Financial Resident-Overview of Minimum Deposit, Leverage, Spreads

General Information

Financial Resident is a newly-established forex broker allegedly registered in the United Kingdom, but it does not disclose such information, including company name, physical address, nor the details about license and regulation.

Market Instruments

With Financial Resident, traders can get access to trading assets like forex currency pairs, stocks, precious metals, commodities.

Account Types

Financial Resident offers four trading accounts in total: Ether Account, Ripple Account, Bitcoin Account, and Luxury Account. As for the minimum initial deposit requirements, the Ripple account requires the lowest fund, $250, in line with the industry standards. While this requirement for another three accounts is absurdly high, $15,000 for the Ether Account, $100,000 for the Bitcoin Account, and $1 million for the Luxury Account.

Leverage

Trading leverage varies depending on trading accounts. The Ripple account offers trading leverage up to 100:1, 200:1 for the Ether account. While holders of the other two accounts-Bitcoin and Luxury accounts can use higher trading leverage, up to 400:1. Since leverage can amplify gains as well as losses, it is essential that traders learn how to use it and manage risks.

Minimum Position Sizes

Minimum position sizes are determined by different trading accounts. The Ether account allows traders forex from 0.05 lot, and the Ripple account holder can trade forex from 0.01 lot. Both Bitcoin and Luxury accounts allow traders to start from 1 lot only.

Spreads & Commissions

Financial Resident does not disclose its trading costs, spreads, and commissions, even the benchmark EUR/USD pair.

Trading Platform Available

When it comes to trading platforms available, Financial Resident claims that it offers a proprietary trading platform called Financial Resident Web Trader. This is obviously a scam trading platform as we cannot test it.

Deposit & Withdrawal

The minimum deposit is $250, and the minimum withdrawal amount for a wire transfer is $250. For all other methods, it is $100. Financial Resident supports its traders to fund into and out of their trading accounts through Credit/Debit Card, Bank transfers, and other undisclosed payment methods. Concerning fees for deposit and withdrawal: $50 for wire transfer, credit/debit card withdrawal are subject to a fee of $35, and e-payments are taxed with $25. Withdrawals are usually processed within 5 days.

Contact Info

The Financial Resident customer support can be only reached through Phone: 442078801909， email: support@financialresident.com.