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The data are from WIKI Research 2021.06.21 updated
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Basic information & regulation of Finam
Finam Forex is part of the Russian Finam Holding (which provides banking, brokerage, aircraft, and helicopter rent services). Finam forex is not currently regulated in any way.
Safety Analysis of Finam
Finam is currently an unregulated broker, which means that the safety of investors' funds and trading activities are not protected. Investors should choose a broker that is regulated by, for example, the FCA in the UK.
Market Instruments of Finam
Finam offers a relatively small number of Forex currency pairs compared to other big brokerages, only 26 pairs. Additionally, investors can trade stocks, commodities, indices, oil, and gold with Finam.
Accounts & Leverage of Finam
There comes only one standard account on the Finam platform, with a minimum deposit of $100, a minimum trade size of 0.01 lots, and maximum trading leverage of 1:40.
Spreads & Commissions of Finam
Finam's platform has a fixed spread of 1 pip for EURUSD and 2 pips for USDCHF and GBPUSD, which seems quite appealing. Finam claims not to charge commissions for trading.
Trading Platform Available of Finam
Finam offers investors the most popular MT4 trading platform, which has been around for 10 years and is the preferred choice of most Forex traders. MT4 trading platform has a powerful charting package, technical indicators, and several customization options and supports EA and automated trading. Besides, MT4 can help traders of different levels to develop different trading strategies.
Deposit and Withdrawal
Finam supports traders to deposit and withdraw funds to their investment accounts via bank transfer. No other deposit and withdrawal methods are disclosed.
Pros & Cons of Finam
The main advantages of Finam are:
1. MT4 trading platform
2. Low spreads and no commissions
3. Low minimum deposit requirements
The main disadvantages of Finam are:
1. No regulation
2. Fewer deposit and withdrawal options
3. One account option available only
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Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
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