2Bull Forex Blog

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 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, e-Bullion 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.

The web-based trading platform 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. Finexo does not offer a demo account, so you cannot try out their platform without sending them money. Yes, the registration and deposit process is very easy and quick (as easy as opening an account with an online poker site), 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? Also, for a broker to be targeting the beginner forex trader as much as Finexo does, it is surprising that they offer no training, or forums, or other help to get new traders started properly with their service. And 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 low rating of 1 star.