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FinPros

Cyprus|2-5 years|
Straight Through Processing(STP)|Suspicious Scope of Business|Medium potential risk|

https://finpros.eu

Website

Rating Index

Contact

+357 25 261 361
SupportPros@FinPros.eu
https://finpros.eu
6 Laiou Street, Anna City Court Block A, CY3015, Limassol, Cyprus.

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Contact number

English

+357 25 261 361

Broker Information

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Company Name

Finquotes Financial (Cypus) Ltd

Company Abbreviation

FinPros

Platform registered country and region

Cyprus

Company website

Pyramid scheme complaint

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WikiFX Risk Alerts
Previous Detection : 2024-06-23
  • The current information shows that this broker does not have a trading software. Please be aware!

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FinPros · WikiFX Survey

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FinPros · Company Summary

Aspect Information
Company Name FinPros
Registered Country/Area Cyprus
Founded Year N/A
Regulation Unregulatory
Minimum Deposit $200
Maximum Leverage 1:30
Spreads starting from 0.0 pips
Trading Platforms Web Trader, MT5
Tradable Assets Forex, stocks, metals, energy, and indices
Account Types Edge, Raw+, Vantage, ClassiQ
Demo Account Unavailable
Customer Support Email, Phone, Message Box and Live Chat
Deposit & Withdrawal VISA, Mastercard, Maestro, wire transfer, SOFORT, Skrill, Neteller, and iDEAL
Educational Resources N/A

Overview of FinPros

FinPros presents itself as a multi-asset online broker offering trading in forex, stocks, metals, energy, and indices. The platform highlights its technological infrastructure for fast execution and a variety of account types tailored to different trading styles. Traders can choose from a variety of account types at FinPros, each with unique features and conditions, allowing for flexibility in tailoring their trading experience.

However, the lack of regulation exposes clients to potential risks and the possibility of financial loss, making it crucial to thoroughly assess the risks before investing with FinPros. Additionally, the abcence of comprehensive educational resources may hinder novice traders from acquiring the necessary knowledge and skills to navigate the complexities of the market effectively.

Overview of FinPros

Regulatory Status

FinPros, incorporated in Cyprus, operates without regulation from any recognized financial authority. This absence of regulatory oversight is a major red flag for potential traders, as it means there are no safeguards in place to protect client assets or ensure fair trading practices. Engaging with an unregulated broker like FinPros carries substantial risks, and investors should be aware of the potential consequences before depositing funds.

Pros and Cons

The platform supports diverse market instruments, including forex, stocks, metals, energy, and indices, accommodating various trading preferences and strategies. Additionally, FinPros provides four distinct account types—Edge, Raw+, Vantage, and ClassiQ—each designed with specific features and conditions to meet the needs of different trader profiles and experience levels. The broker also emphasizes advanced trading technology, promising low latency and fast execution speeds. Furthermore, FinPros supports a variety of funding options, offering clients flexibility in depositing and withdrawing funds.

However, there are some significant drawbacks to consider when trading with FinPros. The most concerning issue is the lack of regulatory oversight, which poses serious questions about the safety of client funds and the broker's adherence to industry standards. Additionally, FinPros does not offer educational resources, which is a significant disadvantage for novice traders looking to develop their skills and knowledge. Moreover, there is conflicting information about the leverage ratios available.

Pros Cons
Diverse Market Instrument Lack of valid regulatory certificates
Multiple Account Types No Educational Resources
Advanced Trading Technology Conflicting Information on Leverage
Variety of Funding Options

Market Instruments

FinPros provides various market instruments, including forex, stocks, metals, energy, and indices.

  • Currencies: FinPros offers trading in a wide variety of currency pairs, including majors, minors, crosses, and exotics, allowing traders to participate in the global forex market 24/5.

Market Instruments
  • Stocks: The platform provides access to CFDs on stocks from major global exchanges, covering various sectors such as energy, technology, healthcare, and financials.

Market Instruments
  • Metals: Traders can access precious metals like gold and silver, as well as base metals like copper and aluminum, allowing for diversification and potential hedging opportunities.

Market Instruments
  • Energy: FinPros offers trading in energy products like oil and gas, enabling traders to speculate on the price movements of these essential commodities.

Market Instruments
  • Indices: The platform provides access to top stock index CFDs from around the world, allowing traders to gain exposure to various equity markets and manage risk through diversification.

Market Instruments

Account Types

FinPros offers four main live trading account types:

  1. ClassiQ Account: The ClassiQ account is tailored for traders with smaller capital, requiring a minimum deposit of $200. It has a fixed spread of 1.5 pips and a maximum leverage of 1:30. While it shares features like market execution and hedging with the other accounts, it does not include premium tools. Additionally, the maximum volume for the ClassiQ account is limited to 50 lots.

  2. Edge Account: The Edge account requires a minimum deposit of $1000. It features a fixed spread of 0.6 pips and offers a maximum leverage of 1:30. While this account does not include premium tools, it still provides essential features like market execution and allows for all trading strategies including hedging. The account can be opened in USD, EUR, or GBP, and traders can execute trades from a minimum of 0.01 lots up to a maximum of 50 lots.

  3. Raw+ Account: The Raw+ account is designed for traders who prioritize lower spreads, starting from 0.0 pips. It also requires a minimum deposit of $ 1000 and offers a maximum leverage of 1:30. This account stands out with the inclusion of premium tools, which may offer traders additional insights and analysis features. However, the Raw+ account comes with a commission from $3/lot per side.

  4. Vantage Account: The Vantage account caters to traders seeking a balance between spreads and commissions. It offers a fixed spread of 1.6 pips, a maximum leverage of 1:30, and requires a minimum deposit of $1000. This account type also includes premium tools and supports all trading strategies, hedging, and multiple account currencies.

Although FinPros claims to offer demos for each account type, there is no demo account provided.

Feature Edge Raw+ Vantage ClassiQ
Min. Deposit $1,000 $1,000 $1,000 $200
Spread 0.6 0 1.6 1.5
Commission from $3/lot per side
Max. Leverage 1:30 1:30 1:30 1:30
Account Currency USD/EUR/GBP USD/EUR/GBP USD/EUR/GBP USD/EUR/GBP
Execution Type Market Execution Market Execution Market Execution Market Execution
Min. Volume 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Max. Volume 50 Lots 50 Lots 50 Lots 50 Lots***
Stop Out Level 50% 50% 50% 50%
Shariah Option No No No No
Server Location London LD4 London LD4 London LD4 London LD4
Account Types

Account Opening Process

Opening an account with FinPros is a straightforward process that can be completed in a few simple steps:

  1. Registration: Visit FinPros' website and click on the “Register” button to initiate the account opening process.

Account Opening Process
  1. ID Verification: Complete the identity verification process by providing personal details and uploading the required documents as per the instructions.

  2. Document Scanning: FinPros' system will verify the authenticity of the documents and conduct AML background checks.

  3. Account Activation: Once the verification process is successful, your account will be activated, and you can proceed with funding your account to start trading.

Account Opening Process

Leverage

FinPros' website states that all account types offer a maximum leverage of 1:30. However, other sources suggest that the actual leverage may vary depending on the account type and instrument traded. It is recommended to contact FinPros directly to confirm the most accurate and up-to-date leverage information.

Leverage

Trading Fees

FinPros offers competitive trading fees, with the Raw+ account featuring raw spreads from 0.0 pips but charging a commission from $3/lot per side. The Edge account has slightly higher spreads than Raw+, but it does not charge any commission. The Vantage account aims for institutional-level swaps with retail spreads, and the ClassiQ account offers a lower spread combined with a reduced minimum deposit requirement.

Trading Fees

Trading Platform

FinPros's trading platform offers two convenient options: the MT5 Platform, providing comprehensive tools and accessibility across multiple devices for online trading, and the Web Trader platform, catering to traders who prefer a web-based solution.

  1. MetaTrader 5 Platform: With an intuitive interface and comprehensive tools, MT5 enables successful online trading across various devices, including Windows, Mac OS, iOS, Android, and web browsers. It ensures traders can execute transactions and perform in-depth analysis anytime, anywhere, with full support for trading functions and extensive analytical capabilities.

  2. Web Trader: Additionally, for traders who prefer a web-based solution, emphasizing its low latency and fast execution capabilities. The platform boasts a powerful trading engine, co-located with liquidity providers for optimal pricing and execution speed. It is designed for speed, reliability, and features a gateway capable of filling 10,000 trades per second with zero delays

Trading Platform

Deposit and Withdrawal

FinPros supports various deposit and withdrawal methods, including VISA, Mastercard, Maestro, wire transfer, SOFORT, Skrill, Neteller, and iDEAL. The broker does not charge any fees on deposits or withdrawals, and all transactions are secured through SSL encryption. The minimum deposit is $ € £ 200, but there is no information on the website regarding minimum withdrawal amounts or processing times.

Deposit and Withdrawal

Customer Support Options

FinPros provides customer support through various channels:

  • Email: Clients can contact FinPros customer support via email at SupportPros@FinPros.eu.

  • Phone: Phone support is available at +357 25 261 361.

Customer Support Options
  • Live Chat: The broker offers a live chat feature on its website for real-time assistance.

Customer Support Options
  • Message Box: Clients can also submit inquiries through a message box on the website.

Customer Support Options

Educational Resources

Despite claims of catering to both novice and experienced traders, FinPros' website lacks any details regarding educational offerings or resources to assist traders in their learning journey.

Conclusion

FinPros offers a diverse selection of market instruments and advanced trading technology with a focus on fast execution and low latency. The broker provides multiple account types to cater to different trader preferences and boasts a variety of deposit and withdrawal methods. However, the lack of regulatory oversight prompts consideration about the platform's legitimacy and the safety of client funds.

While the trading platform may appeal to experienced traders seeking a technologically advanced environment, the absence of educational resources and conflicting information about leverage may deter beginners and those seeking a more transparent trading experience.

FAQs

Q: Is FinPros a regulated broker?

A: No, FinPros is not regulated by any recognized financial authority.

Q: What is the minimum deposit required to open an account with FinPros?

A: The minimum deposit for the ClassiQ account is $200, while the other account types (Edge, Raw+, Vantage) require a minimum deposit of $1000.

Q: Does FinPros offer a demo account?

A: Although FinPros claims to offer demos for each account type, there is no demo account provided. It is recommended to contact their customer support directly for clarification.

Q: What trading platforms does FinPros offer?

A: FinPros offers its proprietary Web Trader platform and the popular MT5 platform.

Q: What are the trading fees for FinPros?

A: The trading fees vary depending on the account type. The Raw+ account offers raw spreads from 0.0 pips but charges a commission from $3/lot per side, while the Edge and Vantage accounts have fixed spreads and no commission fees. The ClassiQ account offers lower spreads compared to the Edge and Vantage accounts.

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FX1236186927
more than one year
FinPros is a scam broker! I regret ever using this broker following a lousy recommendation by someone I thought was trustworthy. My experience with this scam broker was a living hell; I tried withdrawing money from the account but was tossed from pillar to post for over 3 weeks without success.
2023-02-21 16:20
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