Forex market is a very dangerous place for both new and experienced traders. There are companies which are unregulated and which work outside of any law. These companies usually participate in some frauds and manipulations to obtain a large sum of money the easy way. After you deposit your funds, they would allow you the possibility to make more money and then disable you the option to withdraw any funds, or sometimes allow you to withdraw the initial sum you deposited. However, all these companies can be spotted through the regulation lists, customer reviews or inconsistencies in company´s data available on the web. Therefore, it is critical to explore all the possibilities and information on particular companies, and if you are not sure that the company is safe and regulated, then just rather pick another which is regulated and has great reviews from customers and trading experts. Among these companies which require your full attention is Finam. Even though the company has the website under Finam name, there is no information on it at all, as well as no information on regulation authorities. However, customer reviews on several sources claim that it is part of a scam. On the other hand, there are positive reviews as well which further creates ambiguity concerning this company. The name of the company can find among regulated companies. However it is stated that the name has changed, but it is not the name which is highlighted on their website. As a result, no one can say with certainty is this a reliable broker or not.
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Background and Regulation
Previously named Finam Ltd. there is a company called Whotrades Ltd. Apparently, it was regulated back in 2006 under the license number 073/06. Its headquarters are in Limassol. Whotrades website has a decent number of information concerning the regulation, and it is said that the company is regulated by Cyprus Securities and Exchange Commission under already mentioned license number. However, this is not the website which is provided for Finam. If you open www.finam.eu you will see that the site is by Just2Trade Online Ltd. and if you open the other site mentioned in the info section www.finam.com.cy, you will hit the wall. Both mentioned companies are engaged in foreign exchange trading. It is said that WhoTrades (which was formerly known as Finam) was founded in 2010 with headquarters in Seychelles and is regulated by CySec and NFA in the U.S. Apparently, this company acquired the Just2Trade and LowTrades brands from Washington, D.C.in March 2015. Finam, however, is originally a Russian company which has a valid Russian website under this name. It is written that the company was established in 1994 with Finam meaning Finance Analyst Moscow. There is also information on Finam Forex LLC, licensed as the professional participant of the Forex market under the number 045-13961-020000 of 14 December 2015. However, this site is only available in Russian. Therefore one may assume that it is only meant for the Russian market.
Finam Trading Platform
As it is stated on the www.finam.ru, the company uses the popular MetaTrader 4 trading platform, with 26 currency pairs, tight spreads, and protection against the negative balance. This platform is used by many companies because of its innovative options, and easy use. The platform is available for mobile devices as well, which is a great chance for clients to be in touch with their funds at any time.
Finam Account Types
Finam offers Demo account for all the clients. However, there are no account types particularly highlighted anywhere on their website, so we might assume that there is only one standard account available. However, if you are still insecure, then it is better to open a Demo account to check how things work.
This company offers promotions, not on a regular basis, though. There are some special promotions like the competition called Energy Drive which allows the possibility to earn USD $3000 of virtual funds. The competition is opened for all Finam clients.
As it is already mentioned Finam works with 26 currency pairs. It is possible to make deposits and withdrawals with the registered bank or online banking options. Banks usually take between one and three business days to process your request; however, it is important to mention that there are no fees required during the withdrawal process. It is necessary to fill out the request, no third-party option, with correct information to avoid possible mistakes.
As it was previously stated, the site is in Russian, but the Google Translate option for the whole site works out just well. There are phone numbers which you can call if you encounter any problems during your trading. Finam is available on several social networks. However, the site does not provide an e-mail address. They offer personal consultations with professional trainers and online training as well.