This probably means your funds are at risk and we need to react as soon as possible. All of these authority bodies marked Finexo as a trading scam. As mentioned, finexo.io is not anyhow related to a legit finexo review company from Cyprus. In fact, it’s owned by STRAT LTD from Saint Vincent and the Grenadines and has no license. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits.
With Finexo, you chose a FX broker that runs one of the most award-winning Forex platforms. The trading platform was elected by FX Week three years in a row as the best platform; EuroMoney chose Finexo for two consecutive years as the best “Forex Service Provider”. 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 is a Cypriot FX and CFD brokerage that is duly regulated by CeSEC and supports two trading platforms – MetaTrader 4 and Sirix WebTrader.
- Because it is regulated in the E.U., you can feel assured that it is a legitimate broker.
- The same criminal that owns finexo, owns markets.com, forexyards and some hiding scam brokers he have been opening.
- Competitive offers are reserved for Platinum and Exclusive accounts.
Finexo does offer some nice features to the retail forex trader. Registration is extremely easy and if you fund your live account by credit card you can be trading in just a few minutes. Their website is very easy to navigate, albeit minimal in information and rudimentary for the experienced trader. A 24-hour live chat is available, as well as customer service via telephone and email.
Finally I got fed up to the back teeth of the constant running around and promised I would report them to CYSEC if funds were not in my account within 3 days with a confirm. Finexo is a CySEC and FSCA South Africa regulated CFD broker, a trade name of Trade Capital Markets. It goes against our guidelines to offer incentives for reviews. We also ensure all reviews are published without moderation.
What Is Finexo.io, And Should I Invest Money In It?
While thinking to yourself that Finexo is a regulated Cypriot broker safe for investing, you should know that today we will be speaking of an imposter. Finexo has its own platform, ForexTrader which is based upon Saxo Bank’s SaxoTrader. As such, you know that the execution at Finexo is going to be world-class. Finexo is regulated by the Cyprus Securities and Exchange Commission. Because it is regulated in the E.U., you can feel assured that it is a legitimate broker.
It is an easy to use web-based platform that is easy enough for the beginner and complex enough for the pro. Finexo also offers CFDs, which allow you to trade oil and other commodities. Yes, the registration and deposit process is very easy and quick , but the withdrawal process is a bit longer and harder. Yes, they offer many methods to contact them, but when this reviewer attempted to ask questions and open a live account with them, it was difficult to get appropriate responses or answers. If they are not willing to answer questions of a potential new client, how good is their service going to be afterwards? A Finexo representative explained to me that the long withdrawal process is to protect their users from fraud.
I have been trying to close the account now for more than 2 weeks. Since then I have not heard from them again and it has been about 1 week. Here are the points where this broker’s services raise some red flags. After speaking to the chat representative from their site, it became apparent to me that they do not have the standard demo account, present in most current forex brokers. I was told that if you sign up for a full account, you also receive a free demo account to practice. It later became clear to me that this is not the case, and you can open a demo account via their site.
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. Automated Forex trading was established by professional traders in order to make expert advisor trading a safer and more profitable experience. Finexo has the added bonus of market updates and news, as well as independent analysis. Finexo accepts wire transfers, Liberty Reverse eWallet, WebMoney, and credit cards.
It is therefore not necessary to download and to install software on your PC or Mac. If you prefer to use trading software that you already know, you can use Metatrader, as Finexo supports MT 4. As a beginner you can start trading FX with no risk, as you can open a free demo practice account with $100,000. If you are inexperienced in FX trading, we recommend you to use this free opportunity to gain experience in Forex trading. 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.
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I started using the Finexo Demo platform on the web then one day it stopped working and I cannot use the MT4 platform. When I consulted with the livechat they said that I could still use the web platform if I opened a live account. Following their instructions i did so but soon worked out that the online application only leads to a mt4 platform account. When i learnt that this was the case went through many sessions with their consultants who said they helped me and I would get a notification on the how I can access the account via the Web. After a while I still get nothing from them so i decide to close the account.
We use dedicated people and clever technology to safeguard our platform. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes. Finexo warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.
Finexo Deposit and withdrawal
They do not, however, provide any sort of training, user forums, webinars, or forex news services. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money.
But easy is not always a good thing, and dig a little deeper and some disturbing red flags are revealed. New customers receive a first deposit bonus 10% of the paid-in amount. The bonus is limited to a maximum of $2,000, which was just recently increased from $500. It is not necessary to enter a bonus code when registering at Finexo. Besides English, the website of Finexo is available in German, French, Spanish and other languages. This proves that Finexo is an international and established FX broker.
This is of course a positive initiative, but they need to make the process a little more user friendly. As an established online broker, Finexo offers significantly more deposit options than the competition. Deposits https://forex-review.net/ can be made by credit cards as well as with Fast Wire Transfer, Webmoney, Neteller, Moneybookers, PayPal, Liberty Reserve and Click and Buy. Commodity markets offer many investment opportunities for traders.
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 of the position and the leverage applied to your trading account. 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.
But the mobile phone trading is good with this web-based application. Traders are not charged trading commissions or fees with this service. Like other retail brokers, Finexo takes a fixed spread on each currency pair, varying from 3 pips to 14 pips.
72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Some very basic amenities are offered to support Finexo’s traders. They do provide a daily market update, via email and via the trading platform which includes mostly fundamental trading points and some broad based trade ideas. They also offer a daily economic events calendar that includes expectations of those events.
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. Competitive offers are reserved for Platinum and Exclusive accounts. 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. Client funds are held in segregated accounts and they are required to report to the Commission on a regular basis.
An account verification email will be sent to the completed email address. Once the account is verified, a trader can log into the account and start trading. For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000.
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. Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back.
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