FinoSpread Spread Betting Platform Review

Finotec Group, Inc., with the launch of finospread.co.uk is the latest entrant to the spread betting marketplace in what is becoming an increasingly crowded marketplace - the 'cowboy outfit' days are now long gone and competition amongst providers is getting fierce as the market matures; more proof if anything that spread betting is here to stay as more brokers continue to rush in to get a piece of the cake...

What they say:

Finotec is a Nasdaq listed company with subsidiaries in London, New York and Israel. The company has existed since 1998 and currently has about 100 employees...

Company History

1998: Founding of the Company.

2001: Launch of the Finotec online trading platform.

2002: Becomes the Finotec Group Inc. to better reflect its current business operations. (OTC BB).

2005: Creation of a Finotec branch in Cyprus. The branch now serves as an international marketing and sales office.

Nov. 2007: Finotec Trading UK Ltd receives FSA approval. The UK subsidiary of Finotec Group Inc received official approval from the FSA, the UK Financial Services Authority for marketing its products and services in the United Kingdom and throughout Europe.

Dec. 2007: Finotec Group Inc stock started trading actively on the over-the-counter bulletin board ("OTCBB,") under the symbol FTGI. See our new Investor Relations page for further details and up-to-date stock price.

Jan. 2008: Finotec opens new offices in London. The office, located at Holland House, Suite GF2, 4 Bury Street, London, EC3A 5AW serves as the company's new dealing room.

What we say:

Strangely Finotec Group, Inc. (OTCBB: FTGI) appears to sell shares over-the-counter (not good), however the UK subsidiary Finotec Trading UK Limited is authorised and regulated by the Financial Services Authority which is ok. Perhaps not very wise to brand their platform as FinoSpreads - it might get confused with Finspreads ;)

General Points (we will strive to keep this review up-to-date)

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The FinoSpread spread betting platform is developed in HTML and Java. Platform is developed in-house.
A Demo Account is available on request. Accounts can be denominated in USD, EUR, or GBP.
SMS Alerts with key financial events to your mobile, market expert commentaries daily.
Range of equities one can trade is currently limited to just Barclays (!) but we are led to believe that more than 20 UK stocks will be offered very soon (still very limited for UK traders).

Verdict: Good demo platform but very limited in number of UK Stocks and spreads aren't as competitive as some other providers for a new entrant trying to make inroads into an industry that is heading for the mainstream.

If you are located in the UK you can request a free no obligations brochure from some leading spread betting companies and the products and services they offer by clicking here

Please note that here we are only giving an account of our experiences and readers comments/contributions, please do not take this as advice to open/close/avoid any firms - your experience might be different!