Compared
to the many other FOREX sites that are racing to grab a share of the
online business, Finotec runs with the middle of the pack. Although
boasting the best trading platform and support services of any FOREX
site, its offerings are similar to those of a number of other companies.
It does have is a more consumer look and feel than many larger
commercial sites and seems inviting to the beginner. The fact that
Finotec is FSA regulated also contributes to its overall impression.
Other sites may be more adept at helping the user gain speed on the learning curve, but Finotec helps remove the barriers to market entry. It offers both a demo account, which showcases the company’s Standard platform, and a $200 mini account, which has its own platform. Both of these let the newcomer experience some of the trading action and get acquainted with market conventions, while committing little or no money.
The demo account uses Finotec’s Standard platform, which ordinarily would require an investment of $10,000 in euros, US dollars, British pounds, or yen. Here, the user is given $100,000 in virtual currency with which to trade.
The demo platform is a Web-based Java application; the regular Standard platform is available as both a Web-based Java application and as a downloadable Windows XP application. The Mini-Trading platform is a Web-based Java application
Finotec’s demo account is a real-time introduction to the FOREX market. Bankrolled with virtual currency, the neophyte is encouraged to hone his skills. But be forewarned: There is no instruction manual to explain how to use the platform, and the response time for the online 24-hour chat assistant may be delayed.
Seven video tutorials are in the kit of starter tools in Finotec’s e-learning center. The not-quite four-minute free introductory video took anywhere from 15 minutes to over half an hour to download on a DSL line. This video plus the one highlighted on the home page are bland and generalized to the point of communicating little information, hardly worth the download time.
If Finotec’s demo software is indeed a mirror of the Standard platform, its interface is serviceable but lacks many of the bells and whistles of competitors. While the data is charted in real time, there are none of the nifty graphs or personalized analyses automatically displayed within the platform. However, pull down menus link to a whole host of technical information. These include Japanese candlelight, RSI, and trend signals.
Finotec makes its money by “charging” up to 3 pips on the spread, a “commission” rate that bests some companies and is on par with some others. On the leverage side, the pricing is equally generous. A trader may borrow up to 1:200 on a Standard account, although 1:100 may be more typical. All transactions are in 100,000 units with trade amounts ranging from $50,000 up to $10 million across 21 currency pairs.
For the diversified trader looking for one-stop shopping, Finotec also offers options trading, CFD trading, oil, and gold. The Standard platform permits access to all resources and markets, and registration is in just three quick and easy steps.
Registering for the Demo account is quick and easy. You provide your name, address, e-mail address, and telephone number, and Finotec will provide the user name and password. That’s all you’ll need to begin your virtual trades.
The Mini account requires a bit more information, including a passport ID or a social security number. You’ll also have to agree to a lengthy client user agreement, which includes these words: “The Company shall be permitted, and at its discretion may perform, on its own account, financial transactions of any kind whatsoever, including the performance of opposite transactions to those of the Client.” Still, there are the promised three simple steps. After you input this information, you can either fund the account (step 2) or go directly to the confirmation panel (step 3). Either way, you’ll have to wait for a confirming e-mail before you can begin your activities. The account may be funded via credit card, wire transfer, or PayPal.
When you click on “Open a Standard Account,” the live chat window may open with an offer of assistance. Otherwise you may register by either completing an online form or by faxing one in. The form is five pages long; three of these are agreements and legal disclaimers. The actual application is but a page, asking for the same information as requested in the Mini account plus banking information and level of trading experience. The application also includes a withdrawal form. The Standard account requires a minimum deposit of $10,000.
According to its company profile, Finotec has been in business since 1998 and has been marketing its online trading platform since 2001. The company is not associated with any large financial institution, and its trading software has been developed in house. Scant information is given about the company on its site.
Finally, for native English speakers, the Finotec site can be rough going. The company lists a New York address and one in Cyprus, but the number of grammatical errors and inappropriate word choices would indicate that it is based in the latter. The translation errors may be eliminated when Finotec is approved to offer trading to U.S. customers.
For now, Finotec welcomes traders, skilled and not so skilled, to enter the exciting and fast-paced FOREX world in Arabic, French, Japanese, Turkish, Polish, Vietnamese, Hebrew, Spanish, and Rumanian (in addition to English).
Other sites may be more adept at helping the user gain speed on the learning curve, but Finotec helps remove the barriers to market entry. It offers both a demo account, which showcases the company’s Standard platform, and a $200 mini account, which has its own platform. Both of these let the newcomer experience some of the trading action and get acquainted with market conventions, while committing little or no money.
The demo account uses Finotec’s Standard platform, which ordinarily would require an investment of $10,000 in euros, US dollars, British pounds, or yen. Here, the user is given $100,000 in virtual currency with which to trade.
The demo platform is a Web-based Java application; the regular Standard platform is available as both a Web-based Java application and as a downloadable Windows XP application. The Mini-Trading platform is a Web-based Java application
Finotec’s demo account is a real-time introduction to the FOREX market. Bankrolled with virtual currency, the neophyte is encouraged to hone his skills. But be forewarned: There is no instruction manual to explain how to use the platform, and the response time for the online 24-hour chat assistant may be delayed.
Seven video tutorials are in the kit of starter tools in Finotec’s e-learning center. The not-quite four-minute free introductory video took anywhere from 15 minutes to over half an hour to download on a DSL line. This video plus the one highlighted on the home page are bland and generalized to the point of communicating little information, hardly worth the download time.
If Finotec’s demo software is indeed a mirror of the Standard platform, its interface is serviceable but lacks many of the bells and whistles of competitors. While the data is charted in real time, there are none of the nifty graphs or personalized analyses automatically displayed within the platform. However, pull down menus link to a whole host of technical information. These include Japanese candlelight, RSI, and trend signals.
Finotec makes its money by “charging” up to 3 pips on the spread, a “commission” rate that bests some companies and is on par with some others. On the leverage side, the pricing is equally generous. A trader may borrow up to 1:200 on a Standard account, although 1:100 may be more typical. All transactions are in 100,000 units with trade amounts ranging from $50,000 up to $10 million across 21 currency pairs.
For the diversified trader looking for one-stop shopping, Finotec also offers options trading, CFD trading, oil, and gold. The Standard platform permits access to all resources and markets, and registration is in just three quick and easy steps.
Registering for the Demo account is quick and easy. You provide your name, address, e-mail address, and telephone number, and Finotec will provide the user name and password. That’s all you’ll need to begin your virtual trades.
The Mini account requires a bit more information, including a passport ID or a social security number. You’ll also have to agree to a lengthy client user agreement, which includes these words: “The Company shall be permitted, and at its discretion may perform, on its own account, financial transactions of any kind whatsoever, including the performance of opposite transactions to those of the Client.” Still, there are the promised three simple steps. After you input this information, you can either fund the account (step 2) or go directly to the confirmation panel (step 3). Either way, you’ll have to wait for a confirming e-mail before you can begin your activities. The account may be funded via credit card, wire transfer, or PayPal.
When you click on “Open a Standard Account,” the live chat window may open with an offer of assistance. Otherwise you may register by either completing an online form or by faxing one in. The form is five pages long; three of these are agreements and legal disclaimers. The actual application is but a page, asking for the same information as requested in the Mini account plus banking information and level of trading experience. The application also includes a withdrawal form. The Standard account requires a minimum deposit of $10,000.
According to its company profile, Finotec has been in business since 1998 and has been marketing its online trading platform since 2001. The company is not associated with any large financial institution, and its trading software has been developed in house. Scant information is given about the company on its site.
Finally, for native English speakers, the Finotec site can be rough going. The company lists a New York address and one in Cyprus, but the number of grammatical errors and inappropriate word choices would indicate that it is based in the latter. The translation errors may be eliminated when Finotec is approved to offer trading to U.S. customers.
For now, Finotec welcomes traders, skilled and not so skilled, to enter the exciting and fast-paced FOREX world in Arabic, French, Japanese, Turkish, Polish, Vietnamese, Hebrew, Spanish, and Rumanian (in addition to English).
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