Finexo ReviewFinexo was established in 2003 by a number of experienced bankers, forex software developers, and hedge fund traders with the purpose of revolutionizing the forex industry with a unique and innovative approach to forex brokerage. Though a younger member of the broker community, Finexo already ranks high, with excellence in efficiency and customer satisfaction.
Account TypesDeclared by Finexo to be the best and most sophisticated web-based forex trading software in the industry, the ForexTrader Platform is an excellent software package suitable to both novice and experienced traders. Although charting choices are less comprehensive than the offerings of some other firms, the one-click trading, and trailing stop capabilities, the ability to enter limit and stop orders of all kinds, and the mobile and PDA trading options easily vindicate Finexo’s claims about the power of their trading software.
The firm offers both a mini and standard account to match the capabilities of traders from different backgrounds. Similarly, leverage up to 200:1 is available for experienced traders.
Another strength of trading with Finexo is the extensive array of additional tools that explore every aspect of forex trading through audio briefings, and daily reports. An online forex glossary, a comprehensive online forex calendar and advanced charting options are the other benefits of opening an account with the firm.
Finexo offers all the popular major pairs that offer the lowest risk, volatility, and highest profit potential for traders. Trading in EUR/USD, EUR/JPY, USD/JPY and many other is possible, and the spread of the EUR/USD pair is often as low as two pips, beating many of Finexo’s competitors.
Finally, and in line with industry standards, Finexo offers a free demo account for traders who would like to test their skills before committing real funds to their accounts.
Deposits and WithdrawalsThe minimum deposit requirement at Finexo is quite low. At $25, opening an account is affordable to almost anyone with the legal capability. The firm accepts deposits by Visa, MasterCard, Diners, Amex, in addition to PayPal, and other online financial intermediaries such as MoneyBookers. In the case of deposits through credit cards, Liberty Reserve, or MoneyBookers, the deposit process is quick and free of any charges. Wired funds incur bank fees, while PayPal deposits are liable to charges as per the terms and conditions of the company.
Withdrawals are usually completed within 48 hours, and are subject to certain fees. PayPal withdrawals are charged 3.4% and 0.5 SGD, and withdrawals to a MoneyBookers account are subject to a charge of 3% of the amount. Bank withdrawals cost a minimal $10, but the amount will depend on each bank’s policies. Finally, credit card withdrawals cost 3.5% of the amount withdrawn.
There are also some limits on the maximum amount that can be deposited in a single transaction. For credit and debit cards the limit is $5,000, while for bank transfers, e-gold, or e-bullion deposits the ceiling is at $50,000.
In general, deposits and withdrawals are facilitated with ease at Finexo. While the usual timeframe is 48 hours for withdrawals, in cases where the process is longer than usual, a time limit of 7 days is part of Finexo’s commitment to customer satisfaction.
SecurityFinexo has operations in Hungary, Austria, and the Netherlands and complies with local regulations in these nations.
In addition to its compliance with regulatory rules, Finexo ensures that it is up-to-date with the latest technological developments in the internet security industry. The company is committed to customer privacy and safety.
Customer ServiceAs 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 that clients’ problems are resolved as swiftly as possible. The customer service performs its duties based on the notion that traders expect to interact with the trading software, not the customer service, and are committed to resolving emerging issues in as friendly, positive an attitude as possible.
ConclusionFor both the experienced, and beginning traders Finexo offers some capabilities that are unique in the industry. The firm’s great success in establishing itself in the course of just six years is a proof of their innovative and competitive approach to retail forex brokerage. Interesting technological innovations, such as the capability to open and close trades via mobile, low initial deposit requirements, the ability to enter trailing stops, and a number of other advanced features guarantee that trading with Finexo is a rewarding and profitable experience.
To avoid the headaches and troubles of choosing an unaccountable, unreliable and shady broker, we must make sure that our chosen broker is open, and friendly to its customers. Finexo is one such firm, and you will not be disappointed if you try their services.
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