Finexo is a retail broker that has been in business since 2003. Finexo uses market leader SaxoBank’s trading platform as a white label, which is certainly a positive. If you have been looking to trade with a reputed broker, but may have found their minimum deposit limits or commissions to high, then Finexo would be a suitable alternative.
Finexo has the same spreads as SaxoBank (3-14 pips), with the exception of EUR/USD, where you actually get lower spreads at most trading times. Their trading platform is browser based, but run on the same data feed that SaxoTrader does, which is a guarantee for up to the second, reliable price data. In addition to this Finexo offers 47 currency pairs, including some very exotic ones. I like this feature as I sometimes trade less liquid pairs that I have experience with.
Opening an account with Finexo is fast and there’s are a variety of methods available for deposits as well as withdrawals: Credit Card, Wire Transfer, Paypal, Money Bookers, Neteller and more. I’ve never had any problems withdrawing from Finexo, except for one time where I traded from a foreign IP address (from a country known for fraud). In that case, Finexo withheld the withdrawal until they were able to verify that I indeed had made the withdrawal.
Their platform has all the standard limit and stop loss orders as well as some more advanced orders such as ODO and ID. It’s a quite capable platform.
Finexo has a very nice mobile trading option, which works from cell phones and PDA’s and is free of charge.
The lowest minimum deposit is $25 and the leverage is 200:1. There is the option to upgrade to a VIP account that has lower spreads. There are also mini accounts available.
Customer service was knowledgeable and fast, when I contacted them. No problems there.
In conclusion, Finexo is much more than ‘just’ a white label (of SaxoBank though). It’s an independent broker that offers a lot of options and variety and comes with the financial soundness and reliability of Saxo Bank. I’d recommend Finexo to most traders, particularly of you have been looking at SaxoTrader, but don’t quite have the budget needed.