The offshore-based CFDs and foreign exchange provider FINANCIKA provides only one type of trading account. But what else this broker can offer has to be searched. In this review, we will do the same.
FINANCIKA brand name is owned and operated by FINANCIKA (SHARP TRADING) LTD addressed in Vanuatu. Also, the Vanuatu Financial Services Commission the local financial regulation body shows the registration of this broker. This is comparatively better than not being regulated forex brokers. The trading conditions provided by this broker are not mesmerizing.
The only trading account provided by FINANCIKA can be assessed by a minimum deposit of around $200. In contrast, there are several online brokers provide the same services at $100. The average spread provided by this broker is 3 pips on the primary currency pair of EURUSD. This provided spread is slightly higher than the market average of 1 or 1.5 for the same currency pair. We wanted to take look at the trading conditions but the broker refuses to provide access. These conditions are not attractive.
The maximum leverage available is 1:200 and is in compliance with market values. All the traders must be aware of the fact that higher leverages are subjected to high loss. The PROfit named web-based and mobile-friendly trading platform is provided by the FINANCIKA. As we have mentioned earlier this broker refuses access to several traders from many countries.
The performance of PROfit is not as good as compared to MetaTrader. There are many pros of MetaTrader and it helps to strategize traders to earn profits. The payment and withdrawal methods provided by FINANCIKA are few in comparison but are quite popular like all cards, wire transfer, bank transfer, e-wallets, Neteller, and Skrill. There are many-many scam broker accusations on this broker. The Vanuatu financial regulation can not curb any potential scam brokers. There are several reputed regulatory bodies that can curb the scam brokers and FINANCIKA is not under their jurisdiction.
Is FINANCIKA scam or legit?
We came across several cons about this broker during this research. The FINANCIKA is not a regulated finance broker. It provides undisclosed terms and conditions. The platform used by it, the PROfit, is not loved by many traders and untrusted. Spreads provided are high. We can conclude that your fund poses a high potential for risk. For the profit-making trading practices, traders are advised to do business with regulated brokers. We want you to avoid this potential scam broker.
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