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Finexo

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Name

Finexo

Date founded

Dec 31, 2002

News

Webinars

No

Demo version

Yes

Regulation (trading)

Cyprus Securities and Exchange Commission (CySEC)

Country

Cyprus

Languages

Arabic, Czech, Czech, English, Italian, Polish, Russian, Spanish

Spot trading

Yes

Scalping

Yes

Hedging

Yes

Decimal pricing

5 Digits

Max Leverage

1:300

One click execution

Yes

Minimal Lot

0.01

Bonus

First deposit bonus of 10% paid-in amount

Currencies

Currency pairs

47

Deposit methods

Bank wire, Credit card (VISA/Mastercard), Neteller, WebMoney

Minimum Initial Deposit

$1, 000

Mini Account:

$1,000

Standard Account:

$5,000

ECN Account:

N/A

Premium:

$25,000

Withdrawal methods

WebMoney, Neteller, Skrill, Credit card (VISA/Mastercard), Bank wire

Contact phone

+442031500971

Contact email

A quick look at this broker’s history is bound to raise several red flags. Finexo was initially operated by Safecap Investments before shutting down and moving all its business to Market.com after the Cyprus Securities and Exchange Commission (CySEC) issued a hefty fine on Safecap Investments. It has recently re-emerged and is being operated by yet another Cyprus-based company known as LeadCapital Market Ltd.

Traders can, however, gain confidence in this online trading platform once again because CySEC regulates it. CySEC requires all investment firms to have an Investor Compensation Fund, which acts as some form of insurance for investors funds should the broker become insolvent.

Finexo offers traders a myriad of trading instruments such as stocks, forex, indices, commodities, bonds, and cryptocurrency. Its features discussed below.

 

Features:

 •     Trading platforms: Finexo is compatible with Metatrader 4 and Sirix Web Trader. Metatrader 4 remains the more popular choice of the two as it offers traders with a comprehensive list of indicators and analytical tools. It also allows traders to customize their tools. The second platform, Sirix Web trader is also extremely easy to use and offers traders with several tools, as well as 128-bit encrypted security.

 •     Payment methods: traders can make deposits and withdrawals using either credit or debits cards, bank wire transfers, Neteller, or Skrill. The range of payment methods available on the site is rather modest.

 •     Bonuses: new traders are opening an account with Finexo automatically earn a bonus of a fixed percentage of their paid fee. It also grants traders who successfully introduce other traders a significant bonus. You can actually earn money on this platform by simply introducing new traders onto it, even if you are not a typically active trader.

 •     Trading Accounts: Finexo only offers users one account; the classic account. This account comes with fixed spreads and allows users to trade in micro lots. The minimum deposit amount has been reported as being rather high. However, clients with an average deposit of $5000 or more are said to be Gold account holders while those with an average deposit of $25 000 or more are considered Premium account holders. These clients are basically entitled to several extra benefits and excellent trading conditions.

 •     Customer support: Finexo has a wide array of education resources ranging from MT4 tutorials to a beginners guide and even trading tools and strategies. However, most of this resources have been discredited as being extremely basic and rudimentary, therefore offering to help or insight to advanced traders.

 

Advantages:

•     Multiple Trading Platform: Finexo offers its users a bunch of benefits. To begin with, you are not stuck with only one trading platform, as you can choose between MT4 and Sirix Web Trader.

•     Helpful and reliable guidelines: The platform is easy to use and by means of its educational resources, has ensured that newbies are well informed on all relevant aspects of financial markets.

•     Abundant Trading Instruments: The platform also provides users with several trading instruments to trade in.

•     Accessible Customer Support: Customer support agents can be reached using email, telephone or live chat.

 

Disadvantages:

•     Extremely High Charges Fees: The minimum deposit fees and spread have been reported as being too high.

•     Bad customer service: There have also been reports of traders receiving terrible customer service have contacted the customer support. Some clients have complained that the customer service agents did not sound conversant with most of the questions issued to them.

 

Conclusion

Despite having had a rocky past, Finexo appears to be picking up the pace gradually and offering reliable trading services.

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Pros & Cons
  • Reputable FX broker, established in 2003
  • Free demo practice account
  • Metatrader 4
  • mobile tradin app
  • Bonus limited to 10% of first deposit
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