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FINEXO not for traders from CIS countries
The FINEXO forex broker lacks stars in the ranking, but feedback shows that traders actually try to cooperate with this dealing center. It is really strange, because it seems that FINEXO does not work with residents from the majority of CIS countries! The company mentions nothing about it on its official website, but we can tell you about it in this review.
Basic facts about FINEXO
FINEXO is a trade name of Trade Capital Markets (TCM) Limited (ex. Lead Capital Markets LTD). In this case, TCM indicates that the company is registered and licensed in Cyprus. The fact that TCM is the holder of a licence is alarming. Apart from finexo.com, it also owns another trade name – trade.com. Both dealing centers controlled by TCM act as a broker but without their own license and regulation.
FINEXO offers a relatively good set of trading instruments: CFDs, cryptocurrencies, commodities, stocks, and bonds.
There are a demo account and 4 live accounts:
Trading is available through MetaTrader 4 and WebTrader. The dealing center offers an affiliate program and 24/5 customer support.
Here is the most interesting part. According to FINEXO official website, the company does not open accounts for residents of certain jurisdictions, including Japan, Canada, and the United States. But it seems that the list of countries FINEXO does not work with is actually longer. The company claims on the website that it provides services for "traders in almost every country around the globe". But the fact is that Trade Capital Markets LTD (TCM), which is the Cypriot licensee, does not mention most of the CIS countries on its website. Thus, the Regulation Pack section contains links to regulatory bodies that allow the Company to provide cross-border investment services in particular countries. Some 30 countries are featured there. Among them there are many European countries, but there is no information about the CIS countries. For some strange reason, FINEXO says nothing about it.
Despite the fact that the CIS countires are not on the list, there are enough reviews about FINEXO. Notably, the majority of feedback dates back to 2014–2017, when residents of the CIS countries could cooperate freely with FINEXO. There are also reviews dating back to 2020/21, but they are mostly negative. Traders complain about loss of deposit funds, negligent customer support, malfunctioning of the trading platform and constant slippages.
Despite relatively good trading conditions, FINEXO is not at all focused on traders from the CIS countries. They are not mentioned on the list of countries where the licensee company provides cross-border investment services. If it does not concern you, then you should carefully read the Client Agreement before you choose to work with the dealing center. According to the terms of the agreement, FINEXO has a right to dispose of your trades and account at its own discretion. Fluctuations in the market and malfunctioning of the trading platform are among force majeure circumstances. All this provides this shady company with carte blanche to fully manage your money. Are you ready for this?
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