In this Review & Test we will report about our FinMarket experiences. We will go into the most important aspects and also offer the possibility for you to rate and comment
Finmarket is owned by K-DNA Financial Services Ltd, which is regulated by the Cyprus State Financial Services Authority (CySec), under licence number 273/15.
<p>The list of what we found positive about FinMarket is (unfortunately) relatively short. An Islamic account type is offered, but the spreads are increased to compensate for the missing swap fees. Positive is the relatively large selection of crypto pairs that can be traded against EUR/USD/GBP. Similar to 24Option and Investous.<br /> We suspect the same liquidity provider here. There is an economic calendar. The order execution about the Metatrader 4 is usual.</p>
<p><strong>The list of why we advise against FinMarket is rather long.</strong> The most important is the dubious appearance of FinMarket. The website is not only peppered with spelling mistakes and bad translations, but also has inadequate warnings (Update 06.08.2020 – most risk warnings are now in place). The account types are scaled according to the amount of money deposited and have a fee structure that only improves with higher deposits but is still average. The fees are generally well above average and are also easily hidden on the website and hard to find. The swap fees are also significantly higher than average, which is why the fees for the Islamic Account (Swap-Free) have been increased. The selection of trading instruments is small and unclearly presented on the website. Additional offers such as further software or webinars are also not available here. The Daily Market Update Video feature was also deactivated on the start page.</p>
<p>The list of available trading instruments at finmarket is quite small. It also depends on how much you deposit, what you can trade. Usually we give a full list but since we are not 100% sure. We leave this section mostly blank.</p>
<p><strong>FinMarket is a small broker</strong> and offers only German, English, Italian and French as languages. The website is already giving rise to doubts about FinMarket’s support/service, as it is littered with spelling mistakes and was probably translated via Google Translate (at least the german version).</p> <p>FinMarket has a similar fee structure and account structure to 24Option or Investous. The fees vary depending on the deposit (and therefore the account model) – for small accounts the fees are very high. We do not like this account model as it encourages people to deposit more. F</p> <p>inMarket makes incorrect statements about the number of trading instruments and talks about 50-100 for account types and up to 160 shares on the other hand. We therefore assume 100 trading instruments for now.</p> <p>The FinMarket website also lacks information on how many traders are successfully trading. As far as we know, this is not permitted since 2019 at the latest and caution is advised. Even if the CySec regulation is available, these are already first signs that this broker should be avoided. (Last checked on 2019-04-22)</p> <p>Update: 2020-08-06<br /> It seems like FinMarket decided to add a risk disclaimer and claims that 67% are not making profit. However this number hasnt been updated frequently so we would advice for caution.</p>
<p>The trading software includes the MetaTrader 4 as well as the Webtrader and Mobile Trader of the MT4. Further trading platforms are not accessible. The selection is therefore relatively limited and no extensions are offered for the MT4.</p>
<p>There are 4 account types, Blue, Silver, Gold and Elite which have different trading conditions.</p> <p>More info is available in the below table.</p>
<table> <tbody> <tr> <td></td> <td><strong>BLAU 250$</strong></td> <td><strong>SILBER 5000$</strong></td> <td><strong>GOLD 10000$</strong></td> <td><strong>ELITE 50000$</strong></td> <td><strong>ISLAM 500$</strong></td> </tr> <tr> <td> Spreads</td> <td>variable from 0.4</td> <td>variable from 0.2</td> <td>variable from 0.1</td> <td>variable from 0.1</td> <td>variable from 0.65</td> </tr> <tr> <td> Instruments</td> <td>50</td> <td>70</td> <td>100</td> <td>100</td> <td>70</td> </tr> </tbody> </table> <p> </p>
<p>FinMarket offers various deposit options. These include credit cards such as VISA, MasterCard Maestro and online payment methods such as Neteller, Skrill and Giropay. Bank transfers are also possible. Deposits have 0% fees,</p>
<p>The service is hardly available, there is no live chat, nor is the website completely translated into German. Constantly missing information or sections are not accessible at all. Traders can only inform themselves sparsely and also if the translated information is correct, we have our doubts about that.</p>
<p>The regulation of K-DNA Financial Services Ltd. (the operator of FinMarket) at CySec is available with license number 273/15.</p> <p>K-DNA Financial Services Ltd. also operates or has operated these websites www.galaxyfx.com – www.londonfx.com – www.thamesfx.com</p> <p>These brands are currently inactive and only Finmarket is listed on the K-DNA website.</p>
<p><strong>In summary, we do not consider FinMarket to be professional,</strong> as the website has a lack of translations, the broker is extremely small and has poor trading conditions. In the past, FinMarket has also omitted the risk warning and only recently added it. All in all, there are few positive things to report and as there are a few brokers on the market, it would be wise to clearly use other brokers. An overview can be found in our CFD Broker Comparison</p>
<p>By regulation, every new client must go through some basic compliance checks to ensure that you understand the risks of trading and are admitted to trading. When you open an account, you will probably be asked for the following items, so it is good to have them handy: A scanned colour copy of your passport or national ID A utility bill or bank statement from the last six months with your address You will also need to answer a few basic compliance questions to confirm how much trading experience you have. It is therefore best to take at least 10 minutes to complete the account opening process. Although you can explore the demo account immediately, it is important to note that you cannot make any real trading transactions until you have passed compliance, which can take up to several days depending on your situation.</p>
To open an account at FinMarket just press the button below
CFDs are complex instruments and involve a high level of risk due to leverage. 67% of of retail investor accounts lose money when trading CFDs with this provider.