Finotec is a forex broker located in the UK, regulated by the Financial Conduct Authority (FCA).
Be aware, the company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.
Finotec accepts clients from all over the world, excluding US, Canada and some jurisdictions where restrictions apply.
Forex broker offers the following underlying assets for trading.
|45+ Currency Pairs||Based on major and minor world currencies.|
|11 Indice CFDs||Based on baskets of different blue-chip stocks and , GB Pound Index.|
|2 Metal Spot CFDs||Based on Gold and Silver.|
|3 Energy Spot CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
Finotec (officially Finotec Trading UK Ltd) is a forex broker established in 2007 and currently headquartered in London. Being based in the United Kingdom, Finotec is fully regulated by the very reputable Financial Conduct Authority (FCA), ensuring that all of the broker’s business activities are carried out in accordance with European and British financial regulations.
In addition to catering directly to traders, Finotec also partners with smaller brokerages in providing its own client trading terminal and back office system as white label solutions. Calling itself a “FX Prime Brokerage,” Finotec is thus a company that caters as much to the professional part of the market as it does to non-professional forex traders.
For retail traders who choose to sign up directly with Finotec, however, the broker offers a pretty good selection of trading assets, with close to 50 FX pairs, most major stock indices, as well as CFDs based on precious metals, oil, and natural gas. Sadly for some perhaps, the broker does not offer trading in stocks or stock CFDs, nor does it offer cryptocurrency trading.
Spreads between buy and sell prices on trading instruments are also pretty good with Finotec, starting from 0.0 pips on the most liquid trading pairs like the EUR/USD. Finotec thus compares quite favorably with most other brokers we have reviewed here on FX-List in terms of spreads.
Unfortunately, leverage on trading instruments is quite limited with Finotec thanks to the regulatory regime the broker must deal with in the UK and EU. As a result, leverage is limited to 1:30 on major FX pairs, 1:20 on minor FX pairs and major stock indices, and 1:10 on individual stocks, in accordance with regulations from the European Securities and Markets Authority (ESMA).
When it comes to trading platforms, Finotec offers the choice between the classic MetaTrader 4 (MT4) platform, the Web XTrader, and the downloadable Currenex platform. Among these, Currenex is probably known as the legacy platform that was popular even before MT4 came out, which happened back in 2005. Currenex is therefore a rather old platform by now, and most traders have migrated to either the MT4 or 5, or to web-based platforms like the Web XTrader offered by Finotec.
Trading accounts at Finotec can be funded through either bank wire transfers or major credit & debit cards. Commonly accepted e-wallet services like Skrill and Neteller are, in other words, not possible to use to fund trading accounts with this broker.
Finotec’s customer service is open for both clients and start-up brokers interested in the company’s white label brokerage solutions via both email and a UK-registered phone number. Customer support working hours are not explicitly stated on the broker’s website.
In conclusion, it is clear from our research into Finotec that this is a company which is now heavily focused on providing white label solutions and back-office systems to other forex brokers. However, Finotec fortunately still allows traders to sign up and trade directly with them, which definitely can save on the cost of trading by cutting out the middleman. We also appreciate the fact that this broker is FCA-regulated. As a result, we consider Finotec to be a highly reliable FX & CFD broker for anyone to trade with.