Author: Harry Napier
Finexo broker review: trustworthy or not?
Among many other brokerage services, Finexo looks like a very interesting choice. Many years of experience and thousands of clients worldwide sound quite reassuring, but how do we know whether this is a trustworthy company or another scam? Read our Finexo review to find out!
About Finexo
The company has been working since 2003, but it is also known for being a white label of the Saxo Bank since 2004. Its headquarters are based in Cyprus and it is regulated by CySec. Although this regulatory authority does not have a good reputation among traders, there often are many good brokerage services that work with it.
The best description of this company is simplicity and ease-of-use. However, easiness is not always a good thing, but this may be a great idea in the forex industry. Does this mean that we can trust Finexo? Read on to find out.
What can you trade with Finexo?
Overall, Finexo works with more than 2100 assets from different categories. These include:
- Stocks
- Indices
- Forex
- Commodities
- Bonds
- ETFs
- Cryptocurrencies
In addition, Finexo also works with futures and cash indices. The number of choices is very broad and this is a good thing for those who wish to diversify their portfolio with different investments.
Payment methods at Finexo
At the moment this review was written, Finexo supported bank cards, Paypal, Moneybookers, Neteller, wire transfers, and several other methods. The complete list of methods can be found on the broker’s website. Although Finexo does not have deposit fees, you might have to pay an additional percentage to the payment systems you use.
When it comes to withdrawals, a good point is that all the deposit methods are available. There also are no withdrawal fees and this is a very good sign. The additional percentages will not eat into your profits, no matter what size they are.
Demo account
If you want to try out the service, it is possible to use a demo account. However, they are completely unavailable for restricted countries like the US. Moreover, some users complained that the support agents told them that opening a demo account was impossible when in reality it was completely different.
Generally speaking, the demo account at Finexo is not different from any other options for dummy-trading provided by competitive services. It is a good way to train your skills and see whether the service is comfortable enough or not.
Customer support at Finexo
The customer support at Finexo can be contacted via email, live chat, or dealing desk. You can find the contacts in the screenshot below.
Although it is stated that support agents are always online during business days, we were informed that there were no agents online when we attempted to use the Live Chat for help. This is not very good, but it is possible to leave your email address if nobody is online. Therefore, it is likely that they answer your requests there if they don’t manage to do it through the chat.
Customer reviews about Finexo
Finding customer reviews about Finexo online is a real quest. Many threads and forums about it appear to be deleted. When we reached the Forexpeacearmy website, we were immediately notified that the website has received threats for the broker’s office to “take action” if specific threads were not deleted. Moreover, it appears that there have been written many fake reviews that were later on deleted by the site. Let us look at the remaining opinions.
A user from Turkey, Mich Sanders, writes that the execution speed at Finexo is normal. However, the spreads are not the best, but not the worst in the industry. Finally, the user does not like the spam they receive on their email from the company, although they are not trading with it anymore.
Another user, AJ from the UK, writes that the company requested that he sends scans of both sides of his credit card. This is totally illegal and makes it easy for frauds to steal your funds. The broker tried to cover this issue by saying that it is part of the new EU regulation, but this is fake information. Once you send your money here, it is not likely that you will withdraw it.
Many reviews have also received notes from the moderator team. It is funny to see how the company tries to write positive reviews about itself. The ratings of these reviews are immediately removed because the moderator team can see the location from where they were written.
Overall, we do not recommend that you invest your funds here. It is very risky and it is likely that your money won’t be withdrawn.
Final thoughts
Although Finexo seemed to be a normal broker at the very beginning, by the end it appeared to be a complete scam. The broker threatens rating websites and leaves positive reviews about itself. This is very bad and shows that the company has many issues that it tries to hide from its potential customers. We do not recommend working with Finexo because it is a fraud.
What about your experience with this broker? Let us know in the comments below!
