In this review, we’ll be looking at a stable player in the world of binary options brokerage. Established in 2014, the Finpari platform caught the attention with their policy of quick 1 hour withdrawals. The broker not only offers a rich variety of trading assets but also provides a free participation in weekly contest with the prize fund of $20,000.
Also Finpari provides a very useful educational package, fundamental analysis, technical analysis, market news, expert commentary, trade pattern ideas and weekends trading.
Moreover, Finpari accepts a wide of range of payments methods, including PayPal, Credit Cards, Wire Transfer, Neteller, Webmoney, Perfect Money, Qiwi, OKPAY, Alipay, Bitcoin.
Finpari is open to traders from the US–quite a rare phenomenon these days.
Types of accounts
Bronze Account
With a minimum deposit of $250, the basic Finpari Bronze Account guarantees a fast withdrawal process of 1 hour, a much shorter time than the 24 to 72 hours traders usually have to wait. Bonuses start from +20% and all traders receive an educational training course per video plus additional reading material. A real advantage for those less experienced traders taking their first steps in the binary options environment.
Silver Account
According to the platform’s website this is the most popular. Designed for the trader who has already taken his first steps into the binary options jungle, Finpari’s Silver account requires a $1000 minimum deposit and offers a quick 1 hour withdrawal and educational aids that even include a Master Class. Silver comes with a demo account to help newcomers familiarize themselves with the user interface and teaches basic trading strategies. The first 3 trades are free of risk and trading protection is provided. Bonuses start at +50% but we recommend reading the Terms & Conditions as some rules do apply.
Gold Account
As you would expect from a trading platform that offers progressive accounts, the Gold Account offers everything contained in Bronze and Silver, including the speedy withdrawals and educational materials. With Gold bonuses up to 100%, the Finpari’s top account comes with an interesting additional feature: each Gold trader is allocated a dedicated account manager ready to offer support and advice. Gold members are also provided with a prepaid Swiss trading card. Deposits start at $3000.
Finpari also offers a special Fixed Income Account with a predefined return rate and a guaranteed full refund, regardless of how the markets behave.
It’s true that Finpari offers bonuses to all it’s traders, but we do advise reading the small print before getting started. As is often the case with binary options platforms, the devil is in the details. Bonuses for example, must reach a turnover of 20x in a three month period before a withdrawal is allowed. Should the trader fail to achieve the turnover goal, the bonus is canceled and deleted from the account. Traders who inadvertently accept the bonus without meeting the requirements have 3 days to contact Finpari’s customer services and have the bonus removed from his account.
Assets and Trading Software
Finpari’s SpotOption platform is well designed and easy to navigate and use. Despite it’s use of bold colors which are supposedly designed to reflect the cut and thrust dynamic of the binary options environment, the website is still easy on the eye. Our review noted the SpotFollow option not only enables traders to closely monitor their own trades, it allows them to follow other successful players and learn from their strategies.
Traders are offered a choice of the typical trading options like Ladder and Pair, 60 Seconds, High/Low, One Touch and Long Term, plus a variety of expiration times.
The platform functions efficiently on iOS and Android applications, as well as on regular desktops. A distinct advantage for those traders who wish to check their accounts and portfolios, and monitor trading progress while on the move. The mobile functionality is a useful feature, despite being limited to certain types of trade such as 60 Second, One Touch and regular binary options.
Finpari comes complete with Binary Option Robot, the software designed to enable auto-trading and considered to be amongst the finest auto-trading applications in the world. Ideal for those traders who just can’t make up their minds or don’t have the time to make an informed decision about their trading options. The software is completely safe and perfect for traders new to the binary markets.
Service and Support
Our review of the Finpari platform discovered three methods of contacting customer support: besides the usual and expected Email, Finpari has an excellent LIVE CHAT capability for fast and efficient one on one advice and answers to your queries, and a more traditional, but quite comprehensive Telephone Service. Customers can call from any one of six numbers in Australia, Thailand, Hong Kong, Singapore and Russia. The multilingual platform is available in English, French, Spanish, Russian and Thai.
For the traders who prefer to take the time and to help and inform themselves, we have both good and bad news. Finpari has an easily navigated and user friendly FAQ page on their website which, during the course of this review, we found to be sadly lacking in detail. The page covers only the most basic facts concerning trader safety, user accounts, available trades and trading options in general. Reading FAQ pages is always a good place to start before joining any website or platform, but we would advise users to contact customer support in the case of any serious inquiries.
Company and Payment Methods
We would expect any online broker to offer safe, easy and secure money transfers. And Finpari is no exception. The platform accepts credit and debit cards, and also transfers from OKPay, Qiwi Wallet, Webmoney, Paypal and Perfect Money as well as wire transfers.
The same methods apply to withdrawals with $50 being the minimum allowed withdrawal amount. However, for users who did not accept the bonus, getting money out is only possible after reaching at least one turnover. A fee of $20 is charged for each withdrawal, or 1%, whichever is the larger amount.
Traders who accept the bonus offer are charged at the higher rate of 3.5% or the same $20 fee, whichever is higher. Wire transfers carry an additional $50 surcharge. Traders who wish to make a withdrawal before they achieve the necessary turnover will be charged an additional fee of 20%.
Despite Finpari’s promises of quick withdrawal times, this does not guarantee same day payouts. The broker’s website clearly states that it can take up to 10 days depending on payment methods or the time of year, but does specify an average withdrawal time of 5 to 6 days.
Review Summary
The Finpari binary options platform offers all the usual services we’d expect from a competent and serious player in the trading field. The addition of an Education Center is helpful and makes it more attractive to new traders and those who want to brush up on their existing knowledge. Finpari’s website is eye catching to say the least, and the easily navigated, interactive pages contain a lot of good and helpful information with a high standard of functionality.
The lack of detail on their FAQ page and the relatively mediocre payout speeds were two points we weren’t totally satisfied with, but apart from these minor bugs the Finpari platform seems to have done it’s homework and, if all goes well, is set to become a major player in the world of binary options brokerage. At the risk of repeating ourselves, we’ll advise new users to always take the time to read the small print thoroughly, on this and any other platform. Only when you have fully read the Terms & Conditions and completely understand how the platform works would we recommend that you go ahead and join.