Finexo has been in the retail forex broker business since 2003 and a white label of Saxo Bank since 2004. Simplicity and ease-of-use are the themes for this broker, and they state on their website that they want to make the entry into the foreign exchange market easy for the beginner. But easy is not always a good thing, and dig a little deeper and some disturbing red flags are revealed.
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. If you do not wish to use a credit card, they do accept several ways to fund an account, including Paypal, MoneyBookers, Neteller, Click and Buy, Liberty Reserve and Giro Pay, or via bank wire transfer. 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.
Their platform is called ForexTrader and is derived from Saxo Bank's saxotrader. It is a web-based trading platform that is very user-friendly and suited to both beginners and experienced traders. One-click trading is offered, along with typical market, limit and stop orders, and trailing stops. As with most web-based platforms the charting capabilities are very basic and do not offer many features. 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. They are a dealing desk retail broker, and as such, they take the other side of all of your trades. The platform is not customizable, but all the features a trader needs is right on the front page. Account reports can be viewed and printed from this application as well.
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. They do not, however, provide any sort of training, user forums, webinars, or forex news services.
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.
Another point of concern was the withdrawal process. Yes, the registration and deposit process is very easy and quick (as easy as opening an account with any other standard website), 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. This is of course a positive initiative, but they need to make the process a little more user friendly.
Finally, read the Terms and Conditions before signing anything. There is actually a clause stating that they do not like “sniping” trades, which are scalping trades, and can and will remove any profits that are deemed to be made in this fashion. This clause actually makes it legal for them to take away your profits if they want to!
Overall, this retail forex broker receives a rating of 3 stars.
Review info: Finexo
Review Date: 2014-01-14
Rating : 3.5
Reviewed By : Sara Patterson (Google+)
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Posters above have mentioned the painful withdrawal period and they are not underestimating it.
All in all it took me well over a month of going in circles with them to get my money out , all this was met with excuse upon excuse.
One time they even said to me 'we have no interest in keeping your funds here'
To which I replied ' well you seem to be doing a good job of it'
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.
Amazingly that done the trick , I suggest others who are having this issue also go down this route.
DO NOT USE THIS BROKER!!!!!!!!!!
DO NOT USE THIS BROKER
THEY WILL NOT GIVE YOU YOUR MONEY BACK!!!!!!!!!!!!
So far I have been trying close to a month to get my funds back with no resolution still , even after numerous communications.
All I seem to receive is excuse upon excuse and promised emails that never arrive.
Their online 'chat' service is slow and un-responsive and will just leave you going round in circles before they eventually ignore you , no chance of getting any straight answers or any solution.
Could you please tell me where you found this clause because I red the Terms an Condition and i didn't see any thing like that
I agree with trongga. I requested a withdrawal on 20 October 2009 but until now I haven't received my fund back into my paypal account. They told me it took 7 business days to process the withdrawal, but obviously they don't walk the talk. I honestly believe that this bucketshop is just another SCAM. I'm now planning to lodge a scam report about them at www.forexpeacearmy.com Please don't open an account with them, or else you won't get back your hard-earned money. For Godsake, you have been warned.
i don't think so. dificult to withdrawal. email support also very slow.no fast reply.
very professional company ,the best service and magnific platform
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