Accepted Payment Service Providers
You can fund your Finotrade trading account with these methods:
- Wire transfers through your local bank
- Union Pay
Please read the following about the costs that these third party entities charge.
Your local bank charges apply
SafeCharge depending on origin and amount charges varying fees while using their services.
China UnionPay, also known as UnionPay or by its abbreviation, CUP, is the only domestic bank card organisation in the People’s Republic of China. Processing and Transaction fees are based on USD, EUR, GBP, CAD, CFH and AUD. Otherwise it will be based on EUR.
Safety of funds
Client money is held entirely separate from Finotrade’s own money, ensuring that in the unlikely event of default by Finotrade, client funds will be returned to the clients rather than being treated as a recoverable asset by general creditors of Finotrade.
The money is ‘ring-fenced’ in separate bank accounts which are held in trust with the clients as the beneficiaries, and is not held with Finotrade’s own funds.
Are my funds held in a segregated account?
When a client opens an account with Finotrade, they will be categorized as either: a retail client, a professional client or an eligible counter party – and Finotrade will inform them of this categorization. All client funds will be segregated in separate accounts with our bankers, as per the Financial Conduct Authority (FCA) rules concerning client money.
How are my funds protected?
Funds transferred from an individual client to Finotrade will be received directly into a segregated client bank account. Finotrade does not pass client money to any part of the business as working capital. Finotrade has no exposure to corporate or sovereign debt. Finotrade is debt-free, with substantial liquidity and capital reserves significantly in excess of regulatory requirements.
What happens if Finotrade goes into liquidation?
In the unlikely event Finotrade goes into liquidation, clients whose funds are held in segregated accounts will have their share of the segregated money pool returned, minus the administrators’ costs in handling and distributing these funds. If there is a shortfall then retail clients will be eligible for compensation from the Financial Services Compensation Scheme.
More about the compensation scheme
Finotrade clients would fall under the ‘investments’ claim category, whereby the cover is £50,000 per person per firm. If a client held an account with an authorized investment firm and there was a shortfall in segregation, they might still receive up to £50,000 in compensation.
The Financial Services Compensation Scheme (FSCS) is the UK’s compensation fund of last resort for customers of authorized financial services firms. If a firm becomes insolvent or ceases trading, the FSCS may be able to pay compensation to its customers. The FSCS covers business conducted by firms authorized by the FCA.
Any losses would be shared by clients in proportion to their share of the total amount held with a bank which has failed. In the UK, any funds lost as a result of this would be covered by the FSCS under the ‘banks/building societies’ claim category, up to a limit of £75,000 per person per institution.
Finotrade client money management and compliance with FCA rules are audited annually by our statutory auditors, and then reported to the FCA.
Finotrade is also required to file a monthly Client Money & Assets Return to the FCA,. The purpose of the Return is to ensure that the FCA receives regular and comprehensive information from a firm which is authorized to hold client money on behalf of its clients.
Finotrade operates a transparent return policy. In the event that you wish to make a withdrawal, you can do so via the payment method used to fund your account or via a wire transfer using a withdrawal form. Please contact Customer Support if you require a withdrawal form.
Your request will be responded to within 24 hours, however, please allow up to 3 business days for processing and review purposes once you have submitted your withdrawal form. Please note: In respect to wire transfers, Finotrade does not permit third party payments. The bank account name used in connection to a withdrawal must be in the same name as your Finotec Trading UK Limited account.
Finotrade will not process a withdrawal request to a bank account that has not been nominated and verified. Any violations of the Customer Agreement, Partnership Agreement or any other legal regulatory requirements, will not be subject to this returns policy. This policy can be modified or edited without prior notice.
Finotrade does not tolerate money laundering and supports the fight against money launderers. Finotrade has policies in place to deter people from laundering money. These policies include:
- Ensuring clients have valid proof of identification.
- Requiring the client to provide valid utility bills for proof of residence.
- Maintaining records of identification information.
- Determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists.
- Informing clients that the information they provide may be used to verify their identity.
- Closely following clients’ money transactions.
- Not accepting cash, money orders, third party transactions, exchange houses transfers or
- Western Union transfers.
- Not accepting money from countries on terror watch lists, such as Iran, North Korea, Yemen, and Syria.
Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system. It is moved in such a way as to make it appear that the funds have come from legitimate sources.
Money Laundering usually follows three stages:
- Firstly, cash or cash equivalents are placed into the financial system.
- Secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts).
- Lastly, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account).
Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds. Finotrade directs fund withdrawals back to the original source of remittance as a preventative measure.
International Anti-money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account, and implement a compliance program to deter, detect and report potential suspicious activity.
These guidelines have been implemented to protect Finotrade and its clients.
For questions/comments regarding these guidelines, contact Finotrade Compliance at email@example.com.