Finotrade is a trading name of Finotec Trading UK Limited and the website www.finotrade.com is owned and operated by Finotec Trading UK Limited. Finotec Trading UK Limited is authorised and regulated by the Financial Conduct Authority (FCA) under register number 470392. All client funds are segregated in separate accounts, as per the Financial Conduct Authority (FCA) rules concerning client money.
Trading assets include 34 currency pairs (major, minor and exotics), 11 global indices, and 5 commodities.
There are four types of accounts, which differ mainly in the required initial amount and the services offered. The Classic account requires an initial deposit of USD1,000 and you will have access to the company’s daily briefing and video tutorials. You must invest at least USD10,000 to open a Gold account and in addition you will receive tighter spreads and access to webinars. The Platinum account requires USD25,000 to open and you will also receive SMS news and alerts. If you want to invest USD100,000 or more, the company offers a VIP account. It provides all features of the platinum account plus daily analysis. Fund managers can open the so-called MAM (Multi-Account Manager) account, which allows them to manage multiple accounts from a single account. Profits and losses are distributed among the managed accounts. You can fund your account by bank transfer, SafeCharge and Union Pay.
Finotrade offers one of the most highly praised platforms in the industry – MetaTrader 4 (MT4). It offers an advanced charting package, better speed of order execution and the ability of automated trading. It allows users to trade with custom strategies and automated trading systems through the Expert Advisors.
There are some trading tools available such as an economic calendar, but only in French.
The Terms of Business document reveals that the company acts as an agent on behalf of clients. It is also written that Finotrade also acts as a matched principal with clients, and the prices quoted by the company are those that are received from banks, liquidity providers, and electronic exchanges. This means it uses the Straight Through Processing (STP) model to execute orders. All retail clients are covered by negative balance protection according to the FCA rules. All orders are subject to slippage. It is written that: “You acknowledge and accept that when we quote a price, market conditions may move between our sending of the quote and the time your order is executed. Such movement may be in your favour or against it.” In addition, stop loss orders are not guaranteed and can be filled at a first available market price.
Overall, Finotrade is an FCA-regulated company that uses the STP model to execute orders. There is negative balance protection and you can trade through the popular MT4 terminal. However, there are only a few instruments offered and shares are not among them. In addition, you must invest at least USD1,000 to open an account with this brokerage company.