Finexo is yet another great forex broker that is in operation since 2003. In the next year 2004, it got a white label from the Saxo bank. What they claim is their platform is very easy to operate and quite simple. They say that we are here to help the new traders to enter in the forex world as quickly as it can and that too without any hustle. However, sometimes choosing an easy option is not too worthy. We experienced some red flags upon reviewing the broker.
Finexo has managed to bring some pretty cool offers for the traders. At first, registration process is made so simple that anyone can register him for free within just few minutes. However, if you want to start trading quickly, you need to register the account using your credit card. In case, you don’t want to avail the credit card option, then you can also add money through PayPal, Neteller, Moneybookers, or through wire transfer from the bank. You can easily navigate through their website even if you are not an experienced person. They have provided multiple customer services like email and telephone along with round the clock live chat service.
They have named their platform as a forex platform, and it is an extraction of saxotrader of saxo bank. The entire platform is totally web-based, which is so easy to use for both experienced and new traders. There are plenty of options provided by the platform like stop orders, one-click trading, typical market, and trailing stops. Mobile trading is also made available for this platform, which improves user experience. Mobile trading is absolutely free for every trader. Finexo has tried to fix the spread rates on each currency pairs ranging from 3-14 pips. Since they are doing business of dealing desk broker, they like to grab the other side of the picture. Customization option is not available on the platform, but all the required tools are available on the front page. One can easily view and print his account report from this application.
Finexo also offers some other cool basic features, which are very handy for the traders. Through the email updates, they provide daily routine update of the market that includes some in-depth reports as well. Economic event’s data is also provided with calendar that includes the prediction events of the near future.
As stated in the beginning, here are some red flags about this broker. The basic thing they are missing is the option of the demo account which is available in almost every other platform. However, when I contacted the support, they told me that once you sign up for the real account you will also have a demo account. Later, I found out that it isn’t so as they were stating it. In fact, I can now open a demo account from their official website.
Another thing that comes under the red flag is the withdrawal process. The registration process at the start along with the deposit process is kept so simple, but on the other hand, the withdrawal process is way too hard to come across. They have listed several ways to contact them, but upon doing so a customer never receives the answers for his questions. So, if they as a service provider are not willing to answer the questions of client, then why one can call it as a good service provider? According to the Finexo team, they have made the withdrawal process long to avoid any scams. Although this is a good stand still they have to try to make things simple for the users.
According to our detailed review, we will give it three out of five stars.