Economy
Finq.com | Insightful Assessment And Comparison To Other Brokers
When looking for an online trading platform, you’ve likely come across finq.com. Making the right choice in a sea of online brokers is critical for your trading success.
Traders Union compiled the Finq.com review to guide you in navigating the complex world of online trading. To help you make an informed decision, this finq.com review presents an in-depth analysis of the platform’s features, performance, and offerings.
What is Finq.com?
According to TU experts, finq.com is a trading platform managed by Dilna Investments Ltd and regulated by the FSA of Seychelles under license number SD007. Finq.com provides access to CFD trading on an advanced WebTrader platform and mobile application. Here, traders can deal with over 2100 assets, including Forex, stocks, indices, commodities, ETFs, and bonds. The platform also provides round-the-clock customer support for all your queries from Monday to Friday.
Analysis of the main features of the Forex broker
TU experts have rated finq.com with an overall score of 2.26 out of 10. The broker scored 2.05 in order execution, 2.47 in investment instruments, and 2.11 in withdrawal speed. The quality of customer support is rated at 2.41, and the variety of instruments available is valued at 2.63. The trading platform received a score of 1.89 out of 10, indicating areas that need improvement.
Trading conditions for Finq.com users
Finq.com offers different platforms, including MT4, Webtrader, and Mobile platforms. Account types vary from Micro to Exclusive; the account currency is USD. Payment methods include Bank Wire Transfer, Credit/Debit Card, Neteller, and Skrill. The minimum deposit required is 100 USD with a leverage of 1:300. Instruments offered for trading include stocks, Forex, indices, commodities, bonds, ETFs, and Crypto. Unfortunately, no PAMM accounts, trading features, contests, or bonuses are available.
Finq.com compared to other brokers
RoboForex
RoboForex, a premier platform in the online trading landscape, offers its traders a wide array of trading opportunities in Forex, metals, stocks, indexes, CFDs, and ETFs. Renowned for its flexible trading conditions, the platform caters to novice traders and seasoned investors. Its robust security measures ensure a safe trading environment where traders can confidently navigate the market.
Pocket Option
As an eminent player in the online brokerage world, Pocket Option provides a diversified range of trading instruments, including Forex, metals, stocks, options, indices, CFDs, and ETFs. The platform has a well-deserved reputation for its user-friendly interface that makes it easy for experienced traders and beginners to get to grips with the intricacies of trading.
Tickmill
Tickmill is a respected online trading platform presenting a broad range of trading instruments such as Forex, metals, stocks, options, indices, CFDs, and ETFs. The platform distinguishes itself in the industry through its competitive spreads and superior customer service. Tickmill’s user-friendly platform, combined with its speedy execution and low spreads, makes it a favorite among many traders.
EXNESS Group
The EXNESS Group is a reputable broker offering diverse trading instruments, including Forex, metals, stocks, options, indices, CFDs, and ETFs. The platform is highly appreciated for its instant withdrawal service, which ensures traders have quick and easy access to their profits. Catering to beginners and professionals, the EXNESS Group offers a user-friendly interface supplemented with a wealth of educational resources and advanced trading tools.
AMarkets
AMarkets is a distinguished online broker that allows trading in Forex, metals, stocks, options, indices, CFDs, and ETFs. It is notably recognized for its comprehensive educational resources that equip traders with the necessary skills and knowledge for successful trading. Furthermore, the platform’s 24/7 customer support ensures traders receive assistance whenever needed, reinforcing the platform’s commitment to offering an all-round stellar trading experience.
In addition, Traders Union has also reviewed the ETX trading platform. To read a detailed review of the trading platform, you may visit the official website of Traders Union.
Conclusion
While finq.com provides a considerable range of trading assets, several areas need improvement. The ratings and user feedback indicate that the platform must enhance its services to compete effectively with other brokers. Visit the Traders Union’s official website for insightful broker reviews.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, August 5, as the market witnessed weaker trading activity with only two deals executed.
In the midweek session, the volume of securities exchanged by investors dropped 99.9 per cent to 802 units from the 1.6 million units recorded on Tuesday. The value of securities further decreased by 99.6 per cent to N208,240 from the preceding session’s N47.6 million, and the number of deals significantly went down by 93.9 per cent to two deals from the 33 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 76.9 million units transacted for N5.5 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
There were no price gainers or losers yesterday.
As a result, the market capitalisation stood unmoving at N2.739 trillion, while the NASD Security Index (NSI) remained unchanged at 4,563.96 points.
By Adedapo Adesanya
The Naira slid against the US Dollar by N2.28 or 0.17 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, August 5, to N1,363.85/$1 from N1,362.55/$1.
The local currency also declined against the Pound Sterling in the official market during the session by N5.97 to close at N1,837.38/£1 compared with Tuesday’s closing rate of N1,831.41/£1, and against the Euro, it crashed by N6.54 to quote at N1,575.25/€1 versus the preceding session’s N1,568.71/€1.
But at the black market, the Nigerian Naira traded flat against the greenback yesterday at N1,400/$1, and also remained unchanged at the GTBank FX desk at N1,373/$1.
The Central Bank of Nigeria (CBN) says rates have narrowed to below two per cent, while the country’s external reserves have risen above $52.5 billion, reflecting the impact of its ongoing monetary and foreign exchange reforms.
CBN Governor Yemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, disclosed this on Tuesday during the CBN Fair in Gombe. He noted that reforms introduced since 2023 had significantly reduced the disparity between the official FX market and the parallel market.
“The Naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, adding that reserves at $52.5 billion were supported by sustained inflows and renewed investor confidence in the economy.
Interbank FX transactions slid as weaker market activities dropped total Dollar volume exchanged to $75.35 million, a 51.8 per cent decline from $156.23 million in turnover quoted at the previous close.
The deals at the NFEM window also fell as data from the central bank put Wednesday’s quote at 82 from 139.
In the cryptocurrency market, major were down as global risk sentiment softened as a key world equity index slipped and chipmakers fell.
The MSCI All Country World Index snapped a five-day run to fall 0.2 per cent as chipmakers retreated on both sides of the Pacific. South Korea’s Kospi, a bellwether for the AI trade, dropped 4.4 per cent.
Ripple (XRP) depleted by 1.7 per cent to $1.05, Binance Coin (BNB) decreased by 1.0 per cent to $594.87, Cardano (ADA) depreciated by 0.9 per cent to $0.1884, TRON (TRX) shrank by 0.2 per cent to $0.3261, Solana (SOL) crumbled by 0.1 per cent to $74.00, and Dogecoin (DOGE) went down by 0.1 per cent to $0.0697.
On the flip side, Ethereum (ETH) gained 2.3 per cent to trade at $1,911.41, and Bitcoin (BTC) rose by 0.8 per cent to $64,759.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
The domestic stock exchange rebounded by 0.05 per cent on Wednesday on the back of renewed bargain-hunting by investors, though the level of activity waned.
After bleeding for a few days, the Nigerian Exchange (NGX) Limited heaved a sigh of relief yesterday, as the All-Share Index (ASI) gained 109.41 points to close at 244,912.24 points compared with the previous day’s 244,802.83 points, and the market capitalisation garnered N71 billion to settle at N158.087 trillion versus Tuesday’s N158.016 trillion.
Business Post reports that despite the rebound recorded by Customs Street at midweek, the market breadth index remained negative, as there were 20 price advancers and 29 price decliners, implying bearish investor sentiment.
Linkage Assurance appreciated by 9.94 per cent to N1.77, AVA Capital rose by 9.55 per cent to N10.90, Fortis Global Insurance advanced by 7.69 per cent to N2.80, McNichols gained 7.34 per cent to finish at N5.85, and Coronation Insurance surged by 5.51 per cent to N2.49.
Conversely, Honeywell Flour depreciated by 9.94 per cent to N16.30, PZ Cussons gave up 9.94 per cent to trade at N74.75, Zichis crashed by 9.74 per cent to N20.76, Learn Africa slipped by 9.62 per cent to N9.40, and Neimeth tumbled by 8.33 per cent to N8.25.
The busiest equity was FCMB, with a turnover of 369.2 million units valued at N4.1 billion. Chams transacted 46.7 million units worth N201.8 million, First Holdco transacted 43.5 million units for N5.7 billion, Access Holdings sold 29.8 million units worth N778.0 million, and Linkage Assurance exchanged 19.6 million units valued at N33.5 million.
At the close of transactions, market participants bought and sold 824.1 million units worth N25.5 billion in 48,114 deals, in contrast to the 1.6 billion units sold for N28.7 billion in 54,160 deals a day earlier, showing a shortfall in the trading volume, value, and number of deals by 48.49 per cent, 11.15 per cent, and 11.16 per cent, respectively.
