Finexo Forex broker review
Finexo is a modest worldwide Forex brokerage provider. Well, ‘worldwide’ is a bit of a stretch, because the company doesn’t extend services to three major markets which are Canada, USA and Japan. If you are a resident of either of these places, no account for you.
Finexo isn’t only modest in terms of traffic. There’s very little information about both the company and the business on the official website. But at least you get a nice variety of trading tools and trading assets which allows you to build your own portfolio and manage it with relative ease. The lack of educational content, however, somewhat reduces the comfort, especially for the beginners.
The user reviews will tell exactly how beneficial the entire experience is. For now, however, let’s see what Finexo has to offer precisely.
What is Finexo?
Finexo isn’t a very complex provider. Aside from a basic one, you can set up two types of trading accounts:
- Demo account – a trial period to see if the platform suits your trade style
- CFDs account – an account that allows its owner to open CFDs, a type of price speculation in the shape of provider-user contract
In terms of assets, however, you get a very extensive variety of resources and products, including Forex, stock, crypto, indices, commodities, bonds and ETFs. Each of these types of assets can be accessed through one of the available trading platforms:
- WebTrader – works both on PC and on mobile
- MetaTrader 4 – a popular platform, yet a bit outdated, considering there’s a 5 version
All in all, Finexo offers a fine selection of means and resources to trade. There are no bonus features, specific advantages or benefits of working with Finexo that the company thought necessary to mention. In the ‘about us’ section you can see ‘secure trading’ and ‘customer support’ highlighted separately as if they are especially proud with these elements.
From the looks of it, Finexo is a basic broker, so only an analysis of user feedback can tell you what’s right or wrong with it.
There aren’t too many genuinely impartial reviews about Finexo. On the trustworthy aggregators the platform on average has rating of 2/5 to 3.5/5. The reason why reviews are so scarce is the lack of traffic, as well as probably legal efforts of finexo.com to remove certain review threads from the Web, which isn’t too nice.
There’s actually a lot more cons that there are pros, according to the FPA review section. Here are the most prominent and frequent complaints.
- Withdrawing sequence is terrible
Withdrawing issues are amongst the most common in the industry. It’s very easy to delay fund withdrawal for weeks, and it’s very beneficial, too. A company can use your money in trading while you’re waiting and also hope that you get too upset over the delay and just leave.
Finexo is one of such companies, it seems. The withdrawing takes ages, and during it they come up with all sorts of reasons not to go through with the process (legal inquiry needed, insufficient information, technical issues, etc.).
- Customer support is abysmal
Another very common issue/manipulation tool many companies in this business employ is customer support. Client service is essential – if a broker doesn’t have at least 1 active support agent, then it shouldn’t exist. However, no one said that support can’t experience delays and deceiving techniques.
Finexo employs them for the same reason as prior. Additionally, they often blacklist people who insist on solving their issues. According to the user feedback, they very rarely solve actual problems.
- Lack of transparency
There are lots of brokers who, after some investigation, prove very shady and dishonest. However, Finexo took it one level further. It’s unknown if they succeeded to delete some of the negative review threads online, but they certainly tried to silence FPA and probably several other aggregators.
Interesting fact: the majority of the positive reviews (there aren’t many, because they gave up after a while) on FPA come from Finexo themselves, not even the ‘invited’ users or paid reviewers.
There aren’t a lot of benefits, but you can find several if you look closely. They don’t compensate for all the bad aspects, but at least Finexo isn’t an entirely negative experience.
- The platform is easy to use
The humble design and lack of informational content may contribute to the general user uncertainty, but at least the navigation contributes from it. You can’t get lost on the platform, nor is it too hard to figure out how to start trading here. In short, you can earn your first profit minutes after registering, but you won’t be able to withdraw this money so soon.
Yes, that’s it – there are no especially good sides besides the ease of use and navigation.
There are poor, mediocre and controversial providers out there, but Finexo is one of the few that truly deserve the rank of wretched. They employ shady backstage tactics to use the money entrusted to them by users to increase their own wealth. And if cornered, the owners try to cover their mess up by trifling with decent review aggregators.
There’s really no reason for you to associate yourself with this platform in any way. There are better, more transparent and generally more beneficial brokers to work with. If you still contemplate joining even for a demo account – drop the idea, it’s not worth it. Or do what you want, but still be careful.
Thank you for your attention.