Finansero Review – Well Regulated Yet Still Fails To Attract Clients

Good and reliable regulatory environment is a good start, but becoming a prominent company is influenced by various other factors. This firm, unfortunately, seems to be struggling to grab the traders’ attention despite a good and transparent trading environment.

Let’s have a look at pros and cons of trading with this firm in our Finansero review, and see if it’s the right broker for you.

Company’s License and Legislation

Finansero broker is a brand in the ownership of a Cypriot-regulated investment company Global Trade CIF Ltd. The entity is licensed by one of the leading EEA regulatory bodies, CySEC, which guarantees fund safety through segregation of funds, compensation plans, risk-reducing measures and transparency. 

Being supervised by a reputable EU body also means the Finansero regulation relies on the MiFID system, which is a special rule set that enforces enhanced transparency and AML standards. That being said, this firm is, in legal sense, far better organized and transparent than anonymous and shady entities like EliteTraders, for example. 

How the Services are Promoted

Various companies, reputable or not, actively use social network links to reach out to potential traders. With Finansero trading service, however, this doesn’t seem to be the case.

The website does have a “follow us” section, but no actual links bar a single WhatsApp contact line. The service itself, while not groundbreaking, is of good quality.

Lack of User Reviews

The parent company has been a licensed entity for quite a while, yet they only launched their finansero.com domain in September 2020. The overall lack of any Finansero reviews is, then, rather perplexing.

The only platform where we can see user-created reviews is TrustPilot, and it contains no more than 13 ratings. This is a stark contrast to how quickly the traders reacted to other companies like Ascendx Capital for instance.

Still, the service seems to be well received, at least by the traders who bothered to post a comment, with an overall trust score of 4,5. Again, this is a somewhat small sample to be indicative of actual customer satisfaction.

Trading Software

The Finansero app is available for both web and mobile platforms and is marketed as a bespoke trading terminal especially created for retail traders. The terminal features tools like market news and trading insights. 

As a good addition, autochartist is also available as a tech analysis intelligent tool. Standard options such as stop loss and take profit increase the functionality of the software and help keep risks well managed.

One discrepancy with the website information is that there’s both App Store and Google Play icons for the Finansero XCITE mobile app to be downloaded, but both links lead to the App Store page. 

Instruments Sheet

Products that this company provides for investing in can be categorized into following groups:

• FX Spot – EUR/USD, EUR/BRL, EUR/CHF
• Commodity Spot – Gold, Silver, Aluminium 
• Commodity – Brent, Cocoa, Coffee
• Share – Airbnb, Bayer, H&M
• Index – ASX 200, NSDQ, S&P 500
• Cryptocurrencies – IOTA, Cardano, Neo, BTC
• ETF – iShares Bitcoin Trust, QQQ, UPRO

Retail Accounts vs Professional Clients

Users that have just created their Finansero login will have the first 5 (five) of their trades conducted for educational purposes. If clients lose money during this beginning phase, their loss will be refunded, while winning will be reversed.

Accounts don’t have standard names, but are labeled as Levels. There’s 9 (nine) levels in total and each differs when it comes to deposit requirements. Of course, more expensive packages feature bigger price and rollover discounts, but can be extremely expensive:

• LEVEL 1 – Account Equity $200 – $1,999
• LEVEL 2 – Account Equity $2,000 – $4,999, 5% discount
• LEVEL 3 – Account Equity $5,000 – $9,999, 10% discount
• LEVEL 4 – Account Equity $10,000 – $14,999, 15% discount
• LEVEL 5 – Account Equity $15,000 – $29,999, 20% discount
• LEVEL 6 – Account Equity $30,000 – $49,999, 25% discount
• LEVEL 7 – Account Equity $50,000 – $74,999, 30% discount
• LEVEL 8 – Account Equity $75,000 – $99,999, 35% discount
• LEVEL 9 – Account Equity* $100,000 – ∞, 40% discount

Professional clients or so-called elective professional clients and they have to submit separate application forms in order to acquire this status and have special trading terms enabled. 

Trading Costs and Different Leverage

While the EEA MIFID regulation places a blanket cap of 1:30 on any CFD and Forex trading, the firm imposes their own maximums on some asset types. Currently, the highest leverage is available only with major currency pairs, while cryptocurrencies can be traded with leverage no larger than 1:2.

Rollover is about average, ranging from 0.015% for currency pairs to 0.50% for cryptocurrencies. Spreads vary wildly across instrument types, ranging between 0.0004 Pips for Forex majors to 80 Pips for some assets such as Cocoa.

The company charges no commission, and there are no deposit or withdrawal fees either. There is a rather high absence fee, charged €150 for accounts that lay dormant for over 3 months.

Banking: Payment Channels and Safety

Funds you intend to withdraw can be transferred to you only through the same method used for depositing, as according to the AML standards. According to the funding policy, the available funding methods are:

• Credit Cards
• E-wallets (undisclosed on the site)
• Bank wire transfers

While credit card transactions and electronic wallets are the quickest form of payments, bank wire transfers require up to 5 business days for the funds to appear on your account. Otherwise, all withdrawal requests are processed within the same day upon being received. 

Getting in Touch

Besides standard contacting channels, such as email and phone, there’s other means of reaching out to the customer service. Online form is available for all the clients that feel the most convenient with that method of communication.

If the online agents are online at the time of your inquiry you can also use the online chat feature. However, support working hours remain undisclosed. 

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No matter your choice of brokers, the only thing that remains the limiting factor is your initial capital. We are always on the lookout for traders that have the potential to excel on the markets. If you’re interested, contact our representatives and book a free Zoom meeting to receive up to $180,000 of account funding!

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