Finexo Review 2021
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|Finexo Facts & Figures|
Finexo is a multi-asset online broker regulated by the CySEC.
|Instruments||Forex, CFDs, indices, shares, commodities, cryptocurrencies, ETFs, bonds|
|Payment Methods||Neteller, Skrill, Visa|
|Min. Trade||0.01 lots|
|Trade online CFDs across multiple markets with up to 1:30 leverage.|
Trade major, minor and exotic FX pairs.
Go long and short on cryptocurrency coins.
|Coins||BTC, LTC, ETH, DASH|
Finexo is an international forex broker, offering a range of assets and the MT4 trading platform. This review looks at account types, spreads, payment methods, and customer service. Find out if you should start trading with Finexo.
Finexo Company Details
Finexo, operated by Trade Capital Market (TCM) Limited, is a CFD provider based in Nicosia, Cyprus. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC).
Due to its diverse product list and customer service, Finexo appeals to traders of all abilities from around the world.
Finexo offers the world’s most popular trading platform, MetaTrader4 (MT4), suitable for all levels and hosting a range of features:
- 30+ technical indicators
- 4 pending order types
- Real-time quotes
- One-click trading
- Simple interface
- 9 time frames
MT4 can be downloaded directly from the broker’s website.
Finexo offers the latest generation of the WebTrader platform, offering over 2,100 assets in forex pairs, cryptocurrencies, global exchanges, and commodities.
- Traders Trends and Trending Now features
- Trading Central and Events & Trade
- Multi-chart display windows
- Secure management tools
- Style and chart settings
- Online assistance 24/5
- Favourites list
WebTrader can be accessed from any supported web browser once you have created an account.
Finexo offers trading in a range of markets:
- Stocks – Over 250 stock CFDs to choose from, including Facebook, Google, and Visa
- Currencies – Trade over 55 major, minor, and exotic currency pairs, including EUR/USD, EUR/GBP, and GBP/EUR
- Cryptocurrencies – Trade long and short on cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Dash
- Indices – Trade on 26 major indices including the FTSE100, DAX40, and CAC40
- Commodities – Trade on hard and soft commodities, including gold, oil, and natural gas
- Bonds – Trade on high yield bonds including the Euro-Bund and UK Gilt
- ETFs – Trade on over 37 Exchange Traded Funds
Spreads & Fees
Spreads on major forex pairs such as GBP/USD and EUR/USD start at 3 pips. For EUR/GBP, the lowest spread is 4 pips. For indices, spreads start at 2 points for the FTSE 100 and 1 point for the S&P 500. Spreads are tighter for other assets, for example, 0.05 for crude oil, and 0.7 for gold.
Traders can enjoy more competitive spreads with a larger deposit. With the Gold account for example, a $10,000 deposit gets you spreads as low as 1.5 pips for major currency pairs.
Other fees to be aware of include swap fees on overnight positions and a monthly inactivity fee charged to accounts unused for more than 90 days.
Finexo offers varying leverage depending on the asset:
- Forex – 1:30 for major pairs, 1:20 for non-major pairs
- Indices – 1:20 for major indices, 1:10 on other indices
- Cryptocurrencies – Up to 1:2
- Commodities – Up to 1:20
- Stocks – Up to 1:5
- Bonds – Up to 1:5
- ETFs – Up to 1:5
Finexo offers mobile trading through the MT4 app and WebTrader. The app can be downloaded to iOS and Android smart devices. Mobile users benefit from multiple chart types, built-in indicators, one-click trading and visual market data. Deposits, withdrawals and customer service can also be accessed from mobile devices.
The app can be downloaded from the App Store or Google Play Store.
Traders can make deposits via a range of fee-free methods, including credit/debit cards, bank transfer, Neteller, Skrill, and Multibanco. Traders should check for any intermediary fees charged by the chosen payment method. Most deposit transactions are processed instantly. The minimum deposit is $100.
Withdrawals can be made via all the same deposit methods. Again, the broker does not charge any fees, but additional fees may be charged by the chosen payment provider.
Finexo offers a demo account where users can practice trading in real-market conditions. Users will be given $10,000 in virtual funds to practice with. Once you’re confident with your strategy and comfortable with the platform and trading conditions, you can then open a live account.
Deals & Promotions
Finexo does not currently offer any bonus deals or promotions. Check the broker’s website for news of future promotions.
Finexo.com operates under Trade Capital Markets (TCM) Limited, a Cyprus Investment Firm (CIF). The company is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and authorised by the FSCA South Africa. As part of regulatory requirements, Finexo submits financial audits to CySEC. A financial compensation scheme up to €20,000 is also in place.
One area that needs improving is the lack of educational resources and trading tools, especially given that the broker aims to attract traders of all levels. Apart from the demo account, beginners will probably need to look elsewhere for anything that might help them get started trading.
Traders have five account types to choose from at Finexo: Micro, Silver, Gold, Platinum, and Exclusive. As expected, account sizes increase rather dramatically from $100 to $100,000 as you move from the Micro to the Exclusive account. Spreads will also get tighter, going from 3 pips for EUR/USD in the Micro, down to 1 pip with the Exclusive.
Most other features seem to be shared by all the accounts, except you will not get an account manager or daily analysis with the Micro account. Premium daily analysis and Trading Central are not available until you get to the Gold account.
There are several advantages of trading with Finexo:
- Fee-free deposits & withdrawals
- Regulated & transparent
- Diverse range of assets
- No commissions
Downsides of opening a Finexo account include:
- No educational resources for beginners
- No bonuses or promotions
Currencies can be traded 24 hours a day, 5 days a week, from Sunday at 21:05 GMT (when Asian markets open) to Friday at 21:00 GMT (when US markets close). Trading hours for specific pairs vary and can be viewed on the Forex asset page.
Note that trading hours for other assets vary by instrument and by which platform you are using. Specific times are given on the relevant asset pages on the website.
Users can contact Finexo customer service 24 hours a day, from Sunday at 22:00 GMT to Friday at 22:00 GMT, via the following methods:
- Email – email@example.com
- Telephone – +35722008069 or +44 203 807 4621 from the UK
- Live chat – located in the bottom right-hand corner of the website
On testing the live chat service, responses were received within a few minutes and were very helpful.
Finexo’s head office address is 148 Strovolos Avenue, 1st floor, CY 2048, Nicosia, Cyprus.
Finexo displays a Secure Sockets Layer (SSL) encryption badge at the bottom of the website. In the event of liquidation, the broker ensures that all client funds are segregated from its own in separate bank accounts.
Despite the lack of educational tools, Finexo offers no-commission accounts, fee-free payment methods, helpful customer service, and the MT4 trading platform. The broker is a particularly good choice for traders with large initial deposits who can capitalise on the tighter spreads.
Finexo accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Finexo from United States, Canada, Japan.
Alternatives to Finexo
If you are looking for alternatives to Finexo we have compiled a list of the top 5 brokers that are similar to Finexo below. This list of brokers like Finexo is in order of similarity and only includes companies that accept traders from your location.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- Rockfort Markets – Rockfort Markets is a New Zealand broker with a competitive range of assets, trading platforms and market conditions.
- Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
What accounts are available at Finexo?
Five account types are available; Micro, Silver, Gold, Platinum, and Exclusive. The accounts offer many of the same features, except the initial deposit ranges from $100 to $100,000. Spreads also vary depending on the account type.
What leverage is offered at Finexo?
Maximum leverage is 1:30 for major currencies and 1:2 for cryptocurrencies. For commodities and indices, maximum leverage is 1:20, whilst for bonds, stocks, and ETFs, leverage up to 1:5 is accessible.
How do I contact Finexo’s customer service?
You can contact Finexo via email, telephone, or live chat. We’d recommend the live chat service to begin with, as it’s quick and easy to get through to help.
Does Finexo offer mobile trading?
Yes, Finexo offers mobile trading on both the MT4 and WebTrader platforms. The fully-featured platforms are accessible from most smartphone devices.
What is Finexo’s address?
Finexo’s registered office is based at 148 Strovolos Avenue, 1st floor, CY 2048, Nicosia, Cyprus. The broker is also regulated by the Cyprus Securities & Exchange Commission (CySEC).
|Finexo is a multi-asset online broker regulated by the CySEC.|
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