Review and Traders’ Feedback on the Forex Broker “Finam”
“Finam” is a major stock broker by Russian standards, operating on the Moscow Exchange and major global exchanges, including Frankfurt, Nikkei, and NASDAQ. Thousands of transactions take place on the platform, and the turnover of the dealing center is enormous. Many forex players started their careers at “Finam.” However, like any other platform, there are some questionable nuances here.
Review and Analysis of Finam’s Trading Conditions
Finam started its operations in 1994 and has since become a solid platform. The broker has its own radio, educational programs, international branches, and many other promotional tools. It has received several financial awards, but accolades do not always guarantee effective trading. It is necessary to test the broker in practice, considering that what was popular in the 90s may be outdated in modern markets.
- A wide range of tools are available on the platform, including asset management, transaction insurance, and around 10 tariffs covering forex, stock, and futures markets.
Review of Finam’s Trading Platform
The website offers a diverse selection of tools, including MetaTrader 4 and MetaTrader 5, as well as non-standard utilities.
- QScalp – a tool for analyzing asset performance dynamically, but the overly Spartan interface may be challenging for beginners.
- Transaq – a dedicated stock trading server that operates faster than standard access.
- PirateTrade – a detailed log of trader activity and strategies, educating effective enhancement of stock exchange skills.
The social network whotrades.com offers a large community for sharing experiences and reviews.
Review of Deposit Methods, Limits, and Commissions at Finam
“Finam” collaborates with several banks, allowing deposits without commissions. The minimum deposit is 30,000 rubles. Deposits can be made through the cash desk of ZAO FINAM, the bank “FINAM,” and specialized terminals.
Specifics of Reviews on Finam
Many traders’ reviews leave a positive impression of “Finam,” but there are significant issues expressed in negative comments. Some traders complain about non-working strategies and inflated commissions.
Broker’s Regulatory Documents
Finam operates under Russian licenses: brokerage, dealer, and depositary. However, practically, this may raise doubts, considering the prevalence of certificates from more reliable organizations.
Issues with “Finam”
“Finam” faces issues such as bureaucracy, mismatched strategies with reality, account closure delays, and a high initial deposit. Also, the terminal system may experience persistent bugs.
In Conclusion
The forex broker “Finam” evokes mixed opinions among traders, with some problems identified in the review. The decision on the risk with “Finam” is individual for each trader, but existing reviews and analysis highlight some platform issues, especially regarding strategies and commissions.
My experience with Finam as a Forex broker has been far from satisfactory. Firstly, their platform is not user-friendly at all, making trading incredibly challenging for newcomers. Secondly, their transaction fees are exorbitantly high, eating into the profits of traders. The customer support is abysmal, with long waiting times and unhelpful responses. They also lack transparency when it comes to fund withdrawal; I faced a lot of hurdles and unreasonable delays while trying to withdraw my own money. I’ve also had technical problems with the platform, such as sudden log-outs and system crashes in the midst of trades. Their promised leverage ratios are misleading and not competitive at all. Overall, I would not recommend Finam to anyone looking for a smooth, efficient, and fair Forex trading experience.