Finexo
Finexo only accepts non-U.S. customers.
Finexo was founded in 2003 by several experienced bankers, forex software developers, and hedge fund traders with the intended purpose of revolutionizing the forex industry by providing access to retail forex traders via the Internet.
Finexo was purchased in 2010 by SafeCap Investments - an EU regulated broker based in Cyprus that has a good financial background and also owns GFC markets. As a result, Finexo can no longer accept clients based in the United States.
The company's unique and innovative approach to forex broking - combined with its efficiency and excellent customer service - has given Finexo a high ranking with its clients, despite being a younger member of the forex broker community.
Features
Clients of Finexo will enjoy a number of features that include: competitive spreads, a quick account setup process, most order types including trailing stops, support for automated and mobile trading, automatic position closeout on insufficient margin and a multi-lingual website and customer support service.
In addition, Finexo's customers can deal in all popular currency pairs, some interesting minor pairs, as well as stocks and commodities.
Accounts
Finexo offers standard trading accounts, in addition to a free demo account for traders who would like to test their skills before committing real funds to their accounts.
The minimum deposit requirement at Finexo is quite low. At $100, opening an account is affordable to almost anyone with the legal capability. In addition, leverage up to 200:1 is available for experienced traders who realize that increasing leverage also increases risk.
Transactions
Finexo offers all the popular major currency pairs that offer the highest profit potential for forex traders, featuring especially competitive spreads. For example, the trading spread in the EUR/USD and USD/JPY pairs is just three pips. In addition to forex, you can also deal stocks, gold, oil, indexes and soft commodities.
You can make deposits at Finexo by bank wire or using Visa, MasterCard and Diners Club cards, as well as via online fund transfer companies like WebMoney and FastBankTransfer. Finexo applies no charges to deposits, and funds are applied to your account in 24 to 48 hours, depending on the deposit method used.
Withdrawals require you to fill out a form, and they can be made to the same account you deposited funds from. They are usually processed within three days of all required documentation being received.
Platform
Finexo's WebTrader Platform is an excellent online forex trading software package that is suitable for both novice and experienced traders alike. Finexo also supports the popular and sophisticated MetaTrader 4 forex trading platform, as well as trading from mobile phones and PDA.
The broker's charting choices include those options and wide range of technical indicators available within the sophisticated MetaTrader 4 program. The software includes the capability to trade from charts and manage accounts.
With respect to orders, Finexo's trading systems have trailing stop capabilities, as well as the ability to enter limit and stop orders of all kinds.
Support
As a broker catering to the individual and retail trader, Finexo is committed to ensuring that each and every trader is treated with respect and trust. The firm's customer service is available 24 hours a day, and enlists reliable professionals in order to resolve its clients' problems as swiftly as possible.
Finexo provides multi-lingual customer support based on the notion that traders expect to interact with its trading platform software, not its customer service. Support providers are committed to resolving emerging issues with as friendly and positive an attitude as possible.
Clients also have access to Finexo 24 hour dealing desk from Monday to Friday that quotes two way prices, accepts orders and confirms trades.
Information
Another benefit from trading with Finexo is the extensive array of useful tools that help traders explore and analyze various aspects of the forex market that include the broker's various charting options. Information resources include an online forex glossary, a comprehensive online forex calendar, audio briefings and daily reports.
Safety
Finexo is owned and operated by SafeCap Investments Limited - a company that is licensed and regulated by the Cyprus Securities and Exchange Commission or CySEC that enforces the MiFID EU compliance standards and ensures that the broker adheres to strict financial guidelines.
Furthermore, due to SafeCap's membership in the Investor Compensation Fund for covered customers of Cypriot Investment Firms (CIF's), all client deposits are guaranteed up to EUR 20,000 per customer against the company's insolvency.
In addition such compliance, Finexo ensures that it is up-to-date with the latest technological developments in the Internet security industry and is committed to protecting its customers' privacy and safety.
Overall
Finexo offers some capabilities that are unique in the industry that will suit both advanced and novice forex traders. The firm's great success in establishing itself in the course of just six years provides proof of their innovative and competitive approach to providing brokerage services to retail forex clients.
Furthermore, the broker's interesting technological innovations - such as the capability to open and close trades via mobile devices - its support for MetaTrader4, its low initial deposit requirements, the ability to enter trailing stops, and a number of other advanced features help guarantee that trading with Finexo will be a rewarding and profitable experience.
Overall, to avoid the headaches and troubles involved in choosing an unaccountable, unreliable and shady broker, you will want to make sure that your chosen broker is open and friendly to its customers. Finexo is one such firm, and you should not be disappointed if you try their services.
