Established back in 2014, FinancikaTrade doesn’t really qualify as a “new kid on the online trading industry block” these days. Based in Vanuatu, the brokerage, which fancies itself a “world leading foreign exchange broker,” has had plenty of time to accrue relevant user feedback, and according to that, the operation seems to be a little fishy.
Who is behind Financika?
The official Financika website (www.financikatrade.com) is not too keen on offering up any relevant information in this regard, and at a closer look, it becomes obvious why that is the case. Vanuatu’s regulatory authorities aren’t the most prestigious in the world – there’s just no way around this fact. The other affiliations of the operation aren’t awe-inspiring either.
The head office of the brokerage is located at Law Partners House, Kumul Highway, Port Vila, Vanuatu, and the corporate entity behind it is Sharp Trading Ltd. This is gleaned from information featured in the “contact us” section of the Financika website. The brokerage seems to have a presence on Cyprus too: their depositing customers are required to direct their inquiries at Cubbon Services Limited, Arch. Makariou III, 55 Athiainou,7600 Larnaca, Cyprus. A phone number is given as well: +357-22022663.
Furthermore, the mailing address of the operation is Sofia 1434, kv. Simeonovo, complex Vitosha park, ul. 197 N: 21, vh. B, no. 2, Bulgaria. All-in-all, this truly international brokerage profile may not be the most trust-inspiring for some.
There are several phone numbers available too, for support (+27212004239), and there is WhatsApp-based customer support too.
The financikatrade.com domain name features private registration, so there’s not much point in snooping in this direction to learn more about the people behind the operation. Needless to say, private registration isn’t exactly a mark in the + column of our trustworthiness check-list.
Financika Contact Information
There’s plenty of relevant contact information available in the “contact us” section of the Financika website. There are several support phone numbers: +27212004239 and +447874406829 as well as a support email address: email@example.com. Phone support is available 24/7.
The section also comes with an email contact form. Live chat support is apparently available as well, at least it is from the deposit section of the website.
Financika Trade Popularity
The global Alexa traffic rank of financikatrade.com was a solid 77,659 at the time of writing, and it is apparently dropping fast (which is a good thing in this ranking system). This indicates that it is indeed a rather popular site, drawing most of its traffic from South Africa, where its Alexa traffic rank is a little over 1,000. Other strong sources of traffic include Uganda, Mexico, Peru and Ecuador.
Financika Account Selection
Account selection-wise, Financika have apparently aimed to keep things as simple as possible. Since they have no information about various support account-types at their site, we have to assume that there is only one standard account for everyone. The minimum deposit requirement for this standard account has been set to $200. The leverage offered is 1:200.
While there are no bonuses granted for depositors (under normal circumstances), there is a First Five Protected Positions promotion running, meant to give beginners the chance to get acquainted with the requirements and peculiarities of trading, risk-free. This promotion is only available to newly registered traders and it consists in the covering by the broker of losses incurred over the first 5 trades. The leverage used for these first 5 positions cannot exceed 1:20.
While any losses incurred over these protected trades are returned to the trader’s account, any profits generated over the same 5 positions remain in possession of the trader.
Financika do not offer a demo account.
Deposits and Withdrawals
There aren’t many deposit methods accepted at Financika, but those that are, should cover the needs of most traders.
Credit cards are definitely an option. Those who resort to this deposit method must email Financika support as well as the back-office, and they need to provide a recent credit card statement, together with copies of the front and back of their cards.
Wire transfers are also accepted. They are done the old-fashioned way. Bank account details are available at the Financika site.
A number of ewallets are also accepted.
To request a withdrawal from Financika, traders will have to jump through quite a few hoops. They will have to send in a copy of their passport, ID or Driver’s license, bank or credit card statement, a utility bill from within the last 6 months and a local authority tax bill.
Traders will also have to print out a 6-page agreement featured at the site, and they have to send that in too after they had it hand-signed and dated. Credit card declarations and full bank account details are needed too from those who have used credit cards to finance their accounts.
Financika Trading Platform(s)
At Financika, traders will be able to use the popular MetaTrader 4 platform, as well as the Profit and WebProfit platforms of the operator. WebProfit is a no-download trading platform which comes with an impressive number of incorporated trading tools. It offers one-click trading, a variety of trading tools and access to advanced charts.
The operation also offers a mobile trading platform, which delivers up-to-date financial news, easy account monitoring and trades executed in a few taps.
Financika Financial Products
As far as tradable assets are concerned, Financika offers access to a wide range of forex markets, CFDs, Commodities, Stocks and Indices. The leverage on forex and commodities is 1:200. On indices CFDs, we’re looking at 1:100, while on shares CFDs, it’s 1:10. On the first 5 promotional positions (discussed above), the maximum leverage is 1:20.
FinancikaTrade Review Conclusion
Financika’s regulatory status is a bit of a mystery. While some reviewers say the operator is in fact not licensed, on the site, there is a link to what appears to be a license from the Vanuatu authorities. More precisely, there’s a scan of a license issued by the Ministry of Finance and Economic Management of the Republic of Vanuatu, valid until May 11, 2018, which authorizes Sharp Trading to deal in securities.
The general community vibe on the operation is not a positive one though, and the withdrawal requirements do indeed seem abusively extensive. Our current recommendation is to NOT sign up with Financika. The main problem we have with them is that they don’t seem to be regulated. The fact is that most non-regulated brokers turn out to be scams. And since we have no way to currently verify that they are legit, we would recommend to go with a trustworthy alternative.
If you were scammed by FinancikaTrade, please make sure to let us know by leaving a comment below this review.
Learn about the Best Forex Brokers.