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FinoTrade Fees and Spreads

FinoTrade Fees and Spreads

 

Overall Rating

4.3/5

Rated #291 of
Recommended FX Brokers

💰Minimum Deposit

USD 1000

🌐 Regulators

FCA

📱 Trading Desk

Meta Trader 4 

Crypto

Yes

📈 Total Pairs

34

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FinoTrade spreads start from 0.4 pips, and does not indicate whether traders are charged commissions. FinoTrade doesn’t charge any account fees, while deposits and withdrawals are charged for. FinoTrade does not document any inactive fees.

Finding a reputable list about FinoTrade Fees and Spreads local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth Fees and Spreads review regarding this regulated Forex Company, which will assist traders and allow traders to invest in their currency.

 

Fees and Spreads

 

Unfortunately, FinoTrade does not publish its spread list on the website, which is not typical for brokers these days, particularly those which are regulated by the Financial Conduct Authority.

However, those who have tested the demo account in the past have encountered a spread on EUR/USD floating around 0.4 pips when tested in the MT4 demo environment.

Added to this, the demo accounts do not have any commission fees, which makes the cost of trading with this broker seem attractively low but this is not the case in the real account environment.

 

Additional Trading Fees

 

Overnight fees, or swap fees, are also charged to positions held overnight. Customers are not charged inactivity fees, however, which is competitive.

FinoTrade does offer an Islamic Account, which allows Muslim traders to enjoy swap-free trading, as this type of interest is prohibited by Sharia law.

The broker’s limited number of available deposit currencies will mean that traders will incur conversion fees when withdrawing their profits.

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 you are using wire transfers.

 

Overall Rating

4.3/5

Rated #291 of
Recommended FX Brokers

💰Minimum Deposit

USD 1000

🌐 Regulators

FCA

📱 Trading Desk

Meta Trader 4 

Crypto

Yes

📈 Total Pairs

34

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Broker Fees

 

Traders also need to ensure that they verify additional charges which may be waived by their financial institution. Also, traders may be subjected to currency conversion fees should they transfer fees in a currency that is different from their account base currency.

FinoTrade is not a spread betting broker, so spread betting broker fees will not apply.

 

Pros and Cons

✔️ PROS ❌ CONS
Swap-free account available High minimum deposit
The spread list is not published on the website
A transparent commission structure is not provided
Maximum leverage ratio is not provided
Deposit fees are charged
Withdrawal fees are charged

 

You might also like: FinoTrade Sign Up Bonus 

You might also like: FinoTrade Demo Account 

You might also like: FinoTrade Minimum Deposit 

You might also like: FinoTrade Islamic Account

You might also like: FinoTrade Account Types 

 

FAQ’s

 

How many instruments can I trade with FinoTrade?

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 popular commodities including gold and oil. The broker does not appear to offer cryptocurrencies at this stage.

 

Does FinoTrade offer leverage?

The maximum leverage levels offered by Finotrade are not announced on its website. However, the maximum retail leverage permitted at FCA-regulated brokers is 1:30 on major forex pairs.

 

What spreads can I expect with FinoTrade?

Unfortunately, FinoTrade does not publish its spread list on the website, which is not typical for brokers these days, particularly those which are regulated by the Financial Conduct Authority.

However, those who have tested the demo account in the past have encountered a spread on EUR/USD floating around 0.4 pips when tested in the MT4 demo environment.

 

Does FinoTrade charge commission?

FinoTrade does not indicate whether traders are charged commissions.

 

Is FinoTrade regulated?

Yes, FinoTrade is regulated by the Financial Conduct Authority (FCA).

 

Is FinoTrade a recommended forex trading broker for experts and beginners?

No, FinoTrade is better positioned towards advanced traders, due to the high minimum deposit requirement.

 

What is the overall rating out of 10 for FinoTrade?

7/10.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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