Financika is a Forex broker that is owned by Sharp Trading Ltd, which is located in the Republic of Vanuatu. Their payment processor is Cubbon Services Limited, located at: Griva Digeni, 115 Tridnet Center, Limassol, 3101 Cyprus.
Their listed phone number is in South Africa: +27 21 200 4239, and email contact is: [email protected].
The trading software that Financika gives their clients is called Profit or Web Profit. It is a customized easy to you trading software made for beginners who are not experiences with the advanced trading software like MetaTrader 5 that other brokers use. They offer a variety of assets to trading including; Forex pairs, Market Indexes, CFD trading on Stocks and Commodities.
Spreads on Forex pairs vary depending on the actual pair, and leverage in Forex trading is as high as 200:1. Leverage for CFD trading is 10:1 on stocks and 100:1 on market indices. Investors should familiarize themselves with the risk associated with trading CFD & Forex on margin. The minimum deposit for new accounts is $200.
While reading the terms and conditions page we saw that the trading volume required for withdrawal of bonus money is 5000 times the net deposit amount. Basically they are saying, don’t accept any bonus money. The also mention that client orders are executed via Naxex Belize Ltd. In section 2.14, it says that complaints are handled by Cubbon Services, and traders should email [email protected]
Managed Accounts Trading
When we signed up for an account at Financika, it says Open a Managed Forex Account. We are very skeptical with using any managed account at any broker.
We have seem way too many complaints from traders who have used rogue brokers, and have lost their money because of it.
Broker License & Regulations
Investors when reviewing a new Forex broker will always first check to see if the broker has a license and if they are regulated. The reason investors will use a licensed broker, is so that in case the broker goes out of business, their money is protected. In the United Kingdom, brokers are licensed and regulated by the FCA. In Europe Cyprus CySEC is the government regulator of many brokers.
Financika is not a licensed broker. There are many licensed Forex brokers you can trade with, see here.
Smart investors will always read about various CFD Forex brokers, before making a final decision.
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