Finexo broker without a license! What do the reviews say?
Finexo calls itself an “excellent” trading platform where traders can make money. The broker is the property of Trade Capital Markets Limited LLC. The main office is located in Cyprus, Nicosia. The parent company is licensed by the Cyprus Stock Exchange and Securities Commission. The age of the broker and the owner company is not indicated. Although it was possible to find in some sources: the service organization has existed since 2003. She is not licensed, which means her activities are illegal.
What interesting things did you find out about Finexo?
According to the service organization, it is able to provide clients with access to more than 2100 trading instruments. Among them:
- 26 world indices presented as contracts for difference. Low spreads and leverage from 1: 5 to 1:20 are offered.
- Cryptocurrency – low trading costs and 1: 2 leverage.
- Raw materials – you can work profitably due to low margin requirements.
- 250 assets of the most famous companies are accompanied by tight spreads and leverage of 1: 5.
- Finexo Bonds – offered in euros, yen, dollars, pounds sterling. The ratio of equity to debt looks like 1: 5.
There are several types of accounts on the platform: demo (educational), micro, silver, gold, platinum, exclusive. The difference between them is, first of all, the size of the initial payment. It ranges from $ 100 to one hundred thousand US dollars. Intermediate values are one, ten and fifty thousand USD. The maximum privileges can be obtained by depositing the largest amount. Then you will have access to:
- Daily analysis in the morning view – regular and premium.
- Desktop and mobile trading.
- 24 hour customer service – regular and premium.
- Dedicated Account Manager.
Among the payment and withdrawal methods there are bank cards and transfers, as well as various payment systems. Not indicated: minimum withdrawal amount, broker’s commission, withdrawal terms. The MetaTrader 4 platform has live analytics and data summaries for the selected time interval. In Real Time mode, quotas are provided. The affiliate program allows you to attract clients for a broker and receive remuneration for this.
Where to look for the catch?
Read the legal documentation carefully, especially the user agreement. If some points are not clear – call or write to the broker, check with him. It is important to consult with specialists. All data on the site is presented in 9 languages, including Russian. However, Russification is done selectively, and does not apply to all pages. At the same time, the broker points out that documents created in English are of priority importance.
It is frustrating to read reviews. In them, people complain that the broker first calls with a proposal to open a deposit for the maximum amount possible for the client. Then this money merge , thanks to the technical capabilities of the service company. The client is left with nothing. After that, the scheme is repeated. Based on this, clients conclude that the broker is a fraud. He deliberately stalls for time when traders want to withdraw money so that stockists can start trading again and go into the red.
There is no information about the owners. In the agreement concluded with the user, the broker disclaims all responsibility for the possible occurrence of problems. People speak about the company mostly in a negative way. The reason is that opportunities for the withdrawal of finances are blocked, and the broker behaves like a fraud.
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