This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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Multi-Market Accounts are brokerage accounts that offer access to different financial markets across the globe by connecting traders directly to regional exchanges via brokers or liquidity providers of their respective capital markets. FINAM is one of the unique Forex trading companies in the world that offer the Multi-Market Account (MMA) as part of their standard services portfolio, which in turn enables clients to invest directly in any financial market without worrying about the safety of their investments. Unlike traditional brokers that offer financial instruments and products such as shares, equities, indices and bonds through CFDs, FINAM provides direct access to all of these assets through direct market access protocols that are facilitated through established liquidity providers, banks, and other leading brokers in the market. One of the major advantages of an MMA account is the potential for owning a security or stock directly, which qualifies for quarterly dividends according to the performance ratio of the stocks or assets that are held by the investors. Therefore, FINAM offers a unique opportunity for the largest community of global investors who never had a chance to invest in financial markets in the US, Europe, Asia, Australia, and Africa due to the obvious limitations of geographical location and differing time zones. FINAM offers its FX trading products under its global MMA account services, which gives access to other OTC products and ETFs as part of its brokerage model.
|Forex, Precious Metals, Equity Indices, Energies|
FINAM Headquarters & Forex Regulation
FINAM is headquartered in Cyprus, which is one of the premier destinations for financial companies due to the safety net provided by the European Union and its European Markets in Financial Instruments Derivatives (MiFID). Cyprus has been a part of the European Union since 2004, which brings the nation under the European Economic Area (EEA) agreement, thereby enabling companies domiciled in Cyprus to offer its services throughout Europe under the EEA initiative. Naturally, all financial activities and entities in Cyprus are regulated by the Cyprus Securities and Exchange Commission (CySEC), which also regulates FINAM as a Cyprus Investment Firm (CIF) that has the regulatory clearances to operate across the EU under the CySEC license. Under the CySEC regulatory framework, FINAM is required to adhere to all policies, guidelines, and anti-money laundering laws that are specified by the European Union from time to time. The CySEC works extensively with other leading European regulatory agencies to ensure that Europe continues to be at the pinnacle of the financial industry, which is why most Forex brokers and financial companies tend to base their operations in the EU. Cyprus and CySEC are among the most sought out investment destinations and regulatory agencies in the world, second only to other leading organizations such as the FCA of the UK and the NFA of the US.
How Does CySEC Ensure The Safety Your Funds At FINAM?
The CySEC closely monitors FINAM for their performance in the market, and the broker has to satisfy several regulatory guidelines before they are offered a valid CySEC license. First of all, all CySEC regulated brokers should hold a minimum of €750,000 as operating capital, which will be increased by the CySEC if the company experiences an increased influx of client investments. Most Forex brokers in Cyprus are instructed by the CySEC to hold at least €1 million in operating capital, which is done to ensure that the broker will have sufficient liquidity to represent their client orders during volatile market conditions. The CYSEC also ensures that all client funds at FINAM are held in segregated bank accounts at the best financial institutions in the continent, which cannot be accessed by the broker for meeting its operational expenses or for meeting its debts. Keeping funds in segregated accounts also help the company to differentiate its money from its clients’ investments, which is vital in ensuring that customers can enjoy complete peace of mind while trading with Cyprus Investment Firms. FINAM has to undergo periodic financial inspections by the CySEC or other independent financial authorities and submit regular audit reports to the CySEC to ensure that all financial transactions are carried out according to the prescribed laws and regulatory guidelines. If FINAM is found to be in direct violation of any policies or laws, the CySEC and all other European regulators are free to initiate disciplinary proceedings against the company, which may result in a temporary or permanent ban from operating in the EU.
How Much Should I Invest For A FINAM Trading Account
FINAM gives access to all the different financial products and services for a minimum initial deposit of $200, but Forex traders may open an account for as low as $10 for trading in the Forex and CFD market. The maximum FINAM leverage is set at 1:500 for the Forex currency pairs, while shares and indices trading received much lower leverage of 1:10 and 1:20. Since leveraged trading is dependent on the financial products and the market volatility, FINAM customizes its leverage offering to suit a trader’s investment preferences. FINAM allows its clients to deposit and withdraw funds using different payment methods, including credit card payments, bank wires, and online e-wallets such as Skrill. FINAM spreads for Forex starts from 0 pips due to the direct market access nature of the trading accounts, but all orders are accompanied by a commission per trade that is described in detail in the official FINAM website. The broker seems to be transparent in its pricing model, which ensures that traders can compare the broker’s trading costs with other competing brokers before making an investment. In our FINAM broker review, we found out that the broker provides some of the lowest spreads and commissions in the market, but be aware that there are multiple levels of brokers and liquidity providers in the scene that may put a premium on your trading costs. The primary concern with MMA brokers is that there are different service providers and interbank liquidity providers that offer their quotes to the end user, which may end up being expensive for the trader. Unlike ECN FX trading accounts, equities and share trading accounts may experience additional costs of trading, but long-term traders and investors should be able to enjoy the benefits of such a brokerage model. FINAM offers different FINAM trading platforms according to user preferences, which include the MetaTrader5, the MMA TradeX, and the MMA mobile trading platforms. The MMA TradeX is a WebTrader interface that can be accessed on both desktop and mobile operating systems. The broker is explicitly clear that all MMA trading services are provided by Just2Trade Online Ltd, which takes care of granting direct market access to stocks and equities market. Mobile traders can access FINAM mobile apps by using the MT5 and MMA trading software that can be downloaded on the iOS and Android web stores.
Final FINAM Forex Review Conclusion
FINAM does have a confusing product lineup for traders that do not have any extensive amount of experience in the financial markets. The MMA account, although beneficial in its own rights, should prevent traders from enjoying the essence of a dedicated Forex trading environment. But the company does provide a reliable trading service for advanced traders and investors that seek to diversify their investment portfolio to different financial markets across the world. If you are looking for better alternatives, browse through our list of recommended Forex brokers today!
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