Finexo Review
One of the relatively younger firms in the forex brokerage industry, Finexo was established around 2003 by software engineers, hedge fund traders and bankers with a common interest and passion for the forex market.
Finexo was acquired by SafeCap Investments in early 2010 and as a result of the merge, they no longer accept U.S. clients. SafeCap is a company with strong financial background who also owns Markets.com and is regulated by multiple organizations including the FCA and CySec.
Visit Finexo now and get a free demo account or start trading with a live account right away
Account Types
Finexo offers a MetaTrader 4 platform which is considered the most sophisticated and advanced forex trading software available in today’s markets. The software supports many order types. The charting capabilities of the software are mostly directed toward beginning traders, as Finexo does not include a large number of charting tools in its package.
The firm offers both a mini and a standard account, with leverage up to 200:1 possible. Traders must keep in mind that the greater the leverage, the greater the risk of loss.
The software package comes with supporting features including daily FX analysis by Finexo’s professionals and an online Forex glossary covering all the confusing terms in the market, advanced forex broker charts, in addition to a comprehensive calendar that aims to keep the trader on top of all the fundamental developments in the market. The platform also supports mobile and PDA-based trading.
Finexo offers all the popular pairs including the EURJPY, EURUSD and the USDCHF, among others, for trading. Under usual market circumstances, the spread of the EURUSD pair, is just three pips.
As with most other brokers, Finexo also offers a free demo account where beginner traders can improve their skills before they are trading with real funds.
Deposits and Withdrawals
The minimum deposit requirement at Finexo is $100. There’s also maximum deposit limit which is $5,000 for credit and debit cards and $50,000 for bank transfers, e-gold or e-bullion.
Finexo accepts deposits by Visa, Mastercard and Diners. In the case of credit card, Liberty Reserve or Moneybookers deposits, your account will be credited free of any charges. Deposits by wire transfers incur fees charged by banks only. Deposits via Paypal are subject to the usual terms and conditions of Paypal.
Customer withdrawals through Paypal are charged 3.4 % of the amount and 0.5 SGD, while transactions through a Moneybookers account incur a fee of 3%. Credit card withdrawals are subject to a 3.5% fee and bank transfers cost a minimum $10, depending on the bank's own rates.
In general, Finexo is very straightforward and transparent about customer withdrawals and the good reputation of the firm among traders bears testimony to its honorable attitude toward its clients. Usually withdrawals will be completed in 48 hours, but in cases where a lot of processing is necessary, a maximum delay of 7 days is possible.
Security
Finexo operates in the Nertherlands, Austria and Hungary, and in each of these nations its practices are carefully monitored by the authorities.
Customer Service
One of the most interesting and powerful aspects of Finexo is the competent, patient and knowledgeable customer service of the firm which is available 24 hours a day. The website offers an online forex tour and an audio market review that goes into the basics and details of currency trading in each update.
In its mission statement, Finexo claims that commitment to the individual investor is paramount to the firm’s mission. And to make true on this commitment, the firm employs some of the most talented minds in the online currency trading business to develop solutions that will ensure an easier and healthier trading career for all traders.
Conclusion
Finexo is a beginner-friendly firm that offers a lot of opportunities and somewhat limited risks to beginners through its moderately low initial deposit requirement at just $100 and the demo trading options available. Deposits and withdrawals are both easy and in generally hassle-free, with the customer service available 24-hours a day to answer all your questions.
Finexo also offers many advanced tools for experienced traders through the many analytical packages offered through its website. The fundamental reports provided by the firm’s experts are among the best in their class and the quality of their studies hastens the pace of a trader’s career by the informational wealth they provide.
Finally, the mobile and PDA trading options ensure that Finexo’s clients can easily navigate and profit in even the most volatile and confusing markets imaginable. The ability to manage a position on the fly is surely a great capability welcomed by any seasoned trader and it is rapidly becoming a standard feature of the industry.
Regulated by perhaps the most reliable regulatory authorities in the EU, the FCA and CySec. Finexo is a friendly, responsible and innovative broker that will enhance your trading career and experience with its great offerings.
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