Finq Review: When dealing with a broker, then one thing that should set in your mind is that it cannot baffle a client. There must be a logical system helping clients and what needs to be done in their favour. But some brokers do not play up to the guidelines. They create their rules, which does not do any good for traders or investors. Finq is among such irresponsible brokerage firms. Learn why is it so:-
Is Finq scam or safe?
Finq seems like a scam when you visit the website or read about it. Once you dare to land on the front page of the site, then you realise how badly the broker is cheating upon its investors. There are no proper facilities. Besides, it takes a longer time for it to upload, which can put anyone off. More time means you lose your money in business terms.
Financial markets are all about investing on time, and when you miss it, then losses are imperative. So, you invest in time, not in a market. Hence, any broker that tries to bereft you from that track, you cannot achieve success. Moreover, you will end up wasting your hard-earned funds.
When you look around the certification, registration number of licensing, you find disappointment instead of them. So, an effort to keep testimonies of evidence in secret or avert easy access raises questions in a user’s mind.
If you are sure that any broker is cheating upon you, it is better to derail from them and seek other investment resorts. In that case, ROinvesting. and Global Trade ATF is doing a great job. They are transparent in their approach and ensuring that their clients feel at ease while trading with them.
So, when you get the hint of any non-tangible signal, it is mindful to leave that broker. On Finq, you receive many such clues that make you believe there is something fishy about the brokerage firm.
When there is no proper information regarding the licensing and regulating authority, how else will you support Finq? There is no reason you can call it safe.
Hence, you can term Finq as a scam broker. It is not abiding with proper laws that should allow traders to scrutinise about it. Also, it is not scalable unless and until you keep it open for all.
Finq Review: Account types
The first thing that hits your mind when you hear or see accounts is trading. But Finq has ensured that not many people can register beyond Silver account. It also has $ 100 as a minimum deposit amount. So, beyond that, without reasonable assistance, people would try to find the escape route.
Furthermore, the facilities and features that you receive on the account are quite less. Hence, there is not much scope a trader has while trading any product. Thus, it directly reflects on their performance. The lack of desired output chickens out the fun of financial transaction, and investors start searching for better options in the market.
And why won’t someone take that initiative when they know that in an attempt to rise beyond the silver account, the USD 10,000 deposit on Gold account will pull them down. Interestingly, the website mentions $10.000 instead of $10,000 (which it must have intended looking at other accounts). So, that’s a blunder. And it doesn’t seem to realise that.
Hence, we can assume that anyone working with the company is not serious enough to correct it. They do not even keep track of the website. How can you think the owners of the brokerage firm would ever take care of users’ accounts? There’s absolutely no chance.
When someone cannot take care of their products, how can they offer quality service to others? That lies in the realms of uncertainty. As per recommendations, searching for brokers that can indeed comply by the requirements of investors would be great.
That’s heights of carelessness by Finq. Does it not once again raise concerns on how can a broker do that? It is only possible when someone has ulterior motives of fooling people and run mind money irrespective of the outcome or results.
Finq Review: Oblivious
Even after putting the risk of $ 10,000 in the deposits, you do not get access to premium customer support. However, with that much investment, any broker would offer that facility. But Finq has some other perspective, which is disturbing than helping.
Normal customer care services take time and sometimes do not resolve issues at all. So, for availing that facility, you’ll have to deposit $ 50,000 in a deposit. Yes, you read that right. Now, how would a layperson bring such a massive amount? The broker either wants people to borrow that much money, or it does not require people with insufficient privileges.
On the Platinum account, Finq seems to have liked the idea to entertain super-rich people, who can afford USD 50,000 for deposits alone (minimum). Who else would have that kind of money?
Thus, the motive of Finq comes clean here. The broker wants to toy with the idea of having more and more money from people. It does not care whether they are receiving the benefits of what they are paying. Not just that, spreads are not low either here. So, a trader would feel cheated after getting trapped.
Finq Review: $100,000 account
Moving further, for the Exclusive account, an average trader can only dream about that limit. You can hold your breath for $100,000 for minimum deposits. Some investors would dream of earning that much wealth in their lifetime through trading.
However, here Finq is asking you to deposit that massive fund to apply for the Exclusive account. That is kind of impossible for more than ninety-five per cent of users. The deal is for those people who have millions of dollars kept in their account unused. Such thinking shows a vulgar capitalist approach of Finq, which is arrogant and deepens the doubt of fraudulent scheme.
Also, if someone would have that many funds, why would he or she approach Finq? There are fantastic brokers in the world that are aeons ahead of what others may think about them. Most importantly, they care about their clients’ needs, unlike Finq, that focuses on minting money.
Hence, a small trader will never pay a visit to Finq because neither it cares about them, there it offers them good services or tools. Spreads on all assets are high and do not comply with the needs of investors.
So, the motive of the broker is clear that it does not care about your (clients)feelings.
Finq Review: Improper information about tools
Any broker that does not offer information about tools or keep them confidential has two reasons to do that. One, it does not want you to know, or it does not have it. Chances of the latter seem quite prevalent in Finq’s case because the type of behaviour it has exhibited so far is highly suspicious.
With no accessibility of charts, tools and information, you can create strategies in the financial market. Thus, you won’t taste success ever. It is no fluke that works in trading, but planning and thoughts of several people. Many brokers are offering pieces of advice of experts, trade pundits and learned investors and traders. But here, Finq Broker Review does not tell about any such perks.
Finq Review: No MetaTrader5
As per claims, Finq Broker is offering services for several years and talking of that; it should have updated and adapted myriads features. But it has not made any such effort. It is stuck on MetaTrader4, while the world is moving on the latest platform. The lack of awareness or inverted motive has led to such ignorance, which is ill and not blissful.
Users miss out on opportunities due to lack of business ideas and inclusion of the best platforms like MT5. It shows how seriously Finq is working in favour of traders.
The lack of empathy and situational understanding sometimes cost investors heavily. However, the availability of amazing platforms can help float during those situations. But Finq has no such option, so no respite for its clients.
Finq broker’s website is slow
It’s too time-consuming for people. Also, irritating when the trend is in favour of the buyer and seller. Suppose, if a trader wants to place a bid urgently, but the website is not in compliance with the time, losses are waiting to happen.
So, traders would run away if any such mishappening occurs. But Finq as a scam broker does not care from getting penalised.
It is up to your discretion whether to use or not the services offered by Finq Broker. But when you use it then, consequences would be severe. So, it is better to learn from reviews than following spending money and regretting later on. You can seek refuge under IGM FX, TradedWell, Brokereo, PrimeFin, and other brokers.
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