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Finq.com is operated by Dilna Investments Ltd, which acts on behalf of its parent company, Leadcapital Corp Ltd. Leadcapital Corp Ltd is authorized and regulated as a securities dealer by the Financial Services Authority (FSA) of the Seychelles with the license number SD007. As a regulated brokerage company Leadcapital Corp Ltd maintains high levels of capitalization, transparency, and reporting. It keeps clients’ funds segregated from the company’s own funds in Tier 1 banks, it claims.
Finq.com offers CFD trading of more than 2,100 instruments. Nearly 60 of these are currency pairs and the rest are commodities, indices, shares, bonds, ETFs, and cryptocurrencies. The minimum spread depends on the account type and is 0.15 pips in the “Pro ECN” Account and 1.9 pips in the “Silver” Account. The leverage can be up to 1:300.
There are six types of accounts for retail customers depending on the minimum required deposit and the spread of the instruments:
The “Silver” account requires an initial deposit of USD100 and offers a minimum spread for the EUR/USD pair of 1.9 pips. Trading of forex, indices and commodities is commission free. There is a commission of 0.20% when you trade shares.
The “Gold” account requires an initial deposit of USD10,000 and offers a minimum spread for the EUR/USD pair of 1.4 pips. Trading of forex, indices and commodities is commission free. There is a commission of 0.16% when you trade shares. In addition, you receive premium daily analysis as a feature.
The “Platinum” account requires an initial deposit of USD50,000 and offers a minimum spread for the EUR/USD pair of 1.0 pips. Trading of forex, indices and commodities is commission free. There is a commission of 0.12% when you trade shares. In addition, you receive premium customer support as a feature.
The “Exclusive” account requires an initial deposit of USD100,000 and offers a minimum spread for the EUR/USD pair of 0.8 pips. Trading of forex, indices and commodities is commission free. There is a commission of 0.08% when you trade shares. You receive the same features as in the Platinum account.
The “Classic ECN” account requires an initial deposit of USD1,000 and offers a minimum spread for the EUR/USD pair of 0.8 pips. All trades are subject to commission of USD8 per lot traded. In addition, there is a commission of 0.16% when you trade shares.
The “PRO ECN” account requires an initial deposit of USD50,000 and offers a minimum spread for the EUR/USD pair of 0.15 pips. All trades are subject to commission of USD8 per lot traded. In addition, there is a commission of 0.08% when you trade shares.
You can choose from the set of available platforms including the well-known MetaTrader 4 (MT4), as well as the company’s own WebTrader. MT4 provides a wide range of management tools, advanced charts, many indicators, and technical analysis tools. Choosing the Finq WebTrader gives you access to free analysis tools and over 2,100 assets. WebTrader is the ultimate platform designed for quick execution in a fast environment. It has everything to build and control portfolios from 7 assets classes, the company claims.
The methods you can use for transactions include debit or credit card, bank wire, Skrill, Neteller, and FasaPay. Except by bank transfer where processing takes 1-3 days, all other methods of payment are instant. If you are deposited by Credit Card, Skrill, FasaPay, or Neteller, you can only withdraw up to the amount you have deposited via that method due to AML Policies. Any additional profits must be sent via Bank transfer. In addition to the usual fees such as spread, swap, etc., there is also an inactivity fee. The “Terms and Conditions” document informs that if your account has not recorded any activity (open/close positions or made a deposit) for a period of 90 days, it will be classified as an inactive account and the company will charge you a monthly fee of USD25. In cases where your account remains inactive for a period exceeding 12 months, an annual inactivity fee of USD100/quarter will apply.
The “Terms and Conditions” document shows that Dilna Investments Ltd acts as principal and not as an agent to every order you place and therefore it is the only execution venue. No matter what the company claims, it acts as a market maker being a counterparty to each client order. It may hedge not all but some of the client orders, even none of them. It generally makes its money from the spreads of the instruments and from the commission charged. However, a client’s loss may result in the profit for the company, which involves a conflict of interest. The same document warns that because of market gapping, the best available price that may be achieved could be materially different to the price set on the stop loss order and as such, stop loss orders are not guaranteed to take effect at the price for which they are set. The document also informs that the company operates on a “Negative Balance Protection” basis, and you cannot lose more than your initial investment.
Overall, the parent company Leadcapital Corp Ltd is licensed under the laws of the Financial Service Authority of Seychelles (FSA). This regulation allows it to provide financial services but be careful because it is not as strict as the regulation in the European Union for example. The company acts as a market maker, so the major conflict of interest exists. The company provides a wide range of trading instruments via the popular MT4 terminal and its own developed platform as well. You can start trading by investing USD100 but to receive decent trading conditions (lower spreads) you must deposit at least USD50,000.
