Finam Forex Review: A Deep Dive into Russia's Largest Brokerage review

When choosing a broker, it’s important to assess it from all angles to find out whether it’s a clear fit with personal preferences and goals. There are many forex brokers on the market and they all offer something unique that suits different traders. Finam is a broker that many traders choose, but what makes it stand out?

Finam Forex is a Russian broker, and one of the largest in the country. It has been a mainstay on the Russian forex market since 1994, giving it more than three decades’ experience. 

To help understand what this broker has to offer, I’ve created this comprehensive Finam Forex review, covering everything a trader needs to know.

Table of Contents

• TL;DR: Key Takeaways
• Criteria Breakdown
• Finam Forex: Russia’s Forex Giant
• Features That Set Finam Apart
• Pros of Trading with Finam
• Cons to Consider
• Criteria Evaluation
• Community Reviews and Expert Recommendations
• Pricing Structure
• Where to Find Finam
• Alternatives to Finam Forex
• FAQ: Your Finam Questions Answered
• Final Thoughts: Is Finam Right for You?

TL;DR: Key Takeaways

• Finam is a well-established Russian broker with a strong domestic presence.
• Regulated by the Central Bank of Russia, but lacks major international regulatory oversight.
• Offers various trading platforms, including MetaTrader 4 & 5 and proprietary FinamTrade.
• Fixed spreads from 0.6 pips with leverage up to 1:40.
• Mixed customer reviews, with praise for reliability but concerns about withdrawal processes.

Criteria Breakdown

When reviewing a broker, it’s important to assess specific criteria to give a full overview of its services. To that aim, I created a set of criteria to measure Finam Forex. This included regulation and licensing, trading platforms, trading conditions, customer support, deposit and withdrawals, educational resources, and user reviews. Throughout this Finam review, I rated each area out of five, creating a full picture of its trading value.

Finam Forex: Russia’s Forex Giant

Best Known for Domestic Market Dominance

Finam Forex is one of Russia’s biggest brokers and was founded in 1994. With many years of experience, it has become one of the most reputable and reliable brokers and a go-to choice for many traders. This broker is best known for specializing in the local market, making it a solid choice for Russian traders in particular. 

As the changing regulatory and trading landscape within Russia has changed over the years, Finam Forex has managed to stay relevant. This is a strong advantage for any trader looking for peace of mind and reliability. 

Features

As a large brokerage firm, Finam Forex has many key features that make it a suitable choice for both beginner and advanced traders. It has access to several international exchanges, offering a large variety of forex pairs. There are several account types on offer to suit different trading needs, along with negative balance protection for peace of mind. 

Additionally, Finam Forex offers several trading platforms, including industry-standard MetaTrader 4 & 5. However, its proprietary platform is what really stands out. FinamTrade works similarly to MetaTrader, but has several other features to give flexibility.

Pros of Trading with Finam

Established Reputation in Russian Markets

Perhaps the standout point about the Finam Forex broker is its strong reputation in the Russian market. With more than 30 years of experience, this broker gives peace of mind from the start as it’s proven its reliability. This is also one of, if not the, the biggest broker in the country. It has countless offices across Russia, giving it an online and physical presence. 

A solid reputation takes some of the pressure away from choosing a broker as many other traders have found their services more than satisfactory. 

Diverse Platform Options

Finam Forex offers the MetaTrader platforms, both 4 and 5, along with their own range of features. However, the FinamTrade platform is a solid proprietary option, available as both an app and a desktop version. Within this, there are several charting and analytical tools, along with risk management options. This makes it a solid choice for traders who prefer flexibility in their choice of platform.   

Access to Multiple International Exchanges

Finam Forex has a global presence and allows users to trade in several currencies across many international exchanges. This is ideal for diversifying portfolios and ensuring access to potentially profitable trades. 

Comprehensive Educational Resources

A real standout feature of Finam Forex is its focus on trader education. There are many resources available for both beginner and advanced traders, including webinars, tutorials, guides, and ebooks. There is also a comprehensive FAQ section to give insights into common queries. 

This strong focus on developing skills and knowledge makes it a good choice for beginners who want to learn the basics. However, experienced traders will still find use here, with many resources on advanced strategies.

Cons to Consider

Limited International Regulatory Oversight

Finam Forex trades under the Finam LLC brand, which is regulated by the Central Bank of Russia. This regulation allows them to offer forex trading in Russia and due to this regulation, the broker must adhere to strict guidelines. This includes transparency within their operations. However, Finam Forex broker does not have any strong regulation outside of Russia, certainly not top-tier regulation through the likes of ASIC, FCA, or CySEC. 

As a result, traders outside Russia may have less protection, which could be a concern. It’s important to do some research into what level of protection would be given according to each country of residence. From there, a solid decision can be made. 

Mixed Customer Service Experiences

This broker receives mixed feedback in terms of its customer support quality. While some users rate it, others feel that response times and quality of advice could be improved. 

It’s important to remember that this could be subjective according to individual experiences. Customer support is offered in just English and Russian, which is limiting for clients outside of these areas. Support can be accessed via phone or email. However, the telephone number is a Russian number and operating hours are limited to Monday to Friday 9.30am – 9pm, and Saturday 10am – 4pm. 

Reported Withdrawal Issues

Some users have reported issues with withdrawals, both due to a complex withdrawal process and delays with receiving money. Again, this is an occasional issue and varies between traders, but may still be concerning for users who prefer fast withdrawals without issues. 

Relatively Low Maximum Leverage

Compared to many other forex brokers, Finam Forex has a relatively low maximum leverage amount at 1:40. While this may not be a concern for some users, those who prefer higher leverage ratios for higher gains may find better results elsewhere. 

Criteria Evaluation

• Regulation and Licensing: 4/5

• Trading Platforms: 4/5

• Trading Conditions: 3.5/5

• Customer Support: 3/5

• Deposit/Withdrawal Options: 3.5/5

• Educational Resources: 4/5

• User Reviews: 3/5

Community Reviews and Expert Recommendations

Overall, Finam Forex has mixed user reviews from both traders and industry experts. This is perhaps due to its limited reach as a Russian broker. However, users do praise the platform options and how reliable they are. Additionally, many users appreciate the long-standing nature of the broker within the industry, giving peace of mind. 

Most mixed reviews tend to be around withdrawals and customer support quality. 

Industry experts say Finam Forex is a good choice for Russian traders. However, they feel that international traders may find better value and protection elsewhere. This is due to Finam Forex broker’s lack of international regulatory oversight. They advise carefully considering regulatory implications before making a final decision.

Pricing Structure

Finam Forex offers competitive pricing in general, with spreads starting at 0.6 pips. However, there is little information on additional fees. As a result, it’s vital to carefully assess any hidden fees in line with the chosen account and trading volume before making a final decision.

Alternatives to Finam Forex

Throughout this Finam review, it’s clear that this broker is certainly a strong choice for Russian traders. However, international traders may find better value with other options. Here are some notable alternatives to explore. 

IC Markets

IC Markets is a reliable forex broker with solid regulation and a reputation. Trading costs are low and there are many features to make this a flexible choice for traders of different experience levels. A standout feature is the social and copy trading capabilities, along with tight spreads, and fast execution speeds. Our IC Markets review provides details. 

RoboForex

RoboForex offers very competitive trading conditions, including low spreads and fast execution speeds. It has many tradable instruments on offer, and several account types to choose from. RoboForex is a strong choice for both advanced and beginner traders, particularly for the many educational resources available. Read our RoboForex review for more information. 

Forex.com US

Forex.com US is a very reputable broker with strong regulation and many features. It is suitable for all trading ability levels and has excellent research and educational resources. While this broker doesn’t offer as many tradable instruments as some of its competitors, it has a large range of currency pairs. Our Forex.com review provides more details. 

Pepperstone

Pepperstone is a very popular forex broker with strong regulatory oversight and an excellent reputation. It offers many trading platforms to choose from, along with several account types. This broker offers more than 1,200 tradable instruments, making it a good choice for portfolio diversification. Our Pepperstone review delves deeper. 

FP Markets

FP Markets is another notable alternative to Finam Forex. This broker is particularly known for its advanced trading tools and favorable trading conditions. Alongside the MetaTrader 4 platform, FP Markets also offers the IRESS platform for additional flexibility. However, this broker does refuse US clients. Our FP Markets review provides details. 

Oanda US

The final notable alternative is Oanda US. With strong regulation and excellent customer support, this broker is a popular choice. It offers several trading platforms, and a large range of tradable instruments. However, while Oanda US’s pricing is competitive, it isn’t as low as some other brokers. Our Oanda review provides more information. 

FAQ: Your Finam Questions Answered

Is Finam a reliable forex broker?

Finam Forex is a reliable and well-established broker within Russia, and has many customers within the region. The Central Bank of Russia, which gives strong protection to traders located in Russia itself, regulates it. However, this broker lacks regulation outside of the country, which means less protection overall. 

Due to the lack of oversight from top tier international regulation, it’s important to check the level of protection you will receive in your country of residency. However, in general, international clients may find better peace of mind choosing a different broker.  

What trading platforms does Finam offer?

Finam offers many trading platforms to suit different needs and preferences. Both MetaTrader 4 and 5 are available, alongside the proprietary FinamTrade platform. All of these platforms offer their own range of features, including charting tools, market analysis, and technical analysis. FinamTrade is also available in an app for on-the-go trading. 

While you’re here, read our MetaTrader 4 review for deeper insights.  

How do Finam’s trading conditions compare to other brokers?

Compared to many other similar brokers, Finam Forex certainly offers competitive trading conditions. It has fixed spreads that start at 0.6 pips and it also offers leverage up to 1:40. However, this leverage ratio is considerably lower than many other forex brokers. 

It’s important to remember that all brokers offer different trading conditions and researching carefully is key. In this situation, other international brokers may well offer tighter spreads, and certainly higher leverage ratios. 

It’s important to consider your personal trading preferences and goals before making a final decision. For that reason, compare forex brokers carefully and explore all options. 

While you’re here, read our highest leverage forex brokers guide for extra insights. 

What are the main advantages of trading with Finam?

Choosing to trade with Finam Forex makes the most sense for Russian traders. This broker has a very strong presence in the Russian market and is specialized in that region. It offers several trading platforms with their associated features, along with access to several international exchanges. Additionally, Finam has many educational resources to help traders learn and develop as they trade. 

Russian traders in particular benefit from strong regulatory oversight by the Central Bank of Russia. The broker’s strong understanding of the local market compounds this. However, international traders must carefully weigh up the pros and cons, particularly the lack of international regulatory oversight. 

Are there any significant drawbacks to consider with Finam?

Choosing to trade with Finam Forex has one major drawback, and that is regulation. As mentioned, this broker is heavily regulated within Russia, but outside of that, it lacks any international oversight. Additionally, this broker has mixed user reviews and there have been some reported issues with withdrawals. Another possible drawback for some is the low leverage ratio at 1:40. While this may not be an issue for all traders, those who are used to higher levels may find Finam Forex lacking. 

Final Thoughts: Is Finam Right for You?

This Finam review has covered a lot of ground, and it’s clear that this broker has many pros and cons. Perhaps the strongest takeaway is that Finam is a very strong choice for Russian traders. However, for international traders, careful consideration is needed. 

Overall, this broker offers a strong service, with tight spreads, competitive pricing, a range of platforms, and several educational resources. However, there have been concerns around customer support, particularly for those outside of Russia. As I’ve mentioned several times already, international regulatory oversight is lacking, and that is an issue that traders must consider carefully. 

Ultimately, choosing the right broker is a personal choice. Whether you choose the Finam Forex broker or not, taking your time is vital. At TopBrokers, we understand how confusing this decision can be, and to help, we have a range of comparison tools and reviews on our website. For instance, our forex trading for beginners and forex brokers for US traders are great starting points. 

We also offer educational resources to help smooth your trading journey. Read our guide on how to create and manage a forex trading strategy and how to read forex charts for extra insights. Advanced traders may also find something new in our guide to Gartley and how to trade with it. 

Through this Finam Forex review, you will be able to make a personal decision that helps you work toward your trading goals. Remember, careful, informed decisions contribute to a successful trading experience.