This broker is closed
This broker is closed
Finpari is one of the unregulated online trading platforms available in the market who has started their operations in 2014. The platform is owned by the Lerona Impex S.A. who has their headquarters in Victoria, Mahe, Seychelles. There isn’t much evidence that Finpari is a scam, but still investing your money on an unregulated platform isn’t recommended by any Financial Authority. There is lots of risk involved to invest money on these broker’s sites and often result in people losing a great amount of their money. So, if you want to invest your money on Finpari, read our full review and then make a decision.
While checking their website, we found that they haven’t provided information about themselves in a proper way. It is extremely hard to find much information about Finpari through the website and we have to look for many internet resources to find it. According to their website, their parent company operates on the behalf of FGC. However, there are no details related to this entity on their website. All these things make the Finpari suspicious and force the traders to think again. We don’t find anything innovative and unique on their platform due to which we should recommend it to our readers.
It has become a trend among the majority of the online traders to utilize the SpotOption software on their website in the past some years. Finpari has followed the same and developed a SpotOption platform. However, it is poorly designed and very tough to navigate. They have overused the bold colors that make it difficult for the eyes to access the website for a longer period of time. Moreover, they don’t have a great range of trading assets and traders have to make a choice between fewer ones available on the platform.
One thing that we appreciate about the Finpari is the availability of a great number of payment methods. We will talk about them in the later sections and gives you complete detail about it. The maximum profitability available on the platform is up to 90% that is acceptable as compared to the other binary options platform. The minimum deposit required to open an account on the platform is $250 that is way too much when we talk about the unregulated brokers in the market. You can easily get unregulated platforms where you can start trading by investment less than $200. There is a wonderful range of currencies accepted by the Finpari that include RUB, USD, EUR, and GBP. The platform’s website is available in many different languages, such as English, French, Urdu, Espanol and much more. There are some free tools through which you can achieve better results, but you need to have some good trading skills for accessing them.
In addition to their desktop platform, they also offer mobile apps for Android as well as iOS devices. It makes it possible for the platform’s users to trade on the platform on the palm of their hand. Overall, the Finpari’s trading platform doesn’t match the high standards set by the other brokers in the market.
There are four different types of accounts available on the Finpari from which you have to select one as per your needs and requirements. We have reviewed all of them and will tell you about each one in detail:
1. Bronze Account
The bronze account requires an initial deposit of $250 from the traders. It is much more when there are lots of regulated platforms whose accounts start with a deposit of less than $200. Have a look at the various features of the bronze account:
- All the withdrawals will be processed within 1 hour
- Access to demo account and platform’s trading course
- Bonus up to +20% for the traders
We look pretty impressed with the fast withdrawal service listed by the platform. However, there is nothing much other than that about whom we should talk.
2. Silver Account
Silver Account can be opened by the traders by making an initial deposit of $1,000. As per their official website, it is the most popular account on their platform. Below are the top features that come with the silver account available on the Finpari:
- Bonus up to 50%
- Access to the trading course that includes videos and eBook
- A Demo account to practice
- Trading protection
- Withdrawals processed within 1 hour
- 3 risk-free trades
The traders may get mesmerized by the features available in the silver account, but we came to the conclusion that the majority of them are useless and don’t help you in trading. Moreover, you should also read their bonus terms and conditions before falling for 50% bonus available on the silver account.
3. Gold Account
All the features that come with the bronze and silver accounts are available in a gold account that includes access to educational materials and fast withdrawals. In order to open a gold account, you have to make an initial deposit of $ 3,000. Other than that, have a look at the unique features of the gold account:
- Access to Master Class web session
- Members will also get a prepaid Swiss trading card
- Individual account manager
- Bonus up to 100%
4. Fixed Income Account
There is a special account offered by the platform for their active clients that comes with a pre-determined rate of returns. Some of the main features of the fixed income account are 10% monthly income, daily capital withdrawal and much more. The exact information about this account isn’t available on their account and you should contact their customer representative team before opening it.
There are a great variety of trading options available on the platform that include 60 seconds, one touch, high/low, pairs, long term and ladder options. You need to be extremely serious while selecting one of the options as it can affect your chances of winning. We have mentioned about all the trading options in detail below:
- High/Low Trades: It is the most type of binary options where the traders have to simply predict whether the price of your selected asset will go up or down. You will get the payout if your prediction becomes right.
- Long Term Options: Long term options work in a similar way as high/low options, but the expiry times are longer, i.e., 1 week or even 1 month.
- 60 Second Options: The only difference between the long term and 60-second options is the expiration time. In this trading method, the expiry time will be one minute.
- One Touch Trades: In One Touch Trades, the traders have to predict whether the price of the selected asset will touch a certain value within the expiry time. If it touches that value, then you will win the payout.
- Pairs Option: The traders have to select a pair of two assets and then predict which one will outperform the other in the pairs trading options.
- Ladder Option: This type of trading is known as the incremental investments that allow the traders to claim the partial profits if the price of the selected asset moves in their favor.
According to their official website, they offer up to 100% bonuses to the traders when they registered with their platform. However, the amount of bonus depends on the type of account that you have opened on the Finpari. If you choose to open a bronze account with them, then you will get a welcome bonus up to 20% the amount deposited. That means, if your first deposit is $250 and your bonus is 20%, then the total trading deposit amount on your account will be $300.
The silver account holders will get welcoming bonus up to 50%, whereas the gold account holders will receive a bonus up to 100%. The majority of our traders should be feeling excited after reading their bonus system, but we suggest first you read their bonuses and promotion policy before investing your money on the Finpari.
The platform offers a demo account that is available for all the account holders. There is no need to register to get access to this free demo account. The traders will not get access to the same features that are available on a real account. This demo account may allow the traders to practice the online trading without investing their real money, but it isn’t much use when it comes to improving the trading skills.
The only advantage we can see in the Finpari’s demo account is that the traders can test a range of trading strategies that can help them to improve their trading skills. Other than that, there is nothing in this demo account that can help you in getting used to the platform. The broker has just developed a low-level demo account to attract the traders and saves better features for the real account. The platform’s demo account may help you in fostering your confidence and allow you to know about the basics of trading. There are much better demo accounts available on the other platform that is worth to use and offer much better advantages to the traders.
In addition to their desktop platform, they have also developed mobile apps for both the Android and iPhone devices. With the help of these apps, the traders are allowed to connect with the worldwide market anywhere anytime. Some of the main features that are available in the mobile apps are regular CFD trading, My Account and My Portfolio. The traders will not get access to all the trading options that are available on their desktop platform. They can only use One Touch and 60 seconds trading options on Finpari’s platform.
There are some benefits of their mobile apps for traders, such as instant execution of trades, live charts and access to entire trade history. Still, this app doesn’t do justice with the traders because lots of key features are missing in it. So, if you are registering with the Finpari with the hopes of an excellent mobile app, then you might have to disappoint.
One thing that we appreciate about the Finpari platform is the availability of a great range of deposit options. You might get surprised to see the payment methods that include PayPal, credit cards, wire bank transfer, Webmoney, Perfect Money, Qiwi, OkPay, Alipay, Skrill, Union Pay, JCB, Bitcoin, and Neteller.
The JCB and Union Pay takes up to 6 hours for showing in your account. Other than that, all the payment methods take up to 1 hour to show in the account. Neteller and Skrill deposit methods aren’t allowed for the traders in the United States and the United Arab Emirates.
All the methods that are available for the deposit can be used for withdrawing your funds from the platform. The minimum amount that the traders can withdraw from their account is $50. However, there is a condition for the people who haven’t accepted the bonus as they can only get their money after processing of at least a single turnover. For every withdrawal, the platform charges $20 from the trader. There is also an additional surcharge of $50 for every withdrawal through wire transfers.
The platform may promise a quick withdrawal within 1 hours, but that doesn’t guarantee the payouts on the same day. There are certain conditions on the withdrawal methods that you should read before processing a request.
Tournaments or Prize
There is a weekly tournament organized by the platform in which all types of account holders are automatically accepted. According to their website, they give prizes to around 40 winners every week. The first 4 places get a cash prize of $20,000. The contests begin every Sunday at 21.00 GMT and finish Sunday at 20.30 GMT. We suggest you read their terms and conditions carefully before signing up for the tournament.
If you are a beginner to online trading, then the platform has nothing to offer you. While going through their website, we found that they have only cared about the traders who are professional and knows all the things about the world of binary options. You can find lots of strategies, tips, and information in their educational center that can only help the experienced traders.
There are no benefits of the trading basics available in their education center. In addition to that, there are video tutorials that can help the professional to brush up their skills. Moreover, the FAQ section is a total waste and don’t even include the basic details. Overall, we aren’t satisfied with the educational tools available on the Finpari trading platform.
While reviewing the Finpari platform, we found out that there are three types of methods available through which you can contact their customer support. Along with the email support, they offer live chat and telephone support service to the traders. We are satisfied with their live chat service who gives us useful advice while the telephone service isn’t up to the mark and there is a long waiting time. The customer support is available in many different languages that include English, Spanish, Russian, Thai, and French.
There is no information available on their website regarding whether their customer support is 24/7 or not. In general, we find out that they don’t have a satisfying customer service to offer the traders.
First of all, we advise our readers to check their website carefully. There is a big page regarding terms and conditions that you need to understand before investing your money on the platform. When it comes to our suggestion, we don’t advise our readers to invest their hard-earned money in such an unregulated platform. Moreover, there are lots of bugs on the platform that needed to be eliminated. Other than the range of deposit methods, there is nothing excellent that can allow Finpari to stand among their competitors.
If you are really serious about the online trading, then we suggest you register with the best binary options platforms that have much more useful features and benefits than the Finpari and can offer you a better trading experience.