Finotec

Review

Finotec is a respected online trading broker which has been offering its services to private traders since 1998 with an expansion in online trading in 2001; the actual trading platform offered by Finotec is proprietary and does divert away from the usual software offered by the vast majority of forex sites although the offerings do not lack any of the usual features traders might have come across at most trading operators offering variations of the standard MT4 or Metatrader Platform. Accounts at Finotec are offered in a number of variations which cater to all levels of traders starting off from beginner traders and expanding all the way to advanced traders.

Accounts

New traders can benefit from the offerings in demo accounts with a $10,000 virtual balance which are offered on the standard platform and have the opportunity to expand to a mini account which starts at a minimum $200 deposit and moves forward accordingly. The more advanced variation of an account comes with a minimum requirement of $10,000 with deposits accepted in Euros, USD, GBP and Yen. In contrast to real money accounts, demo accounts are enabled to use solely the Java based online forex platform where the real money platform offers opportunities to pick out from a downloadable platform or a Web based Java application.

Platforms

New traders using the demo platform might experience gaps in both instructions and support as the forex demo account variation offered by Finotec has been observed to be somehow neglected in terms of service as focus has been concentrated on customers maintaining real money accounts which is to be criticized as a wrong practice for an online trading company of the caliber of Finotec Trading. Nevertheless the forex demo account runs on a very respectable platform which will enhance new traders with a plethora of opportunities to sharpen their skills and experience a number of tools which will help them develop their trading skills. It is noticeable that the demo platform has a clear absence in terms of high end graphs which is of course a miss in contrast to the options extended by rival forex brokers operating in house developed or Metatrader variations.

Product Offerings and Deposit Methods

Finotec charges up to 3 pips on the spread and offers competitive leverage at 1:2000 on standard trading accounts which in most cases are applicable for other forex products including CFD trading, oil and gold. Access to trading the whole range of products is open to standard accounts with registration rated as medium to easy and deposits accepted through direct bank to bank wire transfer or directly through all major credit cards including Visa, MasterCard and American Express. Finotec offers its services in English Arabic, French, Japanese, Turkish, Polish, Vietnamese, Hebrew, Spanish, and Rumanian.

Summary

We would rate Finotec as a medium towards high standard forex broker with a well respected brand recognition that does not match its customer service which is overall rated in the low segments in comparison to competition in the market. Although the Finotec platform and services are high end it can be considered that can be rated as difficult to use by a beginner trader due to the lack of clear explanations and an overall manual or guide although the platform can be rated highly from a more experienced trader.