FIC

Overview of FIC

Founded in Cyprus 5-10 years ago, FIC offers a wide range of trading assets, including FX, CFDs, ETFs, stocks, bonds, and derivatives. Operating under the regulatory oversight of the Cyprus Securities and Exchange Commission (CYSEC), the platform ensures a transparent and secure trading environment.

While its advanced trading platforms and clear commission rates stand as advantages, the complex fee structure and a need for enhanced educational resources present potential challenges for traders navigating the platform.

Is FIC legit or a scam？

FIC operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CYSEC) and holds a Straight Through Processing (STP) license with License No. 326/17.

The current regulated status assures traders of a transparent and secure trading environment. This regulatory framework enhances market integrity and investor confidence as it signifies adherence to established standards and compliance with financial regulations. Traders on the FIC platform can rely on the regulatory oversight by CYSEC to ensure fair practices and protection of their interests. The STP license further underscores FIC's commitment to efficient and direct order processing, eliminating potential conflicts of interest.

The regulatory status of FIC positively influences traders by instilling trust in the platform, fostering a conducive atmosphere for confident and informed trading decisions.

Pros and Cons

Pros:

1. Operates under CYSEC regulation:

• FIC operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (CYSEC), ensuring a transparent and secure trading environment.

2. Wide range of financial instruments:

• FIC offers a comprehensive suite of financial instruments, including FX, CFDs, ETFs, stocks, bonds, and derivatives, providing users with a wide range of options to construct and diversify portfolios.

3. Advanced Trading Platforms: MT4 and Multi Product Platform:

• FIC provides advanced trading platforms, including the widely recognized MT4 platform and the Multi Product Platform.

4. Clear and consistent commission rates:

• FIC maintains a transparent fee structure with clear and consistent commission rates for different instruments and markets, providing clarity for traders in terms of costs.

5. Facilitates payments through various international bank accounts:

• FIC enables transactions through international bank accounts in different currencies, enhancing flexibility for users in managing their financial activities.

6. Accessible Customer Support:

• FIC's customer support, located at 16 Kennedy Ave, 3rd Floor, 1087 Nicosia, Cyprus, offers accessible communication through a main line at +357 22 502900 and a dedicated trading desk at +357 22 502999, indicating a commitment to prompt assistance.

Cons:

1. Complex Fee Structure:

• FIC's fee structure, with tiered commission rates,is intricate for less experienced traders, potentially leading to confusion and a steeper learning curve in understanding costs.

2. Limited Educational Resources:

• The current educational information available might be limited, hindering the learning experience for users who seek additional guidance.

3. Imposes fees for missing IBAN information and payment investigations:

• FIC imposes specific fees for cases of missing or incorrect IBAN information and payment investigations, which could be viewed as additional costs for users engaged in transactions.

Market Instruments

FIC offers a wide range of trading assets, encompassing various financial instruments to meet the various needs of its clientele.

Notably, the platform provides access to the foreign exchange (FX) market, allowing traders to engage in currency pairs with fixed commission rates.

Contract for Difference (CFD) trading is facilitated, providing an avenue for clients to speculate on the price movements of a wide range of assets, including indices, commodities, and single stocks.

Exchange-Traded Funds (ETFs) form another crucial component of FIC's offerings, enabling investors to access a diversified portfolio of assets.

Stock trading is a prominent feature on the platform, allowing users to trade shares in global markets with varying commission structures based on share prices.

Bonds, providing fixed-income investment opportunities, are also available for trading.

FIC extends its reach to derivatives trading, presenting clients with options to manage risk and explore various financial strategies.

This wide suite of trading assets, spanning FX, CFDs, ETFs, stocks, bonds, and derivatives, accommodates investors seeking a broad spectrum of financial instruments to construct and diversify their portfolios according to individual preferences and market conditions.

How to Open an Account？

Opening an account with FIC involves a systematic process. Here's a step-by-step guide:

1. Setting Up Account Details:

• Select your account's base currency.

• Choose the account type (personal, corporate, or joint).

1. Providing Personal Details:

• Fill in personal information, including first name, last name, and parental names.

• Supply identity card/passport details, including expiration date and issuance country.

• Specify nationality, date of birth, country of birth, and tax country.

1. Entering Residential Address:

• Enter your residential address details, including street address, town, ZIP code, and country.

• Specify if your correspondence address is different from your home address.

1. Providing Contact Details:

• Provide optional home phone, office phone, and fax numbers.

1. Defining Product Governance:

• Choose your preferred type of financial instruments.

• Specify the percentage of capital investment you can bear to lose.

• Indicate your risk appetite, time horizon for investment objectives, and whether you want investments to consider sustainability factors.

1. Certifying Self:

• Answer questions related to tax residency, nationality, and U.S. citizenship or Green Card status.

• Provide additional information on countries of residence for tax purposes, including Tax Identification Numbers.

Commissions & Fees

FIC's commission and fee structure cover various financial instruments and markets, indicating a detailed approach to pricing.

For Futures trading, clients face a standardized fee of USD 35, EUR 35, GBP 35, CHF 35, or JPY 3,500 per contract, providing clarity in cost expectations. In the US market, shares exceeding USD 10 incur a 5 ‰ fee with a minimum of USD 50, while those below USD 10 are subject to a 5 cents per share charge. Options trading in the US carries a fee of 7 cents per share, with a minimum of USD 50. This tiered structure extends to other international markets, such as Canada, Australia, France, the rest of Europe, the UK, and Switzerland, maintaining a consistent and transparent fee framework.

For Contract for Difference (CFD) trading, fees range from 5 ‰ to 7 ‰, depending on the specific market conditions.

Forex trading on the platform incurs a flat fee of USD 35, EUR 35, GBP 35, CHF 35, or JPY 3,500 for every 100,000 units of the price currency.

Custody fees for various financial instruments, including equities on international markets, structured products, bonds, futures, and T-bills, involve a monthly fee of 0.25 ‰, with a minimum charge of USD 10, enhancing transparency and predictability for clients.

While the detailed fee structure offers flexibility, FIC is better suited for experienced traders or those with specific market preferences, given the intricacies of commission rates associated with different financial instruments and regions.

Trading Platform

FIC provides a range of trading platforms to accommodate a variety of client preferences and needs.

One of the offered platforms is the MT4 platform, widely recognized and utilized for forex, CFDs, and futures trading. This platform features advanced charting tools, enabling investors to swiftly analyze markets. Quick trading functions allow for the placement of orders directly from charts with a single click. The MetaTrader platform is compatible with various operating systems, including Windows, Android, Linux, and Apple.

In addition to the MT4 platform, FIC offers a Multi Product Platform, which stands out as a comprehensive trading system in the market.

This platform serves as a gateway for trading in shares, CFDs, futures, options, and fixed income. Known for its full customization options, the platform is user-friendly, allowing clients to monitor different asset classes efficiently. It boasts advanced charting capabilities and indices that facilitate quick market analysis for traders engaging in various markets.

FIC provides a download center with links to different operating platforms, enhancing accessibility for clients across various devices and systems.

Deposit & Withdrawal

FIC facilitates payments through various international bank accounts across different currencies.

For transactions in Euro, clients can utilize the Bank of Cyprus account with IBAN CY27002001950000357025627437, Eurobank Cyprus with IBAN CY04018000010000200100336050, and Société Générale Bank Cyprus with IBAN CY52012000033001360052568010.

Correspondingly, for USD transactions, the Bank of Cyprus account with IBAN CY58002001950000357025627461, Eurobank Cyprus with IBAN CY79018000010000201100337576, and Société Générale Bank Cyprus with IBAN CY97012000033004360052568020 are provided.

FIC extends its payment options to other currencies through Société Générale Bank Cyprus, offering GBP with IBAN CY76012000033002360052568013 and CHF with IBAN CY69012000033020360052568015.

FIC imposes specific fees related to transfer processes.

In cases of missing or incorrect IBAN information, a fee of EUR 30 is applicable.

Additionally, for payment investigations, clients incur a fee of EUR 50, with an additional EUR 15 charge per message.

Customer Support

FIC's customer support, situated at 16 Kennedy Ave, 3rd Floor, 1087 Nicosia, Cyprus, offers accessible communication through a main line at +357 22 502900 and a dedicated trading desk reachable at +357 22 502999.

Positioned to respond promptly, the support team assists clients with various trading inquiries. The strategic location and efficient contact options indicate FIC's emphasis on providing a reliable resource for traders to address issues and obtain timely assistance.

Conclusion

In conclusion, FIC offers a diverse range of market instruments, including FX, CFDs, ETFs, stocks, bonds, and derivatives. Regulated by the Cyprus Securities and Exchange Commission (CYSEC), FIC provides a transparent trading environment, instilling confidence in traders. The platform boasts advanced trading platforms like MT4 and a Multi Product Platform.

Despite its strengths, FIC has a complex fee structure that poses challenges for less experienced traders. Educational resources are somewhat limited, suggesting room for improvement in supporting users' learning journeys.

FAQs

Q: What is FIC's regulatory status？

A: FIC is regulated by the Cyprus Securities and Exchange Commission (CYSEC), ensuring compliance with established financial standards.

Q: What trading platforms does FIC offer？

A: FIC provides the popular MT4 platform for forex, CFDs, and futures trading, along with a comprehensive Multi Product Platform.

Q: Are there educational resources available on FIC？

A: While FIC offers some educational resources, there's potential for improvement in supporting users' learning journeys.

Q: How can I contact FIC's customer support？

A: You can reach FIC's customer support at 16 Kennedy Ave, 3rd Floor, 1087 Nicosia, Cyprus, or through the main line at +357 22 502900 and the trading desk at +357 22 502999.

Q: What is FIC's fee structure？

A: FIC's fees vary based on different instruments and markets, ranging from fixed commission rates to tiered structures.

Q: Can I trade a variety of financial instruments on FIC？

A: Yes, FIC offers a broad spectrum of financial instruments, including FX, CFDs, ETFs, stocks, bonds, and derivatives.