FINAM Forex Broker is a subsidiary of Finam investment holding, a prominent player in the financial industry. Since its inception in 2006, this broker has had a maInvestment Holdingation and the introduction of cutting-edge technology solutions. Finam also claims to boast of an exceptional team of professional analysts, risk managers, and financial engineers.

The FINAM forex broker has an extensive reach across Russia. They have representative offices in more than a hundred cities, making their services easily accessible to individuals from various regions. Being part of Finam Investment Holding, which was established in 1994, gives FINAM a solid foundation. The broker proudly stands as one of the largest forex brokers in Russia.

FINAM operates under the regulation of Russian legislation. Additionally, they have obtained a license from the Central Bank of the Russian Federation. In this FINAM review, we will examine this broker closely to help traders understand if it’s the right platform for them.

Supported Countries

FINAM welcomes clients from various countries, including the Russian Federation, Belarus, Ukraine, Kazakhstan, Montenegro, Indonesia, Brazil, Japan, the United Kingdom, and Australia. FINAM, unfortunately, cannot accept clients from the United States at this time.

Customer Service Rating

While FINAM may not have an active Trustpilot page, there are a couple of notable platforms where traders have shared their experiences. On Revieweek, FINAM receives a commendable score of 4.5 out of 5 stars. This positive rating reflects the satisfaction of many happy customers who have had a smooth and rewarding trading experience with the platform. Another platform where FINAM has been reviewed is TradersUnion, where they have achieved a score of 4.4 out of 10. It’s important to note that this score represents a mix of positive and negative reviews, showcasing diverse opinions.

Some disgruntled clients have voiced complaints about what they perceive as an arbitrary change of strategy by the broker without any apparent cause. Furthermore, a few traders have labeled FINAM’s customer care representatives as incompetent operators.

FINAM Trading Platforms

FINAM empowers traders with a wide array of trading platforms, each designed to cater to specific needs and preferences:

• FinamTrade: This versatile platform allows clients to trade on the Moscow Exchange, major Western exchanges, and the foreign exchange market. With its convenient settings system, news module, advanced charting, and portfolio options, clients will have everything they need at their fingertips. Trade shares and bonds of the Russian Federation, Russian futures, US futures, currency markets, options, and futures.
• Common (Autofollow): Ready to follow the footsteps of successful traders? Autofollow is a unique service that enables traders to automatically replicate the transactions of these skilled traders in real-time. By connecting to the Autofollow service on comon.ru, traders can start earning alongside professional traders. Engage in trading Russian futures, shares, and bonds of the Russian Federation and US exchanges.
• Transaq: This platform grants FINAM’s clients access to four markets: Russian stocks, futures, currency, and foreign securities. With advanced functions for technical analysis and the ability to receive stock and news data, traders have the tools they need for informed decision-making. Trade shares and bonds of the Russian Federation, options, futures RF, US futures, and more.
• QScalp: Need a powerful tool for market analysis and lightning-fast execution of trades? QScalp provides just this for traders on FINAM. With its unique capabilities to present real-time market situations and execute complex trading operations in just one click, traders can always stay ahead of the game. Engage in currency markets, shares and bonds of the Russian Federation, options and futures RF, and US exchanges.
• MetaTrader4: The MetaTrader4 platform offers a comprehensive trading arsenal that is suitable for implementing a wide range of trading strategies. MT4 provides support for three types of transaction execution, including Instant Execution, which ensures immediate execution of transactions. The MetaTrader4 terminal incorporates various types of orders, enabling traders to efficiently manage their trading activities. MT4 terminal offers a wide range of technical indicators and linear tools, empowering traders with robust tools for conducting in-depth technical analysis. 
• MetaTrader 5: Designed for trading on four markets, MetaTrader 5 offers an all-in-one solution. Benefit from built-in technical analysis, conditional orders, a library of trading robots, and indicators. Trade shares and bonds of the Russian Federation, Russian futures, currency markets, and foreign securities across US and European exchanges.
• WebQUIK: A full-fledged exchange terminal that operates within your internet browser window, WebQUIK eliminates the need for additional programs. It’s a popular choice for trading on Russian stock exchanges, offering a user-friendly interface, data export capabilities, and programming functionalities. Engage in trading shares and bonds of the Russian Federation, options and futures RF, and US exchanges.
• FinamTrade for Mobile: Never miss a trading opportunity, even on the go! With FinamTrade for Mobile, available on Android, iOS, and Huawei and Honor devices, you can seamlessly make transactions on the Moscow Exchange and the Foreign Exchange Market. Enjoy unrestricted access to trade Russian shares, Russian futures, US futures, currency markets, options, futures, and even exchanges like LSE, XETRA, XPAR, XMAD, and XHKG.

Trading Denominations on FINAM 

FINAM believes in giving traders the freedom to choose from three major currencies: USD, EUR, and RUB. While this certainly offers a level of flexibility, it’s worth noting that some other brokerage firms accept an even wider range of currencies.

Company Structure

Finam Forex belongs to the prestigious Finam holding and as a broker, Finam provides a gateway to the world of Russian exchanges, including Moscow, St. Petersburg, the SPB stock exchange, and SPIMEX. In addition, Finam goes above and beyond by extending access to American giants NYSE and NASDAQ. Finam JSC, the parent company, takes pride in its ownership of TradeCenter, comon.ru auto-follow services, and the vibrant social network of whotrades.com traders.

The broker clients’ financial transactions are handled through its investment holding JSC BANK FINAM, which ensures seamless transactions flow securely. It’s worth noting that Finam Forex has secured its place in history by becoming the first company in Russia to receive a Forex dealer license. 

To further solidify its position, FINAM is a proud member of the National Association of Stock Market Participants (NAUFOR). Additionally, the company actively participates in the board of directors of NP RTS, further cementing its influence and involvement in the financial sector.

Finam has garnered several notable accolades along the way as a testament to its excellence. Its trust and reliability are evidenced by the « Exceptionally High Level of Reliability » bestowed upon FINAM JSC by the rating agency, RAEX (also known as « Expert RA »). On June 15, 2011, CJSC FINAM emerged as a laureate of the esteemed Stock Market Elite award. Additionally, on October 14, 2013, FINAM claimed the title of the most client-centric broker on the T+2 market.

FINAM Licenses and Regulatory Compliance

FINAM forex broker operates under the strict oversight of Russian legislation, with its services provided under a license from the Central Bank of the Russian Federation. In addition to adhering to Russian legislation, FINAM FOREX is governed by a series of licenses that validate its commitment to professionalism and ethical conduct.

• FINAM Management Management Company LLC is authorized to carry out securities management activities. Issued by the Federal Financial Markets Service of Russia, with License No. 077-11748-001000.
• Furthermore, JSC « Bank FINAM » holds a banking License No. 2799, granting it the authority to conduct operations with funds in both rubles and foreign currency.
• FINAM FOREX LLC holds License No. 045-13961-020000 as a professional participant in the securities market.

While FINAM demonstrates its commitment to regulatory compliance within the Russian framework, it’s important to mention that it is not regulated by some of the more well-known global regulatory bodies. Organizations such as the FCA, FSCA, and CySEC are not part of the regulatory landscape governing FINAM.

FINAM Customer Protection

FINAM offers its clients negative balance protection. This additional layer of protection shields traders from potential losses that could exceed their initial investment. In addition to negative balance protection, FINAM also greatly safeguards client funds. They do this by utilizing segregated accounts, which means that clients’ funds are kept separate from the broker’s operational accounts. 

Customer Service

To get in touch with the FINAM FOREX team, traders can either give them a call or send them an email. Simply head over to their website, and if there’s an office located in your area, you’ll find a telephone number provided (+7 (495) 1-346-346). 

Additionally, it’s possible to contact support via Email. You can find FINAM on popular platforms such as WhatsApp, YouTube, and Telegram. There is also a live chat feature available, and traders can still reach out to FINAM FOREX using their convenient Feedback Form.

Trading Information

FINAM forex broker provides clients with competitive trading conditions that work in their favor. They offer fixed spreads, typically starting at 0.6 pips for popular currency pairs like EUR/USD. However, it’s important to note that the spread may vary depending on factors such as the trading platform used, the specific financial instrument being traded, and prevailing market conditions. While the spreads are favorable, obtaining a comprehensive list and fee schedule can sometimes be challenging.

Regarding trade size, the minimum is set at 0.01 lots, allowing traders of various experience levels to participate in the markets according to their preferences. A noteworthy advantage of trading with FINAM FOREX is that they do not charge commissions for trade executions. This applies specifically if you replenish your Account with cash at the FINAM cash desk or transfer funds from a FINAM Bankcard. Unfortunately, The broker’s website does not provide clear information regarding other potential fees, such as inactivity or account maintenance fees.

FINAM Leverage

FINAM Forex understands that leverage is crucial in amplifying your trading potential. That’s why they offer traders the flexibility to access leverage up to 1:40. 

Deposits and Withdrawals

Deposits 

FINAM FOREX does not charge deposit fees, allowing clients to fund their trading accounts without additional costs. There is no minimum deposit requirement. Start trading with an amount that suits your budget and trading goals. The options to deposit funds into your trading account include Wire transfer from a bank account, Cash desk of the FINAM Bank, and bank card. Traders can expect their funds to reflect immediately in their trading accounts. 

Withdrawals

To withdraw funds, the client simply fills out and submits an order to withdraw funds. Traders can conveniently do this through the Client’s Cabinet or by visiting the address of LLC FINAM FOREX. 

The withdrawal request is processed within 2 business days of submission, ensuring clients receive their funds promptly. However, it’s important to note that if a client chooses to withdraw funds in a currency other than RUB from their FINAM bank account, a 0.07% commission will be applied.

FINAM Trading Education and Training

They offer a range of educational and research tools to cater to beginners and experienced traders. While FINAM FOREX primarily focuses on providing educational resources, they also offer some analytics to assist traders in their decision-making process:

• Seminars
• Paid Courses
• Webinars
• Training Centre
• Demo Account
• FAQ Section
• Teachers’ Consultations
• Individual Training
• Statistics calendar

CONCLUSION

This FINAM Forex broker review reveals many important factors that traders should consider. While the broker offers some notable features and benefits, it also has limitations. The Russian legislation regulates FINAM Forex and operates under a license from the Central Bank of the Russian Federation. 

However, it is important to note that it is not regulated by well-known bodies such as FCA or CySEC, which may concern some traders seeking additional oversight and protection.

One advantage of trading with FINAM Forex is that there is no minimum deposit requirement. This makes it accessible for traders with different budget sizes and experience levels. Traders using FINAM Forex can take advantage of leverage up to 1:40. The broker offers competitive fixed spreads, with starting points as low as 0.6 pips for major currency pairs like EUR/USD.

FINAM Forex offers only one live account type for traders, limiting the options available for customization based on individual needs and preferences. The broker supports multiple trading platforms, including the widely popular MetaTrader 4 (MT4) platform. This offers traders a familiar and robust trading environment with various tools and features to enhance their trading experience.

It is worth mentioning that FINAM Forex does not have a presence on Trustpilot, making it challenging to gauge customer experiences and feedback. The lack of a presence on platforms like Trustpilot raises concerns about transparency and accountability. Unfortunately, FINAM Forex does not support traders from the United States.