A Comprehensive Review of Finq: Should You Trade With This Broker?

As trading experts at DayFunded, we constantly strive to ensure that traders make informed decisions when choosing their brokers. One such broker we'll scrutinize today is Finq, an online brokerage that started its business as early as 2005 under the company name Dilna Investments Ltd.

Given its years of presence in the trading industry, it surprises us that Finq has managed to garner only an average rating of 1. With this review, let's delve into the finer details of their offerings, explicitly focusing on account size, trading features, regulations, and more.

The Minimum Account Size

Finq keeps the barrier for entry quite low. With a minimum account size of just $100, the platform seems keen on attracting novice traders, or anyone looking to start their trading journey without taking on too much risk initially.

The Trading Features

Beyond its appealing entry point, Finq offer some notable features that can potentially benefit traders. For instance, the broker offers trading by phone - an offering that suits traders who are on the go.

Finq's free education program also comes as a useful resource to traders who want to sharpen their knowledge on the fundamental and technical aspects of trading before diving in.

The platform also offers MAM (Multi-Account Manager), segregated accounts, personal manager, and bonuses that keep their traders' motivations high. Managed accounts are another notable feature of Finq, ideal for those who wish to trade but lack the time or expertise to do so effectively.

The Regulation Status

One key consideration while choosing a broker is the regulation status. Unfortunately, Finq does not cater to US traders and does not seem to have any serious regulations. The lack of regulation is a red flag, potentially indicating limited protection for investors and traders.

The Spread and Max Leverage

Finq offers low spreads, which is beneficial for traders as it reduces the cost of trading. However, the broker's max leverage is not clearly mentioned, leaving a transparency gap that potential traders might not appreciate.

The Final Verdict

Given the benefits of its various offerings and the relatively small initial deposit size, Finq might seem like an attractive beginner-friendly option. However, the low rating and a lack of robust regulation are critical points of concern that traders should carefully consider.

Even though Finq showcases some beneficial features like a personal trading manager and educational resources, we recommend potential traders to conduct an in-depth probe before finalizing their decision to trade with Finq.

Remember, when it comes to trading, the devil is often in the details.

Stay tuned with DayFunded for more reviews and trading insights to power up your trading journey.