This company was established only a few years ago and they have no regulation and do not allow US clients. The company is operated by Sharp Trading out of Vanuatu.
Financika Account Types
Their website offers very little information about their accounts assumes that they have a single standard account for which the minimum deposit is $250. The leverage is 1: 200. With their standard account you will not find any demo account offered. As such you will not be able to practice trading with virtual currency before you actually trade with your own money. There is no way for you to hone your skills on their website nor is there any way to benefit from bonuses associated with higher deposit amounts.
Financika Trading Platform and Tailored Trading Packages
They offer three trading platforms. As a Forex trader you can choose from the profit platform, the web profit platform, or the meta-trader 4 platform. It does not say that there is any information available for mobile trading or text message alerts like other brokers offer.
Financika Financial Tools, Resources or Other Exclusive Features
Inside of this educational Academy the website offers a daily market review as well as a currency chart for free. There is a glossary with different financial terms and economic calendar that shows you what things are happening in the world and in the financial market. Every week they have a video analysis posted where they were you what things are happening in the market for that week. So those people who would prefer to watch a video rather than read all of the data can do so.
They also give you professional risk management tools and they encourage you to look at the website regularly for Financika Forex trading so that you can read about any changes to their terms of service or trading platform. This is kind of the downside insofar as it requires you to be privy to any changes rather than them taking the initiative to email you or otherwise contact you with information about those changes.
Immediate Trade Execution at Financika
There are delays to trade executions. Moreover, deposits can only be made via credit cards, checks, or bank transfers. If you want to make a withdrawal you have to write the customer service department an email. This is perhaps one of the most provincial setups that you will find on any market today. There is literally no way for you to simply click a button to make your request or call them. You have to make a written submission asking for the withdrawal. This means that your ability to get any money in a timely fashion is contingent upon how quickly the customer service department decides to respond to your email. Currently, considering the fact that the location for this company is on an island where a volcano is in the process of erupting and the entire island has been evacuated, chances are it will take a long time for anyone who wants to get involved with this company to actually get their money.
They are not a transparent company. There are lots of gaps in their information.
There is little information about their security.
Financika Fees and Commissions
Given the different account types available, traders are asked to check the website for the fees and commissions as they apply to their account level.
Financika Trading Academy
In spite of the fact that their accounts are very limited and they don’t have a demo account, they seem to be ahead of other online trading brokers with education. They offer a full line of instructional material. They have an online academy tab through their website which provides a host of textual and video tutorials. All of these are available at different trading ranges from beginners to advanced traders. This means that anyone was brand-new for someone who has years of trading experience can find something beneficial based on their skill level.
There learning center is made up of separate sections starting with things like basic trading terminology or online basics or trading. There is another section which provides an explanation of the charts that they use so that at the trader you can make profitable decisions. You can better understand the candlestick charts, the line chart, and the bar chart. The line chart shows you the closing price for a specific period of time and it is the most basic of the charts they utilize. It simply connects all the data points together in a line which gives it its name. The bar chart shows the opening price for a specific time period, the closing price for that same time period, the low prices, and the high prices and summarizes all of that. There candlestick charts include the high and low ranges dictated by a vertical line with larger blocks to indicate the different price ranges. The other sections you will find provide you with information on how to interpret different price fluctuations or trading trends as well as detailed information on understanding and using the fundamental and technical analyses necessary when you trade.
This Financika Review found that customer support can be obtained by submitting an online form and asking them to email you, chat with you, or call you. They can theoretically call you 24 hours a day, seven days a week. However, the chat box if you choose to have a chat is not pop up automatically like other brokers. You have to choose whether or not you want them to use the chat to talk with you. There are also a great many gaps in their customer service information on the contact us tab. Their head offices are located in two separate countries, Cyprus and Vanuatu. Their mailing address is in Bulgaria, a different country entirely. The phone number that you call is for London. This is all very confusing and otherwise cause for concern.
- Lots of educational resources.
- No U.S. clients.
- Suspicious customer service.
Is Financika a Scam?
Is Financika a scam? It doesn’t seem like a big scam, but it also does not seem worth your money or time, especially now.