Review of Finam Broker
Finam Forex is a Russian online forex broker. They were the first broker to be granted authorization by the Bank of Russia to conduct business as a forex broker in 2016. Additionally, its parent firm Finam Holding runs a number of other companies that provide a range of financial services. The name of the business is a contraction of Finance Analysts Moscow.
Finam Trading Platform
Finam provides customers with access to the well-known MetaTrader 4 platform. Traders get access to a large selection of technical indicators and automated trading tools via this site. Most brokers provide the MetaTrader 4 platform, which is the most popular among online traders. With all the charting tools traders need to analyze their assets, the platform is user-friendly and straightforward. When it comes to online forex platforms, MetaTrader 4’s choices and toolkit are unmatched.
What Finam Can Provide
Finam offers its customers 26 currency pairs, which is not particularly outstanding when compared to other brokers. All of these pairs have fair spreads, several of which are advantageous. Spreads are the broker’s only source of income; there are no commissions on sales.
Finam requires a $100 initial investment to get things going. Although it is far lower than average among Russian brokers, this is a rather typical minimum deposit amount for most brokers.
Finam High Leverage
Users have access to leverage up to 1:40 through the broker. This leverage is not as absurdly high as the 1:100 or even 1:500 leverages you might get with unlicensed brokers. It still exceeds the ESMA-mandated limit of 1:30, though.
Although Russian brokers are exempt from this restriction, it is a reliable sign that leverage is too high. New traders who don’t comprehend the dangers of using leverage sometimes lose their whole deposits in a matter of minutes without even realizing what happened.
Finam Payment Methods
Finam does not seem to provide a variety of payment methods, in contrast to practically every other online broker. If their website is to be believed, they only let traders to fund their accounts via bank transfers.
Most brokers accept payments made using a credit card, PayPal, Skrill, or even cryptocurrencies. This is quite restricted and undoubtedly turns away some potential customers. There is no mention whatsoever that this has anything to do with the various account financing laws in Russia.
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