According to the company profile, Finotec has been in business since 1998 and has been marketing its online trading platform since 2001. The company is not associated with any large financial institution, and its trading software has been developed in house in contrast to the majority of forex brokers. In comparison to its competitors in the field of online trading Finotec ranks as a mediocre offering even though it debatably has the best trading platform and support services of any FOREX site. Its contributions are comparable to those of a number of other companies giving the experienced user a déjà vu feeling of “having seen this somewhere before.” Its format however may be more appealing to the freshman on the scene as Finotec offers both a demo account, which runs on the standard platform and a $200 mini account, which has its own platform. This approach acquaints the new account holder with the market mechanisms, while not subjecting him to possible losses before he is both mentally and educational prepared to trade with real money.
Finotec’s Standard platform ordinarily would require an investment of $10,000 in Euros, US Dollars, British pounds, or Yen but however on the DEMO account the user is given $100,000 in virtual currency with which to trade. The DEMO platform is a Web-based Java application; while the regular Standard platform is available as both a Web-based Java application and as a downloadable Windows XP application. It is noted that the Mini-Trading platform is also a Web-based Java application. Finotec’s demo account is a real-time anecdote to the FOREX market as it is equipped with virtual currency, where the greenhorn is encouraged to meet his skills. The only issues that have till this day been reported are the lack of an instruction manual to explain how to use the platform, and the long response time for the online 24-hour live chat assistant has been reported to delay; additionally finotec’s e-learning centre which offers seven video tutorials is somehow generalized which makes it hardly worth the download time. Finotec’s forex demo software has a serviceable interface, but anyone who has been around the scene will note the conspicuous absence of the chic graphs or personalized analyses automatically displayed within the standard platform’s of other rival trading platforms. However, drop down menus link to a whole host of technical information in Japanese candlelight, RSI, and trend signals.
Finotec makes its money by “charging” up to 3 pips on the spread, a “commission” rate that beats some rival forex brokers and is on par with some others. On the leverage side, the pricing is equally generous. A trader may borrow up to 1:200 on a Standard account, although 1:100 may be more typical. All transactions are in 100,000 units with trade amounts ranging from $50,000 up to $10 million across 21 currency pairs. For an experienced trader looking for an all in one machine, Finotec also offers options trading, CFD trading, oil, and gold. The Standard platform permits access to all of these resources and markets, and registration is in just three quick and easy steps. You provide your name, address, e-mail address, and telephone number, and Finotec will provide the user name and password. It is important to note that mini accounts need information, including a passport ID or a social security; accounts may be funded using a credit card, through direct wire transfer or PayPal with the Standard account requiring a minimum deposit of $10,000. At this stage Finotec offers its currency exchange services in Arabic, French, Japanese, Turkish, Polish, Vietnamese, Hebrew, Spanish, and Rumanian (and of course English).