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https://fintechfx.com/
Website
MT4/5 Identification
Full License
Single Core
1G
40G
Danger
More
My Group Fintech Co Pty Ltd
FintechFX
United States
Pyramid scheme complaint
Expose
General Information & Regulation
FintechFX is a trading name of My Group Fintech Co Pty Ltd. FintechFX is registered with the Australian Securities and Investments Commission (ASIC, with regulatory license number 493603). While this adds certain level of reliability to the broker, it is not proper regulation, especially taking into account that the company behind FintechFX is incorporated in Saint Vincent and Grenadines.
Market Instruments
FintechFX offers less than 30 currency pairs to trade, gold and silver as well as the energy markets such as oil and gas, indices and commodities. Unfortunately, some popular financial instruments such as stocks or Bitcoin and other cryptocurrencies are not available with FintechFX.
Minimum Deposit
There are two types of account types offered by FintechFX, One of them is Standard account. The minimum deposit is $100 for Standard. There is no commission on the Standard account. Ultimate ECN is another one, offering $1,000 minimum deposit and with USD 10 commission.
Leverage
Fintech FX offers high trading leverage, reaching up to 1:500. However, high leverage ratios may both multiply your profits and your losses. Therefore pls dont forget your risk management strategy and be sure to understand the risks of trading on margin.
Spreads & Commissions
FintechFX does not specify the spreads it offers on the website, it only mentions the commission of $10 applicable to Ultimate ECN account holders. In its MT4 demo account, the spread itself was flaoting around 0.1 – 0.2 pips on EUR/USD, so the average trading costs are around 1.1 pips per standard lot for this pair, which is good pricing.
Trading Platform Available
FintechFX offers the most popular platform MT4. This popularity is owed to ease of use, advanced graphics, a wide variety of automated strategies (Expert Advisors) and technical analysis indicators, personalization options. This offer is an advantage for FintechFX.
Deposit & Withdrawal
FintechFX allows only wire transfer as deposit and withdrawal. Worse still, withdrawals take up to 5-7 business days and are charged at $ 20 each. This is absolutely unacceptable.
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