If you get a sense of déjà vu while looking around Finrally, it is probably because you recognize this broker from its previous incarnation as Finpari. Operated by Suomen Kerran LP and Affort Projects S.A. in Scotland and the Seychelles respectively, Finrally is in many respects identical to Finpari, but there have been some significant changes, some for the better, some for the worse.
Opening Your Finrally Account
Here is an area where Finrally is largely unchanged from Finpari. The minimum deposit is still $250, but currency options have expanded to include US dollar, euro, Russian Ruble, British Pound, and two cryptocurrencies, Bitcoin, and Litecoin. The cryptocurrencies are a great addition, since they allow you to trade with more freedom and anonymity.
Deposit methods include credit or debit card, Bitcoin, Perfect Money, wire transfer, QIWI, WebMoney, Neteller, Skrill, UnionPay, Alipay, Amex, JCB, and OKPAY.
Account tiers and bonuses are just as they were on Finpari:
- Bronze: $250+
- Silver: $1,000+
- Gold: $3,000+
At the lowest level, you get a 20% bonus. Silver account holders get a 50% bonus. Those who deposit enough for a Gold account get a 100% match bonus.
Features are much the same as they were at Finpari as well. If you open a Bronze account, you get a trading course consisting of an eBook and video along with access to a demo account (which is great). At the Silver tier, you add in a web session and you get your first three trades risk-free. At the Gold level, you also get a Swiss prepaid card and individual account manager.
Withdrawals have not changed either; you need to withdraw $50 at the minimum. There is a fee of $50 for bank transfers, but no other withdrawal fees, which is good.
One thing you should know is that there are turnover requirements whether you accept a bonus or not. The requirement is 100% without a bonus or 300% with a bonus. The downside is obviously that you really should not have to deal with such a requirement if you do not accept a bonus, but the upshot is that the requirement is actually not that high if you do (compared to other sites). Finrally prides itself on super fast withdrawals, processing every withdrawal inside of an hour.
Trading on the Finrally Proprietary Platform
The biggest changes with Finrally concern trading. Previously, Finpari used SpotOption. Finrally has done away with SpotOption and has replaced it with a special proprietary platform, available on your desktop, laptop, or mobile device.
The platform has quite a distinctive appearance to it, and is sleek and attractive. Along the top, you will see charting tools and technical and fundamental analysis along with news and trade ideas. The trade ideas come in the form of regular updates on potential price action setups. As a price action trader, I like this concept a lot. The analysis with each even includes references to confluence.
Along the left-hand side, you will see the currencies, stocks, indices, and commodities available to trade (161 in all), as well as the potential payouts (ranging up to around 85%). Overall, the platform itself has improved quite a bit, but one drawback comes in the form of the types of trades available. Finpari used to have High/Low, Pairs, Long Term, One Touch, Sixty Seconds, Ladder and Limit orders. That was a great selection. Now on Finrally you can only place High/Low trades. The trade types listed (Turbo, Intraday and Long Term) are references to different expiry times.
A couple of things which have not changed are the minimum trade size, which is $10, and the maximum trade size, which is $1,500. These limits make this broker most suitable for those with small to medium sized accounts.
One thing which is very cool about Finrally is that you can trade every day of the week. Most other binary options websites only offer trading during the week and shut down on the weekends, but Finrally offers trading 24/7. This can be very important for some traders, depending on your tactics and your schedule.
Customer Service Seems to Have Declined
One area where I was not so impressed was with customer service. Finpari used to promise that you could “Get the answer in 45 seconds!” on their live chat service. When I tested it out back in the day, it was true—you really could get an agent that fast, and the agent I talked to was very helpful.
I did not have that experience on Finrally. On Finrally, I opened the live chat window in the trading platform. It is a video chat window (one direction only on the video), so there was a woman named Irina visible. That certainly seemed to imply that an agent was present (whether or not that was true is up for debate).
In any case, I asked a couple of simple questions. I received no answers. In fact, I have left the window open the entire I have worked on writing this review, and she still has not answered them. So whether “Irina” is present or not, this is quite a disappointment. Either I was being ignored, or the broker was misleading about the presence of an agent.
Overall, Finrally Is Worth Considering
Issues with customer service aside, Finrally is still worth thinking about. It is far from a perfect website considering the turnover requirements even for traders who do not accept a bonus, not to mention the lack of diverse trade types. But there are a lot of strengths as well: a demo account at every level, a beautiful platform with ample trade tools, free trade ideas for everyone, and low fees.
I do suggest that you find some reliable way to get in contact with Finrally. Hopefully what happened to me was just a one-off, but you should make sure that you feel comfortable with the customer service before you deposit money. For traders who want to invest in binary options with cryptocurrencies or fiat currencies, Finrally may be a good choice.