Finrally Review: How a Binary Options Brokerage Functions in 2020
Finrally is an emerging broker and has only been on the market for a year. Since that time it has managed to win awards. Its platform is proprietary which shows a real investment into the product and it features the ability to take on automated trading from binary options robots. Other benefits to using this company are the fact that it guarantees to process withdrawals within the hour, it offers trading over the weekends, as well as during the week and the possibility to take advantage of trading guidance. Finrally are currently seeing over 10,000 transactions being processed.
Finrally offers the website in 7 languages and even offers an education section with some excellent video guides.
Finrally is the binary option brand of Affort Projects SA, a Seychelles-based binary options brokerage firm. The company started the Finrally brand in 2016 and the brand is gaining traction in the market. Traders have the ability to trade binary options across several asset classes on Finrally. The company is also working to introduce CFD trading as part of its brokerage suite.
More than 100 assets can be traded using the Up/Down and Turbo options types on Finrally. These assets cover Currencies, stocks, commodities and indices. Here are the assets that are available for trading on Finrally.
Currencies: EUR/USD, GBP/USD, USD/JPY, USD/CAD, EUR/JPY, EUR/GBP, USD/TRY, USD/RUB, USD/ZAR, USD/SGD, NZD/USD, USD/CHF, AUD/USD, GBP/RUB, EUR/RUB, GBP/JPY, GBP/CHF, AUD/CHF, EUR/CAD, AUD/JPY, CAD/JPY, AUD/NZD, EUR/AUD, GBP/CAD, NZD/JPY, AUD/CAD, EUR/NZD.
Stocks: IBM, NISSAN MOTOR, TEVA PHARMA, TESCO, TURKCELL (TURKEY), TATA MOTORS (INDIA), HSBC HOLDINGS (LONDON), COCA COLA (US), SBERBANK (RUSSIA), LUKOIL (RUSSIA), BP (BRITISH PETROLEUM), GAZPROM (RUSSIA), NIKE (US), APPLE (US), MICROSOFT (US), CITI (US), ALPHABET INC C (GOOGLE), F BP, S.BANK INDIA, EXXON MOBIL, BAIDU, AMAZON, DISNEY, GOLDMAN SACHS, INTEL, JP MORGAN CHASE, PFIZER, CATERPILLAR.
Indices: DOW (US), S&P 500 (US), NASDAQ (US), DAX (GERMANY), CAC (FRANCE), FTSE 100 (UK), ISE 30 (ISTANBUL STOCK EXCHANGE), RTS (RUSSIAN TRADING SYTEM), MSM 30 (OMAN), TADAWUL (SAUDI STOCK EXCHANGE), DUBAI (DUBAI FINANCIAL MARKET GENERAL INDEX), KUWAIT (KUWAIT GENERAL INDEX), BOMBAY SE, HANG SENG (HONG KONG), SSE180 (SHANGHAI STOCK EXCHANGE), KL FUTURE, NIKKEI225（JPN）, TEL AVIV 25, TOPIX, MICEX 10 (MOSCOW INTERBANK EXCHANGE), ASX, IBEX, FTSE F-DEC16, ASX F-DEC16, NIFTY F-SEP16, SMI, FAZ-SHORT BANKS(ETF).
Commodities: SILVER, PLATINUM, OIL (LIGHT SWEET CRUDE), SUGAR, COFFEE, GOLD/EUR, GOLD, GOLD FUTURE, OIL FUTURE, SILVER, PLATINUM, OIL (LIGHT SWEET CRUDE), SUGAR.
Bonuses& VIP programs
Finrally provides deposit bonuses for first-time deposits only. The bonus structure operates on a sliding scale basis, with bonuses starting from 20% and extending all the way to 100%. The bigger bonuses are granted to traders who make the larger deposits. Bonuses are optional and can be rejected by the trader is this is desired.
There is no special provision for VIP bonuses. Rather, traders who deposit less than $1000 are guaranteed a 50% bonus. Traders who deposit more than $1000 are guaranteed a 100% bonus.
[blockquote]All bonuses are provided subject to terms and conditions, which include the attainment of a certain trade turnover level before withdrawals can be made.[/blockquote]
Apart from bonuses, Finrally offers its traders the opportunity to earn extra capital by participating in trading contests. There is a weekly contest with $20,000 up for grabs, for up to 40 winners. Prizes such as iPads are also provided.
The Finrally platform is available as a mobile app, which can be downloaded from the Google Play store. The app is built for Android devices only.
Deposits and withdrawals
Finrally supports a host of deposit and withdrawal options so that binary options traders from all over the world can have some flexibility in terms of how they can deposit or withdraw funds. Here are some of the transaction options available to traders.
- Bank wires: This is the preferred method of transaction for users in countries without access to credit cards and digital wallets. It offers a secure means of transaction, if the trader does not mind the delays.
- Digital Wallets: Digital wallets have emerged as a preferred option for many binary options traders using the Finrally platform. Digital wallets that can be used on Finrally include Skrill, Neteller, PerfectMoney, Qiwi, OKPay and AliPay. Deposits and withdrawals with digital wallets are usually processed instantly. They are also free to use.
- Credit/debit cards: Approved card methods include VISA, VISA debit, MasterCard, JCB and China UnionPay. These methods allow for instant deposits and very fast withdrawals at no cost to the trader. VISA cards attract a 5% transaction fee.
- Cryptocurrencies: The only accepted cryptocurrency on the Finrally platform is Bitcoin. Bitcoin deposits and withdrawals are concluded within 30 minutes, although it may take longer for users who utilize some of the older wallets.
The Finrally team presents a smooth and secure way of depositing and withdrawing money. There have not been many complaints of any kind of scam. Users however must ensure that their accounts are verified by submitting the required identification documents so as to be able to transact smoothly.
Customer support on Finrally is available using several channels as follows:
- Email: [email protected]
- Phone: Users can call the customer support desk on +442038088047.
There is a live chat facility on the home page, which makes it easy to get support on a one-on-one basis.
Extra features and resources
Finrally offers its users some special features to enhance their trading experience. Some of these are as follows:
- The Finrally platform features unique trade types that enable traders trade binary options with binary options robots.
- Finrally features a well-stocked educational section which provides learning resources for new traders.
Finrally is a good binary options broker to trade with. In making this verdict, a number of considerations were made. These considerations bordered on how the binary options brokerage services offered by Finrally impacted the trader. This comes in the form of account types, payouts and bonuses offered. The feedback was generally very positive.
Here are some of the advantages of using Finrally’s services:
- Guaranteed processing of withdrawals in record time of 1 hour for the slowest payment methods.
- Non-stop trading, which allows traders to trade even over weekends
- A wide range of transaction methods is provided, providing worldwide coverage.
- 100% secure trading environment with full protection of traders’ data.
- Trade under mentorship from experienced users under the one-on-one technical training feature.
- Customer support is available in several languages, 24/7.
There are only a few negatives:
- Customer support can be improved by addition of email and online contact forms of support.
- Expansion of language base of support system.
Here are some of the Frequently Asked Questions that users have about Finrally. Naturally, some of the questions border on how trustworthy this broker is. Here are the answers to these questions.
- Is Finrally a trustworthy broker?
So far, Finrally has proven itself to be a trustworthy broker. However, traders are to monitor their brokers to see if this standard is maintained on a continuous basis, and Finrally is not an exception to this rule.
- How can I open a Finrally account?
You can open a Finrally account from the account opening page on the Finrally website. You will be required to fill a form with your personal and financial details and submit Know Your Customer (KYC) documents such as your international passport and utility bill/bank statement to prove your address.
- Is Finrally regulated?
Finrally is located in Vanautu. Vanautu is one of the jurisdictions that offers limited regulation over financial service firms and is a popular destination for firms wishing to start off brokerage business at lower costs.
- Is it possible to trade with a binary options robot on Finrally?
Answer: It is possible to trade with a binary options robot on Finrally. However, you need to actually subscribe to a robot which uses Finrally as one of the preferred brokers. Robots are third party applications.
- What is the minimum deposit amount on Finrally?
With the Bronze account you can start trading with just $250. This goes up to $1000 for the silver account and then $3000 fort he gold account. The maximum deposit amount is $50,000.
- Is Finrally legit or scam?
Finrally is not a scam broker. It has only operated for about a year, and so far, there have been no complaints that the broker has scammed anyone. Furthermore it has invested in building its own proprietary platform and app which is a great sign for a broker.