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Finexo Review - Is it scam or safe?

Finexo Review - is finexo.com scam or good forex broker?

RATING: 2 / 1 REVIEWS Finexo
Finexo is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

 

Account type Minimum deposit Minimum trade size Max leverage Spread Trading platform
Classic $1000 0.01 1:200 3 pips, fixed MT4/Sirix

 

Finexo offers its clients a single commission-free account type with leverage up to 1:200, fixed spreads and the option to trade in micro lots.

 

Clients of Finexo who deposit $5 000 or more are considered Gold account holders and those who invest $25 000 or more – Premium account holders. Such clients are entitled to premium services and better trading conditions.

 

The Company. Security of Funds

 

Company Country Regulation
Leadcapital Markets Ltd Cyprus Cysec

 

Finexo offers trading in Over 45 currency pairs, and CFDs on bonds, commodities, stocks and indices through both MetaTrader 4 and Sirix WebTrader. 

 

Finexo in fact is one of the trading names of Leadcapital Markets Ltd, which also Trade.com, ForexYard, and binary options brand, optionsclick.com, among others. The company is licensed by Cyprus Securities and Exchange Commission (CySEC) since 2014.

 

Cypriot Investment Firms are required to hold at least €730 000 (as a proof of good financial standing) and maintain it. Client funds must be held in segregated accounts and regulated entities are required to report to the Commission on a regular basis.

 

Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. All licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.

 

Besides, as Cyprus is part of the European MiFID regulations, all CySEC regulated are free to operate in all EU Member States. 

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with Finexo, traders have to invest a minimum of $1000, which is a high initial amount. Many Cyprus-based brokers require less. FXTM, for example, requires just $5 from its clients to start trading.

 

Spreads & Commissions

Finexo offers commission free-trading, as is usually the case with fixed-spread brokers. Unfortunately, this broker’s spreads are above average, amounting to 3 pips for the EUR/USD pair. 

 

For purposes of comparison, HotForex provides spreads fixed at 1.8 pips on EUR/USD, and FXTM‘s ECN accounts offer average spread of 0.7 pips plus a commission of $2. For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by Finexo is 1:200, which is average. Nonetheless, in order to protect traders from the risk associated with using higher leverage levels, CySEC proposed default leverage to be set at 1:50.

 

Still, many Cyprus-based brokers offer considerably higher leverage levels: for example, HotForex and FXTM both provide leverage up to 1:1000.

 

Trading Platforms

 

This broker supports the most widely used forex trading platform MetaTrader4 (MT4), as well as Sirix Web trader.  

 

MT4 remains the preferred choice of most traders worldwide, as it provides a full range of trading tools and features: more than 50 built-in technical indicators, advanced charting package, numerous Expert Advisors (EAs) and extensive back-testing environment. Besides, traders can download ready-made or create their own EAs (and Indicators) and let the program do all the work.

 

The other platform used by this broker, Leverate's Sirix Web Trader is easy to use and is also equipped with useful charting tools, and a number of technical analysis indicators, as well as 128-bit encrypted security.

 

Finexo's Sirix Web Trader. Click to enlarge.

 

 

Methods of Payment

 

Finexo supports a small range of payment methods - credit/debit cards & bank wire transfer, as well as e-wallets Skrill & Neteller.

 

Conclusion

 

Finexo is a Cypriot FX and CFD brokerage that is duly regulated and supports two trading platforms. The main problem with it is that its spreads are too high, there is no ECN environment and we suspect that Finexo acts as a counterparty to its clients. To sum up the above, here are the Pros and Cons with regards to this broker:

 

Pros Cons
Well-regulated High spreads
Commission-free trading No ECN environment
Choice of trading platforms, MT4 available Supposedly a Market Maker

 

 

Latest news about Finexo
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Traders` reviews for Finexo

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

Pros

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Customer service

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Summary

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Aggressive promotion in 2017 in Czech and Slovak Republics

Behind Finexo are the same owners as behind Markets.com Trade.com and many other companies... Sructure of owners is not clear... I recommend to be very very very careful before opening account. Please read their General conditions very carefully and you will know why to be careful.

Milan 07/13/2017
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