Basic Information & Regulation
Finmark FX is a St. Vincent and the Grenadines registered Forex and CFD trader, owned and operated by Finmark Ltd and is currently unregulated.
Safety Analysis of Finmark FX
The primary criterion for the safety of a forex trading platform is whether it is regulated by a formal regulatory body. Finmark FX is currently an unregulated platform, which means that investors' funds are not effectively protected on Finmark FX compared to those regulated by the FCA in the UK and CySEC in Cyprus.
Market Instruments
Finmark FX offers investors a small range of trading assets, mainly Forex currency pairs and CFD products.
Accounts & Leverage of Finmark FX
Finmark FX offers investors three different types of accounts: Standard (minimum deposit of $1,000), Plus (minimum deposit of $5,000), and Pro (minimum deposit of $10,000). The maximum trading leverage for all three types of accounts is 1:400.
Spreads & Commissions of Finmark FX
The EURUSD spread on the Finmark FX platform is at 0.2 pips only, which seems very attractive, and tested on demo accounts to know that the spread is indeed so. Additionally, there are no commissions, which is a low cost of trading that most brokers cannot afford, so it is most likely a trick to attract new investors.
Trading Platforms Available of Finmark FX
Finmark FX offers traders the most popular MT4 trading platform available today, as well as the MT4 desktop and web versions. MT4 has powerful charting tools, a user-friendly trading interface, and a large number of custom indicators to help traders develop different trading strategies.
Deposit and Withdrawal
Finmark FX supports traders to deposit and withdraw funds to and from their investor accounts via credit card, wire transfer, Skrill e-wallet.
Pros & Cons of Finmark FX
The main advantages of Finmark FX are:
1. Availability of MT4 trading platform
2. Narrow spreads
3. Three trading accounts available
The main disadvantages of Finmark FX are:
1. Offshore brokers & no regulation
2. High initial minimum deposit
3. Less variety of assets to trade
4. Fewer deposit & withdrawal options
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