Finotec, Forex Broker, Reviews
Finotec is the most reviewed Forex Platform, we found at least 100 reviews, we grab together only the most relevant and objective:
1.
Compared to the many other FOREX sites that are racing to grab a share of the online business, Finotec runs with the middle of the pack. Although boasting the best trading platform and support services of any FOREX site, its offerings are similar to those of a number of other companies. It does have is a more consumer look and feel than many larger commercial sites and seems inviting to the beginner.
Other sites may be more adept at helping the user gain speed on the learning curve, but Finotec helps remove the barriers to market entry. It offers both a demo account, which showcases the company’s Standard platform, and a $200 mini account, which has its own platform. Both of these let the newcomer experience some of the trading action and get acquainted with market conventions, while committing little or no money.
The demo account uses Finotec’s Standard platform, which ordinarily would require an investment of $10,000 in euros, US dollars, British pounds, or yen. Here, the user is given $100,000 in virtual currency with which to trade.
The demo platform is a Web-based Java application; the regular Standard platform is available as both a Web-based Java application and as a downloadable Windows XP application. The Mini-Trading platform is a Web-based Java application
Finotec’s demo account is a real-time introduction to the FOREX market. Bankrolled with virtual currency, the neophyte is encouraged to hone his skills. But be forewarned: There is no instruction manual to explain how to use the platform, and the response time for the online 24-hour chat assistant may be delayed.
Seven video tutorials are in the kit of starter tools in Finotec’s e-learning center. The not-quite four-minute free introductory video took anywhere from 15 minutes to over half an hour to download on a DSL line. This video plus the one highlighted on the home page are bland and generalized to the point of communicating little information, hardly worth the download time.
If Finotec’s demo software is indeed a mirror of the Standard platform, its interface is serviceable but lacks many of the bells and whistles of competitors. While the data is charted in real time, there are none of the nifty graphs or personalized analyses automatically displayed within the platform. However, pull down menus link to a whole host of technical information. These include Japanese candlelight, RSI, and trend signals.
Finotec makes its money by “charging” up to 3 pips on the spread, a “commission” rate that bests some companies and is on par with some others. On the leverage side, the pricing is equally generous. A trader may borrow up to 1:200 on a Standard account, although 1:100 may be more typical. All transactions are in 100,000 units with trade amounts ranging from $50,000 up to $10 million across 21 currency pairs.
For the diversified trader looking for one-stop shopping, Finotec also offers options trading, CFD trading, oil, and gold. The Standard platform permits access to all resources and markets, and registration is in just three quick and easy steps.
Registering for the Demo account is quick and easy. You provide your name, address, e-mail address, and telephone number, and Finotec will provide the user name and password. That’s all you’ll need to begin your virtual trades.
The Mini account requires a bit more information, including a passport ID or a social security number. You’ll also have to agree to a lengthy client user agreement, which includes these words: “The Company shall be permitted, and at its discretion may perform, on its own account, financial transactions of any kind whatsoever, including the performance of opposite transactions to those of the Client.” Still, there are the promised three simple steps. After you input this information, you can either fund the account (step 2) or go directly to the confirmation panel (step 3). Either way, you’ll have to wait for a confirming e-mail before you can begin your activities. The account may be funded via credit card, wire transfer, or PayPal.
When you click on “Open a Standard Account,” the live chat window may open with an offer of assistance. Otherwise you may register by either completing an online form or by faxing one in. The form is five pages long; three of these are agreements and legal disclaimers. The actual application is but a page, asking for the same information as requested in the Mini account plus banking information and level of trading experience. The application also includes a withdrawal form. The Standard account requires a minimum deposit of $10,000.
According to its company profile, Finotec has been in business since 1998 and has been marketing its online trading platform since 2001. The company is not associated with any large financial institution, and its trading software has been developed in house. Scant information is given about the company on its site.
Finally, for native English speakers, the Finotec site can be rough going. The company lists a New York address and one in Cyprus, but the number of grammatical errors and inappropriate word choices would indicate that it is based in the latter. The translation errors may be eliminated when Finotec is approved to offer trading to U.S. customers.
For now, Finotec welcomes traders, skilled and not so skilled, to enter the exciting and fast-paced FOREX world in Arabic, French, Japanese, Turkish, Polish, Vietnamese, Hebrew, Spanish, and Rumanian (in addition to English).
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2.
Source: www.forexpeacearmy.com
finotec.com Review
Overall Rating: (1.444) Finotec Reviews | Finotec Forex Ratings | Finotec.com reviews and ratings by Forex Peace Army
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Total Reviews: 14
Last Updated: 2009-11-26
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Felix Homogratus, USA
Rating: No Rating
Date of Post: 2006-06-15
Review: I do not have any experience with this broker. If you have used them, please kindly submit your review above.
Wireless, London
Rating: No Rating
Date of Post: 2009-11-25
Review: The website was shut down overnight. No answer to emails or calls!
E. B., Tokyo, Japan
Rating:
Date of Post: 2009-06-07
Review: I tried this broker a couple of months.
Everything was fine until I got some problems of reliability with their trading platform (closing orders at values well above/below – about 200 pips – the market price).
They payed me back the loss but if you cannot trust the trading platform…
Cyd, London
Rating:
Date of Post: 2009-03-09
Review: Yeah…Mr. Didier Essemini CEO wrote”special relation with customers”. This is a blatant joke. Once they received my money I got the impression that there is nobody there… and it took entire month to get my money back after I requested from them a withdrawal form. I don’t think I need to mention the wide spread and poor order execusion. I do not recommend this company.
Experiencied with FINOTEC, London
Rating:
Date of Post: 2008-11-03
Review: To be honest, I will not recommend to anyone this fx broker…
They don’t care about you, just your money!!!
employee, Israel
Rating:
Date of Post: 2008-04-30
Review: COO called Amnon Leshem, he is the most faker I ever saw… they DO “things” to make the cliets loose!!! I saw many hurried clients who couldnt close transactions in loss till they reached the dealing desk by phone and (10 mins waiting) BOOM they lost almost all their funds…..
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Shaban Jbarah , Dubai UAE
Rating: No Rating
Date of Post: 2008-04-10
Review: Yes again I would like to comment after my experiance with finotec .. they scamed me with arround 487 USD ,, they promise to give back but they didnt , even the account manager stoped calling me even stoped answering my calles . and emails .
2007-12-04 3 Stars I started trading with Finotec since 3 weeks only , till date I have no real proplem with them , ( small proplems are there) but they show understanding for that and they held the responsible of proplems coused by trading platform .
I traded before Finotec with HY Markets. mmmm
I need 3 pages to list them prolems and mistakes. ( if ur money not lost in HY market then it need 2 monthes to reach you & it will not be complete . so take care
Oisin, Ireland
Rating: No Rating
Date of Post: 2008-02-19
Review: Mon 18th Feb 2008 registered for a demo account, received a phone call (unlisted) which hung up. Received one again after a few minutes saying that I was being scanned or “monitored” accessing the website.
I asked why the rate for Gold was $2 higher (ie 200 pips) above the rates of the other live demo platforms I was checking.
Didn’t get a straight answer. Was mumbled something about mini-Forex (which I wasn’t using) and also something about the markets not moving because it was a “bank holiday”.. which it was in the US..
..if a bank or national holiday were ever to crash the FOREX market.. that’d be the day. Considering its international roots.
I mentioned the fact that the other markets were open and moving and the person promptly hung-up on me.
After reading a lot of horror stories online I just felt compelled to write of my experience. Frankly they’re off my list and I’ll just have to keep looking for a good (and honest) broker.
Lynn Panay, Toronto, Ontario
Rating:
Date of Post: 2008-01-10
Review: Just wanted to clear up the disagreement between Naji and Jonathan. At the time they were discussing if Finotec was a public company Finotec was not trading publicly. However in Oct 2007 the stock went public and began trading at $0.25 a share it is now trading around $0.55 a share and is listed on Nasdaq under ftgi.
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3.
Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities, CFD’s, and stocks. Developed by a team of Internet and foreign exchange experts, the Finotec online Trading Platform provides both institutional and individual investors with direct and immediate access to the global currency markets.
Our team of expert programmers and analysts is now regarded as a trend setter in the online forex trading industry. Finotec strives to continually develop its products and services to satisfy the changing needs of its customers and stay ahead of the online FX trading trend.
Trading Information
Trading Platform: Fino Standard Platform By Finotec
Trading Platform 2: Fino Mini By Finotec
Broker Type: ECN
Leverage: Up to 200:1
Minimum Transaction: $10000
Minimum Deposit: $ 200
Stop Order: Yes
Limit Order: Yes
Trailing Stop Order: Yes
24hr Trading: Yes
Free Demo Account: Yes
Islamic Account: No
Service Details
Supported Languages: Arabic, Chinese, English, French, Polish, Russian, Spanish, Turkish
WebSite Languages: Arabic, Chinese, English, French, Polish, Russian, Spanish, Turkish
Markets Except Forex : spotFX, forwards, gold and silver, futures
Supported Services: online, phone, chat
Foundation Year: 2001
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4.
Finotec — Forex Broker
Finotec:
Company: Finotec Trading UK Ltd
On-line since: 2005
Country of origin: United Kingdom
Regulation: Authorized and regulated by the Financial Services Authority (FSA Register Number 470392).
Payment options: Bank wire, PayPal and credit cards
Minimum account size: $200
Minimum lot size: 0.1 lot
Leverage: up to 1:200
Spreads: 3 pips on EUR/USD
Rating:
7.4/10 with 19 votes
Rate Finotec Broker:
Rate
Categories: PayPal Forex brokers
Oil trading brokers
Gold trading brokers
Forex brokers with CFD trading
Opinions: See Finotec reviews.
Advantages:
* Easy-to-use trading platform for mini Forex accounts
* Options trading available
Disadvantages:
* No MetaTrader 4 software support
* High account size requirement to use Finotec Trading Platform
Click here to open an account with Finotec
Reviews:
User reviews of Finotec are presented here. All reviews represent only their author’s opinion which is not necessarily based on the real facts.
Ramy from Egypt 09/07/2009
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5.
rrency Trading Broker Reviews By Forex Traders
finotec.com Review
Overall Rating: SCAM (0.000)
Total Reviews: 29
Last Updated: 2007-11-16
How to rate this broker?
Customer service: are they efficient and willing to help on any issue?
Honest: Did they delivered what they were supposed to?
Trading Execution: evaluate slippage, requotes, etc.
Platform Features: Platform capabilities such as trailing stop, OCO orders, one click dealing, etc.
From: Name, Germany
Rating: No Rating
Date of Post: 2007-10-31
Review: How to rate this broker?
Customer service: are they efficient and willing to help on any issue?
Honest: Did they delivered what they were supposed to?
Trading Execution: evaluate slippage, requotes, etc.
Platform Features: Platform capabilities such as trailing stop, OCO orders, one click dealing, etc.
From: Name, Germany
Rating: No Rating
Date of Post: 2007-10-31
Review: How to rate this broker?
Customer service: are they efficient and willing to help on any issue?
Honest: Did they delivered what they were supposed to?
Trading Execution: evaluate slippage, requotes, etc.
Platform Features: Platform capabilities such as trailing stop, OCO orders, one click dealing, etc.
From: Name, Germany
Rating: No Rating
Date of Post: 2007-10-31
Review: How to rate this broker?
Customer service: are they efficient and willing to help on any issue?
Honest: Did they delivered what they were supposed to?
Trading Execution: evaluate slippage, requotes, etc.
Platform Features: Platform capabilities such as trailing stop, OCO orders, one click dealing, etc.
From: Name, Germany
Rating: No Rating
Date of Post: 2007-10-31
Review: How to rate this broker?
Customer service: are they efficient and willing to help on any issue?
Honest: Did they delivered what they were supposed to?
Trading Execution: evaluate slippage, requotes, etc.
Platform Features: Platform capabilities such as trailing stop, OCO orders, one click dealing, etc.
