Overview of Fintech Trade
Scottish forex broker Fintech Trade has 3 different trading accounts. All of them are equipped with micro trading lots, higher leverages and offers commission-free trade. All of this is facilitated on the leading trading platform MetaTrader. The provided trading conditions are unclear and it does not support free demo accounts. Other than that the broker is unregulated. Many other aspects of this broker will be analysed thoroughly in this Fintech Trade review. Read full Fintech Trade review here.
About Fintech Trade:
The broker’s official website provides limited information. It claims that the brand Fintech Trade is owned by a company called S O Strategic Partnership LP based in Scotland, United Kingdom. UK based broker must have regulations provided by the local financial watchdog Financial Conduct Authority. Unfortunately, Fintech Trade is not regulated by FCA. The provided three trading accounts are Classic, Standard, and Premium that should need minimum deposits of $250, $2.5k, and $20k respectively. Minimum trade size of 0.01 is available on all the three trading accounts with maximum leverages of up to 1:200 level. Different trading accounts provide different trading instruments trade with fixed or floating spreads.
The offered leverage levels of 1:200 are considered high and many regulated markets including Europe has already banned them. Also, the available spread of 3 pips on the Euro Dollar fx pair is wider. It will shoot the actual trading cost at Fintech Trade. Also, the required minimum deposits are very large. And trading accounts give access to selected trading instruments.
The broker supports trade on the most versatile and liked trading platform MetaTrader. It is equipped with advanced features like Expert Advice, world-class Chartings, several market indicators support multiple account management and automated trade. The payments options available at Fintech Trade are many and consists of bank wire transfer, credit and debit cards and several electronic wallets.
Is Fintech Trade scam or legit?
The broker is operational from Scotland, UK and is not regulated either by FCA or another financial watchdog. It requires high initial investments to open given trading accounts. Sadly, few to many tradable assets are available to trade depending upon initial investments. The leverages of 200:1 are banned in regulated markets and 3 pips spreads are quite wider. And are sufficient to increase the trading cost. Therefore, Fintech Trade is a potential scam broker 2020.