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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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The smallest account at Finexo was the Silver account but even this required a huge capital. I still continued opening an account despite the high initial deposit requirement because I was confident that the broker would be providing excellent services. However, after receiving my money, the broker never communicated with me again and I was never able to access my account at all.
Because of what was written on the Client Agreement, the broker kept closing my trades without my permission. The broker kept closing it on huge losses which resulted to a negative balance on my account. Then the broker dared to force me to pay the negative balance.
I had a silver account at Finexo. It was the smallest account type but the initial deposit was already high. Nonetheless, I still opened an account thinking that the broker will provide great services. Unfortunately, I only ended up losing all the money I invested and wasting my time.
I did not know that Finexo was not supposed to be providing services in our country yet I was able to open an account and deposit money. I even traded for a while then suddenly, the company closed my account. They never returned my money.
I had high hopes when I opened an account at Finexo. I thought that it was my opportunity to make extra money. Sadly, it ended tragically with me, losing all the money I worked hard for. I wish I did not invest a huge amount.
I guess we all did. Finexo had incredible promises and we were deeply moved by these. Sadly, none of the things that they claimed were true and we only ended up losing the money we invested. Let us just take this as a lesson to choose our broker wisely.
Finexo offers lucrative trading conditions, one cannot deny that. But they never made any of it true. The trading platform that I used was faulty, the spread was high, and the customer support was not even responsive. The worst of all, the broker never released any money to us.
I don't understand how I was able to trade at Finexo when apparently, they don't provide service to our country. But I guess not being able to withdraw my funds from the broker now made sense.
I expected a lot from Finexo because their representative sounded professional and trustworthy. But then the broker only turned out to be a fraud that never released our money. I wish I just chose another broker. I was too hooked by their lucrative offers.
The services of Finexo are not impressive at all. Their platform crashes all the time and the spread is too wide. I lost all my money just because of technical issues which the company never bothered to resolve.
I feel sorry for those opened a Gold account and higher. They have lost such a huge amount on this broker. For some reason, the broker removed my access to my own trading account and apparently it was the same with my fellow traders. They when it was returned, we already lost all the money in our account and the broker never communicated with us again.
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