Finexo was created in 2003 and since then it has been a very popular and award winning trading platform that has taken the forex trade by storm. In 2004, they became a white label of Saxo bank. They now have to comply with the rules and trading regulations of the European Union. According to these laws, Finexo needs to have as sufficient amount of capital reserves at all time and trade intake and execution needs to come by with strict rules. This ensures customers the safety of their funds.
According to Finexo website, the company wants to make trade easy and simple for beginners so that they invest in foreign exchange markets with confidence. Down the road of the Finexo forex broker review you will see that some things that come easy are still dug in trouble on this trading platform.
The plus points include an easy registration process and even easier if you have credit card to go by, in order to start your account online. Other than credit card you have options of using PayPal, Money Brokers, Neteller, Click and Buy, Liberty reserve and Giro Pay and of course wire transfer by banks can also be used. The website won’t overwhelm you with unnecessary information or sales pitch, but experienced traders may be left wanting for more. Like most good trading platforms customer service is available via telephone and email. 24 –hour live chat sessions is there to guide you on the spot.
The Forex Trader platform is very user friendly and understandable for both newbies as well as veteran traders. You are not enforced to go beyond one click trade start. Plus, you do get the typical market, limit and stop orders and trailing stops. The charting trades are available that is a standard feature with most trade platforms, but in this case it does not offer many features. However, mobile trading comes without a charge or trading commission and is good to use.
Like most retail brokers, fixed spread is taken from 3 pips to 14 pips buy Finexo. Unlike developed platforms customizable futures are not there, but you rarely feel missed out on something.
With Finexo, you can be sure to gets some basic facilities like daily market update through email from the trading platform, including trading points and broad trade ideas. A calendar for economic events and their expectations is released daily. The low point is it does not offer the additional features of other trading platforms like webinars, user forums for traders to converse with likeminded fellows, training or forex news service. A demo account can be opened through their site which offers some solace for beginner to practice. Another red flag is the long withdrawal process where they are not willing to respond quickly to queries and justify it as a protection of user against fraud.
Be sure to read between the lines in their agreement conditions, their clause doesn’t go for trade sniping and will remove any of your profits made in this way. Overall this Finexo forex Broker review grants them 3 stars.