Finam Forex

Finam Forex is part of the Finam group of companies. The company was founded in 1994, which also includes a bank, an investment company, and an information and analytical company. The forex dealing business began to develop in 2015.

For trading currency pairs clients are offered to work with two platforms (MetaTrader 4 and FinamTrade – in-house development). Free training programs and demo accounts. Can I trust this Forex broker and is it safe to invest with them? Finam Forex is a popular choice among traders, but is it a reliable platform or a scam? Let’s explore the facts and find out.

 

Terms of trading with Finam Forex

Finam has only a few details to provide before you register for a trading (non-demo) account by submitting your passport details. What minimum deposit is required and what are the conditions for the size of the deposit, stop-out, and margin call? There is, of course, the phrase that we guarantee “100% protection from negative balance”, but whether to take it literally as a stop-out or just consider it as an indicator of absolute reliability is difficult to determine. What format (STP, NDD, ECN) and execution type (market, instant) will you open an account with? No answer is given. All that is known is:

• A trading account is opened in rubles.
• Spreads in MetaTrader 4 (and there is another platform – FinamTrade) are floating – from 11 pips.
• Leverage is provided – 1:40 for currency pairs.
• The minimum transaction amount is 1,000 USD. (or 15,000 RUR, if you believe the contract), the volume is 0.01 lots.
• Automated trading and trading by expert advisors are supported. Trading signals are provided in the Finam Telegram channel, on Twitter.

It is possible to train on a training demo account without investing real money. Trading is carried out on the stock and currency markets of the Moscow Exchange, the American exchanges CME, NYSE, ICE, NASDAQ, the London Stock Exchange LSE, the St. Petersburg exchanges (PJSC “St. Petersburg Exchange”, SPIMEX), NTB, and FORTS (in the futures and options section of the futures and options market).

Although the broker emphasizes the absence of commission, there is still a fee in the official documentation. For example, the depository fee (for Finam to process your deposit and withdrawal transactions, if any) is 177 rubles per month. The broker’s commission is determined by the tariff plan and the exchange. Let’s break down the different service packages by the example of Moscow (currency market):

• “Single Advisory” – 0.08262% of the transaction amount (at any turnover).
• “Single Test Drive” – 0.01805%.
• “Single Optimum” – from 0.00275% to 0.03386%, depending on the turnover in rubles.
• “Single Daily”, “Single Eurobond SPB”, “Single FreeTrade” and “Single Fixed” – from 0.00983% to 0.03682% depending on turnover.

In addition, you take on the commission of the exchange. On the Moscow Exchange currency market, you must pay 0.0008% of the turnover if it is less than 50 lots (but not less than 25 rubles from each transaction), and 1 ruble per order if more (such figures are prescribed in the “Frequently Asked Questions of Users” on the site finamfx.ru, formerly forex.finam.ru).

To help traders, Finam Forex offers analytics (market and industry reviews, forecasts, target prices, recommendations, etc.) – on its own and from MetaTrader 4 (inside the terminal). And a huge number of training materials, most of which are free, in several formats: video lessons, video courses, seminars via Skype, online trading room, trader’s library. Plus individual consultations and in-person paid programs (Forex trading training). Support is provided:

• By phone – each region has its number. In Moscow, it is 8 (495) 1-346-346 and 1945 (a short number for mobile calls).
• By e-mail – by direct mail or through the feedback form.
• In the online chat on the website.
• In messengers Telegram, WhatsApp 8 (495) 796-90 24.
• In the regional offices of Finam (85 cities).
• In the forum.

Some information can be found in the Frequently Asked Questions (FAQ).

 

Finam Platform

The forex direction at Finam is represented by the MetaTrader 4 terminal, which is considered by traders to be the most reliable and productive. The list of MT4 features includes:

• Viewing graphs in all major modes.
• 30+ tech indicators, 24 analytical objects, and the ability to load third-party tools.
• 9 timeframes (M1, M5, M15, M30, H1, H4, D1, W1 and MN).
• 1-click order creation on the chart, scrolling, zooming, and other interactive features and settings.
• Support for all types of platforms (PC, cell phones, tablets) and both online and offline work.
• Audio and push notifications, chat with other traders and support, news, and analytics.

In addition, there is a mobile application and a web version of FinamTrade with support for stock, currency, and “futures” markets, trade repetition and workspace saving features (all settings are saved and transferred to accounts on other devices), and a news section. TRANSAQ and QUIK terminals are used for securities trading.

Forex broker quotes

For forex trading Finam offers a total of 27 currency pairs: EUR/USD, USD/CHF, GBP/USD, USD/JPY, AUD/USD, AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, CAD/CHF, CAD/GBP, CHF/JPY, EUR/CHF, EUR/GPB, EUR/JPY, EUR/CAD, EUR/NZD, GBP/CHF, GBP/JPY, GBP/AUD, GBP/CAD, NZD/USD, NZD/CAD, NZD/JPY, USD/CAD and USD/RUB.

The liquidity provider announced in the documentation is Just2Trade Online Limited. It is a subsidiary of Finam, registered in 2015 in Cyprus and providing access to the interbank market. It, in turn, receives quotes from Currenex, a world-renowned primer, and the first forex aggregator. In addition (as sources for calculating the deviation indicator) another 40 sources are considered.

 

Demo Account on finamfx.ru

Finam Forex allows you to open a free demo account if you are not ready to spend money right away and to create an account. The registration button is available on all pages of the finamfx.ru (formerly known as forex.finam.ru) broker’s site. By clicking on it, you will see a short questionnaire. Enter your full name, e-mail address, and mobile number (you should confirm it by entering a 4-digit code, which will be sent via SMS).

An email with access (username and password) to the MetaTrader 4 training terminal will be sent to the specified email address. Now, download it to your PC or mobile and login to your account. The balance of your demo account will be 500,000 virtual (having no value) rubles. If you use them up, you will need to register 1 more account. There is no time limit. But to create a real account, you need to go through a separate registration procedure on the website finamfx.ru.

 

Mobile Application

Finam has a mobile app in English and Russian for trading different types of assets (currency pairs, futures, bonds, stocks, options) on devices running Android 4.4 or newer and iOS 10.0 or higher (with watchOS at least 3.0). It’s free to download from the App Store and Play Market. Its features:

• View quotes and charts in real-time.
• Displaying the status of the account and positions (open, closed).
• Technical indicators and graphical tools.
• Customizable notifications about changes in the market and order status.
• All basic types of orders (instant execution, pending orders).
• Financial news and analysis.
• Default account selection.
• Top up your account with a bank card.

Users of the Android version rated it 4.4 out of 5 in the Google Play Store, while the Apple Store gave it a rating of 3.4. The main complaints were related to “crashes” of the app, as well as issues with configuration and management. Additionally, the company partners with MetaTrader 4 for mobile, and after registering with the company, users receive an email with data for accessing the platform, including trading and training account information.

 

Bonuses at Finam

The broker does not provide any bonuses for registering a trading account, activity on transactions, deposits, etc. The only direction in which its system of rewards works is the affiliate program.

Affiliate Program

The referral program is presented in three formats:

• Finam Reward. Traditional referral program, when you place a link to finam.ru on your resources and earn from the deals made by new clients of the broker attracted by you (from 20% of the commission per deal).
• Introducing Broker (IB). You work as a company representative, open your own office, and take 50% of the commissions paid by clients. You work under a contract.
• White Label. You act independently, using your resources (website, mobile app), into which Finam integrates its software (widgets, plug-ins, etc.). You retain your trademark and, again, earn a percentage of the broker’s profits from the trades (the amount is not specified).

 

Deposit and Withdrawal

You can fund a Forex account opened in Finam’s web version only by a bank transfer – via your internet bank (according to the details on the website) or your broker’s internet bank. Payment processing by the provider takes no more than 1 working day, by the bank – from 1 to 3 working days. The commission fee is zero. If we talk about the downloadable mobile, it recently added the option to recharge from a bank card (supports VISA, MasterCard). All this is done via a personal account. The commission is 1%. To withdraw the earned money you can go two ways:

Make an electronic order through your personal cabinet, sign with an analog of a handwritten signature (electronic signature), and send it to support, who will process the application and – if approved – will transfer money to the details, from which you made a deposit. Bank charges may apply, but you will have to pay them. Come to any of the offices of Finam and fill in the application there. All further steps are the same as above. Processing of orders takes up to 2 working days.

 

Complaints about Finam Forex

The reviews about Finam are mixed. Some people praise the broker, citing the success of their investments in the company’s programs, good profits from trading, a wide range of tools, effective strategies, and professional support.

Others, however, complain about the platforms “freezing”, which causes them to lose funds, outdated work policies, high transaction volumes, and deliberate actions to delay withdrawals, as well as references to various rules that lead to high commissions. Both sides have their points of view.

If there are any complaints about forex broker Finam Forex, we will publish the information on social networks. Sign up so you won’t miss anything!

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Broker Regulator

LLC Management Company Finam Management, part of which is LLC Finam Forex (the legal name of Finam), received a securities management license number 077-11748-001000 from the Russian Federal Financial Markets Service (the Federal Service for Financial Markets). Unfortunately, the document is not published on the broker’s website and the regulator does not have an open register, so it is not possible to check the information. But Finam Forex itself, which received a license to conduct forex dealer activities, is included in the register of the Central Bank of the Russian Federation.

User Agreement finamfx.ru

The Client Agreement (“Framework Agreement of Finam Forex LLC”) establishes the rights and obligations of the parties – the broker and the trader. Let’s analyze several clauses of the document. Thus, clause 5.7 says that you are liable to the forex dealer for any losses incurred by him through your fault, including the ones caused by the untimely submission of documents or misrepresentation of information. At the same time, if you do not fulfill your obligations on compensation in time, a penalty of 0.1% of the amount of debt for each day of delay is charged (clause 5.8).

When you enter into a contract, you must certify that you are not a sole proprietorship. And notify Finam if the situation changes. The broker may, at his discretion, refuse to open an account for you (Section 7.11.4). You must notify the company of all changes related to the data provided when registering the account. And also fill in the client questionnaire every month (clause 7.20).

Is Finam Forex a Scam?

Finam Forex is a forex broker registered in the Russian Federation and is part of a group of companies, including a bank. This means that there is a certain level of transparency and regulation, which reduces the risk of blatant fraud. However, there is still a lack of detailed information available about the trading conditions on their website, making it difficult for traders to make informed decisions. To find out about the commissions, which are not listed in the usual format for traders, as well as the available account currencies and sources of quotes, users must carefully study the company’s legal documentation.

This can be time-consuming and may discourage some potential customers from using the platform. This is partly the reason for the complaints from clients. However, they also voice other accusations, such as intentionally leading to the loss of earnings (by losing access to their personal account or terminal) and increased commissions (through the use of certain rules in their favor). While Finam Forex may not be a scam, it is difficult to say that they have an ideal reputation among internet users.

 

Conclusion

Finam Forex offers a wide range of analytical tools and training materials, but the presentation of information regarding trading conditions is rather weak. The minimum information is provided in the quick access section (in the main parts of the website), a little more in legal documents, and the rest is only available after account registration with personal data verification. In addition, the minimum trade amount is $1,000 (or 15,000 rubles according to the terms and conditions), which is a significant amount for the average trader. Most brokers offer a minimum starting amount of 100 currency units and provide special accounts for larger amounts.

Accounts are subject to several types of commissions: for order processing and account maintenance. In addition, a percentage will be charged by the exchange and the client will need to compensate for this. Deposit and withdrawal of funds when working with the web version or PC-terminal can only be made by bank transfer (for which you need to have an electronic signature) or through the company’s cash desk (which means you have to visit the office every time). The mobile application only adds bank card payments to the list. Among the advantages, in addition to a license, there are a large number of branches across the country, convenient service, profitable affiliate programs, accurate quotes (calculated using 40 rate sources), free online training, and the ability to open an account in rubles.