Finkea describes itself as a modern trading platform. The broker asserts that it understands that the journey for each trader is unique and is ready to assist them along the way. However, before embarking on a long-term collaboration, it is advisable to ensure that it is not a scam. Our review will help you make this determination.
- Finkea General Information
- Registration and Client Portal Review
- Finkea Trading Conditions
- Account Types Review
- Trading Platform
- Finkea — Deposit and Withdrawal of Funds
- Additional Options
- Is Finkea a Scam?
- Legal Information and License
- Finkea Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Finkea General Information
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Registration and Client Portal Review
Finkea has developed a website in pleasant green tones, although some details remain unclear. For instance, the presence of a green leaf raises questions about its significance and its connection to trading. Furthermore, numerous questions arise about the website’s content, as it appears that the broker overlooks many important details. The most informative page seems to be the account description. The company provides limited information about itself and even less about its employees. Despite this, there is substantial attention given to overall advertising and assurances of the profitability of trading with this broker. At least, a comprehensive FAQ section is beneficial.
Registration on the platform is a straightforward process, requiring only the completion of a brief questionnaire and the provision of contact details. Surprisingly, the broker does not send any confirmations to your email or phone number. This lack of confirmation raises concerns as it could indicate a lack of security measures and transparency in the registration process.
Furthermore, the Client Portal is notably discreet, as no actions can be taken within it until the verification process is completed. It is essential to highlight that once you exit the portal, re-entry without assistance from support becomes impossible. Finkea may claim to have sent you an email link for further authorization, but we experienced a significant delay and did not receive it even after waiting for hours and the following day.
The user interface design of Finkea’s client portal appears to be rather simplistic and basic, as is evident from the provided screenshot. While simplicity can be appreciated, a comparison with the interfaces of other licensed and reputable brokers reveals noticeable differences. Finkea’s design lacks the sophistication and advanced features that are often present in platforms offered by more established and trustworthy companies.
Finkea Trading Conditions
Finkea may claim exclusivity in its trading conditions, but we reserve our judgment until a thorough verification is conducted.
Account Types Review
The broker offers a range of account types, excluding a demo account, which is unusual. This decision is particularly noteworthy considering the platform’s high minimum deposit of 5,000 euros. The initial amounts for other accounts are even higher, reaching up to 100,000 euros for the Exclusive account. Fortunately, the broker maintains a relatively low maximum leverage of 1:50, providing some reassurance regarding its legitimacy.
However, the account descriptions lack crucial information. For instance, there is no data on spreads and commissions. The only information provided is access to the web terminal and a minimum position size of 0.01 lots. This lack of detailed information on trading conditions is a significant drawback, as traders need comprehensive details to make deals.
Finkea exclusively offers trading in Contracts for Difference (CFD). It’s important to note that it does not route trades to the interbank market. This approach has drawbacks, as it creates a potential conflict of interest between the broker and its clients. Traders should be aware of the implications of this trading model, where the broker might benefit from clients’ losses.
Finkea’s trading platform falls short in several aspects, painting a negative picture for potential users. Firstly, the absence of a demo account is a glaring drawback. This denies traders the opportunity to explore and familiarize themselves with the platform’s features and functionalities risk-free.
Furthermore, the platform is limited to a web terminal, lacking a dedicated desktop or mobile application. The available indicators and features on the platform are disappointingly scarce. Traders are left with a bare-bones interface, limiting their analytical capabilities and potentially hindering effective decision-making.
Finkea — Deposit and Withdrawal of Funds
Finkea provides clients with various deposit methods for added convenience. The platform accepts deposits through the following means.
- Users can fund their accounts instantly using e-wallets.
- Deposits made in cryptocurrencies are processed promptly.
- The platform also supports traditional bank transfers for depositing funds.
It’s worth noting that the company does not explicitly specify the associated commissions for deposits, and the withdrawal time frame is not clearly outlined. Users may want to review the terms or contact customer support for detailed information on fees and withdrawal processing times.
Finkea encourages users to undergo the verification process promptly. After registration, the next step involves submitting the required verification documents. This includes proof of identity (such as a passport or ID card), and proof of address (like a utility bill or bank statement).
Once the documents are submitted, the Finkea team reviews the provided information. This process aims to validate the authenticity of the user’s identity and compliance with regulatory requirements.
Finkea offers additional services, including partnership opportunities. However, the company fails to provide transparency about the rewards traders can expect from such partnerships. Moreover, there is an indication of technical analysis services, but the quality of this analysis remains ambiguous. The absence of publicly available forecasts from these analysts makes it challenging for traders to assess the effectiveness and reliability of the provided technical analysis.
Remarkably, the personal account dashboard lacks any evident features related to additional functions such as analysis and education.
Is Finkea a Scam?
As we recall, Finkea claims to be one of the best brokers in the industry. However, judging by its trading conditions, this assertion seems questionable. Hence, we continue our investigation into this project.
Legal Information and License
Finkea’s cavalier approach to its documentation is a cause for serious concern, particularly due to the conspicuous absence of clear information about its place of registration. This omission raises red flags, leading to the suspicion that the broker may lack proper licensing altogether.
Brokers are obligated to disclose their legal information, and the absence of such details may indicate that they have nothing substantial to share with their traders. Consequently, Finkea appears to be an anonymous website lacking any valid grounds for its operations.
Finkea Domain Info
Finkea doesn’t strike us as a reliable broker for another reason — the project is relatively new to the market. Upon checking the website domain, we made an interesting discovery. Despite being registered in 2022, it remained inactive until 2023. In essence, the date of the last website update, which is December 29, 2023, can be considered the project’s starting point. It’s worth noting that reviews about this broker started appearing around the same time.
Finkea has very limited contact options, providing only an email address for communication. Traders should prefer brokers with multiple communication channels, such as live chat or phone support, for more immediate assistance and problem resolution. The reliance solely on email may lead to delayed responses, affecting the overall customer support experience.
Pros and Cons
- The broker offers a variety of 7 account types, providing options for different traders.
- Lack of official registration.
- The broker operates without a license.
- Independent registration for traders is impossible, complicating the onboarding process.
- Detailed trading conditions, including spreads and commissions, are not disclosed.
- The trading platform is limited to a web terminal, lacking a demo account for practice.
Frequently Asked Questions (FAQ)
Finkea claims to be a modern trading platform, catering to diverse trader journeys. However, detailed information about the trading instruments, features, and overall functionality is not adequately provided on the website.
According to Finkea’s trading conditions, the minimum deposit required is 5,000 euros. Potential investors should be cautious, as it may not be a trivial sum for everyone.
No, being an anonymous site associated with potential scammers is not synonymous with ensuring the safety of users’ funds and personal information. Traders should exercise caution and prioritize platforms with transparent legal standing and regulatory compliance for a more secure trading environment.