ranges from $0.04 to $1 respectively.

There are other costs to be aware of, for example, a swap fee on positions held overnight and a significantly high inactivity fee of $500, charged quarterly. This is much higher than fees levied against dormant accounts at other brokers.

LEVERAGE

Leverage at Financika ranges from 1:10 on CFD shares to 1:200 on commodities and forex with indices offered at 1:100.

PAYMENT METHODS

Deposits

Deposits can be made via credit card, bank wire transfer, and e-wallets (Skrill and Neteller). Note the minimum deposit amount for a credit card is $200. Credit cards and wire transfers take 2 – 5 business days to process, while deposits via an e-wallet can take up to 5 business days.

Withdrawals

Withdrawals can be made via the same methods, with an average processing time of 4 – 5 business days.

TRADING PLATFORMS

Financika offers WebPROfit, a non-downloadable trading platform suitable for all levels.

ACCEPTED COUNTRIES

Financika accepts traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders cannot use Financika from United States, United Kingdom, Spain

TRADING HOURS

Users can trade forex and commodities from 22:00 GMT on a Sunday until 22:00 GMT on a Friday. CFD trading hours vary as follows:

· US markets – 2:30 pm – 9:00 pm GMT, Mondays to Fridays

· European & British markets – 8:00 am – 4:30 pm GMT, Mondays to Fridays

· Asian markets – 0:00 am – 2:00 am GMT and 3:30 pm – 6:00 pm GMT, Mondays to Fridays

CUSTOMER SUPPORT

Customers can access 24/7 support via:

· Online request form – Contact Us page

· Telephone contact number – +27212004239 (South Africa)

· Email – customer.service@financika.com

· Live chat – logo located in the bottom right-hand corner of the website