Financika Review: Financika turns out to be a forex trading broker proposing a proprietary platform & mobile app.
- cTrader – No
- ECN Account – No
- MetaTrader 4- No
- MetaTrader 5 – No
- Auto Trading – No
- Social Trading – No
- Copy Trading – No
- DMA Account – No
- Mobile Apps – Yes
- Bonus – Variable deposit bonus
- Instruments Forex, CFDs, indices, shares, commodities.
- Demo Account – No
- Min. Deposit – $200
- Pay Methods – Neteller, Skrill, Visa
- Min. Trade – 0.01 lots
- Regulated By – VFSC
- Trade Signals – No
- Islamic Account – No
CFD
Trade on approximately 100 stock CFDs belonging to major global firms.
- FTSE Spread – Floating
- Stocks Spread – Floating
- Leverage – 1:10
- GBPUSD Spread – 0.0003
- Oil Spread – 0.12
Forex
Trade via leverage of 1:100 on more than 40 forex pairings.
- GBPUSD Spread – 0.0003
- EURGBP Spread – 0.0003
- Assets – 46
- EURUSD Spread – 0.0003
Financika Information
Regulated under the supervision of Sharp Trading Ltd, Financika has been registered with the Vanuatu Financial Services Commission (VFSC) and is said to even function as a European entity within the region of Cyprus. The company’s client service location is placed in Bulgaria, but its customers can be found anywhere between Europe to Chile, Mexico, Peru, and Colombia.
Trading Platform
Financika is said to offer WebPROfit, a non-downloadable platform for trading that suits every level. Characteristics of the online platform include charting advanced tools, trading that can be done with one click, no slippage, and platform support that is direct to access these specifics; clients will be required to start an account by using an online form that is available on the website.
Markets
Financika is said to offer a myriad of products:
● Stock CFDs – Trade via making use of more than 90 international companies such as Apple, Facebook, and Uber.
● Commodities – Trade on gold, silver, oil, wheat, and more.
● Indices – Trade 7 of the globally famous indices, including the FTSE, Dow Jones, and DAX.
● Currencies – Trade 40+ major, minor, and exotic currency pairs that include the EUR/GBP& USD/GBP.
Spreads & Commissions
For leading forex pairs like the EUR/USD and GBP/USD, spreads begin at three pips – that is relatively higher than almost all other brokers. Brent crude oil is offered at a spread value that is $0.12, while in the case of silver or gold, it can be anywhere between $0.04 to $1, respectively.
Other than this, there are said costs that one needs to be aware of, like a swap fee charged on positions that are held overnight and a noticeable high inactivity fee of $500, which is said to be charged quarterly. This is conspicuously higher than fees levied upon inactivity of accounts at other brokers.
Leverage
Leverage at Financika starts at 1:10 on CFD shares and extends till 1:200 on commodities and forex along with the indices that are said to be offered at 1:100. These leverage rates are decent and let traders take major positions via minimal outlay of capital.
Mobile Apps
Financika offers the WebPROfit platform in a mobile application, letting clients manage their accounts and trade on the go as. Traders on mobile enjoy similar features as the online platform, including quotes and charts from real-time, financial news, and quick monitoring of accounts.
The application is usable e with all iOS and Android mobiles and is downloadable from both Play Store and App Store. FinancikaTrade.com, desktop login information, should normally function with the mobile app.
Payment Methods
Deposits
Deposits can get made with a credit card, e-wallets, and bank wire transfer. Keep in mind the minimum deposit amount for a credit card is $200.
Withdrawals
Withdrawals can get made using the same methods, which has a processing time that lasts 4 – 5 business days. Financika claims that they do not charge clients for withdrawals; many customer reviews online, however, suggest the opposite. We suggest being cautious while taking into consideration a broker that has been known for such bad withdrawal practices.
Demo Account
Financika is not offering a demo account, which is a serious disadvantage because a practice account is a wonderful means to try out a platform for brokers, instruments, and client assistance before starting an actual account for trading.
Deals & Promotions
Customers are said to be able to access bonuses every week; the quantity and the same will be varying every week. Traders must check out the homepage of the broker to get updates on various bonuses offered.
Relatively new clients can get credit on trading upon starting an account; however, information about signing-up deposit bonuses is visibly limited. That being said, it’s worth getting in touch with the team dedicated to client assistance by using the understated detail to know more. Financika is said to offer protection on traders’ investment with the first five trades of theirs, which means amateurs can practice in a safe environment for trading. It should be kept in mind that this insurance is subject to certain terms and conditions available on the broker’s official website.
Regulation & Licensing
Financika (Sharp Trading) Ltd is regulated and authorized by the Vanuatu Financial Services Commission (VFSC). It is said to operate under its European entity, Cubbon Services Limited, in Larnaca, Cyprus. The VFSC, however, is not exactly a respectable entityAdditionally. Additionally, it’s even easier for a potentially fraudulent company to acquire a license.
Scam Warning
There are more than just some client complaints about scams at Financika. Such reviews are especially worrying provided the scarcity of respectable regulation supervision. Clients have been advised to take a look at these warnings before making any trades with the broker.
Additional Features
Financika is said to offer an Academy that has tools designed by keeping amateurs in mind. Characteristics are said to consist of a glossary of terms, trading basics, charts, technical analysis, and visual tutorials. Even though there are some helpful education tools offered, none of them are as comprehensive as those found at other brokers.
Several other tools that have more utility include currency rates charts, a daily economic calendar, and forex video analysis.
User Safety
Financika is said to possess an eTrust seal, and the same is said to indicate compliance with privacy and data protection’s high standards. Systems of tradings are also made safe with encryption of 128-bit Secure Sockets Layer (SSL). However, owing to its lack of regulation and unproven credibility, trading with Financika might still be risky.
Financika Verdict
Even though Financika is said not to offer a range of educational resources for beginners decent, the single account that is offered and lack of demo account are visibly limiting. More significantly, the shortage of top-tier regulation and concern surrounding scams might deviate more than just some prospective traders.
Accepted Countries
Financika accepts traders from Australia, Thailand, Sweden, Italy, Denmark, United Arab Emirates, Canada, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Traders can use Financika from everywhere except the United States, United Kingdom, and Spain.
FAQ
What trading platform is available at Financika?
Users can get access to web PROfit and mobile PROfit. The online platform is client-friendly with its several chart types, technical indicators, and trading that runs with one click.
What is the maximum leverage at Financika?
Financika is said to offer a leverage of 1:200 on commodities at most, 1:100 on indices and forex, while leverage extending to 1:10 is also applicable on share CFDs.
What is the minimum deposit at Financika?
$200 is the minimum deposit amount. Even though the amount is not exactly high, some brokers are known to accept a minimum deposit lower than this, and the same may appeal to traders who have just begun trading.
Does Financika offer a demo account?
No, Financika is at present not offering a demo account. That is a visibly serious demerit, for it translates to the fact that potential clients cannot check the trading platform or broker’s services out before actually starting a trade.
Is Financika a scam?
Financial claims that it is registered under the Vanuatu Financial Services Commission (VFSC). Even though this means the broker is authorized, the VFSC is not a reputable entity, and there are more than just some online complaints claiming that the broker is a scam. Consequently, we suggest the users be cautious before starting an account.