Financika is one of the leading online trading services providers, the website is operated by Sharp Trading Limited in Port Vila, Vanuatu. The trading site serves millions of traders all around the globe. Financika traders have access to stocks, Forex, CFDs, and commodities.Features Financika offers a single account type, and the type is standard and you need a maximum deposit of $200 and 1:200 maximum leverage. The spreads for this account type start from 3.0 pips. The trading conditions, as it seems, may not be the best but they don’t have any discrimination of clients, based on their investment size. If you want to learn more, read this review!
Financika has registered with VFSC that is the local Financial Services Commission which is better than being unregistered or lacking regulation at all. The commission has set their minimum capital requirement of $2000, which means that anyone can set up a brokerage in Vanuatu.
This may make most people to assume that brokers registered there are scammers. Similar companies in other jurisdictions tend to have much higher initial capital for brokers choosing to join the trading world.
An island like Cyprus, they have CySEC who have placed an entry bar of 730000 Euros which means that the only people who can apply for a broker spot are people who have serious intentions.
To trade with Financika you need a minimum deposit of $200 which happens to be an acceptable level, considering that the current industry goes for about $100 average. There are those who may assume that this is a small level, and there are those who would rather start with an even smaller deposit.
The spreads on Financika start from 3.0 pips whether on dollars or euros. Compared to the industry average, this level may be substantially higher. Most of the brokers in the industry offer around 1.0 – 1.5 pips for a liquid currency pair.
The maximum leverage is 1:200, which for contemporary forex landscape it is considered a middle ground. There are brokers who offer higher leverage possibilities compared to Financika. However, to be on the safe side, avoid using them to the full capacity.
When the ratio is higher, you end up taking bigger risks. Even though higher trades may sound lucrative, you will realize that you will start to lose track of the trading strategy and the investment objectives as well. You will blow out your whole account if you turn your trading into gambling.
Financika uses the mobile-friendly and web Profit. However, they don’t accept clients from just about any country unless they are listed on their website. PROfit offers amazing features and
their charting is decent, even though sometimes it can be counter-intuitive at times. However, compared to MetaTrader 4 you may find this to be an inferior choice.
When it comes to fast order execution, best charting package, and many custom tools, MT4 is the best platform. This is why it tends to stand out.
Eduction: Is this Broker Newbie friendly?
The good thing about Financika is that when it comes to education, they are ahead of other brokers. The broker comes with a full line of enlightening and instructional material. They have an academy that offers a host of video and textual tutorials that are meant to appeal to traders with experience and beginners who are looking to start out in the trading world.
They have separate sections that starts with the basic terminology section and the online trading basics as well. There is also another section that offers an explanation for the different types of charts meant to help you make profitable decisions – the bar chart, the line charts, and the candlestick chart.
The line chart only shows the closing price over a certain period of time. It is also the most basic of all charts. The line chart is created by connecting a bunch of data points in a line together. The bar chart shows the opening price at a specific period of time, the closing price, the high price and the low price.
The bar charts are the ones that summarize the activity over the last minute, hour, or day, or even month. The candlestick chart on the other hand, indicates the high or low range using a vertical line, just like the bar chart the larger blocks show the price range between both the opening and closing prices.
The academy also has other sections that are also as informative and will offer you with various ways you can interpret different types of trading trends, moving averages, and price fluctuations. It also offers you a detailed explanation on how you can not only understand but also benefit from using technical and fundamental analysis when trading.
Financika Trading Tools
In addition to all the knowledge you get from the academy, they also offer a daily market review. They also offer a free currency chart to help you analyze the market and offer you the insight you need for the market’s direction.
The glossary comes with so many financial concepts and terms in the alphabetical order to keep you as a trader, well informed and current on all levels. There is also an economical calendar that has a full listing of happenings and events in the financial markets worldwide.
They also have a video analysis that contains a weekly review of the market in video format. As a client, you will also receive professional risk management tools like Take Profit orders and the Stop Loss.
When your security reaches a certain price, you can place an order to sell it which is what is referred to as Take Profit. The Stop Loss on the other hand is designed to limit your loss on a position. Take Profit specifies when you can automatically close any open position for a profit.
This broker will encourage you as a trader to check into the site as often as you can so that you can be able to read any changes that may be added on the trading platforms or their terms of services. You can trade on Financika via tablet, computer, or a smartphone device.
You can also make deposits into Financika via check, credit card, and bank transfers. You can also make the withdrawals strictly by writing to a customer service email. You can make calls to their customer care 24/7.
You can also seek customer assistance by filling an online form and selecting phone, chat. Or email. They also have a mailing address in Sophia, Bulgaria. They have also provided a telephone number based in London.
Advantages & Disadvantages
• Expensive educational section
• Has some form of regulation
• The regulation is off-shore
• The spreads are high
• No demo account
• The trading platform is unusual
Financika has been registered with the Financial Services Commission in Vanuatu. It is an off-shore forex broker. Even though it is not a top agency, you can still try it out because it has a regulation. It is much better than brokers with no regulation.
You will find that the site has a lot of important information, but you will also find the FAQ section very helpful. Their academy offerings are of high standard. The fact that they don’t have a demo account for beginners is a bit disappointing because the only way you can trade with hem is by actually getting an account. They also don’t have any promotions or bonuses listed. Other than that, they are easily navigated.