WHO IS FINEXO?
According to research in South Africa FINEXO is a business name of Trade Capital Markets (TCM) which is located in Nicosia, Cyprus.
FINEXO.com is a portal for both beginners and more advanced clients to access the world’s most popular assets and enhance their trading abilities.
FINEXO serves traders in almost every country around the globe with investment opportunities in a diverse range of instruments, including FX pairs, commodities, indices, bonds, ETFs, stocks, and cryptocurrencies.
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SAFE OR SCAM
One of the best benchmarks to measure the safety of a broker like FINEXO, is to establish which regulating authorities are watchdogs over its actions.
FINEXO.com is a trade name operated by Trade Capital Markets (TCM) Limited (previously Leadcapital Markets Limited), which is authorised and regulated by the Cyprus Securities and Exchange Commission, license number 227/14.
FINEXO does not open accounts to residents of certain jurisdictions including Japan, Canada and USA.
They claim to hold all personal account data safe and completely confidential and are required by the regulations to hold and maintain at least €730 000 as a proof of good financial standing.
Client funds are held in segregated accounts and they are required to report to the Commission on a regular basis.
CySEC applies a compensation scheme as additional guarantee to clients’ funds. All licensed brokers are members of the Investor Compensation Fund, which can cover a maximum of 20 000 EUR per person in the event of broker insolvency.
Since Cyprus is part of the European MiFID regulations, all CySEC regulated companies are free to operate in all EU member states.
PRO AND CONS
|1. Well-regulated||1. High spreads|
|2. Commission-free trading||2. No ECN environment|
|3. Choice of trading platforms, MT4 available||3. Supposedly a Market Maker|
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Leverage amount is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.
For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.
FINEXO offers a maximum leverage ratio of 1:300.
A forex account at FINEXO is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.
Often, the number and type of accounts that a trader can open with a broker company differs depending on the country in which it operates and the regulation authorities under whose jurisdiction it falls.
FINEXO offers five live account types: Micro, Silver, Gold, Platinum, and Exclusive.
Minimum Deposit: $100 USD
Leverage: Up to 1:300
Spread: From 3 pips on majors
Minimum Deposit: $1 000 USD
Leverage: Up to 1:300
Spread: From 1.9 pips on majors
Minimum Deposit: $10 000 USD
Leverage: Up to 1:300
Spread: From 1.5 pips on majors
Minimum Deposit: $50 000 USD
Leverage: Up to 1:300
Spread: From 1.2 pips on majors
Minimum Deposit: $100,000 USD
Leverage: Up to 1:300
Spread: From 1 pip on majors
The most popular market instruments available from most brokers for trading include:
Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.
Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.
The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.
FINEXO advertises 2100+ available instruments for trading, which consist of FX pairs, commodities, ETFs, stocks, bonds, indices, and possibly cryptocurrencies. Traders would have access to 58 currency pairs, including majors, minors, and several exotics. Available CFD’s include Brent Oil, Natural Gas, Heating Oil, and Oil, precious metals Gold, Silver, Aluminum, Copper, Palladium, Platinum, and Zinc. Traders can also access agricultural commodities like Cocoa, Cotton, Wheat, Sugar, and more.
Cost depends on different factors, like spread and margins, and FINEXO clients may also experience different fee structures according to their country or place of residence.
The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.
FINEXO offers commission free-trading as a fixed-spread broker. Spreads are 3 pips for the EUR/USD pair.
Competitive offers are reserved for Platinum and Exclusive accounts.
DEPOSIT AND WITHDRAWAL
Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.
In the case of FINEXO traders have to invest a minimum of $100 and they can use debit/credit cards, bank wire transfers, and e-wallets, including Skrill, Neteller, Sofort, EPS, Giropay, Multibanco, Przelewy24, iDeal, Epay.bg, and Safetypay to fund accounts.
Traders will be able to withdraw funds using any of the available deposit methods, with withdrawals to be done back to the originating payment method and without any fee.
Withdrawals would likely take a few business days to be received.
The forex trading platform provided by FINEXO to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
FINEXO provides both MetaTrader 4 and Sirix WebTrader.
MT4 remains the preferred choice of most traders worldwide, while Sirix WebTrader is easy to use and equipped with useful charting tools and a number of technical analysis indicators.
FINEXO supports the MetaTrader 4 platform on PC, iOS, and Android devices, alongside the WebTrader platform, which is also available on mobile devices.
HOW TO OPEN AN ACCOUNT
Similarly to a bank, to register a forex trading account with FINEXO for the first time, you will be required to go through a basic “know your customer” process, which will allow FINEXO to ascertain that your submitted details and ensure the safety of your funds and account details.
Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.
In the case of FINEXO customer support and representatives are available in many countries and are on standby 24/5. Individual personal account managers offer direct connections to clients through telephone, email and online chat.
Before starting to trade, potential clients of FINEXO should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
FINEXO offers demo accounts but little more.
To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.
With FINEXO they have access to hardly any resources from the website.
Being an awarded company instils extra confidence by traders. Although FINEXO is acclaimed by customers, there is no indication of awards won on its homepage.
FINEXO is a Cypriot FX and CFD brokerage that is duly regulated by CeSEC and supports two trading platforms – MetaTrader 4 and Sirix WebTrader.
Its spreads are very high and there is no ECN environment. The broker offers several account types, which should satisfy traders with different needs and aspirations.
FINEXO warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.
Before deciding to trade with FINEXO, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.
FINEXO warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence FINEXO cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
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FINEXO AT A GLANCE
|Countries not accepted for trade||Japan, Canada and USA|
|Islamic Account (Swap Free)||Not indicated clearly on website|
|Institutional Accounts||Not indicated clearly on website|
|Managed Accounts||Not indicated clearly on website|
|Deposit Options||Debit/credit cards, bank wire transfers, e-wallets including Skrill, Neteller, Sofort, EPS, Giropay, Multibanco, Przelewy24, iDeal, Epay.bg, and Safetypay|
|Withdrawal Options||Debit/credit cards, bank wire transfers, e-wallets, including Skrill, Neteller, Sofort, EPS, Giropay, Multibanco, Przelewy24, iDeal, Epay.bg, and Safetypay.|
|Platform Types||MetaTrader 4, Sirix WebTrader|
|OS Compatibility||PC, iOS, and Android|
|Tradable Assets||Stocks, Forex, Crypto, Indices, Commodities, Bonds and ETFs.|
|Languages supported on Website||English, Spanish, Arabic, Italian, German, Portuguese, Russian, French, Turkish|
|Customer Support Languages||English, Spanish, Arabic, Italian, German, Portuguese, Russian, French, Turkish|
|Customer Service Hours||24/5|
Frequently Asked Questions
How many instruments can I trade with Finexo?
You can trade several different instruments with Finexo, which include the following:
Which platforms are supported by Finexo?
Finexo provides the following popular trading platforms:
- MetaTrader 4
- Sirix WebTrader
Does Finexo offer leverage?
Yes, Finexo offers a maximum leverage of 1:300
Is Finexo regulated?
Yes, Finexo is regulated by CySEC in Cyprus
What is the overall rating out of 10 for Finexo?
Overall rating for Finexo is 6/10
Featured SA Shares Writer and Forex Analyst.