Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

Finam Forex Review

5
1 reviews
PAYMENT SYSTEMS
  • Deposit
  • Withdrawal

Finam Forex general information

Founded in: 1994 year
Headquarters:
Russia
Offices in the country: Russia
Minimum Deposit: 0 $
Website: www.finam.ru
Website languages: English, Russian
Execution model:
NDD, DMA
Deposit currency: RUB, USD, EUR
Support languages: English, Russian
Regulated by:
CBR (Russia) license № 045-13961-020000
Mobile trading: iOS, Android
Types of offered accounts:
Demo accounts (with a time limit), Standard Accounts
Affiliate program: 1

Finam Forex Forex broker description

Pros

  • FINAM does not charge any commissions on trades, allowing traders to keep more of their profits.

  • Opening an account with FINAM does not require a minimum deposit, making it accessible for traders with different budget levels.

  • FINAM provides various educational resources such as seminars, paid courses, webinars, and more, helping beginners and advanced traders enhance their trading skills.

  • Traders can choose from various trading platforms supported by FINAM, providing flexibility and options to suit their trading preferences.

Cons

  • Unfortunately, FINAM does not currently accept clients from the United States.

  • FINAM offers a limited selection of payment methods, which may be a drawback for traders who prefer more diverse options.

  • FINAM only offers one type of trading account, potentially limiting the customization options available to traders.

  • While Russian legislation regulates FINAM and holds licenses from relevant authorities, it is not regulated by well-known bodies such as the FCA or CySEC.



Unique Selling Points

1. Partner Program: The partner program offered by FINAM provides individuals with a contemporary way to earn money through a partnership without requiring any upfront investment. Partners can take advantage of a comprehensive range of services offered by FINAM, which opens up great earning potential. Partners can earn a commission starting from 20% on the clients they attract to FINAM Group. The commission is paid out monthly, providing a consistent income stream.

2. FINAM Representative: By becoming a FINAM Representative, clients gain the privilege of promoting all the services offered by the company. This role grants various benefits, including a 50% share of the commissions paid by clients. Representatives also receive additional employee motivation, bonuses, compensations, and extra payments.

3. Strategist Bonus: This unique partnership scheme is designed specifically for strategy developers. By connecting their trading system to the service, strategy authors have the opportunity to receive a monthly reward. The reward is based on a percentage ranging from 0.5% to 7.5% per annum of the net asset value (NAV) of subscribers connected to the strategy. As the number of subscribers increases, the additional income grows.


Introduction

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 major focus on innovation 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.


Type of Trading Accounts on FINAM 

When it comes to account types, FINAM FOREX understands the importance of providing options that cater to the diverse needs of its clients. This broker firm provides a single live account and a demo account to its users:

  • FINAM Live Account: With this Account, traders can enjoy competitive trading conditions and a range of comprehensive solutions and services. Clients can get started with a minimum deposit of just $0, meaning no hefty initial investment is required. The leverage offered is 1:40, giving traders the flexibility to maximize their trading potential. When it comes to spreads, clients can expect as low as 0.6 pips on popular currency pairs like USD/EUR. FINAM forex broker does not charge any deposit or withdrawal fees.

  • FINAM FOREX Demo Account: For those who prefer to test the waters before diving in, FINAM also offers a demo account. This Account allows traders to explore the world of trading with virtual funds, providing a risk-free environment to hone their skills. The demo account mirrors the functions, features, and options of a live trading account, ensuring that you get a realistic experience. FINAM FOREX generously funds the demo account with a balance of 500,000 RUB, giving you ample resources to practice and experiment. The best part is that the demo account never expires, allowing clients to take their time and gain confidence in their trading abilities.


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.


Tradable Instruments

FINAM broker provides its traders with a wide range of trading options to suit trader preferences and investment goals:

  • Forex

  • Stocks

  • CFDs

  • Commodities

  • Indices

  • Energies 

  • Metals


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 


FAQs

  • Is FINAM a Scam?

The Russian legislation regulates FINAM and operates under a license from the Central Bank of the Russian Federation. This provides a certain level of oversight and protection for clients. 

However, it's important to note that FINAM is not regulated by well-known regulatory bodies such as the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC). This may raise some concerns for traders who value the oversight provided by these established authorities. 

Additionally, FINAM does not have a presence on Trustpilot, a popular review platform, making it hard to assess the broker's reputation.

  • How do I open a FINAM trading account?

Opening a trading account with FINAM is a straightforward process. Navigate to the official FINAM website using your preferred web browser. Look for the "Open Account" button on the website and click on it. Fill out the registration form with accurate and relevant information. This may include personal details such as your name, email address, phone number, and country of residence. 

Follow the instructions provided to upload the required documents securely. Take the time to carefully review the terms and conditions and any other relevant legal agreements or disclosures. Once your Account is approved and verified, you can fund your trading account.


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.

Trading accounts of Finam Forex

  • Единый счет
  • Фондовый рынок РФ
  • Срочный рынок РФ
  • Валютный рынок РФ
Trading platforms: MetaTrader 4, FinamTrade
Minimum Deposit : 100 $
Deposit currency : RUB - Russian Ruble
Trading instruments:
Forex1:40
Number of currency pairs: 26
  • AUD/CAD
  • AUD/CHF
  • AUD/JPY
  • AUD/NZD
  • AUD/USD
  • CAD/CHF
  • CAD/JPY
  • CHF/JPY
  • EUR/AUD
  • EUR/CAD
  • EUR/CHF
  • EUR/GBP
  • EUR/JPY
  • EUR/NZD
  • EUR/USD
  • GBP/AUD
  • GBP/CAD
  • GBP/CHF
  • GBP/JPY
  • GBP/USD
  • NZD/CAD
  • NZD/JPY
  • NZD/USD
  • USD/CAD
  • USD/CHF
  • USD/JPY
CFD's1:40
Amount of assets : 1000
  • Promotions
  • Futures
  • Indices
  • Products
Metals1:40
  • Gold
  • Silver
Energy sources1:40
  • Oil
  • Gas
Cryptocurrencies
Stock exchange
  • Promotions
  • Futures
  • Bonds
  • Depositary Receipts (ADR and GDR)
  • Exchange goods (UTS)
  • Funds (ETF)
Entry to stock exchanges
  • NASDAQ (US)
  • NYSE (USA)
  • MOEX (Russia)
Stop Out:
30 %
Minimum position size:
0.01 лотов
Execution type:
Market Execution
Swap Free:
No
VIP Account:
No
Spread type:
Floating
Decimal places:
5 characters
Margin Call:
30 %
Locked Margin level:
50 %
Interest rate:
14.5 % per year
Phone trading:
No
Trading platforms: MetaTrader 4, Transaq, ATAS, FinamTrade
Minimum Deposit : 100 $
Deposit currency :
USD - US Dollar
RUB - Russian Ruble
Trading instruments:
Metals1:10
Energy sources1:10
Stock exchange
  • Promotions
  • Futures
  • Options
  • Bonds
  • Depositary Receipts (ADR and GDR)
  • Exchange goods (UTS)
  • Funds (ETF)
Entry to stock exchanges
  • MOEX (Russia)
Execution type:
Market Execution
Swap Free:
No
VIP Account:
No
Spread type:
Floating
Decimal places:
5 characters
Commission:
0,00944%
Interest rate:
13 % per year
Phone trading:
Yes
Trading platforms: MetaTrader 4, Transaq, Quik, MMA Mobile, FinamTrade
Minimum Deposit : 500 $
Deposit currency :
USD - US Dollar
RUB - Russian Ruble
Trading instruments:
Forex1:10
Number of currency pairs: 30
  • AUD/CAD
  • AUD/CHF
  • AUD/JPY
  • AUD/NZD
  • AUD/USD
  • CAD/CHF
  • CAD/JPY
  • CHF/JPY
  • EUR/AUD
  • EUR/CAD
  • EUR/GBP
  • EUR/JPY
  • EUR/NZD
  • EUR/RUB
  • EUR/USD
  • GBP/AUD
  • GBP/CAD
  • GBP/CHF
  • GBP/JPY
  • GBP/USD
  • NZD/CAD
  • NZD/CHF
  • NZD/JPY
  • NZD/USD
  • USD/CAD
  • USD/CHF
  • USD/JPY
  • USD/RUB
  • USD/SGD
  • USD/ZAR
CFD's1:10
Metals1:10
  • Gold
  • Silver
Energy sources1:10
Stock exchange
  • Promotions
  • Futures
Entry to stock exchanges
  • MOEX (Russia)
Execution type:
Market Execution
Swap Free:
No
VIP Account:
No
Spread type:
Floating
Decimal places:
5 characters
Commission:
0.45 rub
Phone trading:
Yes
Trading platforms: MetaTrader 4
Deposit currency :
USD - US Dollar
EUR - Euro
RUB - Russian Ruble
Trading instruments:
Forex1:10
Number of currency pairs: 2
  • EUR/RUB
  • USD/RUR
Metals1:10
Energy sources1:10
Execution type:
Market Execution
Swap Free:
No
VIP Account:
No
Spread type:
Floating
Decimal places:
5 characters
Commission:
0,0027%
Phone trading:
No

Contacts of Finam Forex

Headquarters
Россия , Москвапер. Настасьинский, 7
show on the map
+ 7 (495) 796-90-24Телефон штаб-квартиры
Представительство
Россия , Москвапр. Кутузовский, 35
show on the map
+7(495)7969388, 5680 *1945 (бесплатно с мобильных телефонов всех операторов)Локальный телефон

Recent customer reviews of Finam Forex

Галина Посаженникова 26 January 2021

Advantages: As per my experience with this broker of several months, I would say that this is good broker for forex trading, offering fair conditions. I have ecn account here so I can confirm that there are no spreads, just small commission of $7 for round lot. There is also quite good leverage which goes up to 1:500. Platform runs good, no issues

Disadvantages: until I saw the cons.

Comment: Everything suits me,I'm happy.

Comment
Add a COMMENT

Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.