Finotrade-Overview of Minimum Deposit, Spreads & Leverage

BASIC INFORMATION:

Finotrade is a trading name of Finotec UK Limited, a broker based in London and was established in 2007. Finotrade has since gained 10,000 clients who have invested $100 million. The company offers forex and CFDs on indices and commodities on the MetaTrader 4 platform. The broker also provides some additional tools, such as an economic calendar, calculators and a forex training academy.

MARKETS

Finotrade offers 34 major, minor and exotic currency pairs, such as EUR/GBP and USD/TRY, 11 CFD indices such as NASDAQ and FTSE 100, plus commodities including gold and oil.

MINIMUM DEPOSIT

There are 4 account types available at Finotrade: Classic, Gold, Platinum and VIP. The Classic starter account requires a minimum deposit of $1,000, which is high in comparison to other brokers.

The Gold account requires a $10,000 minimum deposit, the Platinum, $25,000 and the VIP, $100,000. These accounts include competitive spreads and additional benefits, such as webinars, an account manager and premium customer care.

The broker also offers a Multi-Account Manager (MAM) account for fund managers, as well as Islamic swap-free accounts.

LEVERAGE

The maximum retail leverage permitted at FCA-regulated brokers is 1:30 on major forex pairs.

TRADING PLATFORMS

Meta Trader4

PAYMENT METHODS

Finotrade accepts deposits and withdrawals via local wire transfers, SafeCharge and UnionPay. Processing fees start from 2.95% for SafeCharge deposits up to $500,000 and 3.5% plus $0.35 for Union Pay. Local bank charges may apply if youre using wire transfers.

Processing times may vary depending on the payment method; details of these can be provided by the customer support team.

ACCEPTED COUNTRIES

Finotrade accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

TRADING HOURS

Trading sessions for forex and commodities are open 21:05 – 00:00 GMT and are closed from 00:00 – 20:55 GMT. For indices, trading sessions run from 00:00 to 20:55 GMT.

CUSTOMER SUPPORT

The customer support team is available via telephone, email or live chat. Note that the live chat service is managed by a chatbot which, when tested, was not able to answer many of our queries.

· Telephone – +44 2033 187 716

· Email – support@finotrade.com

· Address – Finotrade UK, 1-4 Bury Street, Holland House, London EC3A 5AW, United Kingdom