In this article, we take a look at the brand new broker, Finsa Markets, which we have been asked to review. Finsa Markets is a new Danish / English broker, based on a white-labeling of English Finsa Europe.
They offer trading on CFDs as well as spreadbetting to their customers.
We rate them as our other reviews on the following parameters:
- Product selection
- Trading platforms
- Trading costs
- Charting package
- Customer service
- Demo account
About Finsa Markets
Finsa Markets is a so-called white-labelling of Finsa Europe. Finsa Europe was founded in 2009 in London, where they have headquarters. The Danish department, Finsa Markets, has offices in Hellerup, at the same address as ETX Capital Denmark, and has the director of ETX Capital Denmark, Jesper Skov, as a registrant.
Finsa Markets has one form of account and they offer trading in the most popular products.
Safety at Finsa Markets
Finsa Markets has a license in London and is subject to the strict requirements of the English FCA, which means that the customers are covered by the English legislation with regard to depositor’s guarantee, etc.
An important factor is that they operate with a so-called “negative account policy”, which means that the customer can lose more than the amount in the account. To many, this is an important factor, as a daytrader often works with high gearing and thus takes great risks. This counts in our assessment that this kind of security is not granted.
Products at Finsa Markets
Finsa Markets offer trading in the most popular products. They cover the most important markets. Here’s what they offer trading in:
- Stock indices
The need should then be covered for the majority of traders. However, they do not offer trading in options, bonds, and ETFs. The range of products is, therefore, a little limited, but the most popular products are included.
Trading platforms at Finsa Markets
Finsa Markets have two trading platforms, their own web-based platform CloudTrade and the well-known MT4 platform. We have chosen to review CloudTrade.
The first impression of Finsa Markets’ CloudTrade is good. The design is simple and modern. The platform itself is quite flexible. CloudTrade can of course also be accessed via smartphone and tablet.
Trading costs at Finsa Markets
Their spreads are at the low end when compared to competitors. Their spreads are fixed, however, subject to exceptional situations.
Here are their spreads in the most popular markets:
- DAX: 1 point
- Dow Jones: 2 points
- EURUSD: 0.7 points
- EURGBP: 0.8 points
- AUDUSD: 0.8 points
- USDJPY: 0.7 points
- GBPUSD: 0.9 points
- Crude Oil: 3 points
- Gold: 4 points
It is therefore low spreads they offer and they are reportedly fixed. In addition, you will even receive a portion of the trade costs paid per month depending on the volume you trade. We will discuss this in a bit more detail later in the review.
The charting package as a work tool
CloudTrade’s charting package seems convincing. There are the drawing tools you need and it’s easy to add and delete items from the chart.
You can either choose to view the price as a line graph, candlestick chart, bar chart, Heiken Ashi chart or Renko et al. In addition, they have a wide range of indicators and overall the platform is easy to use.
Entering orders can be done using the buy and sell buttons as well as with limit and stop orders. However, they are unfortunately not visible on the chart window which is a little annoying.
Customer service at Finsa Markets
Like most others, Finsa Markets has a support center that answers the most questions. In addition, you can contact them by phone and email. But strangely, the support is located at exactly the same Danish address as ETX Capital.
Demo account at Finsa Markets
They offer a demo account like most other brokers. At the demo account, you have the opportunity to test the platform and get used to the conditions.
Bonus at Finsa Markets
Finsa Markets offers a welcome bonus, though not as you usually know. They refer 25% of the trade cost (spread) in the first month you trade. In addition, a loyalty program is automatically enrolled in which they repay a percentage of the trading costs that have been incurred last month, depending on how much volume you have traded.
It seems quite aggressive and can motivate especially new daytraders to do too many trades.
- Product range – 3 points
- Trading platform – 3 points
- Trading costs – 5 points
- Charting package – 4 points
- Customer service – 5 points
- Demo account – 5 points
- Bonus – 3 points.
Overall Rating: 4.0 out of 5
Finsa Markets seems like an exciting platform. However, it is worrying that the company appears to be in the exact same premises as ETX Capital in Denmark. In addition, the domain name is registered by ETX Capital’s Danish director – Jesper Skov. It will, therefore, be exciting to follow what ETX Capital Denmark is reporting about this.
We have not yet made a referral agreement with Finsa Markets as we will first follow the development of the platform before we recommend it to our readers.
Comments on the review – what are your experiences with Finsa Markets?
We would like to receive comments with your own experiences from Finsa Markets, both good and bad. Thanks!