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Finexo Review

Finexo used to be a "white-label" partner of Saxo Bank, a well known and respected investment bank offering among other things, spot forex trading. They have since been bought out by an Israeli outfit with a company in Cyprus. Unfortunately, the result has been less than positive. Finexo is now a full-fledged bucket shop that any serious investor is advised to steer clear of.

It should be understood that not all market makers are out to take your money by underhanded methods - there are enough poor traders out there that are quite willing to lose their money in a fair market. Even on those that win, a market maker can still profit from the spread, as long as they know when and whom to bet against, and which trades to hedge with a higher-tier institution. However, anything more than a fleeting glance at Finexo will assure you that the cards here are stacked against you. There is also the fact that withdrawals are very tricky to cash out, and that very little legal recourse is available to traders who simply cannot get a withdrawal request honored.

Needless to say, we do not recommend trading with Finexo at this time.

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Subjective Ratings

Charting: Four star Charting Rating
Execution: Two star Execution Rating
User-friendliness: Four star User-friendliness Rating
Customer support: Three and Half star Customer Support Rating
Transaction costs (spreads): Three star Transaction Costs (spreads) Rating
Rollover interest rates: Three and Half star Rollover interest rates Rating
Withdrawal processing: One star Withdrawal processing Rating
Platform Functionality: Four and Half star Platform Functionality Rating
Platform Reliability: Four and Half star Platform Reliability Rating
Average rating: Three and Half star Average Rating

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Business Details

Broker Headquarters: Israel
Regulated By: CySEC
Client Account Segregation: No
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: Unknown
Also has offices in: Cyprus
Registered Business Name: SafeCap Investments Limited
In business since year: 2003
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
Diners Club $0 $0
Liberty Reserve $0 $0
MasterCard $0 $0
Moneybookers $0 $0
NETeller $0 $0
PayPal $0 $0
Visa $0 $0
Wire Transfer $0 $0 ($400 min.)

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Trading Conditions

Browser platform: None
Downloadable platform: Finexo MT4
Mobile platform: Finexo Metatrader (MT4) Mobile
Phone dealing: No
No Dealing Desk Execution: No
Fixed spreads: Yes
Guaranteed stop losses? Yes, for orders less than 3 million and outside a pre-determined range
Hedging capability: Yes
Trading Hours: Monday 5:00 Sydney time (currently Sunday 19:00 GMT) to Friday 17:00 New York time (currently 21:00 GMT)
Timezone GMT
Scalping allowed: No
Account currencies available: EUR, USD
Platform languages: English
Support languages: English
Demo account:
Live chat support: Yes 24/7 (even outside trading hours!)
Promotions & tournaments:
Swap-free accounts  
Typical spread on EUR/USD: 3 pips (0.0003)
Order processing: Market Maker
OCO orders available: No
Trailing Stops: Client-side
If/then orders available: No
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
Standard Account 100:1 $25/unlimited 1,000/unlimited
Tradeable Instruments: 47   
Automated Trading: No
Depth of market view (Liquidity): No depth of market view available
Interest on Margin: No
Pending Orders Away from Market: 0 pips (No restriction)

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* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

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