Finotec has been around since 1998, but it began marketing its online trading platform in the year 2001. The trading software used by the company Finotec was developed in house, which is quite opposite to what a majority of forex brokers do. When compared with other forex sites, this company known as Finotec is somewhat mediocre. Even though Finotec boasts about being the best platform for trading, its services are not really unique. However, its look and feel is far more consumer-based as compared to a majority of other famous commercial sites and is extremely appealing to new-comers. What adds to its overall impression is the fact that it is FSA regulated.
Types of Accounts Offered by the Broker
Finotec basically offers two different types of account. One is the demo account, which runs over a standard platform together with a $200 mini account that has a separate platform. This account is basically meant to help new users get acquainted with the mechanisms of the marketing, while not suffering any losses as such. The reason is that account holders should be both educationally and mentally prepared to trade using actual money and be prepared to face losses in the process.
On the other hand Finotec also has a standard platform, which requires a basic investment of $10,000 in US Dollars, Euros, Yen or British Pounds, but the user is given $100,000 in virtual currency to be able to trade. The standard platform at Finotec is available both as a downloadable Windows XP application as well as a web-based Java application. Bear in mind that the Mini-Trading platform at Finotec is a web-based Java application as well.
To be honest, the demo account at Finotec can actually be considered as a basic introduction to the world of forex. It is basically meant to help first-time users at Finotec hone their skills and try to understand what forex is all about.
However, there are certain things that you need to be aware of with regards to Finotec. First of all, you do not gain access to any instruction manual, so you need to work out the usage of the platform by yourself. The second reported issue is that the 24-hour live chat assistant at Finotec is not prompt in replying to queries online, which obviously causes loads of delays. Next, the e-learning centre offered by Finotec is rather generalized and offers little information; therefore, downloading the 7 tutorials is not really worth the hassle.
Major reasons why you should consider the utilization of Finotec
The interface of the demo software offered by Finotec is rather serviceable, but it surely misses out on the natty graphics and the personalized analyses that are displayed inside the platform automatically. On the other hand, the pull down menus offer a world of technical information about trend signals, RSI and Japanese candlelight.
The broker Finotec basically earns by charging nearly 3 pips on the spread. This commission rate is fairly more than that charged by a few rivals of Finotec. But then again, the pricing can be considered fairly generous too. The broker makes it possible for traders to borrow around 1:200 using a standard account, even though borrowing 1:100 is fairly typical.
Trade amounts at Finotec basically lie in between $50,000 to $10 million across 21 currency pairs and the transactions are in 100,000 units. The best part is that the broker Finotec additionally offers CFD trading, options trading, gold and oil for experienced traders who are on the lookout for an all in one machine. For registration purposes, all you need to do is offer information about your address, name, email address and telephone number. A username and password will be provided to you by the broker Finotec. With this username, you can easily use the standard platform to access all the markets and resources offered by the broker. However, you need to bear in mind the fact that signing up for mini accounts at Finotec would require you to provide additional information such as a social security or passport ID. The Standard accounts at Finotec can easily be funded through PayPal, direct wire transfer or by using a credit card. The minimum deposit is of $10,000.
Currency exchange services are currently being offered by Finotec in English, Turkish, French, Arabic, Polish, Japanese, Spanish, Hebrew, Vietnamese and Rumanian.